Yes he addresses this. If all you do is make things more efficient then you have no where for the displaced to go. That's why transformative innovation is needed and is currently missing. Transformative innovation needs a longer time to grow so it needs longer term investing before seeing a payout hence a retooling of our tax system that favors investment for the longer term.

We know there is a problem related to new job growth, he mentions that its taking longer for our economy to recover from the last recessions. And, he points out exactly what is missing from that economy too.