Many industries now use robots to do a great deal of monotonous, repetitive work. Since robots don't require health care, don't take sick leave, and don't clock in and out, they do the job much more cheaply than human beings do. As a result, many things we like to buy have come down in price.
That's good for the economy, right? Things are cheaper, which means we can buy other things with what we saved, which means more demand.
But what of the workers losing their jobs? The mantra has always been that improvements in technology that increase productivity end up creating more jobs, but is that true any longer?
Watch this and think about it: