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Founded Date October 15, 1911
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Tech Tycoons have Got the Economics of AI Wrong
Even as financial development was simply taking off, some economic experts were currently pessimistic. Coal, wrote 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 discovered by digging deeper, it would be increasingly expensive to extract and these higher expenses would reduce the competitiveness of Britain’s makers. After all, in other nations the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the exact same amount of stuff-would not save the nation. Indeed, cleverer usage of minimal resources would merely supply a reward 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 country was most likely to “contract to her former littleness”.
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This short article appeared in the Finance & economics area of the print edition under the headline “Rocked by DeepSeek”
Finance & economics February 1st 2025
Donald Trump’s financial warfare has a new front
Will America’s crypto frenzy end in catastrophe?
Don’t let Donald Trump see our Big Mac index
Giorgia Meloni has grand banking aspirations
Can Germany’s economy phase an unforeseen healing?
Why your portfolio is less varied than you may think
Tech tycoons have actually got the economics of AI wrong
From the February 1st 2025 edition
from this area and more in the list of contents
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