The pie was smaller back in the day, but it was sliced more evenly.

If real income had kept up with productivity gains, we might still live in a world where ordinary people could afford to invent and patent expensive new forms of recreation.

It still happens, but only the extremely wealthy can participate in their devopment. Water-jet hoverboards, VR, green homesteading...

I personally have prototyped an idea for a small, cheap, flexible consumer product that I would love to build and sell, but I don't have 7 figures to burn if it doesn't work out - I can't even afford a house on a low 6-figure salary, nevermind saving enough to start a business! So it will remain a pipe dream until some large organization with loads of capital picks the low-hanging fruit.