Part 4/14:
Power and Social Contract: When labor's leverage erodes, societal power shifts toward owners of capital. Historically, labor shortages (e.g., after the Black Death) led to reforms; today, automation risks creating a concentration of wealth and power in the hands of the few.
Measuring the Decoupling: Traditional metrics like GDP are flawed in capturing well-being and economic participation. Shapiro proposes new measures such as the Economic Agency Index (to track property-based income relative to household income) and the Inclusive Capital Income Ratio (the share of household income from dividends and assets). These aim to better reflect societal shifts towards capital ownership and wealth distribution.