But the broader lesson of the first Industrial Revolution is more like the Indy 500 than John Henry: economic progress comes from constant innovation in which people race with machines. Human and machine collaborate together in a race to produce more, to capture markets, and to beat other teams of humans and machines.

The kind of job where you come in and work 9 to 5, and where someone tells you what to do all day is becoming scarcer and scarcer.

Technology has made it easier for different firms to coordinate their activities with one another, and they don't have to be part of one company. They can get the benefits of scale without the inertia of scale.

Computers get better faster than anything else ever. A child's PlayStation today is more powerful than a military supercomputer from 1996.

Going a little further into the future, we'll start literally connecting to machines. Some of my colleagues at MIT here - some of them are working on a neural mesh that connects directly to your brain, and they've already done it with some disabled people and allowed them to move objects just by thinking.

Technology is not destiny. We shape our destiny.

Technology is always creating jobs. It's always destroying jobs.