In economics the law of supply decrees that as price increases, the quantity supplied also increases. In other words, the classical supply curve is upward sloping. This is true in a world with no learning. But every time an additional unit is produced and acquired by a consumer, producers get better at making it and consumers get better at using it. Both parties are learning and growing the knowledge base. Read More ›
ale University economist and co-winner of the 2018 Nobel Prize in Economics, William Nordhaus, estimated that producers capture around 2.2 percent of the benefits of technological advances. That would leave 97.8 percent of those benefits to the consumers of those products. Read More ›
