Technology is essential to economic growth. When you accomplish a task with fewer resources and less labor, you have extra resources. You can take those extra

Technology is essential to economic growth. When you accomplish a task with fewer resources and less labor, you have extra resources. You can take those extra resources and spend it on something else or lend it to someone else to spend on something else. There is no loss of jobs over all. The jobs have just moved. This is a process that has been going on forever. And its responsible for the high standard of living enjoyed by industrialized societies. Its only because of technology and the capital it has created that enable workers to get high wages. If wages didn't rise, workers would have a strong incentive to compete with their employers. They can borrow money and buy the same technology. This is exactly what goes on in Silicon Valley. And everywhere else in the world. The current dearth of jobs in many fields is the result of the collapse of the housing bubble and government policies that impair recovery, not being able to do more with less.