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Tech Tycoons have Got the Economics of AI Wrong

Even as economic growth was just removing, some economists were already pessimistic. Coal, wrote William in 1865, is “the mainspring of modern-day product civilisation”. Yet it was limited and would quickly go out. Although more might be found by digging deeper, it would be progressively expensive to extract and these greater costs would lower the competitiveness of Britain’s makers. After all, in other nations the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the exact same quantity of stuff-would not save the nation. Indeed, cleverer usage of minimal resources would just provide an incentive to burn a lot more coal, which would, paradoxically, lead to an even much faster use of British reserves. There was no escape, the Victorian economic expert believed. Coal would be tired and the nation was most 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”

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