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Yes, but a cheaper substitute for intelligence inputs will also reduce costs of producing stuff. It's not obvious that the purchasing power of people's labor will decline and it generally doesn't after technological displacement.
A common example is that Lebron probably has the potential to be the best janitor in the Crypto.com Arena, but they don't have him sweeping the floors.
The reason is that the janitors are much closer to being as good at janitorial services than they are to being as good at basketball.
It really isn't. It's a 200 year old insight from David Ricardo that's one of the pillars of economic thought.
The question he was seeking to answer is why rich countries trade with poor countries when rich countries are more productive at making everything.
This answer, comparative advantage, is monumentally important for understanding the world around you.
Wage rate, responsiveness, integrity, imagination...
Also, this seems to be confusing absolute and comparative advantage. Comparative advantage actually is the explanation for why people are still employable even when they're not the best at anything.
Also, also, the answer might be something other than coding. There are other human pursuits.