A few other advantages and disadvantages might be worthy of mention here.
First, implicit within the answer above, the idea of productivity came into its own in the Industrial Revolution, which was a two-edged sword, I think. While making nations more productive than ever before, providing more and more cheaper goods to people, leading naturally to the assembly line that Ford pioneered, it also created appalling working conditions for people just in terms of time spent on the job and expectations of productivity. The invention of electricity exacerbated this, making it possible for people to work even longer hours, indeed, around the clock. As we all know now, this is simply not good for anyone. I also think this drive for productivity led to the creation of unions, which some judge a good thing and other not.
Second, from an environmental perspective, the Industrial Revolution was a disaster, with a direct line from that era to today's era of global warming. The use of fossil fuels increased exponentially during this time, with no awareness of the consequences for our health or for our planet. And in fact, right now, as we speak, other nations are experiencing their own Industrial Revolutions, increasing their use of fossil fuels, further contributing to climate change problems. We, of course, were able to have this revolution without guilt, since we did not know any better, and now that we have reaped the benefits of it, it seems unreasonable to deny these benefits to other nations, an interesting environmental quandary.