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The auto industry displaced people who tended to horses but instead created auto-mechanics, engineers, drivers, auto part plants, etc etc.
Dr. Bessen says that ATMs were supposed to reduce the number of bank tellers. ATM actually increased number of bank tellers by 100%. The more effective operation led to creation of more bank branches.
He says the problem that automation creates is not of unemployment, but of moving masses of people from one profession to another.
Bessen further says that automation will increase income inequality: HBR:Computers Don’t Kill Jobs but Do Increase Inequality.
If you work in the technology field, you always have to be learning. Learning new skills and even new categories of skills will be required. Plan ahead, learn new things. Learn how to learn.
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