the people were as clever but certain avenues less accessible to them.I agree, but it gets back to supply and demand. When I was younger, there were less clever people about and they got paid more. Now everyone has a degree, because 15 years ago their parents "knew" that actuaries and doctors were paid more. Result - too many actuaries....
The real issue is not wage stagnation or deflation but the relative inflation of value ascribed to certain types of capital as well as the chipping away at the level of services provided by and for the public.
Ireland will be the last country in the world to solve this. Here in the US Trump sits on the steps of the white house yet everyone , aside from liberterarian loons , accepts the principle of property taxes ....not in dear, cuddly ireland.
Similarly if and when the western world begins a retrenchment of the gains & values that propelled peace and prosperity in the 50's through to the 80's ( wage equality, taxation of unproductive capital, active disincentivzation of excessive wealth accumulation while promoting and promulgating free market principles, bulwarking of the welfare state etc.) Ireland will also be in the reargaurd....because Johnny "investment property in west dublin" cannot see the big picture.