Holidays Without End

Most Europeans would be amazed and delighted to be told by their employers to take as much holiday a year as they wanted. Americans are warier. The announcement by Goldman Sachs that there will be no cap on paid leave for senior partners looks almost foolhardy in its generosity. But the bank knows the prevailing culture. No one is likely to take more time off than they do already. Indeed, such is the competitive culture that few take even the holidays to which they are entitled. In this new limitless regime, most will demonstrate their commitment by staying at their desks for months on end. Despite burn-outs, profits will not be lost.

Paid holidays have been introduced around the world for good reason. People perform