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  • Founded Date February 21, 1960
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Tech Tycoons have Got the Economics of AI Wrong

Even as economic development was just removing, some financial experts were already downhearted. Coal, composed William Stanley Jevons in 1865, is “the mainspring of modern-day material civilisation”. Yet it was limited and would quickly go out. Although more could be found by digging deeper, it would be significantly expensive to extract and these higher costs would reduce 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 same amount of stuff-would not save the country. Indeed, cleverer usage of restricted resources would merely supply an incentive to burn even more coal, which would, paradoxically, result in an even quicker usage of British reserves. There was no escape, the Victorian economist thought. Coal would be exhausted and the country was most likely to “agreement to her former littleness”.

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

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Tech tycoons have got the economics of AI incorrect

From the February 1st 2025 edition

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