I definately agree the Luddite fallacy was indeed a fallacy up until recently. The limitation on economic growth in the past was labour supply. We wanted say more factory workers in an area, but we couldn't spare labour from the farming fields. As agricultural productivity soared, all of a sudden we could fulfill our desire for more factory workers.
And indeed the very technology that was causing the automation of jobs, like the farm combine in agriculture, opened up vast new industries. Like the auto industry. Which employed millions.. and we could now afford autos, because of course we had the surplus labour who could build them.
However I believe a phase change has happened. The new technologies clearly appear to be getting rid of good jobs faster than they open up new ones. When you think about it logically this is completely natural that this point would be reached eventually.
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