The Evolution of Productivity Growth in the Economy

When you apply technology to the economy there is a replacement of human labor but that's just the first step in a chain of results. Consumers now have additional spending power that they didn't previously have. That new demand leads to the creation of new industries, new products, new jobs and expansion of existing industries. The result is an economy in which both material welfare is better off and then also with more jobs and also with jobs at higher wages. It's this constant process of sort of change and it is a process of change"