There is an infamous anecdote from the turn/mid of the 20th century:
People believed that innovations in vacuum cleaners, washing machines, etc would cause people to have more leisure time because of how much time it saved in cleaning.
But it didn't happen. Why?
Because people's expectations for hygiene and cleanliness went up. And as it became easier to clean houses and clothes, people were more comfortable with having larger houses, and more clothes.
Technology innovation is much the same way. As capabilities increase so do expectations. And the "economy" is all about expectations and aspirations.
Exactly. We have a lot more free time, we've just raised our leisure standards (dining out more frequently, traveling more) and come up with more forms of entertainment (social media, streaming platforms, gaming). That this sounds to most of us like a wasted opportunity might be because these things are not very fulfilling, or it might just be the hedonic treadmill.
People believed that innovations in vacuum cleaners, washing machines, etc would cause people to have more leisure time because of how much time it saved in cleaning.
But it didn't happen. Why?
Because people's expectations for hygiene and cleanliness went up. And as it became easier to clean houses and clothes, people were more comfortable with having larger houses, and more clothes.
Technology innovation is much the same way. As capabilities increase so do expectations. And the "economy" is all about expectations and aspirations.