# The Agentic Economy

> An interactive treatise by Jeremy Allaire, Co-Founder & CEO of Circle, on the convergence of intelligence and the economy: the thesis that the agentic economy and the onchain economy are one and the same. "We have built a planetary nervous system for information, but no circulatory system for value. This is the work of building one."

The work argues that as AI agents take over the cognitive work of the firm, the firm decomposes into agentic skills and reassembles onchain, settling value in real time on programmable money (stablecoins). It spans the full treatise, 55 concept diagrams, a policymaker's guide, and worked scenarios. Author: Jeremy Allaire. Publisher: Jeremy Allaire. Language: English. June 2026.

## About
- [About this work](https://agenticeconomytreatise.com/about.html): why Jeremy Allaire built The Agentic Economy, how it was made (intensive original thinking, developed and assembled end-to-end in collaboration with AI), and what it represents.

## The Treatise
- [Contents: the full treatise](https://agenticeconomytreatise.com/treatise/index.html): table of contents and overview.
- [Section 1: The Convergence and the Decomposition of the Firm](https://agenticeconomytreatise.com/treatise/section-1.html)
- [Section 2: Assembly, Coordination, and Why the Firm Goes Onchain](https://agenticeconomytreatise.com/treatise/section-2.html)
- [Section 3: The Monetary Substrate: Velocity, Safety, and Finality](https://agenticeconomytreatise.com/treatise/section-3.html)
- [Section 4: Credit Markets: Machine Underwriting, Agent Working Capital, and the Prudential Layer](https://agenticeconomytreatise.com/treatise/section-4.html)
- [Section 5: Global by Construction](https://agenticeconomytreatise.com/treatise/section-5.html)
- [Section 6: The Supply Side: From Subscription to Consumption](https://agenticeconomytreatise.com/treatise/section-6.html)
- [Section 7: The Onchain Corporation](https://agenticeconomytreatise.com/treatise/section-7.html)
- [Section 8: Implications and the Concentration of Power](https://agenticeconomytreatise.com/treatise/section-8.html)
- [Section 9: The Civic Vision](https://agenticeconomytreatise.com/treatise/section-9.html)

## Reading Paths & Formats
- [The Thesis in 60 Seconds](https://agenticeconomytreatise.com/treatise/thesis.html): the shortest path into the whole argument.
- [The Essential Read (~10 min)](https://agenticeconomytreatise.com/treatise/essential.html): the whole argument in plain language.
- [The Considered Read (~15 min)](https://agenticeconomytreatise.com/treatise/nine-ideas.html): the full argument, idea by idea.
- [Explain It Like I'm 12 (~5 min)](https://agenticeconomytreatise.com/treatise/explain-like-im-12.html): the argument in the simplest possible words.
- [The Audiobook](https://agenticeconomytreatise.com/treatise/listen.html): the complete treatise narrated end to end.
- [The Explainer (film)](https://agenticeconomytreatise.com/treatise/watch.html): a short visual explainer of the convergence thesis.

## A Policymaker's Guide
- [A Policymaker's Guide (overview)](https://agenticeconomytreatise.com/policymakers/index.html): a constructive policy agenda across three domains plus global coordination.
- [Part One: Monetary Foundations & Financial Stability](https://agenticeconomytreatise.com/policymakers/domain-a.html)
- [Part Two: Legal Architecture for Autonomous Agents](https://agenticeconomytreatise.com/policymakers/domain-b.html)
- [Part Three: Competition, Concentration & the Ownership Question](https://agenticeconomytreatise.com/policymakers/domain-c.html)
- [Part Four: Global Coordination](https://agenticeconomytreatise.com/policymakers/coordination.html)

## Maps & Visuals
- [The Mind Map](https://agenticeconomytreatise.com/interactive/treatise-mind-map.html): the whole argument as a living map of seventy arguments, with a designed visual explainer for each core concept, each linking back to the text.

## Scenarios
- [A hardware startup, end to end](https://agenticeconomytreatise.com/scenarios/scenario-1-hardware-startup.md)
- [Retail marketing in the agentic economy](https://agenticeconomytreatise.com/scenarios/scenario-2-retail-marketing.md)
- [A synthetic-biology drug launch](https://agenticeconomytreatise.com/scenarios/scenario-3-synbio-drug-launch.md)

## Optional
- [Full treatise (single markdown file)](https://agenticeconomytreatise.com/llms-full.txt): the complete treatise text in one file.