Moore's Law
In 1965, Gordon Moore of Intel predicted that the number of transistors per integrated circuit would double every 18 months. This has since been extended to mean that computing power will double every 18 months even as the costs of a given computing process decline.
Additional resources
Cramming more components onto integrated circuitsMoore's 1965 paper (in PDF).
An Update on Moore's Law
Transcript of a 1997 speech by Moore.
The Effects of Moore's Law and Slacking on Large Computations
"We show that, in the context of Moore's Law, overall productivity can be increased for large enough computations by `slacking' or waiting for some period of time before purchasing a computer and beginning the calculation."
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