1)Workers get more productive thanks to AI.

2)Higher worker productivity translates into lower prices.

3)Most importantly, consumer demand needs to explode in reaction to lower prices. And we're finding out in real-time that the demand is inelastic.

Around 1900, 40% of American workers worked in agriculture. Today, it's < 2%.

Which is similar to what we see with coding: The increase in demand has not exploded enough to offset the job-killing of each farmer being able to produce more food.