Of course, this signaling process, which involves individual prices, would work with or without government statistical agencies that measure aggregate price levels, and in this sense, price measurement probably is not fundamental for the overall efficiency of the market economy. Indeed, vibrant market economies existed long before government agencies were established to measure prices.
On one hand, a substantial portion of the global labour force now works very long hours (more than 48 hours per week). On the other hand, there has been a growth of (often involuntary) short-hour and part-time contracts, with the most famous example probably being the so-called “mini jobs” in Germany.