Not too long ago, a Chinese factory replaced 90% of its workers with robots and increased productivity by 260%. The trend looks obvious. How will [insert economic model] cope?

more people migrate to the services sector

This is a view many of us who live in big cities are biased towards. The service sectors have never expanded enough to carry whole economies. Although if you live in an urban area, you might think so. In reality, manufacturing, transport, construction, etc have always been very major parts of the economy.

technological change kills existing jobs, while simultaneously giving birth to new jobs.

This is fallacious. There is no law of nature requiring this. The reason 'new jobs' have usually been created in the past is that old technical advances rarely made humans obsolete. Most past advances have simply helped people in their day to day work. Eliminating that work entirely is a different beast.

It's the same now as it was during the industrial revolution, the renaissance, and the late roman empire.

This is not the same old thing. There has never been a time in human history when we could build autonomous machines to replace humans in whole industries.

/r/CapitalismVSocialism Thread Parent