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Tech Tycoons have Got the Economics of AI Wrong
Even as financial growth was simply removing, some economists were already cynical. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern-day product civilisation”. Yet it was limited and would quickly go out. Although more might be discovered by digging deeper, it would be progressively expensive to extract and these greater expenses would decrease the competitiveness of Britain’s makers. After all, in other nations the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the exact same quantity of stuff-would not conserve the country. Indeed, cleverer use of minimal resources would merely offer an incentive to burn even more coal, which would, paradoxically, result in an even quicker use of British reserves. There was no escape, the Victorian economic expert believed. Coal would be exhausted and the country was most likely to “agreement to her former littleness”.
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This 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 actually got the economics of AI incorrect
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