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Some flaws...While productivity is generally up, that does not mean we are making more of the same things than we were (consumabLes excepted). So supply and demand don't apply as you suggest.No increase in wages when the labor pool shrinks. Why would it ? Efficiencies were found does not = labor became more valuable.Labor trades it's time/effort for money, a salary. The owner traded his money/time/effort for a possible gain. If it works out then he recoup his investment and eventually makes money. All the while labor was getting their salary.The notion that salary must change if a business is successful makes no sense.
Some flaws...
While productivity is generally up, that does not mean we are making more of the same things than we were (consumabLes excepted). So supply and demand don't apply as you suggest.
No increase in wages when the labor pool shrinks. Why would it ? Efficiencies were found does not = labor became more valuable.
Labor trades it's time/effort for money, a salary. The owner traded his money/time/effort for a possible gain. If it works out then he recoup his investment and eventually makes money. All the while labor was getting their salary.
The notion that salary must change if a business is successful makes no sense.