The Alchemy of Output

Energy, Intelligence, and the Agentic Remaking of Value

An essay by John Komkov

Begin Reading About This Essay

Draft · Updated 2025-12-21

Contents

PrologueThe Calculus of Hunger

Structure of the Argument

Part IThe Hidden Variable

I.AThe Ledger and the Law I.BThe Billion-Dollar Error Term I.CThe Residual Shrinks I.DThe Wrigley Synthesis

Part IICapital as Regime Artifact

II.ABraudel's Three Floors II.BThe Key Input II.CThe Shifting Boundaries

Part IIIThe Physics of Thought

III.AThe Cost of Forgetting III.BThe Room to Run III.CTime Crystallized in Weights

Part IVThe Derivation

IV.ASilicon Metabolism IV.BThe Selection Gradient IV.CMeeting the Perez Criteria IV.DThe Recursive Property IV.EThe Existence Proof

Part VThe Agentic Discontinuity

V.AThe Automation Continuum V.BThe Species That Buys Itself V.CThe Actuation Bottleneck V.DWhen Agents Enter Markets V.EClaims and Tests

Part VIThe Investment Thesis

VI.AThe Investment Thesis VI.BPositioning by Capital Type VI.CThe Risk Surface

Part VIIThe Distribution Question

VII.AThe Shape of the Transition VII.BWho Bears the Cost VII.CWhat Institutions Require

EpilogueThe Stone No Longer Waits

Appendix AMathematical Appendix

Appendix BThe economics of machine-to-machine coordination

© 2025 John Komkov

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