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Tech Tycoons have actually Got the Economics of AI Wrong

Even as financial growth was just removing, some economists were already cynical. Coal, composed William Stanley Jevons in 1865, is “the mainspring of contemporary material civilisation”. Yet it was and would quickly run out. Although more could be found by digging deeper, it would be progressively pricey to extract and these higher costs would lower the competitiveness of Britain’s makers. After all, in other countries the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the same quantity of stuff-would not conserve the country. Indeed, cleverer use of minimal resources would simply provide an incentive to burn a lot more coal, which would, paradoxically, result in an even quicker use of British reserves. There was no escape, the Victorian financial expert believed. Coal would be exhausted and the nation was most likely to “agreement to her former littleness”.

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

Finance & economics February 1st 2025

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Tech tycoons have got the economics of AI wrong

From the February 1st 2025 edition

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