I could do my 8 hour job in 4 hours, but I have to work 40 hours a week, because that's the minimum expected from me. This wasted time is the main reason why I'm working on starting my own company this year.
I doubt that's actually true. The only reference to it is in the trivia section on imdb.com.
if the company manages to fuck up and generates too much work, you just get to do overtime.
no incentive to be efficient.