
Luxcaribbeanvillas
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Founded Date December 10, 1901
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Sectors Business
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Tech Tycoons have Got the Economics of AI Wrong
Even as financial growth was simply taking off, some financial experts were currently cynical. Coal, composed William Stanley Jevons in 1865, is “the mainspring of contemporary product civilisation”. Yet it was limited and would quickly run out. Although more might be discovered by digging deeper, it would be progressively pricey to extract and these greater expenses would decrease the competitiveness of Britain’s manufacturers. After all, in other countries the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the very same quantity of stuff-would not save the nation. Indeed, cleverer use of minimal resources would simply provide a reward to burn much more coal, which would, paradoxically, lead to an even quicker usage of British reserves. There was no escape, the Victorian financial expert believed. Coal would be exhausted and the country was likely to “agreement to her previous 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
Donald Trump’s economic warfare has a new front
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Tech magnates have got the economics of AI wrong
From the February 1st 2025 edition
Discover stories from this section and more in the list of contents
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