I think this has a big blind-spot at the question of demographics and overall population dynamics. Sure those are a bit interdependent with technological progress, but in my opinion the big driver of the previous industrial revolutions were strongly growing populations in the same area (sort of as a feedback loop).

Today we don’t see that, except in a few places that had a similar trend via urbanization (mainly China and some other parts of Asia), and most of those ended up only as cheap labor exploitation instead of feeding young fresh minds into the loop.