Forrester argues tokenomics is not just token cost management. It defines tokenomics as converting energy and capital into AI capabilities. The discipline aims to realize measurable business value across an organization. It spans the entire AI cost stack, not just token spend. It connects value to spend and investment decisions to ROI. A more expensive model may still deliver greater value. The right choice balances goals, strategy, operational capacity and governance. Forrester says the key question is what value an investment created. Two upcoming reports will cover AI cost taxonomy and cost management questions.