Company Overview
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Founded Date February 17, 1932
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Posted Jobs 0
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Categories Primates
Company Description
Tech Tycoons have actually Got the Economics of AI Wrong
Even as economic development was just removing, some financial experts were already downhearted. Coal, wrote William Stanley Jevons in 1865, is “the mainspring of modern-day material civilisation”. Yet it was limited and would soon go out. Although more could be discovered by digging deeper, it would be progressively expensive to extract and these greater costs would reduce the competitiveness of Britain’s manufacturers. 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 limited resources would just a reward to burn even more coal, which would, paradoxically, cause an even faster use of British reserves. There was no escape, the Victorian economist believed. Coal would be tired and the country was most likely to “agreement to her previous littleness”.
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This article appeared in the Finance & economics section of the print edition under the headline “Rocked by DeepSeek”
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Tech tycoons have actually got the economics of AI wrong
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