Despite the fact that 98% of the functions of making materials have now been automated, the number of weaving jobs has increased since the 19th century. As with the ATM example, automation drove the price of cloth down, which increased demand—and eventually caused more job growth.
There is also evidence to suggest that automation can lead to the substitution of one occupation for another. In other words: It's true that typesetters may no longer be in demand—but graphic designers are. One industry may disappear, but another more specialized occupation might rise in its place. What's more, jobs that include a high level of automation, like software development and accounting, are growing faster than other jobs in the economy.
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