The Congressional Budget Office released a new report last month that again underscored the depth and duration of the income inequality issue in America concluding that the problem has worsened considerably in the past three decades.

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Kudos to BlackRock CEO Larry Fink who has called for a complete reorientation in the way we run our corporations, an abrupt about-face away from shareholder primacy toward a new paradigm where society is also a critical stakeholder. He says long-term profitability depends on it. He’s right.

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The private sector needs to rethink what we mean by productivity. Increasingly that term has come to signify profit. We need to shift the way in which we use technology—not to eliminate jobs, but to create them. The private sector—CEOs, boards, and shareholders—must prioritize that imperative.

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These services have ignited opposition from legacy providers. Some of this is reactionary–an attempt to protect an entrenched system against these new, more affordable ways to get somewhere new and find a place to stay when you do. But much of the opposition is cautiously sensible.

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More than two years ago, in Seattle, Dan Price announced that everyone in his small credit-card processing firm would earn no less than $70,000 per year. He has kept his word, and so far it’s working. His people are happier and his profits have risen. CEOs should look to him as a model.

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