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  • Founded Date September 10, 1951
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Tech Tycoons have actually Got the Economics of AI Wrong

Even as economic development was simply removing, some financial experts were currently downhearted. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of contemporary product civilisation”. Yet it was finite and would soon run out. Although more might be found by digging deeper, it would be progressively expensive to extract and these higher expenses would reduce the competitiveness of Britain’s producers. After all, in other countries the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the very same quantity of stuff-would not save the country. Indeed, use of restricted resources would just offer a reward to burn much more coal, which would, paradoxically, result in an even quicker usage of British reserves. There was no escape, the Victorian financial expert thought. Coal would be exhausted and the nation was likely to “agreement to her former littleness”.

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This short article appeared in the Finance & economics section of the print edition under the heading “Rocked by DeepSeek”

Finance & economics February 1st 2025

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Tech tycoons have actually got the economics of AI wrong

From the February 1st 2025 edition

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