The Myth Of Moore’s Law
Posted on November 8, 2010
One very good example of a reverse-engineered law (i.e. no law at all, but a presentation of what has happened) is the one called Moore’s Law. From the evolution of this law, one can see how this type of laws are created: they are basically continuously modified to fit what has happened in the past. So they have actually very little predictive power in the long run. I believe many laws in economics are just like this one, but let me concentrate on this, because this is way closer to my circle of competence and work.
I absolutely admire what Gordon Moore and Intel has done so this article is in no way meant as attack against them. I don’t know who have modified the law and when, but that does not matter in the end because the “law” now in circulation has very little to do with the original one.