That's only true because expectations rise. It's the old economics problem definition of finite supply and infinite demand, which may be true for a lot of people but not all.
It is easier to provide for "basic", however that is defined, needs such as food and clothing than ever before, and there are a lot of NEETs who live minimal lives without working because of this.
There are two sectors which have an inelasticity problem, healthcare and housing. Healthcare demand is inelastic, and housing supply is inelastic. (Housing demand is inelastic to a point where everyone is housed, and healthcare supply is inelastic because of the lag of training newer professionals, but these have less of an effect than the converse.) These are two of the sectors seeing the most price increases even as consumer staples fall in price. Housing is already correcting itself through reduced birthrates. Healthcare is the tougher problem to solve.
Theoretically the amount of work to be done is infinite, but practically people can trade work for free time, and accept the lower earnings, and still survive. Many people already do this to varying degrees.
That's only true because expectations rise. It's the old economics problem definition of finite supply and infinite demand, which may be true for a lot of people but not all.
It is easier to provide for "basic", however that is defined, needs such as food and clothing than ever before, and there are a lot of NEETs who live minimal lives without working because of this.
There are two sectors which have an inelasticity problem, healthcare and housing. Healthcare demand is inelastic, and housing supply is inelastic. (Housing demand is inelastic to a point where everyone is housed, and healthcare supply is inelastic because of the lag of training newer professionals, but these have less of an effect than the converse.) These are two of the sectors seeing the most price increases even as consumer staples fall in price. Housing is already correcting itself through reduced birthrates. Healthcare is the tougher problem to solve.
Theoretically the amount of work to be done is infinite, but practically people can trade work for free time, and accept the lower earnings, and still survive. Many people already do this to varying degrees.