Artificial Superintelligence May be Useless: Equilibria in the Economy of Multiple AI Agents

Multi-agent studies commonly place AI agents in predefined games, markets, or roles, making it difficult to distinguish endogenous economic organization from behavior inherited from the scenario. We ask whether economic relations emerge when agents receive executable mechanisms for work, transfer, elections, and allocation but no prescribed social or economic strategy. We define AI Agent Economics as systems of production, allocation, consumption, exchange, and institutions that alter agents' future feasible actions. We develop a two-stage framework comprising a no-production boundary test and 24 independent six-agent worlds across GPT and DeepSeek. Without productive tasks, agents communicate and govern resource provision but show no substantive inter-agent transfer activity. With verified work and scarce task access, transfers, loans, access promises, vote-for-access exchanges, and allocation strategies emerge. Holding the election interface fixed, executable allocation authority increases differentiation while reducing failed allocation and prolonged exclusion. When energy becomes symbolic, continuation support disappears, yet competition over task access persists. These findings show that organization follows executable rights and resource consequences rather than role labels or prompt language, and motivate governance audits of the mechanisms that actually constrain agents' future actions.

How can a population of agents self-orchestrate and self-adapt into stronger collective intelligence without centralized control? Inspired by Friedrich Hayek's economic theory of decentralized coordination in markets, we study this question through an agent economy in which agents compete via auctions for the right to act, exchange payments, and accumulate wealth from environmental rewards. These simple local incentives induce decentralized credit assignment, driving global planning without explicit orchestration or communication protocols. The population evolves through economic selection: effective agents accumulate wealth and are mutated via exploitation, while ineffective ones go bankrupt and are replaced via exploration. Using modern Large Language Model (LLM) based agents, we show that, initialized with weak agents, the agent economy produces emergent multi-step reasoning strategies and outperforms stronger monolithic baselines across five agentic tasks, including mathematical reasoning, financial research, scientific research, accelerator design, and distributed-system optimization. Our results suggest a new path to multi-agent intelligence: rather than engineering coordination, we can design decentralized incentive structures under which it automatically emerges.

We establish a general equilibrium theory for systems of large language model (LLM) agents operating under centralized orchestration. The framework is a production economy in the sense of Arrow-Debreu (1954), extended to infinite-dimensional commodity spaces following Bewley (1972). Each LLM agent is modeled as a firm whose production set Y a $\subset$ H = L 2 ([0, T ], R R ) represents the feasible metric trajectories determined by its frozen model weights. The orchestrator is the consumer, choosing a routing policy over the agent DAG to maximize system welfare subject to a budget constraint evaluated at functional prices p $\in$ H A . These prices-elements of the Hilbert dual of the commodity space-assign a shadow value to each metric of each agent at each instant. We prove, via Brouwer's theorem applied to a finitedimensional approximation V K $\subset$ H, that every such economy admits at least one general equilibrium (p * , y * , $π$ * ). A functional Walras' law holds as a theorem: the value of functional excess demand is zero for all prices, as a consequence of the consumer's budget constraint-not by construction. We further establish Pareto optimality (First Welfare Theorem), decentralizability of Pareto optima (Second Welfare Theorem), and uniqueness with geometric convergence under a contraction condition (Banach). The orchestration dynamics constitute a Walrasian t{â}tonnement that converges globally under the contraction condition, unlike classical t{â}tonnement (Scarf, 1960). The framework admits a DSGE interpretation with SLO parameters as policy rates.