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Founded Date April 5, 1926
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Tech Tycoons have actually Got the Economics of AI Wrong
Even as financial development was simply removing, some economists were already downhearted. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of contemporary material civilisation”. Yet it was limited and would quickly run out. Although more might be found by digging deeper, it would be significantly expensive to extract and these greater costs would reduce the competitiveness of Britain’s makers. After all, in other countries the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the same quantity of not save the nation. Indeed, cleverer use of limited resources would merely offer an incentive to burn much more coal, which would, paradoxically, result in an even much faster use of British reserves. There was no escape, the Victorian financial expert thought. Coal would be tired and the country was most likely to “contract to her previous 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 tycoons have actually got the economics of AI wrong
From the February 1st 2025 edition
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