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They say that prices and the pace of technological improvement remain the principal factors governing oil production capacity.
Sales of digital cameras did not begin to gather momentum for at least ten years, and sales continued to be modest for another decade, during which the relentless pace of technological improvement rendered products obsolete within a year.
To portray the movement out of dire poverty of most of the world's population as a dire threat to the world order is silly, blinkered, and wrong.The other thing to remember is that the pace of technological improvement continues to be stunning.
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Because of the rapid pace of technological improvements, capital depreciates at a faster rate.
Given the rapid pace of technological advance, critical components in a supply chain can suddenly become obsolete.
Shideed (1998) identified two general properties of technological improvement.
China's breakneck pace of island construction is partly a result of technological improvements.
Any such comparisons of future costs depend upon assumptions of technological improvements and fossil fuel costs.
The advances of 2008 spring from a synergy of technological improvements across many disciplines.
At the same time, the furious pace of technological change brings in new competitors, who think their improvements will draw customers away from the incumbent and its dated products.
Liebrich points out that while the pace of technological progress for wind and solar has been dramatic, so too has been improvements in shale drilling for oil and natural gas.
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