Caring Kersam Assisted Living

Caring Kersam Assisted Living

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  • Founded Date November 20, 2014
  • Sectors Live-in Caregiver for Pittsburgh PA
  • Posted Jobs 0
  • Viewed 18

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Tech Tycoons have Got the Economics of AI Wrong

Even as financial development was simply taking off, some economists were already cynical. Coal, composed William Stanley Jevons in 1865, is “the mainspring of modern material civilisation”. Yet it was finite and would soon go out. Although more might be found by digging deeper, it would be progressively costly to extract and these higher costs would reduce the competitiveness of Britain’s manufacturers. After all, in other nations the black fuel was still in sight of daylight. Efficiency gains-using less coal to produce the same amount of stuff-would not save the nation. Indeed, cleverer use of restricted resources would just supply an incentive to burn even more coal, which would, paradoxically, result in an even much faster use of British reserves. There was no escape, the Victorian thought. Coal would be exhausted and the nation was likely to “contract 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”

Finance & economics February 1st 2025

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Tech tycoons have got the economics of AI incorrect

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