But it is not only the pace of growth in Europe which is slower than that in the US; also per capita income is 40% higher in the US than in Europe. And Europe is not catching up - more recently it has even been falling further behind.
Some economists have argued that these facts and developments are largely due to different preferences for work and leisure, as reflected in a higher labour force participation rate and longer working hours in the US. But arguing that the gap of per capita income is a consequence of a general preference for more leisure time in Europe can only provide a partial explanation.