We’re telling a half-truth when we say “AI will kill jobs.” The research shows technology changes the task composition of work — some tasks vanish, others are created, and new tasks appear that demand new skills. But there’s a darker, political economy truth: when firms treat workers as replaceable inputs rather than as adaptable human capital, the arrival of AI becomes an instrument of mass displacement. In practice AI doesn’t so much “kill jobs” as it exposes and eliminates replaceability. This matters because replaceability is a choice — shaped by firm strategy, policy design, and investment in people.