If a new technology comes and replaces people, do we consider that a great leap forward or backward? Do entrepreneurs have a moral obligation to build products and services that makes the revenue pie larger for the stakeholders or build them to keep all the pie to themselves? What role would the government play if the technology replaces people completely and lose their livelihood to sustain a decent living?
Technology that makes people productive, efficient, and our lives better are great. We deeply cherish the benefits that technology brings to our personal and/or professional lives. However, some products or services replace the human component and the economic pie only benefits the entrepreneur or a few middlemen. If a tour guide earned his/her living by providing a personalized experience to tour groups, would he/she be okay if a new app comes to replace this work completely? How can we create an environment where new products and services grow but also do not replace humans completely? Is the impact of innovation in economically tight societies creating more harm than boon?