It doesn't apply uniformly. Well-paid jobs in finance and tech are especially concentrated among a small cognitive elite. Industries like oil and gas or chemical refining generate a much broader distribution of well-paid jobs for average workers. Houston is a much flatter place economically and socially than the New York or SF.
You need some critical mass of finance, tech, etc., but you can manipulate industrial policy to generate more of the jobs that create broad prosperity and less of the jobs that create outsized returns for a few. Contrast say the heavily financialized economies of the U.S. to the more industrial economies of Germany or Japan.
You need some critical mass of finance, tech, etc., but you can manipulate industrial policy to generate more of the jobs that create broad prosperity and less of the jobs that create outsized returns for a few. Contrast say the heavily financialized economies of the U.S. to the more industrial economies of Germany or Japan.