The Second Law of Technology
Chanced upon a discussion of the “First Law of Technology” at a Technology and Innovation Strategies event on FaceBook:
“The First Law of Technology says that “with every change in technology that affects consumer behavior, we always overestimate the impact in the short term, but then underestimate the full impact over the long term.” The original dot-com era a decade ago was over hyped, but by now the Web has become a utility, increasingly available anywhere for any purpose. This is the Information Age, yet we’re just beginning to gather the information and understanding to know how it changes our lives.” — L. Gordon Crovitz, the former publisher of the Wall Street Journal
Really, this should have been called the “First Law of Technology” for economists. Nevertheless, I’m curious what the second law would look like? Perhaps it would be as following – taking my lead from the Second Law of Thermodynamics:
The Second Law of Technology states that consumer behavior within a global system which is not yet in equilibrium will favor products that result in the lowest profit margin for their producers. This is an expression of the universal law of increasing product commoditization. The latest casualty of the law has been microprocessor hardware, soon to be followed by EDA tools.
Seriously; Does anyone know the “official” Laws of Technology? Are there any? If so, are they akin to Putt’s Laws? BTW – I think I know the true identity of Archibald Putt. Lucky me. <grin>