WE LIVE IN MOORE'S WORLD, NOT MALTHUS'S:

To make the same point differently: Moore's Law is not a scientific truth in the sense that a given set of conditions always produces the same result. Rather, it is a loose and uncertain relationship based on simple observation. In a later article, Moore revised his doubling forecast from every year to every two years.

But something significant and peculiar happened, according to many observers. The faith in Moore's Law became self-fulfilling. It inspired advances in miniaturization and design that kept multiplying chips' computing power. Companies and engineers "saw the benefits of Moore's Law and did their best to keep it going, or else risk falling behind the competition," writes Mack.

The resulting explosion in computing power is almost unfathomable. A single chip today can contain 10 billion transistors. In 2014, global chip production was equal to 8 trillion transistors being produced every second, according to Dan Hutcheson of VLSI Research. Prices have collapsed. A single transistor is now worth a billionth of a penny. Even Moore has been surprised at the durability of Moore's Law. Engineers and scientists have repeatedly defied formidable technical obstacles to expand chip capacity.

Of course, the economic, social and political implications are enormous. Information and communications technologies, led by the Internet, are driving widespread change. Here is economist Timothy Taylor, on his blog "Conversable Economist" last week, summarizing the impact of Moore's Law:

"Many other technological changes -- like the smartphone, medical imaging technologies, decoding the human gene, or various developments in nanotechnology -- are only possible based on a high volume of cheap computing power. Information technology is part of what has made the financial sector larger, as the technologies have been used for managing (and mismanaging) risks and returns in ways barely dreamed of before. The trends toward globalization and outsourcing have gotten a large boost because information technology made it easier."

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