“As #stocks wobbled in the last week of February, some found a cause in a note by #CitriniResearch, a firm of #EquityAnalysts. It imagined a world in 2028 in which artificial intelligence had rendered a lot of #WhiteCollar work obsolete—along with firms from American Express to DoorDash and much of the #software industry. The note went viral. But its economics are shaky.
In Citrini’s near future, output keeps growing, “driven by #AIAgents that don’t sleep, take sick days or require health insurance”, while consumer spending collapses: #workers have no #jobs and no #incomes to spend. “Economic pundits popularised the phrase ‘Ghost gdp’: output that shows up in the national accounts but never circulates through the real #economy.”
<https://economist.com/finance-and-economics/2026/02/25/a-viral-research-note-on-ai-gets-its-economics-wrong (paywall) / <https://archive.md/Gs14a>
