This is very insightful. I wonder however if his partitioning of the economy into "labor" and "capital" isn't a bit too black and white, though. In particular

This is very insightful. I wonder however if his partitioning of the economy into "labor" and "capital" isn't a bit too black and white, though. In particular, it leaves out knowledge workers who are capable of implementing automation, inventing new products, performing new research. These activities can be fueled by capital but they are gated by a not-entirely-fungible resource; namely, skilled individuals, that I'm not sure it makes sense just to classify as "labor". Such individuals could wield considerable influence, aside from capital. I can't help but wonder what kind of an effect (if any) this observation has on his analysis.