George, an engineer who specializes in the fireproofing of buildings, has been laid off from his job with a large commercial construction firm because the firm has switched to an entirely new and better fireproofing process that makes George's knowledge and experience outdated. George's fate is the result of the process of

Question

Quizplus · Accepted Answer

George's layoff is an example of creative destruction, as his skills and knowledge have become obsolete due to the introduction of a new and better fireproofing process. This is a common process in innovative industries where new technologies replace older ones, and companies must adapt to remain competitive.

George, an Engineer Who Specializes in the Fireproofing of Buildings