A 160-year-old paradox explains why AI will create more lawyers and accountants—not fewer, top economist says
- 6 days ago
- 1 min read
FORTUNE — In a note on Tuesday, Apollo Global Management’s influential chief economist Torsten Slok applied the Jevons paradox to the AI age. In this scenario, labor is playing the role of coal, meaning as AI adoption increases, the technology will beget more jobs, not fewer.
Slok calls this the Jevons employment effect. As the cost of professional work falls as AI makes tasks more efficient, the market for those tasks will actually expand. The total number of firms and workers in those fields—from law to accounting to consulting—will grow.
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