Here again, however, there is a deeper answer. It is possible for economies to suffer from an overall inadequacy of demand--recessions do happen. However, such slumps are essentially monetary--they come about because people try in the aggregate to hold more cash than there actually is in circulation. (That insight is the essence of Keynesian economics.) And they can usually be cured by issuing more money--full stop, end of story. An overall excess of production capacity (compared to what?) has nothing at all to do with it.

Weighting our estimates by the employment share of each occupation in the US Occupational Employment and Wage Survey (OEWS) and aggregating to the industry level, we estimate that one-fourth of current work tasks could be automated by AI in the US (Exhibit 5, top panel), with particularly high exposures in administrative (46%) and legal (44%) professions and low exposures in physically-intensive professions such as construction (6%) and maintenance (4%).