Cowen notes that “in this world, there are significant Pigou effects on wealth”. A Pigou effect (I had to look it up, of course) is “the stimulation of output and employment caused by increasing consumption due to a rise in real balances of wealth, particularly during deflation”. In other words: when the robots make everything cheaper, you may get fired, but because of the accompanying deflation, what money you do have will buy more; and you will buy more; and that buying will stimulate the economy; and new jobs will be created.