Why history suggests that today's wage stagnation is temporary

If technology is constantly creating new jobs, why aren't we seeing more employment and wage growth? Bessen argues that many workers today face the same problem textile workers faced in 1845: until technology is standardized, it's difficult to profit from investments in new skills.

Early textile companies built their looms in slightly different ways, and they were constantly tinkering with them. These differences made job-hopping difficult. Someone who had mastered one company's equipment wouldn't necessarily be more productive at other mills in town.