“In the decades after a pandemic, real wages in Europe (for which there is the best continuous data) invariably increase ... These gains are at the expense of capital; shareholders should brace for lower returns than they had been anticipating.” https://www.bloomberg.com/opinion/articles/2020-04-05/when-plagues-pass-labor-gets-the-upper-hand
This was also true of the 1918 influenza. Cities that were hit harder saw wages go up more. https://www.stlouisfed.org/~/media/files/pdfs/community-development/research-reports/pandemic_flu_report.pdf
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