“Level one is chat AI… Level two is tool‑using AI… Level three is autonomous agents… The user gives it a goal and parameters, and the agent does the work, checks it, and submits a finished product.” — Howard Marx
“Level one and level two AI were faster horses. Level three agents are the automobile. They don't make the work faster. They do the work.” — Howard Marx
AI’s evolution from chat assistants to autonomous agents creates a spectrum from modest time‑saving to wholesale labor substitution. The economic implications are massive, potentially reshaping entire knowledge‑work markets.