Explore our investment strategies, solutions, and products designed to support diverse financial goals.
Tools and training for advisors, offering portfolio guidance, and on-demand educational resources.
Discover Apollo’s latest perspectives, case studies, research and analysis shaping conversations about private markets.
As private equity evolves and advantages in the middle market become less reliable, scale, specialization and portfolio construction are becoming key drivers of performance in a more competitive environment.
How back-to-basics value creation can drive alpha in 2026 and beyond.
Learn about our firm, our purpose and values, our people and where we are around the world.
April 28, 2026
Partner, Chief Economist
A lawyer drafts contracts, negotiates terms, manages filings, advises clients and flags risk.
An accountant reconciles books, prepares workpapers, handles audits and prepares tax returns.
A consultant scopes projects, runs interviews, builds decks and tracks implementation.
Giving AI tools to knowledge workers will lower the cost of doing some of these tasks. And when things get cheaper, demand goes up.
That is the Jevons paradox.
When steam engines made coal more efficient, Britain didn't burn less coal, it burned more. The same pattern is happening for cheaper legal services, consulting services and financial services.
Call it the Jevons employment effect: When the cost of professional work falls, the addressable market expands and the total number of firms and workers in the field grows, see the first chart below. That includes startups launched by recent college graduates, who can now compete with established firms on certain tasks. That is likely the reason why the unemployment rate is falling more for young workers, see the second chart, and the number of new businesses created every week is at the highest levels in US history, see the third chart.
The bottom line is that cheaper inputs don't shrink industries. Instead, AI is going to increase both productivity and employment.
Note: Illustration. Source: Apollo Chief Economist
Sources: US Bureau of Labor Statistics (BLS), Macrobond, Apollo Chief Economist
Sources: US Census Bureau, Macrobond, Apollo Chief Economist
This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).
Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.
Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo.
Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.
Social
Explore Apollo
More Information
© Apollo Global Management, Inc. 2026 All Rights Reserved.
