From today’s NYT:
For decades the story of technology has been dominated, in the popular mind and to a large extent in reality, by computing and the things you can do with it. Moore’s Law — in which the price of computing power falls roughly 50 percent every 18 months — has powered an ever-expanding range of applications, from faxes to Facebook.
Here in Silicon Valley, it’s hard to imagine anyone who does not know Moore’s law is about chip density — not the price of anything nor some measure of compute power (yes, there is a correlation but that’s not what Gordon was talking about).
The rest of the article is pretty good, though: PAUL KRUGMAN: Here Comes the Sun