Economics

The productivity gains are flowing to capital holders instead of the workers generating them. The old framework said credentials lead to knowledge, knowledge leads to value. But value is concentrating in weird corners now; places where someone has to be sued, where platforms control distribution, where tacit knowledge can’t be extracted from text.

Inference workloads now account for 80% of AI compute spending. The hierarchy in tokens is no longer about information density—it’s what happens when the token leads somewhere wrong.