My favourite graphic today
Technological growth is exponential because every discovery makes so much more possible. The light bulb is such a great example that it's literally the comic book image for 'idea'.
The creation of artificial light and the commercialization of it 140 years ago is the backbone of the modern age.
This graphic from Spiegel, via Zerohedge, shows how valuable light once was and how it's now virtually free. It shows the cost (in hours worked) to produce one hour of the equivalent light from a 100w bulb.
Aside from the awe of it all, what stands out is how deflationary technology can be. Something people once put an extremely high value on is now so omnipresent that it's valueless.
I believe the internet has sparked an era of innovation that's means another 140 years of incredible progress and that it's ultra-deflationary. Anyone else see the light?
