An Economy of AI Agents

This paper explores the potential emergence of an economy driven by autonomous AI agents capable of executing complex tasks with minimal human supervision. The authors examine how these digital entities might function as consumers and producers, potentially leading to market collusion or a decoupling of prices from true human preferences. They suggest that AI could drastically alter firm structures by reducing coordination costs, though this may also introduce systemic fragility through correlated errors. To manage these risks, the text argues for the creation of new digital institutions and legal frameworks to handle agent identity and accountability. Ultimately, the researchers call for a distinct economic theory to address the "alignment problem," ensuring that autonomous systems remain beneficial to human society.