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.