The argument against this is the lump of labor fallacy
https://en.m.wikipedia.org/wiki/Lump_of_labour_fallacy
The cost of a good is a function of its scarcity. Once AI makes most things cheap, we will find new shiny baubles to chase after, and the fact that they are expensive will be what makes us want them more (their high cost allows us to parade our social stature in front of others as we try to climb the social hierarchy). Since humans remain the rate limiting factor in much production, things that are authentically made by humans, even if they are not necessary, will be what we value and spend money on to maintain our sense of prestige. It’s frankly absurd, but it keeps us on the hamster wheel. Just look around you-how much of the junk you have do you REALLY need? We’ll just find new things we think we need as the the things we have get abundant and cheap due to AI