Alex Imas is an economist at the University of Chicago Booth School who argues that the most important thing about an AI-saturated economy won’t be what machines can produce—it’ll be what humans still want from each other.

Imas’s central claim, laid out in his essay “What Will Be Scarce,” is that when AI can replicate every cognitive and physical task, demand for human provenance becomes the economy’s binding constraint. He backs this up with experimental evidence: in controlled settings, people’s willingness to pay for an identical good roughly doubles when it’s scarce and human-made, even when the hedonics are exactly the same.

We talk through how this plays out in practice—Starbucks pulling back automation because customers missed the barista experience, the historical pattern of agriculture and manufacturing shrinking as shares of GDP while services absorb displaced income, and the debate with economist Phil Trammell over whether new AI-created goods could crowd out the relational sector entirely.

The conversation turns darker when we discuss the transition to a post-AI world. Imas draws parallels to the Industrial Revolution, warning there were “huge losers” whose suffering gets swept under the rug. He favors David Autor’s proposal for a “universal basic capital” over simple UBI, but acknowledges a deep cultural problem: the relational jobs that survive are likely to disproportionately be care roles traditionally held by women, while the jobs most vulnerable to automation skew male. Can retraining programs—which have a poor track record—really bridge that gap? Or are we headed for a gendered economic rupture?

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Alex Imas explains why AI (probably) won't put everyone out of work