Then people will find new things to do. The extra man hours can be dedicated towards the manufacture of luxury products, art, and other less utilitarian items.

I do worry about the transition period, however. Mass unemployment isn’t a permanent problem, but in the short term it can be a very severe problem.

In the words of my old economics teacher, subsidizing a steel plant just because you don’t want to fire people may be inefficient, but do you really want to go walk in and tell a bunch of big steel workers their work is no longer worth it?