Not so much, no. Lump of Labor fallacy, m'lord. Wages have fallen because of something fuzzy and abstract ( and indefinable ) called "liquidity preference". If

Not so much, no. Lump of Labor fallacy, m'lord. Wages have fallen because of something fuzzy and abstract ( and indefinable ) called "liquidity preference". If you take to the "fear vs. greed" cycle theory of economics, that means fear is winning. A ... textile job in Indonesia still pays the same as it did, roughly ( modulo Baumol Cost Disease stuff - increased admin cost ) in 1950, it's just that that $2.00 or $0.50 per hour isn't worth driving to in the high-cost US.