Seonglae ChoAs technology advances, services in professions that don't benefit from technology become more expensive. Jobs with low productivity growth (e.g., hairdressing, cooking, caregiving, arts) are not automated, but as other industries grow and overall wage levels rise, wages in these fields also increase.
The Jevons effect creates wealth, while the Baumol effect distributes that wealth throughout society.
Why AC is cheap, but AC repair is a luxury
The Baumol Effect and Jevons paradox are related
https://a16z.substack.com/p/why-ac-is-cheap-but-ac-repair-is
