Whenever a groundbreaking technology arrives, a predictable pattern follows. The technology disrupts existing industries, leading to job losses. Governments can, and do, have in place safety-net policies to cushion the blow for people directly affected. And, as I mentioned before, new companies will exploit these technologies to create new types of jobs and entirely new industries.
The hockey-stick growth and productivity gains help boost income, which flows throughout the entire economy. This in turn increases demand in every sector of the economy, creating new job opportunities and raising living standards. Let me give an example from Canada’s history. At Confederation, 151 years ago, about half of working Canadians were employed in agriculture in one form or another.