Yes, this is more or less what Karl Marx proposed and wrote in the 19th century, under Marxist theory capitalists will always be increasing the usage of labor saving machinery and thus decrease the need for workers. This will drive down wages and create a vast pool of "reserve army of laborers", the existence of which will keep wages low for those who do have jobs. The majority of society's needs will, therefore be produced by relatively few workers operating machines while the vast majority will be improvised.