1) The real world is not a simple economic model. The wage rate is roughly equivalent to the rate it costs to replace an employee, not their marginal value. If your argument was true, company profits would tend toward zero as wages rise.
2) I specifically did not say GPT-4. If you think v4 is the peak of what will be possible when looking at how far we have come in just 2 years then I don't know what to tell you. Also, a product manager is not a business analyst.
1) I think it's approximately true in the real world. If you can hire an employee who adds substantially more revenue than what their wage is, you keep hiring employees until value created by an employee is close to their wage.
When discussing economy, it's good to start with understanding the situation through the lens of economic models and than look to what extent are the conclusions applicable to the real world.
Using your argumentation - above you said that xyz is true in a free market, but real-world markets are not free...
2) And I specifically said that I'm assuming no dramatic improvement beyond GPT-4. The 2 misconception I supposedly have... I didn't even make that claim.
2) With GPT-4 you still need to know how to program. A product manager can't replace you.