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Tech Tycoons have actually Got the Economics of AI Wrong
Even as financial growth was just taking off, some economic experts were currently downhearted. Coal, Stanley Jevons in 1865, is “the mainspring of modern product civilisation”. Yet it was limited and would quickly go out. Although more might be found by digging deeper, it would be significantly pricey to extract and these higher costs would reduce the competitiveness of Britain’s manufacturers. After all, in other nations the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the exact same amount of stuff-would not save the country. Indeed, cleverer usage of minimal resources would merely supply a reward to burn a lot more coal, which would, paradoxically, cause an even much faster use of British reserves. There was no escape, the Victorian economist believed. Coal would be tired and the nation was likely to “contract to her previous 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 magnates have actually got the economics of AI incorrect
From the February 1st 2025 edition
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