Research area · 03
Economics
Cost curves, capital formation, productivity measurement and the macroeconomics of general-purpose technology.
Scope
We treat the economics of emerging technology as a question of accounting before it is a question of forecasting. That means reconstructing unit costs from primary disclosure, separating capital expenditure from operating expenditure, and being explicit about where depreciation schedules, utilisation assumptions and financing structures carry the weight of a conclusion.
2 publications
Open in the archive- 01
The Inference Economy
Reconstructing the unit cost of serving large models, 2023 to 2026.
PDFAreaEconomicsPublished28 MAY 2026Paper · 20 min read - 02
The Capital Intensity of Intelligence
Capital formation, depreciation schedules and the balance-sheet treatment of AI infrastructure.
PDFAreaEconomicsPublished17 FEB 2026Brief · 12 min read
Research notes
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