Alex Imas

And what do you think is going on with the anecdotal evidence of

graduating college students saying that they're finding it harder to find CS jobs or something?

You think it's always been hard to get jobs for some people and now it's getting turned into an AI narrative.

Same with the layoffs where it's probably just normal layoff and they turned it into an AI layoff.

And is that surprising at all?

I feel, given the fact, all these things you guys can do is just like, this is a story as old as time.

If you automate some complimentary task, the overall bucket of things that the, the human labor, which compliments the automation will increase in value.

But I think this elasticity of demand argument is incredibly important both for a lot of arguments that people make or just a lot of labels that people use without understanding what the underlying causation is.

So people often talk about Jevin's paradox.

Yeah.

This is this idea that as something gets cheaper...

You will want so much more of it that the total amount you spend on the thing increases.

And so famously, this happened to coal in Britain 200 odd years ago.

But really, this only happens if...

There's the demand for something is highly elastic.

There's many things for which there is not super elastic demand.

If oil, for example, gets super cheap, it's not like magically.

Yeah, exactly.

Magically, there's going to be so many more cars that now we're going to be using way more oil than before.

It's not in the short run.