As another commenter mentioned, there’s a lot that goes into market cap. The adjusted PE is quite a bit higher than the 1960s, implying the market caps are over

As another commenter mentioned, there’s a lot that goes into market cap. The adjusted PE is quite a bit higher than the 1960s, implying the market caps are overvalued by comparison, so I’m not sure market cap is a great proxy. One other way to measure it is by worker productivity, which has also increased since the 1960s. Somehow those productivity gains are disproportionately hoovered up by management.