This paper from Microsoft Research discusses the potential for generative AI to transform the economy by enabling an agentic economy, where AI agents act on behalf of users and businesses to facilitate transactions. The authors argue that the most significant impact of AI will be in reducing communication frictions between consumers and businesses, which could lead to markets being reorganized and power redistributed. They explore the distinction between unscripted (technical) and unrestricted (market structure and governance) agent interactions, highlighting the current limitations of siloed and end-to-end agents. The paper presents potential future scenarios, including the tension between agentic walled gardens and an open web of agents, and considers the implications for advertising, micro-transactions, and the bundling of digital goods. Ultimately, the authors suggest that the design of agentic communication architecture will be crucial in determining whether generative AI broadens access to economic opportunities.