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Tech Tycoons have Got the Economics of AI Wrong
Even as economic development was simply taking off, some financial experts were currently cynical. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern material civilisation”. Yet it was limited and would soon run out. Although more might be discovered by digging deeper, it would be significantly costly to extract and these higher costs would reduce the competitiveness of Britain’s makers. After all, in other nations the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the very same amount of stuff-would not conserve the nation. Indeed, cleverer use of restricted resources would merely provide a reward to burn even more coal, which would, paradoxically, lead to an even quicker usage of British reserves. There was no escape, the Victorian economist thought. Coal would be tired and the nation was likely to “agreement to her former littleness”.
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This short article appeared in the Finance & economics area of the print edition under the heading “Rocked by DeepSeek”
Finance & economics February 1st 2025
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Tech magnates have got the economics of AI wrong
From the February 1st 2025 edition
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