Why Your Rent Is So High and Your Pay Is So Low
Every economy has to answer two questions: how much to produce and how to distribute that production. Technological advances ensure that each year we can make more stuff with less labor and capital than the year before. This has not changed. What has changed is how we allocate the benefits of progress. Back in the day, workers got the money; today, owners of assets do. Stagnant wages and higher stock prices are two sides of the same coin.