The Industrial Revolution

Garrett Hardin was a professor of biology and environmental studies at UC Santa Barbara. His “commons” was a metaphor drawn from the traditional English practice of shared grazing and agricultural land to which all members of a community had access. Commons were inherently prone to abuse, Hardin argued, because every user of the commons will exploit it to maximize personal benefit without regard to the other users, leading ultimately to the collapse of the commons as a useful resource. Hardin extended the metaphor of the commons to include all natural resources, including the air, water, other species, even the entire Earth. The tragedy of Hardin’s expansive commons was the inexorable march to environmental doom, driven by the folly of human freedom.

Not all inventions change the world. But some do — and they do it by greatly lowering the cost of a fundamental economic input. This inevitably causes an economic revolution that brings about a new political and social order by opening previously impossible economic opportunities,  creating vast new wealth in the process. We are in the middle of such a revolution today, thanks to the microprocessor, which first came to market in 1972 and really took off with the introduction of the personal computer in the early 1980s. The microprocessor, a dirt-cheap computer on a chip, hugely reduced the cost of storing, retrieving and manipulating information. Computing power that cost $1,000 in the 1950s today costs a fraction of a cent.