In Bostrum's Deep Utopia he writes:

"You all know what complements and substitutes are in economics, right? We say that X is a complement to Y if having more of Y makes extra units of X more valuable. If, instead, having more of X makes Y less valuable, we say that X and Y are substitutes.

[L]abor and capital have been complements. Each has enhanced the value of the other... [T]his is the reason why wages are now higher than they were a hundred years ago or at any other time in human history. [T]he degree to which labor is a complement to capital is a function of technology.

With sufficiently advanced automation technology, capital becomes a substitute for labor.

Consider the extreme case: imagine that you could buy an intelligent robot that can do everything that a human worker can do. And suppose that it is cheaper to buy or rent this robot than to hire a human..."

Is he correct or is this a Lump of Labor fallacy?