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Tech Tycoons have Got the Economics of AI Wrong

Even as economic development was just removing, some economists were currently . Coal, composed William Stanley Jevons in 1865, is “the mainspring of modern-day product civilisation”. Yet it was limited and would soon go out. Although more might be found by digging deeper, it would be increasingly costly to extract and these greater expenses 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 very same amount of stuff-would not save the nation. Indeed, cleverer use of limited resources would just provide an incentive to burn a lot more coal, which would, paradoxically, result in an even faster usage of British reserves. There was no escape, the Victorian economist believed. Coal would be tired and the nation was most likely to “agreement to her previous littleness”.

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

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Tech tycoons have actually got the economics of AI incorrect

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