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Founded Date November 7, 1937
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Tech Tycoons have actually Got the Economics of AI Wrong
Even as financial development was just removing, some economists were currently cynical. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern-day material civilisation”. Yet it was finite and would soon go out. Although more might be found by digging deeper, it would be increasingly pricey to extract and these greater expenses would decrease the competitiveness of Britain’s producers. After all, in other nations the black fuel was still in sight of . Efficiency gains-using less coal to produce the same quantity of stuff-would not conserve the country. Indeed, cleverer usage of limited resources would just offer a reward to burn even more coal, which would, paradoxically, lead to an even much faster use of British reserves. There was no escape, the Victorian financial expert thought. Coal would be exhausted and the country was likely to “contract to her former littleness”.
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This short article appeared in the Finance & economics section of the print edition under the heading “Rocked by DeepSeek”
Finance & economics February 1st 2025
Donald Trump’s financial warfare has a new front
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Don’t let Donald Trump see our Big Mac index
Giorgia Meloni has grand banking aspirations
Can Germany’s economy stage an unexpected healing?
Why your portfolio is less varied than you might think
Tech magnates have got the economics of AI wrong
From the February 1st 2025 edition
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