"Moore's Law [that the number of transistors on a microchip doubles about every two years, though the cost of computers is halved] worked well in the semiconductor/computer industry for a few decades, but that was due to a set of circumstances that existed in that particular industry over a certain time rather than the general applicability of the 'law'. The 'law' no longer works in the computer industry and can't be applied in a useful way to technology in general. Wright's Law, on the other hand [that the cost of each unit produced decreases as a function of the cumulative number of units produced], is more useful when it comes to explaining and predicting the effects of technology-driven improvements in efficiency."It's hard to overstate the stupidity of a central bank strategy that is designed to make the economy less efficient. Currently we have the absurd situation in which the faster the rate of technological progress, the more that central banks do to create 'inflation' and thus offset the benefits of this progress. They aren't doing this because they are malicious, they are doing it because they are trapped within an ideological framework that prevents them from understanding the way the world works."
"The reason that Wright's Law works better than Moore's Law (Wright's Law can be applied to all industries and has even been more accurate than Moore's Law in the computer industry) is that it focuses on cost as a function of units produced rather than time. The beauty of Wright's Law is that once an industry has been around for long enough to determine the relationship between the increase in units produced and the reduction in unit cost, accurate predictions can be made regarding what's likely to happen over years and even decades into the future. The limitation is that a certain amount of history is required to establish the percentage reduction in cost that accompanies a certain increase in the production rate."
"The wellspring of productivity has been drained by ever larger government and spending. Not only has productive value been drained, but the spending has continued right off the balance sheet and into mind boggling debt. Thus, a deflationary spiral could only be painful now. The same entities that have told us they will defend us against it are the ones who made it malignant to begin with. I can't help thinking of the Jungian "shadow"; the longer it is denied, the more fierce it will ultimately be in exacting revenge for that denial."