“Anything but capital.” For mainstream economists, that’s the unspoken rule governing talk of what’s to blame for inequality. From Greg Mankiw’s petulant response to Occupy to Tyler Cowen’s argument that technology has rendered the middle class obsolete, those tasked with explaining economics to Americans are eager to exonerate the rich.

Cowen’s argument in particular develops a theme that has become increasingly prominent in the debate over inequality. Confronted with irrefutable evidence of the rise of the 1%, many economists have taken refuge in the idea of “skills-biased technological change.” They say that technological progress has eliminated demand for the skills of much of the working population, while rewarding those who possess talents that fit the new economy.

In a different period, this would have been a risky position to hold. The idea that technological progress would deliver the goods to all sectors of society has always been a key part of American ideology.