Frontier-model leaderboards now rank systems based on economic benchmarks, tests of how well models carry out professional tasks from software engineering to banking workflows, and those rankings inform what organisations buy, what regulators scrutinise, and expectations of how work will change. Whether such benchmarks measure a capability distinct from general test-taking, or re-express the one axis along which every benchmark rises as models improve, is a question of construct validity that has not yet been studied. We test it on a hash-pinned leaderboard snapshot of 421 model configurations across twelve benchmarks, four of them economic, treating benchmarks as items and models as respondents in a latent-variable model with four hypotheses and their thresholds fixed before analysis. A single factor explains 74.5% of common variance and tracks model release date (R^2 = 0.505), so the leading axis of capability is substantially a time trend; where prior work controls for scale, compute adds little once date is removed. Removing the date trend lowers that share by 14.9 points, and by 24.1 with one row per base model. Under the dimensionality rule fixed in advance the economic benchmarks form no distinct factor, yet a leave-one-benchmark-out test with factors re-estimated inside every fold shows that a multi-factor representation predicts held-out economic scores better than a single general index (pooled Delta-MSE 0.037, 95% bootstrap interval [0.019, 0.055]). Economic benchmarks therefore add incremental predictive information to a largely date-driven general factor, and the evidence does not support treating them as a distinct latent capability. Leaderboards remain a sound guide to overall progress, but most of the gap between models released months apart is calendar, so a small gap between contemporaneous models should be date-adjusted before being read as a capability difference.
High-stakes English proficiency tests treat standardized, unaided performance as evidence for score interpretations about academic English proficiency. This interpretation remains meaningful, but as target language use domains increasingly involve generative AI, the extrapolation from unaided test performance to academic communicative readiness becomes less self-evident. This conceptual validity argument reframes AI as a score-interpretation problem in high-stakes language testing, not only an operational issue of scoring, feedback, security, or misconduct. Synthesizing current literature in three uneven layers, the paper shows that most work treats AI as assessment infrastructure, while far less theorizes its implications for construct validity and extrapolation warrants. It defines AI-mediated construct drift as the misalignment that arises when communicative abilities required in the target domain change through AI mediation while test constructs remain anchored to an unaided-performance model. It proposes bounded AI mediation as a validity-oriented design principle: a standardized condition in which all test takers access the same institutionally controlled AI assistant, with predefined assistance boundaries, logged interactions, and tasks that distinguish comprehension support from answer generation. The paper argues that score interpretations should be narrowed and supplemented when used to support claims about AI-mediated academic communication.