When it occurs at the industry level,Joseph Schumpeter's "creative destruction" results in:

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Schumpeter's theory of creative destruction posits that new and innovative technologies and products displace older, less efficient ones, leading to the demise of existing industries and the emergence of new ones. This process can cause structural unemployment, where workers in the declining industries lose their jobs and must retrain or relocate to find new employment. While there may be some frictional unemployment during the transition period, the overall impact is on structural unemployment as labor and capital are reallocated to more productive uses. Creative destruction does not directly cause cyclical unemployment, which is driven by fluctuations in the business cycle, nor does it necessarily lead to underemployment unless new industries emerge with different labor requirements than the ones they replace.

When It Occurs at the Industry Level,Joseph Schumpeter's "Creative Destruction