Probably more efficient for rentism. See https://en.m.wikipedia.org/wiki/Rent-seeking
It destroys the very conditions for the next generation of scientists being raised.
I wish the job market was better so I could find a more engaging job.
Lifestyle creep is another way people get trapped in the rat race. Buying silly stuff like expensive cars on finance to show off.
A 4 day work week would really help by giving me one day with 8 hours of me time, but that's not something any job here is going to provide. Fortunately, having sustained that 5 day work week for so long with "North America" compensation, I can comfortably go to a 0 day work week. It would be better for the economy if I continued to participate via a 3 or 4 day work week, but any job that would give me that would pay so little as to not be worth it.
I'd love to hear if anyone at a FAANG pulled it off, how they did it, and what the financial impact was.
Not necessarily even. Better for the GDP but not necessarily the long-term economy, which might actually be more likely to thrive in the long run with more happy, balanced people out there.
Personally, I'd rather be poor, at least defined by modern economic standards. And I did choose to be. And after having quit my high-paying job, I'm so much happier.