If we obtained this ten-thousand-fold increase simply by allowing specialization and dividing work up among people, then what astronomical gains will we achieve by outsourcing that work to robots capable of working with unimaginable precision at unimaginable speed?
My purpose is to explain the net effect of free trade, technological advance, and outsourcing on the overall economic system of the planet.
Technological advances that displace human workers are similar in effect to two other concepts with which we are very familiar in the modern age: outsourcing and free trade.
But in spite of the relative economic displacement they all cause, free trade, outsourcing, and technological displacement all have a positive net effect on the economics of the planet.
We have established that outsourcing, free trade, and technological advance all have the same effect on the system: They lower prices and increase net wealth.