Joseph R. Schumpeter lecture, presented to the European Economic Association on August 29, 2024 in Rotterdam, with lecture title “Does Automation Replace Experts or Complement Expertise? The Answer is Yes.” We thank Daron Acemoglu, Erik Brynjolfsson, Matthias Doepke, Martin Fleming, Joshua Gans, Anton Korinek, Frank Levy, Sendhil Mullainathan, Ashesh Rambachan, Pascual Restrepo, Anna Salomons, Lawrence Schmidt and numerous seminar participants for valuable comments that improved the paper. We are deeply indebted to Lucy Hampton, Joanne Liang, Ragini Srinivasan, Christian Vogt, and Can Yeşildere for exceptional research assistance, and to Fredric Kong for expert review of the theoretical model. Autor acknowledges research support from the Hewlett Foundation, the Google Technology and Society Visiting Fellows Program, the NOMIS Foundation, the Schmidt Sciences AI2050 Fellowship, and the Smith Richardson Foundation. Thompson acknowledges research support from Open Philanthropy. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.