[JohnFen]

> a competitive landscape should bring down production costs which then brings down consumer costs and thus raise material living standards.

It's hard to see how not being able to have a decently-paying job will lead to raised material living standards.

[pascalxus]

production costs decreasing doesn't mean less wages. A widget worker in a factory who produces twice as many widgets an hour can still make the same amount of money or maybe even more.

[JohnFen]

Perhaps, but it will halve the number of jobs available. That worker might be earning the same, but there is another worker who will now be earning nothing.