Oh it is absolutely labor vs capital. I will answer with a picture: https://aneconomicsense.org/wp-content/uploads/2015/02/real-gdp-per-capita-median-weekly-ear

Oh it is absolutely labor vs capital. I will answer with a picture: https://aneconomicsense.org/wp-content/uploads/2015/02/real-gdp-per-capita-median-weekly-earnings-1980-2013.png https://aneconomicsense.org/wp-content/uploads/2015/02/real-... you can overlay in your mind chart of FAANG stock total return or VC total returns to compare returns to Capital vs wages the article: https://aneconomicsense.org/2015/02/13/why-wages-have-stagnated-while-gdp-has-grown-the-proximate-factors/ https://aneconomicsense.org/2015/02/13/why-wages-have-stagna... There is a reason why USA has at-will employment (to screw over labor) and import tariffs (to protect capital)