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  • Founded Date August 19, 1925
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Tech Tycoons have actually Got the Economics of AI Wrong

Even as economic growth was simply taking off, some economists were currently downhearted. Coal, composed William Stanley Jevons in 1865, is “the mainspring of contemporary product civilisation”. Yet it was finite and would soon go out. Although more could be found by digging deeper, it would be progressively pricey to extract and these greater expenses would minimize 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 very same amount of stuff-would not save the country. Indeed, cleverer usage of restricted resources would just provide an incentive to burn even more coal, which would, paradoxically, cause an even faster usage of British reserves. There was no escape, the Victorian economist thought. Coal would be tired and the nation was most 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 “Rocked by DeepSeek”

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Tech tycoons have got the economics of AI incorrect

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