A two thousand dollar laptop computer today is vastly more powerful than the most expensive supercomputer was in 1975. Great advances have been made in the field of automation, and in many other technical fields. Applied to manufacturing and the supply of various services,
the amount of labor needed to perform many tasks has been greatly reduced.
This explains why working people today, despite shorter work days and more vacation time, are earning much more in real dollars than they were 35 years ago.
Wouldn’t it be great if the previous sentence were true? Why isn’t it true?