Take the microchip. It was first demonstrated at the radio industry?s tech show in 1959, to little fanfare because, at $35 per chip, it was too expensive for any commercial application. The equation changed in 1961, when President John F. Kennedy proclaimed his goal of sending a man to the moon by the end of the decade?and when he and his secretary of defense, Robert McNamara, decided to build the Minuteman II missile. Those acts created a market for the microchip (conventional transistors weren?t adequate for the rockets? guidance systems); the extra production spawned economies of scale, which brought the costs down to the point where commercial products were feasible, which triggered further demand, which spawned greater economies of scale and competition from other firms, which lowered prices further ? and on it went, until 1971, when the price for a chip had plunged to $1.25. (By 2000, it was down to 5 cents.)
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