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Tech Tycoons have actually Got the Economics of AI Wrong

Even as economic growth was just removing, some economic experts were already downhearted. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern-day material civilisation”. Yet it was finite and would soon go out. Although more could be discovered by digging deeper, it would be significantly costly to extract and these greater expenses would lower the competitiveness of Britain’s producers. 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 usage of minimal resources would just provide an incentive to burn a lot more coal, which would, paradoxically, lead to an even faster use of British reserves. There was no escape, the Victorian economic expert thought. Coal would be tired and the country was likely to “contract to her previous littleness”.

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This short article 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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have actually got the economics of AI incorrect

From the February 1st 2025 edition

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