Overview

  • Founded Date March 26, 1972
  • Sectors Sales & Marketing
  • Posted Jobs 0
  • Viewed 6

Company Description

Tech Tycoons have actually Got the Economics of AI Wrong

Even as financial development was simply taking off, some economic experts were already downhearted. Coal, composed 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 discovered by digging deeper, it would be significantly pricey to extract and these greater expenses would lower the competitiveness of Britain’s makers. After all, in other countries the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the same amount 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, lead to an even faster usage of British reserves. There was no escape, the Victorian economic expert thought. Coal would be tired 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 actually got the economics of AI wrong

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