According to tradition, a British Christmas should look something like this. Stockings, early morning church service, brisk walk, then presents by the tree. Early evening drinks, dinner featuring turkey (or goose, if you want to be different) – followed by tipsy carol-singing around the piano, with roaring fire in the background.

In reality, the average British Christmas is more like this. Woken up by children clamouring for presents; force them to play computer games for a couple of hours, while attempting to sleep off hangover; get up late and shove turkey into oven (it’s not properly de-frosted, but we’ll risk it); open all presents immediately because children are being a nightmare; start drinking well before lunch, something Christmassy like Malibu. Huge, revolting turkey lunch, “with all the trimmings”. Go to shopping mall after lunch, because the sales have already started. Come back, pass out in front of the television.

At every time of the year – bar Christmas – the Financial Times would be all in favour of anything that increases productivity and wealth creation. This newspaper approves of enterprise and business. It likes people who get into the office early – who give 110 per cent, who go the extra mile, who are relentlessly creovative. We know that true fulfilment is not to be found by falling asleep, half-drunk, in front of a rerun of the Great Escape.

It is also true that there is a direct link between the sluggish state of the European economy and the natives’ propensity for taking humungous amounts of holiday. The average American takes just 14 days holiday a year. By contrast, the average Italian takes 42 days off every year and the average Frenchman takes 37 days (and only works 35 hours a week, when he deigns to turn up at the office.) When they are actually at their desks or lathes, the average European produces more per hour than the average American. But because they spend relatively little time working, European productivity per person is well behind that of the Americans.

But maybe Europeans like it that way – and maybe they have a point. There is a whole school of happiness theorists who have been arguing for ages that – beyond a certain point – increased wealth does not seem to translate into increased happiness. Another school of economists has argued that Europe’s relatively slow growth reflects a “preference for leisure”. Europeans have simply worked out that more work and more money do not necessarily translate into greater happiness. So rather than working harder to earn more money, they have chosen to take holiday instead of pay. All perfectly rational, really.

Unfortunately, there are plenty of holes in this theory. It seems unlikely that the great armies of unemployed in continental Europe have actually chosen idleness. Most of them would prefer a job. Even if Europeans do have a “preference for leisure”, this preference is not necessarily wise or sustainable. Low productivity and low growth have social and economic consequences. European political and economic power dwindles away; pension systems become harder to fund.

One man who is fascinated by the problem of raising European productivity is Gordon Brown, Britain’s prime minister. He himself can certainly not be accused of slacking. This summer Mr Brown managed to take exactly one day off, before cancelling his vacation and returning to 10 Downing Street to deal with some now forgotten crisis.

But this festive season we believe that Mr Brown should set aside his otherwise laudable obsession with productivity. He should set an example to the nation by taking two whole days off – not just Christmas, but Boxing Day as well. For 48 hours he should speak to no officials and read no improving works on labour-market flexibility or the future of the International Monetary Fund. As the son of a clergyman, he is allowed to go to church. In all other respects he should immerse himself in the life of the nation – which involves dedicating himself to eating, drinking, opening presents, watching television and fighting with his relatives. Productivity has its place. But a healthy economy also needs conspicuous consumption – and Christmas is the time for that.