Aggregate employment is holding. But the displacement is real, uneven, and front-loaded onto one cohort: the young. Firms aren't firing juniors — they're quietly not hiring them, removing the bottom rungs of the career ladder.
The deeper worry: if AI does the apprentice-level work through which juniors become seniors, the pipeline that produces future experts is being dismantled — quietly, and first.
Everything below the waterline becomes nearly free. Everything above it earns a premium — until the water reaches it. The century turns on one question economists cannot yet answer: does the ladder have a top?
Office and administrative support, data entry, and routine customer service sit below the line — the strongest cross-source consensus (IMF, McKinsey, Goldman, OECD). Nearly everything else still earns a human premium. Displacement is real but narrow, and lands on the entry-level cohort first.
Autor and Noah Smith's bet: human task-complexity is unbounded. New, harder, currently unimaginable work keeps appearing above the waterline — as it has for two centuries. Output and wages can rise forever. "We will run out of workers before we run out of jobs."
Korinek's warning: if human-performable complexity has a ceiling, wages can collapse below subsistence even while output explodes — and collapse can come before full automation if automation outruns capital accumulation. Horses had a comparative advantage too, until their "wage" fell below the cost of their feed.