Productivity and the Workweek
groups.csail.mit.edu
groups.csail.mit.edu
Another possibility is that progress will increase the amount of people that are unemployed or unneeded to support society, as the others continue to work the same hours. Not that far-fetched, if you consider our current work-culture.
If this happens, there would be rising social unrest at first, but I believe we'd reach a tipping point and a decrease in population would eventually correct the offset. Of course human reproduction can't be explained away by simple supply and demand, but the fact is, birth-rates are lowering in developed nations.
While these may just be suppositions, I think it's interesting to try and predict how progress will shape our population growth.
a.k.a. lots of people die
Suppose there's a meteor heading for earth that will collide in 30 years. If that's the case, the increases in productivity will be helpful in saving the race.
That said, IMO it makes sense to channel some percentage of productivity increases into faster progress, but also some remaining percentage into reducing standard working hours a little.