The Jevons paradox is just two curves overlaid - demand and supply. As supply goes up and the price goes down, “new” demand appears that couldn’t be satisfied (economically) at the higher price.

Once the majority of the latent demand has been realized it will stabilize and start to go down.

In the current case of LLMs we’re seeing a Cambrian explosion of code that was quite doable before (demand was there) but there wasn’t the economics to dedicate a coder to it - now anyone with Claude can hack together something that works for them alone.