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Tech Tycoons have Got the Economics of AI Wrong

Even as economic growth was just taking off, some financial experts were currently cynical. Coal, composed William Stanley Jevons in 1865, is « the mainspring of modern material civilisation ». Yet it was finite and would soon run out. Although more could be found by digging deeper, it would be increasingly expensive to extract and these greater costs would minimize the competitiveness of Britain’s producers. 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 country. Indeed, cleverer usage of limited resources would merely offer a reward to burn a lot more coal, which would, paradoxically, lead to an even much faster usage of British reserves. There was no escape, the Victorian financial expert thought. Coal would be exhausted and the country was most likely to « agreement to her former littleness ».

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This article appeared in the Finance & economics area of the print edition under the headline « Rocked by DeepSeek »

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From the February 1st 2025 edition

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