[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:00.32,0:00:02.13,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,0:00:11.23,0:00:14.93,Default,,0000,0000,0000,,- [Narrator] "Infinity War" is known \Nfor its spectacular special effects.
Dialogue: 0,0:00:14.98,0:00:17.46,Default,,0000,0000,0000,,But we can pretty certain\Nthat in a couple of decades.
Dialogue: 0,0:00:17.46,0:00:18.94,Default,,0000,0000,0000,,they'll look old and outdated.
Dialogue: 0,0:00:18.96,0:00:20.81,Default,,0000,0000,0000,,That's just the way it goes with movies.
Dialogue: 0,0:00:20.81,0:00:24.63,Default,,0000,0000,0000,,- [Ian] The first adult movie
Dialogue: 0,0:00:24.63,0:00:30.26,Default,,0000,0000,0000,,that I ever saw was \Nthe original "Jaws" in summer camp.
Dialogue: 0,0:00:30.26,0:00:32.99,Default,,0000,0000,0000,,It was terrifying,
Dialogue: 0,0:00:33.59,0:00:36.71,Default,,0000,0000,0000,,and now you go back
Dialogue: 0,0:00:36.71,0:00:41.33,Default,,0000,0000,0000,,and look at the mechanical shark
Dialogue: 0,0:00:41.33,0:00:43.69,Default,,0000,0000,0000,,that jumped onto the boat,
Dialogue: 0,0:00:43.69,0:00:48.28,Default,,0000,0000,0000,,the great white, \Nover 20 feet long, thrashing about,
Dialogue: 0,0:00:48.28,0:00:53.90,Default,,0000,0000,0000,,and you go, "That is a ridiculous, \Nstupid-looking thing."
Dialogue: 0,0:00:55.15,0:01:00.44,Default,,0000,0000,0000,,So, I feel pretty clear \Nthat we have come a long way
Dialogue: 0,0:01:00.46,0:01:05.57,Default,,0000,0000,0000,,since the '70s in terms \Nof graphics.
Dialogue: 0,0:01:05.57,0:01:07.100,Default,,0000,0000,0000,,- [Narrator] This constant \Nimprovement is not limited
Dialogue: 0,0:01:07.100,0:01:09.29,Default,,0000,0000,0000,,to special effects --
Dialogue: 0,0:01:09.29,0:01:11.90,Default,,0000,0000,0000,,sound quality, picture quality, \Ntheater seats.
Dialogue: 0,0:01:11.90,0:01:14.59,Default,,0000,0000,0000,,You name it, \Nit seems to have improved.
Dialogue: 0,0:01:14.59,0:01:16.66,Default,,0000,0000,0000,,Well, maybe not the acting.
Dialogue: 0,0:01:16.66,0:01:21.10,Default,,0000,0000,0000,,- [Edward] Oh no, not the bees!\NNot the bees! Ahh!
Dialogue: 0,0:01:21.10,0:01:23.41,Default,,0000,0000,0000,,- [Narrator] Economists have a term\Nfor this type of improvement --
Dialogue: 0,0:01:23.48,0:01:25.19,Default,,0000,0000,0000,,"creative destruction."
Dialogue: 0,0:01:25.61,0:01:28.17,Default,,0000,0000,0000,,- [Tyler] Creative destruction was \Na term in Economics
Dialogue: 0,0:01:28.17,0:01:31.43,Default,,0000,0000,0000,,coined by an Austrian economist,\NJoseph Schumpeter,
Dialogue: 0,0:01:31.43,0:01:33.46,Default,,0000,0000,0000,,early in the 20th century.
Dialogue: 0,0:01:33.46,0:01:37.34,Default,,0000,0000,0000,,It's really become \Na central driving idea in Economics.
Dialogue: 0,0:01:37.34,0:01:40.84,Default,,0000,0000,0000,,- [Narrator] Creative destruction\Ndescribes the continual process
Dialogue: 0,0:01:40.84,0:01:44.93,Default,,0000,0000,0000,,of innovation in which new products\Nand services replace outdated ones.
Dialogue: 0,0:01:47.05,0:01:49.36,Default,,0000,0000,0000,,Take photos -- we live in a world
Dialogue: 0,0:01:49.38,0:01:52.11,Default,,0000,0000,0000,,of smartphones, Instagram,\Nand augmented reality.
Dialogue: 0,0:01:52.38,0:01:55.35,Default,,0000,0000,0000,,How we got here reveals\Na long and winding path
Dialogue: 0,0:01:55.35,0:01:57.02,Default,,0000,0000,0000,,of creative destruction.
Dialogue: 0,0:01:57.02,0:01:59.53,Default,,0000,0000,0000,,- When I was a kid, \Nyou take a photo,
Dialogue: 0,0:01:59.53,0:02:01.91,Default,,0000,0000,0000,,and the Polaroid comes out,
Dialogue: 0,0:02:01.91,0:02:05.96,Default,,0000,0000,0000,,you wave it around because you think\Nit's going to make it dry faster.
Dialogue: 0,0:02:05.97,0:02:07.56,Default,,0000,0000,0000,,I don't know \Nif that actually worked.
Dialogue: 0,0:02:07.56,0:02:09.44,Default,,0000,0000,0000,,And it's several minutes later,
Dialogue: 0,0:02:09.44,0:02:10.93,Default,,0000,0000,0000,,and it probably doesn't \Nlook very good,
Dialogue: 0,0:02:10.93,0:02:11.94,Default,,0000,0000,0000,,but you have it!
Dialogue: 0,0:02:11.94,0:02:16.15,Default,,0000,0000,0000,,And 10 years later, it's all faded, \Nand it probably doesn't keep.
Dialogue: 0,0:02:16.15,0:02:18.64,Default,,0000,0000,0000,,- [Narrator] Before the digital era,\Nyou might have a Polaroid
Dialogue: 0,0:02:18.64,0:02:21.15,Default,,0000,0000,0000,,or you might buy film,\Ntypically from Kodak.
Dialogue: 0,0:02:21.15,0:02:23.14,Default,,0000,0000,0000,,You had to pay \Na few dollars for film,
Dialogue: 0,0:02:23.14,0:02:24.87,Default,,0000,0000,0000,,which got you about 20 pictures,
Dialogue: 0,0:02:24.87,0:02:26.57,Default,,0000,0000,0000,,and then pay more\Nto get them developed.
Dialogue: 0,0:02:26.57,0:02:27.84,Default,,0000,0000,0000,,- [man] Got double prints with mine!
Dialogue: 0,0:02:27.84,0:02:30.18,Default,,0000,0000,0000,,- [Narrator] If, whoops, \Nyour eyes were shut -- too bad!
Dialogue: 0,0:02:30.18,0:02:32.15,Default,,0000,0000,0000,,You didn't know until days later.
Dialogue: 0,0:02:32.15,0:02:34.32,Default,,0000,0000,0000,,And if you accidentally \Nopened your camera,
Dialogue: 0,0:02:34.32,0:02:37.51,Default,,0000,0000,0000,,poof, your pictures are gone!
Dialogue: 0,0:02:37.51,0:02:40.72,Default,,0000,0000,0000,,Digital cameras came on the scene\Nat the end of the 20th century.
Dialogue: 0,0:02:40.72,0:02:43.40,Default,,0000,0000,0000,,Entrepreneurs quickly improved\Nthe cameras, the software,
Dialogue: 0,0:02:43.40,0:02:44.71,Default,,0000,0000,0000,,and the accessories.
Dialogue: 0,0:02:44.71,0:02:47.26,Default,,0000,0000,0000,,People increasingly switched \Naway from film.
Dialogue: 0,0:02:47.26,0:02:50.03,Default,,0000,0000,0000,,It was cheaper, easier \Nand more enjoyable.
Dialogue: 0,0:02:50.03,0:02:52.65,Default,,0000,0000,0000,,These entrepreneurs represent \Nthe creative side
Dialogue: 0,0:02:52.65,0:02:54.33,Default,,0000,0000,0000,,of creative destruction.
Dialogue: 0,0:02:54.33,0:02:56.94,Default,,0000,0000,0000,,But what about the flip side,\Nthe destruction?
Dialogue: 0,0:02:56.94,0:03:00.26,Default,,0000,0000,0000,,Polaroid employed \Nover 20,000 people in their heyday.
Dialogue: 0,0:03:00.26,0:03:04.88,Default,,0000,0000,0000,,Kodak dwarfed Polaroid,\Nemploying over 120,000 employees
Dialogue: 0,0:03:04.88,0:03:07.88,Default,,0000,0000,0000,,and being one of the most \Nwell-known companies in the world.
Dialogue: 0,0:03:07.88,0:03:10.38,Default,,0000,0000,0000,,The digital age,\Nwhile rejoiced by consumers,
Dialogue: 0,0:03:10.38,0:03:12.80,Default,,0000,0000,0000,,ushered them both\Ninto bankruptcy.
Dialogue: 0,0:03:12.80,0:03:16.51,Default,,0000,0000,0000,,- But let's be clear, the people\Nthat used to make the Polaroids
Dialogue: 0,0:03:16.51,0:03:20.53,Default,,0000,0000,0000,,and the Kodaks\Ndon't like that development
Dialogue: 0,0:03:20.53,0:03:22.42,Default,,0000,0000,0000,,because they just lost jobs.
Dialogue: 0,0:03:22.76,0:03:25.06,Default,,0000,0000,0000,,- [Narrator] Polaroids have had \Na bit of a resurgence lately
Dialogue: 0,0:03:25.06,0:03:26.40,Default,,0000,0000,0000,,as a retro product,
Dialogue: 0,0:03:26.40,0:03:27.99,Default,,0000,0000,0000,,but that's actually \Nnot the same company
Dialogue: 0,0:03:27.99,0:03:29.47,Default,,0000,0000,0000,,that made the originals.
Dialogue: 0,0:03:29.47,0:03:32.08,Default,,0000,0000,0000,,That Polaroid is long gone.
Dialogue: 0,0:03:32.28,0:03:35.52,Default,,0000,0000,0000,,See, there are two sides \Nof creative destruction.
Dialogue: 0,0:03:35.52,0:03:38.95,Default,,0000,0000,0000,,Entrepreneurs inventing new products\Nor ways to save money
Dialogue: 0,0:03:38.95,0:03:41.10,Default,,0000,0000,0000,,are how we improve \Nour standard of living.
Dialogue: 0,0:03:41.10,0:03:43.89,Default,,0000,0000,0000,,These improvements are \Nthe foundation of prosperity,
Dialogue: 0,0:03:43.89,0:03:47.39,Default,,0000,0000,0000,,and positively impact \Ngeneration after generation.
Dialogue: 0,0:03:47.39,0:03:52.21,Default,,0000,0000,0000,,But the flip side can make jobs\Nor even whole industries go extinct.
Dialogue: 0,0:03:52.21,0:03:55.43,Default,,0000,0000,0000,,Unlike the games, \Nthat pain typically subsides.
Dialogue: 0,0:03:55.43,0:03:57.40,Default,,0000,0000,0000,,People usually find new jobs.
Dialogue: 0,0:03:57.40,0:04:00.68,Default,,0000,0000,0000,,Most of those thousands\Nof employees at Polaroid and Kodak
Dialogue: 0,0:04:00.68,0:04:02.51,Default,,0000,0000,0000,,went on to other types of work.
Dialogue: 0,0:04:02.89,0:04:04.64,Default,,0000,0000,0000,,When you take the long view,
Dialogue: 0,0:04:04.64,0:04:07.93,Default,,0000,0000,0000,,these job changes\Nhave historically been beneficial.
Dialogue: 0,0:04:08.48,0:04:12.22,Default,,0000,0000,0000,,In the 1800s, more than half \Nof the United States
Dialogue: 0,0:04:12.22,0:04:14.19,Default,,0000,0000,0000,,was employed in farming.
Dialogue: 0,0:04:14.82,0:04:17.18,Default,,0000,0000,0000,,Because of time-saving inventions\Nlike the tractor,
Dialogue: 0,0:04:17.18,0:04:20.78,Default,,0000,0000,0000,,farmers now make up\Nless than 2% of the workforce.
Dialogue: 0,0:04:20.78,0:04:23.32,Default,,0000,0000,0000,,- Now you might think,\N"My goodness! Those poor farmers!
Dialogue: 0,0:04:23.32,0:04:27.16,Default,,0000,0000,0000,,Where did they go? What kind of jobs\Ncould they possibly have had?"
Dialogue: 0,0:04:27.16,0:04:31.26,Default,,0000,0000,0000,,But by liberating that labor,\Nwe made it possible for people
Dialogue: 0,0:04:31.26,0:04:34.03,Default,,0000,0000,0000,,to do things, \Nlike produce automobiles,
Dialogue: 0,0:04:34.03,0:04:36.05,Default,,0000,0000,0000,,produce airplanes,
Dialogue: 0,0:04:36.05,0:04:38.25,Default,,0000,0000,0000,,for more people \Nto become entertainers
Dialogue: 0,0:04:38.25,0:04:41.71,Default,,0000,0000,0000,,or movie stars, \Nmore people to become doctors.
Dialogue: 0,0:04:42.01,0:04:43.54,Default,,0000,0000,0000,,- [Narrator] So in the long run,
Dialogue: 0,0:04:43.54,0:04:45.48,Default,,0000,0000,0000,,we have fewer people\Nworking with film
Dialogue: 0,0:04:45.48,0:04:48.17,Default,,0000,0000,0000,,and more building \Nphoto apps and the like.
Dialogue: 0,0:04:48.35,0:04:50.25,Default,,0000,0000,0000,,However, in the short run,
Dialogue: 0,0:04:50.25,0:04:52.61,Default,,0000,0000,0000,,the transition can \Nbe extremely painful.
Dialogue: 0,0:04:52.61,0:04:56.07,Default,,0000,0000,0000,,If you've spent your life perfecting \Nthe craft of developing film,
Dialogue: 0,0:04:56.07,0:04:59.82,Default,,0000,0000,0000,,you're not walking out of Kodak\Nand into a sweet gig at Instagram.
Dialogue: 0,0:04:59.82,0:05:02.24,Default,,0000,0000,0000,,You might just be out of a job\Nand out of luck.
Dialogue: 0,0:05:02.24,0:05:04.74,Default,,0000,0000,0000,,Creative destruction comes \Nin many forms.
Dialogue: 0,0:05:04.74,0:05:07.10,Default,,0000,0000,0000,,We often think \Nof the transformative technology,
Dialogue: 0,0:05:07.10,0:05:09.32,Default,,0000,0000,0000,,like the tractor,\Nor the digital camera,
Dialogue: 0,0:05:09.32,0:05:12.10,Default,,0000,0000,0000,,or the smartphone,\Nwhich fundamentally changes
Dialogue: 0,0:05:12.10,0:05:13.54,Default,,0000,0000,0000,,how we do things.
Dialogue: 0,0:05:13.54,0:05:17.49,Default,,0000,0000,0000,,Here's a not so obvious source\Nof creative destruction -- trade.
Dialogue: 0,0:05:18.52,0:05:21.76,Default,,0000,0000,0000,,- Trading with another nation,\Nit is a kind of technology.
Dialogue: 0,0:05:21.84,0:05:24.49,Default,,0000,0000,0000,,It's a way of getting \Nsomething else more cheaply.
Dialogue: 0,0:05:24.49,0:05:26.74,Default,,0000,0000,0000,,You're taking things \Nyou used to produce,
Dialogue: 0,0:05:26.74,0:05:29.00,Default,,0000,0000,0000,,finding a newer, cheaper way \Nof doing it --
Dialogue: 0,0:05:29.00,0:05:31.20,Default,,0000,0000,0000,,be it with tractors, with robots,
Dialogue: 0,0:05:31.20,0:05:33.06,Default,,0000,0000,0000,,or with foreign trade.
Dialogue: 0,0:05:33.06,0:05:36.20,Default,,0000,0000,0000,,And they're all technologies\Nenabling us to produce
Dialogue: 0,0:05:36.20,0:05:38.37,Default,,0000,0000,0000,,new and better things more cheaply.
Dialogue: 0,0:05:38.37,0:05:41.27,Default,,0000,0000,0000,,- [Narrator] For example,\Nroses used to be grown in the U.S.
Dialogue: 0,0:05:41.27,0:05:43.61,Default,,0000,0000,0000,,raised in heated greenhouses.
Dialogue: 0,0:05:43.61,0:05:46.48,Default,,0000,0000,0000,,Now, instead of burning fuel\Nto keep the roses warm,
Dialogue: 0,0:05:46.48,0:05:49.18,Default,,0000,0000,0000,,most of our roses come \Nfrom warm weather climates.
Dialogue: 0,0:05:49.81,0:05:52.98,Default,,0000,0000,0000,,This creative destruction\Nhas produced a plentiful supply
Dialogue: 0,0:05:52.98,0:05:54.48,Default,,0000,0000,0000,,of affordable roses.
Dialogue: 0,0:05:54.59,0:05:57.87,Default,,0000,0000,0000,,But just like with Kodak,\Nnot everyone benefits.
Dialogue: 0,0:05:57.87,0:06:00.44,Default,,0000,0000,0000,,That rose farmer \Nin Pennsylvania isn't thrilled
Dialogue: 0,0:06:00.44,0:06:02.58,Default,,0000,0000,0000,,by the introduction of foreign roses.
Dialogue: 0,0:06:02.58,0:06:04.28,Default,,0000,0000,0000,,She might be out of a job.
Dialogue: 0,0:06:04.28,0:06:07.44,Default,,0000,0000,0000,,More than ever, better education\Nand training programs are needed
Dialogue: 0,0:06:07.44,0:06:10.54,Default,,0000,0000,0000,,so that people can transition\Nto new types of work.
Dialogue: 0,0:06:10.86,0:06:13.16,Default,,0000,0000,0000,,- Why is this so important now?
Dialogue: 0,0:06:13.16,0:06:15.96,Default,,0000,0000,0000,,I do think there's \Na very specific reason,
Dialogue: 0,0:06:15.96,0:06:20.09,Default,,0000,0000,0000,,and that is the nature of jobs\Nand the workplace is changing
Dialogue: 0,0:06:20.09,0:06:21.74,Default,,0000,0000,0000,,at an accelerating rate.
Dialogue: 0,0:06:21.82,0:06:24.94,Default,,0000,0000,0000,,So the importance of being able \Nto retrain yourself,
Dialogue: 0,0:06:24.94,0:06:28.67,Default,,0000,0000,0000,,the importance of being able \Nto learn how to learn
Dialogue: 0,0:06:28.67,0:06:31.64,Default,,0000,0000,0000,,has never been more important\Nthan it is today.
Dialogue: 0,0:06:31.64,0:06:33.71,Default,,0000,0000,0000,,- [Narrator] Why did Tyler say \Nthe workplace is changing
Dialogue: 0,0:06:33.71,0:06:35.36,Default,,0000,0000,0000,,at an accelerating rate?
Dialogue: 0,0:06:35.36,0:06:37.11,Default,,0000,0000,0000,,Remember how \Nthe information revolution
Dialogue: 0,0:06:37.11,0:06:39.44,Default,,0000,0000,0000,,allowed companies to slice \Nand dice their factories
Dialogue: 0,0:06:39.44,0:06:41.12,Default,,0000,0000,0000,,into a global supply chain?
Dialogue: 0,0:06:41.12,0:06:43.81,Default,,0000,0000,0000,,That has increased competition\Nin the workplace.
Dialogue: 0,0:06:44.40,0:06:48.24,Default,,0000,0000,0000,,Take Apple -- they're evaluating\Nevery link of their supply chain.
Dialogue: 0,0:06:48.66,0:06:50.84,Default,,0000,0000,0000,,Can they make this step cheaper?
Dialogue: 0,0:06:50.84,0:06:53.00,Default,,0000,0000,0000,,Can they make this component better?
Dialogue: 0,0:06:53.00,0:06:55.45,Default,,0000,0000,0000,,Back in the old days, \Nemployees just had to worry
Dialogue: 0,0:06:55.45,0:06:58.31,Default,,0000,0000,0000,,about losing their job\Nto someone nearby.
Dialogue: 0,0:06:58.31,0:07:01.64,Default,,0000,0000,0000,,Now they might lose it\Nto a person or robot or software
Dialogue: 0,0:07:01.64,0:07:04.38,Default,,0000,0000,0000,,that could come \Nfrom anywhere on the planet.
Dialogue: 0,0:07:04.38,0:07:07.68,Default,,0000,0000,0000,,This means that jobs appear,\Ndisappear, and evolve
Dialogue: 0,0:07:07.68,0:07:09.57,Default,,0000,0000,0000,,more quickly than ever.
Dialogue: 0,0:07:09.57,0:07:11.88,Default,,0000,0000,0000,,That sounds intimidating,\Nbut remember,
Dialogue: 0,0:07:11.88,0:07:14.51,Default,,0000,0000,0000,,this competition drives\Nthe frequent explosions
Dialogue: 0,0:07:14.51,0:07:16.54,Default,,0000,0000,0000,,of creative destruction\Nthat are the signs
Dialogue: 0,0:07:16.54,0:07:18.93,Default,,0000,0000,0000,,of a healthy, vibrant economy.
Dialogue: 0,0:07:18.93,0:07:21.19,Default,,0000,0000,0000,,But we can't forget \Nthe flip side of the coin.
Dialogue: 0,0:07:21.19,0:07:23.90,Default,,0000,0000,0000,,There are those that are hurt\Nby these explosions.
Dialogue: 0,0:07:24.34,0:07:27.81,Default,,0000,0000,0000,,- So there's no question\Nthat creative destruction
Dialogue: 0,0:07:27.88,0:07:30.29,Default,,0000,0000,0000,,has been a great thing \Nfor human beings.
Dialogue: 0,0:07:30.29,0:07:34.74,Default,,0000,0000,0000,,We just need to remember that \Nthe people that are displaced --
Dialogue: 0,0:07:34.74,0:07:37.53,Default,,0000,0000,0000,,we have to make sure \Nthat we don't forget those people.
Dialogue: 0,0:07:37.53,0:07:40.50,Default,,0000,0000,0000,,We have to make sure \Nthat they have opportunities too.
Dialogue: 0,0:07:40.88,0:07:42.21,Default,,0000,0000,0000,,- [Narrator] Next up, we'll ask
Dialogue: 0,0:07:42.21,0:07:44.88,Default,,0000,0000,0000,,are there winners and losers\Nof globalization?
Dialogue: 0,0:07:44.92,0:07:47.19,Default,,0000,0000,0000,,Click "Next Video" to keep learning.
Dialogue: 0,0:07:47.85,0:07:49.50,Default,,0000,0000,0000,,♪ [music] ♪