RIA

Kidsworldatwillardbeach

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  • Founded Date April 14, 1916
  • Sectors Commerce
  • Posted Jobs 0
  • Viewed 5

Company Description

Tech Tycoons have Got the Economics of AI Wrong

Even as financial development was simply taking off, some economists were currently cynical. Coal, composed William Stanley Jevons in 1865, is “the mainspring of contemporary product civilisation”. Yet it was finite and would soon go out. Although more could be discovered by digging deeper, it would be progressively costly to extract and these greater expenses would minimize 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 amount of stuff-would not save the country. Indeed, cleverer usage of limited resources would merely offer an incentive to burn much more coal, which would, paradoxically, result in an even faster use of British reserves. There was no escape, the Victorian financial expert believed. Coal would be exhausted and the nation was most likely to “agreement to her former littleness”.

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This article appeared in the Finance & area of the print edition under the headline “Rocked by DeepSeek”

Finance & economics February 1st 2025

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Tech magnates have got the economics of AI incorrect

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