I think we should be looking at efficiency. If we can find a way to maximize the tradeoff between productivity and hours worked it would greatly benefit employers and employees.
in a lot of ways, some businesses are already trying to take advantage of both options by using a mix of contractors/consultants and full time employees.
That's not so obvious in software development, where mistakes from yesterday or 5 years ago can mire you in unproductive work for hours or days.
But then I look at lines of code not as value produced but as a resource spent.