The Replicator (ongoing AI enhancements to today’s 3D printers) will more fully automate the production of tangible things—things we eat, wear, and live in. Related technologies will similarly affect other areas like healthcare and transportation. This is the continuous conversion of more goods and services into information technologies, a process that has been with us for decades but is accelerating very quickly now.
I see the importance of this in terms of what we experience in information technology now and the relationship between the newtech and productivity/inflation.
When we spend 4 hours a day engaging in online services like this forum, Google, text/mail, Wikipedia, Facebook, YouTube, etc., we are not paying for them out-of-pocket so their contribution to GDP is muted. But the Replicator and other newtech will be reducing costs for more tangibles and services we do pay for. When growing demand is easily and inexpensively managed by producers, inflation will be under control. And when inflation is no longer a problem the government can push much more money into circulation without fear of large increases in prices.
We certainly live in an era of abundance. But nothing like tomorrow.