Alex Imas

And so we're going to potentially see a lot more hiring in that sector.

And many people are saying this.

But other people are saying, wait, maybe it's not as elastic as we think.

And people are going to become so productive.

that we really are going to see a downsizing.

Wipeout.

Two things.

Well, let me talk about three things.

One is just full automation.

The models are so good that they just automate all of the tasks.

That's like a very simple scenario to think about because obviously people are going to get fired if it's fully automated.

The other one is the one we've just been talking about where people become much more productive, but consumer demand is not elastic enough to absorb that extra production.

So you're going to have much fewer people doing a lot more stuff.

So again, you're going to have a lot of unemployment.

The third thing is related, but is basically how many jobs each person has will determine the incentives of the company to actually invest in the automation technology.

So let's talk about the one task job.

Let's say a person is just pulling the lever.

And let's say right now that doesn't even look exposed.

We look at the exposure graph, it doesn't look exposed.

But let's say we're kind of getting kind of close and it just needs a bit more money to get to the automation switch.