If history is any guide, competitive pressures, at some point, will shift in favor of real hourly compensation at the expense of corporate profits. That shift, coupled with further gains in employment, should cause labor’s share of income to begin to rise toward historical norms. Such a process need not add to inflation pressures.
Angus Deaton, who was awarded the Nobel Prize for economics for his work on development economics and welfare theory, presents a similar argument. In his book “Great Escape: Health, Wealth, and the Origins of Inequality”, he reveals the path that he would recommend for graduate students – work in international organisations with the aim of serving the common good (Deaton 2015: Chapter 7).