We do seem to be missing one point: while it is true that new jobs can come out of new technologies, it does appear that many of our 'new' jobs are virtual in nature. They don't actually produce physical product. They're either service (face-to-face or voice-to-voice) jobs; or information jobs (producing content or such like). For the service jobs, not everyone can do 'people jobs' well (I'm one. I have suspected ASD yet to be diagnosed). For the information jobs, most distribution of information is now virtual, and the consuming public does seem to like such content for free. The result of mainly service job types being available can be that if there are many people seeking work then the value of those jobs that remain goes down, giving low wages and leaving less for consumptive spending which means less products being sold, etc, etc. The result of an unwillingness to pay for content is less income to be made, leaving the same low wage problem and consequent lower consumptive spending. Yes, for some of those jobs advertising can take up a bit of slack, but when consumption goes down (which the entire world is facing right now) then it can't do the job of keeping people employed.