[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,♪ [music] ♪
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] "Infinity War" is known \Nfor its spectacular special effects.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But we can pretty certain\Nthat in a couple of decades.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,they'll look old and outdated.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That's just the way it goes with movies.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Ian] The first adult movie
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that I ever saw was \Nthe original "Jaws" in summer camp.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It was terrifying,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and now you go back \Nand look at the mechanical shark
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that jumped onto the boat,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the great white, \Nover 20 feet long, thrashing about,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and you go that is a ridiculous, \Nstupid-looking thing.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,So, I feel pretty clear \Nthat we have come a long way
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,since the '70s in terms \Nof graphics.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] This constant \Nimprovement is not limited
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to special effects --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,sound quality, picture quality, \Ntheater seats.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You name it, \Nit seems to have improved.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Well, maybe not the acting.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Edward] Oh no, not the bees!\NNot the bees! Ahh!
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] Economists have a term\Nfor this type of improvement --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,"creative destruction."
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Tyler] Creative destruction was \Na term in Economics
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,coined by an Austrian economist,\NJoseph Schumpeter,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,early in the 20th century.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's really become \Na central driving idea in Economics.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] Creative destruction\Ndescribes the continual process
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of innovation in which new products\Nand services replace outdated ones.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Take photos -- we live in a world
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of smartphones, Instagram,\Nand augmented reality.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,How we got here reveals\Na long and winding path
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of creative destruction.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- When I was a kid, \Nyou take a photo,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the Polaroid comes out,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you wave it around 'cause you think\Nit's going to make it dry faster.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,I don't know \Nif that actually worked.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And it's several minutes later,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and it probably doesn't \Nlook very good,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but you have it!
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And 10 years later, it's all faded, \Nand it probably doesn't keep.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] Before the digital era,\Nyou might have a Polaroid
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or you might buy film,\Ntypically from Kodak.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You had to pay \Na few dollars for film,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,which got you about 20 pictures,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and then pay more\Nto get them developed.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [man] Got double prints with mine!
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] If, whoops, \Nyour eyes were shut -- too bad!
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You didn't know until days later.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And if you accidentally \Nopened your camera,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,poof, your pictures are gone!
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Digital cameras came on the scene\Nat the end of the 20th century.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Entrepreneurs quickly improved\Nthe cameras, the software,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the accessories.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,People increasingly switched \Naway from film.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It was cheaper, easier \Nand more enjoyable.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,These entrepreneurs represent \Nthe creative side
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of creative destruction.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But what about the flip side,\Nthe destruction?
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Polaroid employed \Nover 20,000 people in their heyday.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Kodak dwarfed Polaroid,\Nemploying over 120,000 employees
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and being one of the most \Nwell-known companies in the world.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,The digital age, while rejoiced \Nby consumers ushered
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,them both into bankruptcy.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- But let's be clear, the people\Nthat used to make the Polaroids
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and the Kodaks don't like \Nthat development
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,because they just lost jobs.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Polaroids have had \Na bit of a resurgence lately
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,as a retro product,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,but that's actually \Nnot the same company
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,that made the originals.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That Polaroid is long gone.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,See, there are two sides \Nof creative destruction,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,entrepreneurs inventing new products\Nor ways to save money
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,are how we improve \Nour standard of living.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,These improvements are \Nthe foundation of prosperity,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,and positively impact \Ngeneration after generation.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But the flip side can make jobs\Nor even whole industries go extinct.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Unlike the games, \Nthat pain typically subsides.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,People usually find new jobs.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Most of those thousands\Nof employees at Polaroid and Kodak
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,went on to other types of work.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,When you take the long view,\Nthese job changes have
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,historically been beneficial.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,In the 1800s, more than half \Nof the United States
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,was employed in farming.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Because of time-saving inventions\Nlike the tractor,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,farmers now make up less \Nthan 2 percent of the workforce.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Now you might think,\N"My goodness! Those poor farmers --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,where did they go? What kind of jobs\Ncould they possibly have had?"
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But by liberating that labor,\Nwe made it possible for people
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,to do things, \Nlike produce automobiles,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,produce airplanes for more people \Nto become entertainers
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or movie stars, \Nmore people to become doctors.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] So in the long run,\Nwe have more people working
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,with film and more building \Nphoto apps and the like.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,However, in the short run,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,the transition can \Nbe extremely painful.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,If you've spent your life perfecting \Nthe craft of developing film,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,you're not walking out of Kodak\Nand into a sweet gig at Instagram.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You might just be out of a job\Nand out of luck.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Creative destruction comes \Nin many forms.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,We often think \Nof the transformative technology,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,like the tractor,\Nor the digital camera,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or the smartphone,\Nwhich fundamentally changes
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,how we do things.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Here's a not so obvious source\Nof creative destruction -- trade.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Trading with another nation,\Nit is a kind of technology.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,It's a way of getting \Nsomething else more cheaply.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,You're taking things \Nyou used to produce,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,finding a newer, cheaper way \Nof doing it --
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,be it with tractors, \Nor with robots,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,or with foreign trade.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,And they're all technologies\Nenabling us to produce
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,new and better things more cheaply.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- [Narrator] For example,\Nroses used to be grown in the U.S.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,raised in heated greenhouses.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,Now instead of burning fuel\Nto keep the roses warm,
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,most of our roses come \Nfrom warm weather climates.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,This creative destruction has\Nproduced a plentiful supply
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,of affordable roses.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,But just like with Kodak,\Nnot everyone benefits.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,That rose farmer \Nin Pennsylvania isn't thrilled
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,by the introduction of foreign roses.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,She might be out of a job.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,More than ever, better education\Nand training programs are needed
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,so that people can transition\Nto new types of work.
Dialogue: 0,9:59:59.99,9:59:59.99,Default,,0000,0000,0000,,- Why is this so important now? 613