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Founded Date March 29, 2017
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Tech Tycoons have Got the Economics of AI Wrong
Even as financial development was simply removing, some were already pessimistic. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern material civilisation”. Yet it was finite and would soon go out. Although more might be discovered by digging deeper, it would be progressively expensive to extract and these greater expenses would lower the competitiveness of Britain’s makers. After all, in other countries the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the exact same amount of stuff-would not conserve the country. Indeed, cleverer use of minimal resources would merely supply an incentive to burn even more coal, which would, paradoxically, cause an even much faster use of British reserves. There was no escape, the Victorian economic expert thought. Coal would be exhausted and the country was likely to “agreement to her former littleness”.
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This post 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 wrong
From the February 1st 2025 edition
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