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I came out of a standard Keynesian economics education at Harvard College in 1979. It was remarkably closed: from what I could tell, we read Chicago economists , from whom the supply-side movement arose, exclusively to mock them. But I graduated into an economy that was couldn’t be explained by applying the tools I had been taught.
Since then, his Law has successfully predicted the cost declines across a variety of industries like automotive and lithium-ion batteries, as presented in the chart below, courtesy of ARK Invest. This cost decline is a result of economies of scale, as well as the experiences gained, and improvements made during the increased production.
” Besides, “there’s basically no country in the world where the consumer is not doing well,” added Bart van Ark, chief economist at The Conference Board. As for the people who actually provide those affordable consumer goods and services? In the U.S.,
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