I saw a claim that an additional Bank/National Holiday if England won the Euros would cost the economy and pound £2.9+ billion. Why do bank holidays cost so much?

Question

Does extra spending on bars, entertainment, not cancel it out?

In: Economics

Answer 1

One could argue that one less day of work is one less day of production. Less production means less product, means less GDP.

One could also argue, however, that one day off of celebration means everyone is happier when they come back to work, and that they will be more productive because of that, resulting in a net positive. This is the argument for a 4 day work week which has proven successful in certain industries. So I really wouldn’t worry