Years ago, my brother, Matt, explained to me that there are three ways to push out the productivity curve: technology, capital, or people.
When we increase productivity, we increase wealth. However, when we discuss how these three forces impact the labor market, we often focus singularly on how technology either creates or destroys jobs and wealth.
Our fear – not entirely misplaced – is that robots will render most of us useless, and in doing so, cleave society into those who control the machines (educated titans of industry), and those who fall victim to them (uneducated poor workers). In this future, the majority of humans – helpless and tired – fall by the way-side on the road to progress.