The fear that technology will displace workers is at least as old as the Industrial Revolution (Ricardo,
1821; Keynes, 1930; Leontief, 1982). Historically, displacement has largely been self-correcting:
automation of existing tasks has been offset by the creation of new tasks and occupations. What
Acemoglu and Restrepo (2018, 2019) call the reinstatement effect has tended to stabilize the labor
market. Whether this balance will hold in the age of AI is an open question: Autor et al. (2024)
find that displacement has intensified over the past four decades while the creation of new work
has not always kept pace, and early signs suggest the current wave is disproportionately affecting
entry-level workers (Brynjolfsson et al., 2025a).
Even if reinstatement eventually occurs, a problem
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The fear that technology will displace workers is at least as old as the Industrial Revolution (Ricardo,
1821; Keynes, 1930; Leontief, 1982). Historically, displacement has largely been self-correcting:
automation of existing tasks has been offset by the creation of new tasks and occupations. What
Acemoglu and Restrepo (2018, 2019) call the reinstatement effect has tended to stabilize the labor
market. Whether this balance will hold in the age of AI is an open question: Autor et al. (2024)
find that displacement has intensified over the past four decades while the creation of new work
has not always kept pace, and early signs suggest the current wave is disproportionately affecting
entry-level workers (Brynjolfsson et al., 2025a).
Even if reinstatement eventually occurs, a problem