The only thing I'd add to this is how things move so much quicker.
It takes time to find a new job. Like the Joe Smith example, a skilled worker is now unskilled because his job has been made obselete. Anecdotally, I've seen friends parents try to find a job in the industry they used to do, unsuccessfully. There are some people who don't like change. There's a refusal to accept that all that time you spent was wasted and you need to change industries, or at least focus. There's also the stigma associated with having worked in that now dead market. Though many skills are transferable, it seems some companies have a bias that it's easier to train a new worker than retrain one with 'useless skills'. Again, that's all anecdotal.
So while Joe Smith will eventually find a new job, it does take a while. And that can stack such that a significant workforce is unemployed. Everything in the article holds until the hypothetical day that a new disruptive technology is released continuously, and your skills are worthless every other year. Which will probably never happen, but an interesting thought experiment nonetheless.
Which is probably an argument for giving a helping hand to the Joe's of the world in their moment of need, rather than throwing shoes into the machinery.
It takes time to find a new job. Like the Joe Smith example, a skilled worker is now unskilled because his job has been made obselete. Anecdotally, I've seen friends parents try to find a job in the industry they used to do, unsuccessfully. There are some people who don't like change. There's a refusal to accept that all that time you spent was wasted and you need to change industries, or at least focus. There's also the stigma associated with having worked in that now dead market. Though many skills are transferable, it seems some companies have a bias that it's easier to train a new worker than retrain one with 'useless skills'. Again, that's all anecdotal.
So while Joe Smith will eventually find a new job, it does take a while. And that can stack such that a significant workforce is unemployed. Everything in the article holds until the hypothetical day that a new disruptive technology is released continuously, and your skills are worthless every other year. Which will probably never happen, but an interesting thought experiment nonetheless.