1. The papers author's never claim causality. 2. There are other large macro forces at play, like firm consolidation, proliferation of NDAs, interest rates*, lack of growth (without Nvidia, the US economy would basically be in a recession?) and probably many more that are putting the job market into a low hire/low fire state.

Consider how we're actually not seeing much layoffs (some, but not much). So what were seeing in tech specifically is more like hiring freeze, so people with experience or in jobs aren't feeling much of the pressure, but new grads are hitting a wall.

Im posting this to resist the "ai is taking away people's jobs" narrative. It's definitely a factor but it's probably one of many and it's sloppy thinking to point fingers at ai and not other probably bigger factors.

* To their credit, the papers author's try to factor for zirp.

> 1. The papers author's never claim causality. 2. There are other large macro forces at play, like firm consolidation, proliferation of NDAs, interest rates*, lack of growth (without Nvidia, the US economy would basically be in a recession?) and probably many more that are putting the job market into a low hire/low fire state.

And the backdrop of an aging population that needs asset prices to keep rising to meet benefit and retirement obligations, so stagflation it is.