Economy of Minds: Emerging Multi-Agent Intelligence with Economic Interactions

How can a population of agents self-orchestrate and self-adapt into stronger collective intelligence without centralized control? Inspired by Friedrich Hayek's economic theory of decentralized coordination in markets, we study this question through an agent economy in which agents compete via auctions for the right to act, exchange payments, and accumulate wealth from environmental rewards. These simple local incentives induce decentralized credit assignment, driving global planning without explicit orchestration or communication protocols. The population evolves through economic selection: effective agents accumulate wealth and are mutated via exploitation, while ineffective ones go bankrupt and are replaced via exploration. Using modern Large Language Model (LLM) based agents, we show that, initialized with weak agents, the agent economy produces emergent multi-step reasoning strategies and outperforms stronger monolithic baselines across five agentic tasks, including mathematical reasoning, financial research, scientific research, accelerator design, and distributed-system optimization. Our results suggest a new path to multi-agent intelligence: rather than engineering coordination, we can design decentralized incentive structures under which it automatically emerges.