If that was true Europe would have the highest productivity of the world, but it doesn't.
Maybe productivity should not be the metric we should strive for?
I lived/worked in the US and Europe and my quality of life and overall happiness was way higher in Europe even if my salary was higher in the US.
Depends on how you measure productivity. Per hours worked, the top 10 most productive countries is almost only European. Per capita the results are different.