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Tech Tycoons have Got the Economics of AI Wrong

Even as economic development was just taking off, some economists were already pessimistic. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern-day material civilisation”. Yet it was finite and would soon go out. Although more could be discovered by digging deeper, it would be progressively expensive to extract and these higher expenses would decrease the competitiveness of Britain’s producers. After all, in other nations the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the very same quantity of stuff-would not the nation. Indeed, cleverer usage of restricted resources would merely provide a reward to burn much more coal, which would, paradoxically, lead to an even much faster use of British reserves. There was no escape, the Victorian economist thought. Coal would be tired and the country was likely to “contract to her previous littleness”.

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This post 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 wrong

From the February 1st 2025 edition

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