When Labor is Obsolete

What happens when the entire world’s demand for goods and services can be satisfied by a fraction of the world’s population?

What happens when there are many people who can’t do any job more cheaply than a machine or robot?

Do either of the above questions relate to the concept of a “jobless recovery”?

(Musing mostly based on someone linking back to this post.  The title is an overstatement, obviously.)