Meta now makes $2.9m of revenue per employee. In early 2023 it was $1.4m. Same company, same platforms, a headcount that has barely moved... and twice the revenue per head in three years. Ive been staring at that ratio all summer, for a different reason, and it keeps turning up in places it has no business being.. . Amazon's Revenue Per Employee went from $292k in 2021 to $498k now, compounding at about 12% a year on 1.5 million people. Nvidia did $1m three years ago and $5.1m last year, and if you run the latest guide against the headcount it's close to $10m per human. The correct obvious read is that is this AI productivity showing up. But revenue per employee is a bloody strange thing to get excited about at a broader macro level. It's a company metric at first glance. It shouldn't tell you anything about a blockchain or a city or a country... except it does. The number I use to judge a blockchain is value per active address. Cities have GDP per resident. Countries have per capita GDP too. Same instrument, pointed at a different network. Value divided by nodes. So why does one ratio read many different kinds of network? Because it was never a company metric. Its Metcalfe's Law as a valuation metric. If network value goes with n squared, then value per node goes with n... thats just the maths. A network where Metcalfe is real shows rising economic density, every node added makes the average node worth more. Flat or falling density on a rising node count means the connections arent carrying anything. And the density of revenue per employee (economic density) isn't random either. Amazon applies intelligence, Meta runs on it, Nvidia manufactures it. Half a million per head, three million, ten million. Density concentrates where the intelligence is produced and thins out as you move away from it. Next time someone shows you a network by its node count, ask for the other number...how valuable each node is... Read my new "Postcards from the Universal Code", free every month. Link below. https://theexponentialist.substack.com/p/revenue-per-human