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Founded Date February 14, 1963
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Sectors Estate Agency
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Tech Tycoons have Got the Economics of AI Wrong
Even as economic development was just removing, some economic experts were currently pessimistic. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern-day material civilisation”. Yet it was finite and would soon run out. Although more could be found by digging deeper, it would be increasingly pricey to and these greater costs would lower 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 same amount of stuff-would not conserve the nation. Indeed, cleverer usage of limited resources would merely provide an incentive to burn much more coal, which would, paradoxically, lead to an even much faster usage of British reserves. There was no escape, the Victorian economist believed. Coal would be tired and the country was 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”
Finance & economics February 1st 2025
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Tech tycoons have actually got the economics of AI incorrect
From the February 1st 2025 edition
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