
Diesierningersozialdemokraten
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Founded Date December 8, 2006
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Tech Tycoons have actually Got the Economics of AI Wrong
Even as economic development was just taking off, some economists were already cynical. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern product civilisation”. Yet it was limited and would soon go out. Although more might be discovered by digging deeper, it would be significantly pricey to extract and these greater costs would reduce 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 same amount of stuff-would not conserve the nation. Indeed, cleverer usage of minimal resources would simply offer a reward to burn even more coal, which would, paradoxically, cause an even much faster usage of British reserves. There was no escape, the Victorian economist thought. Coal would be exhausted and the country 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”
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Tech magnates have got the economics of AI incorrect
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