That's a great question! To help answer it, let's break it down into more manageable parts.
First, let's consider the impact of robotisation on productivity. As robots become more common in the workforce, they have the potential to greatly increase productivity by automating repetitive or dangerous tasks. This could lead to lower costs for companies and potentially lower prices for consumers, which could raise living standards for some people. However, this increased productivity could also lead to job losses for some workers, which could have a negative impact on living standards if those workers are not able to find new jobs or retrain for different careers.
Next, let's consider the impact of robotisation on income inequality. If robots are able to do certain jobs more efficiently and cost-effectively than humans, this could lead to greater income inequality if the owners of those robots are able to capture a larger share of the economic benefits. This could lead to a concentration of wealth and power in the hands of a few individuals or companies, while others are left behind. This could have a negative impact on living standards for those who are left out of the economic gains.
Finally, let's consider the impact of robotisation on the nature of work itself. As robots take on more tasks, this could fundamentally change the nature of work and what it means to have a job. This could have both positive and negative impacts on living standards, as people may need to retrain for new careers or find new ways to contribute to society. However, it could also lead to a sense of insecurity or dislocation, as people struggle to adapt to the new reality of a world increasingly shaped by automation.