Sure. Even so, the wealth hasn't gone to those that are more productive in terms of work performed. Technology has altered the ability to organize. It used to be that your family would inherit/acquire land, and the people that worked it sent you wealth. Industrialization changed this so that you could organize labor independent of land, and acquire wealth from the labor. Software changed this so you could organize labor independent of materials (or even independent of employees), and acquire wealth. The next step, is that organization will be possible without people as organizers.I think that's what Graham means when he says technology "magnifies" work. He doesn't literally mean that one is doing more work in less time, but rather creating the conditions where work is done by proxy for those who can figure out how.