> As seen after the Black Death, a scarcity of labor drives real wages up and lower the cost of basic goods and rent.

Does this still hold when the majority of labor is no longer closely tied to a finite supply of land? At the time of the Black Death, the majority of men's labor was farming, and having more land directly made labor much more productive[1]. The modern economy feels much more complicated (e.g. if your job involves transporting things/people from A to B, it probably decreases in efficiency as the density of people decreases).

[1] https://acoup.blog/2025/09/12/collections-life-work-death-an...