Destructive and Constructive Innovation
APRIL 6, 2016
Today I read a long post that claimed that up to 30% of the banking jobs in the US would be "destroyed" by innovation. No longer will we need bank tellers. Any job that can be automated or done by machines will be. This is a classic case of creative destruction, described by Schumpeter as a component of innovation. Innovation will always create disruption in existing conventions, economies and industries. This means that it will also destroy EXISTING jobs.