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You know the shocking truth is that is actually probably underestimating the shifts....
Many industries / product categories / whatever wouldn't exist without said executive and the power they direct increases with technology…granted the market of executives today is full of it fair share of overpaid opportunistic duds, but meanwhile the replaceability of the average worker increases by the day as worker generalize their skill base even as demands in specialty and complexity increase.
That is not to say there aren’t very talented, underpaid workers who deserve a lot more. There are plenty. Just to point out a good executive can do a lot more for a company than a single good worker and technology is making that impact larger.
To stick with the well known, look at Apple’s comeback. Full of good workers but still headed for the grave under poor management. Resurged = Steve Jobs / Tim Cook / Jonathan Ive et al.
I suggest reading The Iron Fist Behind the Invisible Hand. Remove the scales from your eyes and realize we live in a system that is far from a "freed market."