The Effect on Economy

          Transistor mesmerised almost everything, including the economy of the 20th century.The economy of the world after the WWII was very weak. Even some rich countries lost a lot in the war. The richest country after the war was Britain followed by Argentina. The GDP of the countries at that time was some billions. The GDP of the whole world at that time was also not that high. Like the Moore’s law there is another basic law, which was found from the economy of the chip electronics. It is known as 7/10 cost law. According to this law the advances in the microelectronic designs has led the prices of the similar chips to be reduced at 30% each year. That means if the price of a chip is 10£ this year it will be 7£ next year, having the same features and functionality. Of course this is possible only due to Moore’s law by which the number of transistors per chip is doubling each year.
          The economic press had never listened about trillion dollars in the market and it is in doubt that had the transistor effect not been discovered the trillion dollar would have been a dream today too. The electronic industry is worth around $350 billions as far as the hardware markets are concerned. If we will add the consumer electronics then it is of $1.2 trillion. But if we will take all the effects of electronics then everyone will be astonished because almost all the sectors are dependent on electronics. From communication to education, from medical to transportation, from entertainment to adventures and economics everywhere electronics is the main tool behind the development. So simply we can say that electronics is just priceless to the human society today.