Total compensation involves more than just wages. Providing benefits such as healthcare coverage is inherently expensive, since productivity gains in healthcare have been limited.
At least in the United States we are not getting this benefit.
If AI does begin to really crater the job market, only owners of AI (yes including shareholders) will benefit but most folks do not own stock - or at least do not own any significant amount of stock.
That's not such an ironclad argument lmao. If we are to believe Baumol's cost disease, rising productivity in other sectors is partly responsible for healthcare cost increase.
Obviously I don't seriously believe we should depress productivity so that nurses make less money and hospital stays are cheaper. But, you know, it doesn't make it untrue.
