Monday, April 4, 2011

Innovation Rules Again

This blog post was on the Wall Street Journal web site over the weekend, PCs Make Americans $500 Billion Richer. The article is about two economists from the Federal Reserve Bank of Atlanta who have estimated how much utility Americans have gained from the incredible improvements in computing technology of the past several decades. Their estimate is $500 billion in 2009 alone. Here's a chart from the article:

I actually think their estimate is low, but that is only based on my opinion.  The important fact to take away is that innovation and technology make us better off and that trend is not likely to stop anytime soon.  The innovations taking place now and in the future will continue to improve all of our economic well being.