Yes...Karl Marx wrote about this in 1867...in his book 'Das Kapital'...
As a solution, he wrote 'The Communist Manifesto'...which has proven to be wrong time and time again...
What Mr. Marx failed to account for is personal greed and selfishness...which Capitalism accounts for quite generously...
There are Marxist solutions to Capitalism that do account for personal greed and selfishness...while also encouraging a collectivist approach to economics...making sure no one is left behind.