Yeah, though I think it depends on how many people are able to buy the new goods at a better price. If most well-paid employees (ie: the employees that companies get the most value from automating) no longer have a job, then the number of people who can buy the more expensive goods and services might go down. It seems counter-intuitive to me that GDP if the number of people who lost their jobs is high enough. It feels possible that the recent tech developments was barely net positive to nominal GDP despite rapid improvements, and that fast enough technological process could cause nominal GDP to go in the other direction.
Yeah, though I think it depends on how many people are able to buy the new goods at a better price. If most well-paid employees (ie: the employees that companies get the most value from automating) no longer have a job, then the number of people who can buy the more expensive goods and services might go down. It seems counter-intuitive to me that GDP if the number of people who lost their jobs is high enough. It feels possible that the recent tech developments was barely net positive to nominal GDP despite rapid improvements, and that fast enough technological process could cause nominal GDP to go in the other direction.