The economist who was terrified of AI just found a rare reason for hope

Alex Imas didn’t arrive at optimism easily. The University of Chicago economist economist occupies an unusual space in being one of the leading researchers on AI’s labor market impact, but also one of its most avid adopters. Unlike many of his peers, he is taking the doomsday scenarios, perhaps best exemplified by Citrini Research’s viral essay on “ghost GDP” and spiraling deflation, very seriously.

If automation eliminates most jobs and the wage share collapses, the people with money—capital owners—will be already satiated...