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Tech Tycoons have Got the Economics of AI Wrong

Even as economic development was simply taking off, some financial experts were already downhearted. Coal, composed William Stanley Jevons in 1865, is “the mainspring of contemporary product civilisation”. Yet it was limited and would soon run out. Although more could be discovered by digging deeper, it would be significantly expensive to extract and these higher expenses would lower the competitiveness of Britain’s producers. After all, in other countries the black fuel was still in sight of daytime. Efficiency gains-using less coal to produce the same amount of stuff-would not conserve the nation. Indeed, cleverer use of minimal resources would simply offer an incentive to burn even more coal, which would, paradoxically, result in an even faster usage of British reserves. There was no escape, the Victorian economic expert thought. Coal would be exhausted and the country was most likely to “contract to her previous littleness”.

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This post appeared in the Finance & economics section of the print edition under the heading “Rocked by DeepSeek”

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