Video cassettes have been replaced by DVDs and streaming services and are slowly becoming an outdated technology. Before getting rid of their VCR, Claire and Phil are going through their VHS collection and watching the movies one last time. Joseph Schumpeter conceived the idea of creative destruction in which new technologies are created at the cost of destroying old industries. From a labor economics perspective, growth in some sectors come at the cost of losing jobs in the industry that is replaced.
See more: creative destruction, Joseph Schumpeter, opportunity cost, tastes and preferences, technological change, technology, tradeoffs
Economics of Modern Family 