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Founded Date 1943年7月25日
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Tech Tycoons have Got the Economics of AI Wrong
Even as financial growth was simply taking off, some economic experts were already pessimistic. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern product civilisation”. Yet it was finite and would soon go out. Although more could be found by digging deeper, it would be significantly pricey to extract and these higher costs would decrease the competitiveness of Britain’s producers. After all, in other countries the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the same quantity of stuff-would not the nation. Indeed, cleverer usage of limited resources would simply provide a reward to burn a lot more coal, which would, paradoxically, result in an even faster use of British reserves. There was no escape, the Victorian economist thought. Coal would be exhausted and the country was most 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
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Tech magnates have got the economics of AI incorrect
From the February 1st 2025 edition
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