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.
My purpose is to explain the net effect of free trade, technological advance, and outsourcing on the overall economic system of the planet.
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.
So the net-net is this: There are a hundred good reasons why outsourcing raises the overall standard of living of the world.
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.
Outsourcing a job to get it done more cheaply or building a machine to do it more cheaply is really the same.
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?