The Wall Street Journal Economic growth is a form of deflation. If the cost of, say, computing power goes down, then the users of computing power acquire more of it for less—and thus attain a higher standard of living. One thing that makes such deflation possible is dematerialization, the reduction in the quantity of stuff needed to produce a product. An iPhone, for example, weighs 1/100th and costs 1/10th as much as an Osborne Executive computer did in 1982, but it has 150 times the processing speed and 100,000 times the memory...
Dematerialization is one of the reasons that Peter Diamandis and Steven Kotler give for the future's being "better than you think" in their new book, "Abundance." Mr. Diamandis founded the X Prizes, which handsomely reward those who reach certain far-minded goals in technology, medicine, energy and ecology...
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