Robert Frank has a great article in today's NY Times about how technology is changing the return to talent. I think he is focused on a key issue. A lot of the longer-term trends we see in the economy are driven mostly by changes in technology, of which economists have only a rudimentary understanding.
Bob's story of Alfred Marshall and the piano industry is particularly noteworthy and, I am embarrassed to say, new to me.
Addendum: In the article, Bob mentions his sons' music group. For those interested, here it is:
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