Market economics also shows that if labour costs raise the price of labour above its market clearing value persistent widespread unemployment emerges, as in Germany. It follows that real incomes have been raised by using wage-fixing arrangements to restrict the labour supply. Money is secondary. Austrians, on the other hand, tend to see economics as the study of one particular aspect of human action. This is an incredibly stupid statement to make, even by Fist's standards.
Productivity increases ultimately derive from capital accumulation.
This accumulation is produced by the saving and investing decisions of a multitude of individuals. They are not collective in origin, as Fist clearly implies, nor are they a legacy. If we were to rely entirely on past investment decisions living standards would significantly fall within a generation. No generation did any such thing. Individuals taking risks, investing, saving, selling ideas or simply acting as paid employees is what builds a capital structure.