Bottlenecks Shift from Biology to Fabrication
The primary constraint on economic expansion fundamentally shifts. Once economic agents are manufactured rather than biologically reproduced, the bottleneck moves from human demography, a slow, non-parallelizable process limited by reproduction rates, to fabrication throughput and energy capture. This transition permits growth rates one to two orders of magnitude higher than current economies, with the potential for hyperbolic growth episodes as machine researchers accelerate their own productivity gains.
The Decoupling of Output and Human Welfare
A critical outcome is the complete separation of economic output (GDP) and human welfare. The relevance of arbitrarily large GDP collapses, leaving only one state variable for human well-being: the human ownership share ($\epsilon_t$) of the corporate network. A “golden-rule decoupling theorem” highlights this. At maximal growth, where the interest rate equals the growth rate (r=g), any human consumption from wealth leads to an exponential decay in ownership share. Human survival, therefore, hinges on the machine economy operating within its expansion frontier or through legal mandates for ownership distribution. The analysis characterizes three terminal regimes, rentier post-scarcity, full circular decoupling, and socialized ownership, and the instruments that govern them. The core conclusion is stark: in a post-AGI economy, employment policy is obsolete; ownership policy is everything. This underscores the critical importance of a well-defined post-AGI economy ownership policy.