Why isn't it just standard to be paid by the hour? A fixed hours-per-week seems backwards.
Software developers with the same skills working on the same product are generally closer to the former than the latter, but it depends.
The other thing is that there are many fixed costs associated with hiring an employee. They need a desk and office space and computer, they need health insurance/unemployment, you need HR to manage all of this. So it ends up being much more expensive (and complicated) to have two part time employees than one fulltime one. If most benefits were decoupled from employment, a lot (but not all) of these costs go away.