AI Agents Aren’t a Productivity Story. They’re a Fraction Story
AI agents aren’t a productivity story. They’re a fraction story. $META $SPCX
Productivity is output over input. Every prior technology moved one side. The steam engine raised output. The assembly line cut input. Agents do both in the same quarter: more output per worker, fewer inputs per unit of output. Numerator up, denominator down.
That’s how you get double digit nominal GDP, which hasn’t printed since the early 80s. Back then inflation did the work. This time the real part does.
And it changes the regime. Nominal growth above the interest rate is the only way a debt this size dissolves. The system needs this boom and will fund it. That’s fiscal dominance. Rates matter less when the economy outgrows them, and the 90s already showed it: the Nasdaq rose 135% in a year while the Fed hiked 175 basis points.
New way to make money. New monetary regime. Position for nominal.
