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Gordon Weakliem quotes Joel Spolsky on the EA work practices I disparaged here:

I don't think EA forces the long hours because it's more productive ... I think they force the long hours to insure relatively high churn in their employees allowing them to bring in low-wage recent graduates rather than expensive experienced hires. The CMU report said they were trying to go from hiring 10% college grads to 75% college grads.People want to make video games because it's fun. For many people working in the industry, making games is what they would do if they were independently wealthy and could do anything they wanted.

As Gordon says, that's a very astute point that I completely missed.