There is an additional factor at play today that wasn't in Friedman's time. The degree of substitution of technology for human labour. The impact this has had on the supply/demand curve for human labour is thus far seen mostly in the oft discussed shift of excess profits to the owners of capital that's been fueling the increase in wealth and income inequality.

As machine labour, Artificial Intelligence, Internet of Things, etc. continues to expand at non-arithmetic rates humans become less competitive in the labour market. Also, at it core, migration of production from higher to lower cost domiciles (even state to state, Elon Musk being a recent example) are only possible because of the advances in communication and supply chain management enabled by technology over the last 30 years.

Reports of the demise of Moore's Law, the principal of close to exponential growth in microprocessor productive capacity, appear to have been premature. Recent advances in quantum computing along with other more conventional techniques suggest we may be on the cusp of even greater advances than Moore imagined. Those advances will further diminish the value of human labour as a required component of production.

The implications of this shift in labour threaten to destabilize society unless we rapidly incorporate it into socioeconomic policymaking. We must stop thinking of the value of human endevour as something that's measured only by the number of dollars in a bank or in a weekly paycheck.