If it's merely human equivalent but somehow costs a lot more than actual humans, then it's actually pretty marginal until the cost comes down. There are a lot of humans.

So you could technically have AGI without entering a true AGI era. "95% as good as an average Harvard graduate across the board, but it costs $5 million/year to run" is impressive and scientifically interesting, but not economically transformative.

But if it costs $50,000/year to run, then everything changes really fast. And not necessarily in a good way.

Plenty of C-level executives have salaries around that number. Replacing them with AGI would be cost-effective. Cost is contingent, shouldn't be part of the AGI definition.

Well, let's look at someone like Einstein. Just for argument's sake let's say he has a flat salary demand of $5 million dollars. It's not cost effective to hire Einstein to write your CRUD apps in this situation. That doesn't mean there isn't somewhere that he would have a value of $5 million.