> Same with PhDs - is there a shortage of them? Does adding potentially infinite PhDs (whatever they are) to a project make it better, or does it just make... more?
Yes, there is still a large demand for people with analytical thinking, a deep knowledge base, and good problem-solving skills. This demand shows up broadly across STEM fields, and it's a major reason that these fields pay relatively high.
Even just thinking of R&D, there is an immense amount of work left to be done in basic science. Research is throttled partly by a lack of cheap graduate lab labor. (If that physical + mental labor became much cheaper, the costs of research would shift - what does it take to get reagants? What does it take to build more lab space, and provide water and light? Etc.)
The present issue is that current AI does not really offer the same capabilities as a good grad student or PhD. Not just physically, as in, we don't have good robotics yet, but mentally. LLMs do not exhibit good judgment or problem-solving skills, like a good PhD does. And they don't exhibit continual learning.
No clue on when these will change, but yes, a cheap AI with solid problem-solving skills and good judgment would absolutely upend our economy.