Long term corporate profit growth overall can’t exceed demographic growth + productivity growth unless you assume that corporate profits will eventually consume

Long term corporate profit growth overall can’t exceed demographic growth + productivity growth unless you assume that corporate profits will eventually consume all of GDP with labor and taxes going to zero. A large amount of corporate profit growth since the 80s has been due to a declining share of labor compensation vs capital and declining effective tax rates. Productivity gains are the only real “free lunch” which is what capital investment is supposed to provide to justify the gains. Productivity growth has been stagnating for a couple of decades.