The problem with this analysis is twofold.

1. Even before AI, the U.S. economy was growing because of a handful of tech companies. The rest of the companies were collapsing.

2. If revenue per worker is stagnant despite AI investment, we don’t know what the revenue per worker would be without AI investment.

3. There’s no reason to believe AI should improve revenue. AI doesn’t just make companies more efficient. It makes their customers more capable of replacing their products. This continues all the way down to the individual. I might have thought about buying a calories tracking app in the past, but now, I can just use one of my AI Chat apps to do that for me.

AI might be reducing overall demand for services and therefore naturally contracting the exchange based economic system.