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Tech Tycoons have Got the Economics of AI Wrong

Even as economic growth was just removing, some economists were currently cynical. Coal, composed William Stanley Jevons in 1865, is “the mainspring of contemporary material civilisation”. Yet it was limited and would quickly go out. Although more could be discovered by digging deeper, it would be increasingly expensive to extract and these greater costs would lower the competitiveness of Britain’s manufacturers. After all, in other countries the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the same amount of stuff-would not save the country. Indeed, cleverer usage of limited resources would merely offer a reward to burn a lot more coal, which would, paradoxically, result in an even much faster usage of British reserves. There was no escape, the Victorian financial expert thought. Coal would be exhausted and the country was most likely to “agreement to her previous littleness”.

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This post appeared in the Finance & economics area of the print edition under the headline “Rocked by DeepSeek”

Finance & economics February 1st 2025

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Tech tycoons have got the economics of AI wrong

From the February 1st 2025 edition

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