The shift in the share of GDP from labour to capital has been dramatic over the last few decades and now amounts to maybe hundreds of billions a year.
That’s the shift that hasn’t happened then? A shift away from labour, yes, but the shift has been toward government – increased VAT and NI being the major suspects.
The reality is that this shift has not happened so much within employment generating business, but within the non-employment generating (in the main) parts of the economy. They are the rental economy, the IT economy (where software rental is now massively extractive) and in banking, where financial services have sucked the financial resources of many.
Software as a service is extractive now, is it? It’s not just the absurdity of it it’s where in buggery did he get the idea from in the first place? What is it that he’s misunderstood to make that statement?