The way I do it is to put the setting's "present" at a point where magic hasn't yet become fully analyzed and employed.

It's there, it's doing things and a person with good foresight would see the implications of using magic this way. But it hasn't done so yet because the smart people are still working out the answers.
A bit like fusion power really.

Innovation is not instant. Just because magic make a post-scarcity economy does not mean someone doesn't have to do the work first (unless time travel is involved; which I strongly disallow).