The Jobless Millennium

The Jobless Millennium is the thesis that AI agents combined with tokenized capital structurally end traditional employment as the primary mechanism for distributing income — not as a cyclical disruption, but as a permanent reorganization.

Why structural, not cyclical

Previous automation waves displaced specific occupations. Web4 displaces the labor-as-input assumption itself: agents perform cognitive work at marginal cost, while tokenized assets coordinate production and capital flows without payroll.

Ownership economies

The book's response is an ownership economy: individuals derive income from tokenized stakes in agents, infrastructure, and RWAs rather than from wages. See Treasurium for the operating framework.