Joseph Schumpader's Creative Distruction

The challenge is how to make sure that we have those transitions happening in a smooth way. I think about Joe the transition from transportation by horse to transportation by automobile. Many horses, not bred, others are sent off to the knacquery prematurely, but there is not an outbreak of unemployment as a result. As far as driving a horse, they manage to reskill and the transition is gradual enough that they are able to find new opportunities. The challenge for policymakers is to ensure that when a new technology comes along, that the impact on the workforce is more like what happened to the farriers"