Wright's Law: The Exponential Curve of Technological Progress

This article explores Wright's Law, stating that as cumulative production of a technology increases, its price decreases at a consistent rate. Using solar power as an example, it shows that for every doubling of global cumulative capacity, the price dropped by 20%. Unlike Moore's Law, which focuses on time, Wright's Law emphasizes experience. It explains the exponential nature of technological advancements, noting that many technologies, such as computers and batteries, follow this pattern. The article highlights the importance of understanding Wright's Law for predicting future technological development, emphasizing that ignoring it can lead to serious miscalculations.