I'm not convinced this is true: there are also intense coordination costs and learning costs. Two programmers working 20 hours a week, for example, are way less productive than one programmer working 40 hours a week. And the one programmer will learn faster because she's putting in an extra 20 hours a week.
That's true in virtually all knowledge / creative / intellectual professions.
If people are simply executing a set of tasks, maybe working 20 hours a week can make sense, but those jobs are basically commodities, and commodity jobs are a) highly competitive, b) not that remunerative, and c) because of a and b, not that much fun.
EDIT: In response to the commenters below, take a look at Brooks' The Mythical Man Month if you'd like data, at least as far as programmers are concerned.