Edit: the main assumption EY is making in this article seems to be here:

Since it should take advanced general AI to automate away most or all humanly possible labor

and I don't think that's true. I think that a majority of labor done today, either physical or intellectual, is basically a series of routine or repeatable tasks, and I think that a big chunk of it could be done by either narrow AI software or robotics or internet-based logistics.

He's referring to humanly possible labor, not human labor done today.

If automation makes it possible to produce a hot dog using 1 unit of labor instead, conventional economics says that some people should shift from making hot dogs to buns, and the new equilibrium should be 15 hot dogs in 15 buns.