Returns on investment always exceed wage growth. And as wealth concentrates, the effect is cumulative even over generations. It happens to be tech. It could just as easily be empire.
There was a moment after the world wars when this was intentionally compensated for and now it isn't. There is no William Beveridge, no Roosevelt brain trust and, Keynesian is apparently a bad word now.
I think one of the biggest concerns that governments are having is that the more you try to re-balance wage stagnation and wealth, the less competitive you are in the world, leading to other types of stagnation.
Yet the period 1946-1973 saw enormous growth in all western countries and wages kept up with growth during that time.
Of course, it seems likely there are government interventions that damage growth. But apparently there are some that don't. In particular, progressive tax structures and social safety nets don't seem to.
There was a moment after the world wars when this was intentionally compensated for and now it isn't. There is no William Beveridge, no Roosevelt brain trust and, Keynesian is apparently a bad word now.