There are other forces that have a part to play in this, although having engineering and other creative industries is important:
1, The change in the nature of money. Once money hand an intrinsic value, it was linked to a commodity: gold or silver. I thought one of the points of fiat money was if you put money in a teapot today, it would be worth less tomorrow. To increase wealth don't people need to maintain the ratio of money they have to the total money in circulation? If the government prints more money the money in circulation is worth a little less.
2, Competition, once the world was a lot less equal. America and some European countries more-or-less had all the technology and drove the pace of change.
There's an easy way to avoid being harmed by inflation: Don't hold cash. If you wish the currency was backed by gold so you could put it in a teapot, buy gold with your fiat money and put it in a teapot.
An economy in which the primary currency of trade can deflate sucks. We've been there.
I wasn't advocating holding money in a teapot, just that erosion of wealth is built into the system. I was not also advocating the gold standard, just saying there are other dimensions why some professions have not attracted money. To reduce wages salaries just need to be static.
1, The change in the nature of money. Once money hand an intrinsic value, it was linked to a commodity: gold or silver. I thought one of the points of fiat money was if you put money in a teapot today, it would be worth less tomorrow. To increase wealth don't people need to maintain the ratio of money they have to the total money in circulation? If the government prints more money the money in circulation is worth a little less.
2, Competition, once the world was a lot less equal. America and some European countries more-or-less had all the technology and drove the pace of change.