Episode 15 – Improvements in Computers Demonstrate the Beauty of Capitalism

Mark Geise Show – Mark Geise

In this episode, I discuss my search through the wide array of laptops for sale to buy one for my younger sister. Even from the last time I seriously looked at buying a computer, the value in terms of specs for the money has noticeably improved. This prompted me to do some further research, and it turns out that the computing power that a given dollar can purchase has doubled every four to six years since the 1940’s; since the 1980’s, that trend has been even more stark. This is really a marvel of capitalism and free markets that quality has improved and prices have fallen so precipitously over a relatively short period of time. Computers are close to a necessity in modern times, yet I do not know anyone calling for a top-down, centralized approach to providing everyone with computers. We recognize that free markets have done a fine job of efficiently providing computers to consumers. Why do people not make the same connection to industries like health care and education? The more important a product or service, the more vital it is that we allow free markets to operate to drive down prices to a point where they are accessible to all.

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Suggested Readings/Referenced Materials:
“Trends in the Cost of Computing” – AI Impacts
“Exponential and non-exponential trends in information technology” – Machine Intelligence Research Institute (MIRI)
“Why Luxury TVs Are Affordable when Basic Health Care Is Not” – Foundation for Economic Education (FEE)
Video: “Applying Economics to American History | Thomas E. Woods, Jr.” – YouTube
Podcast: “Ep. 483 What’s the Truth About Inequality?” – The Tom Woods Show