Can this all be explained by the cost of labor being uniform (since humans are humans in all industries)?
So if one industry demands more labor, all others will feel the rising price of labor?
So if one industry demands more labor, all others will feel the rising price of labor?
As we improve technology fewer and fewer hours are required to create an item. But a violin concerto takes the same amount of human time.
Which then leads to the conclusion that we really exchange time when trading. Each of us only has a finite amount of time after all.
A FAANG employee's labor is higher than a Uber driver's, driven by both supply (most people can drive an Uber) and demand (FAANG companies make a lot of money, something like >$1mm per engineer).
But getting back to the article, it only looks at the productivity of industries (which speaks to demand for certain types of labor), but the cost of training, say, a string quartet musician hasn't markedly decreased since the cost of education also hasn't fallen much.
As a human, working for a for-profit tech company for 8 hours coats approximately the same amount of energy / effort as volunteering for a non-profit tech company, but it costs the organization vastly different amounts of money.