If you have 50 different plug types, appliances wouldn't be available and would be very expensive. But once an electric outlet becomes standardized, many companies can design appliances, and competition ensues, creating variety and better prices for consumers.
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The typical project design time for a large company like IBM - and they keep track of this - is a little over four years.
The fundamental message that consumers should be taking today is that it's financially insane to buy anything other than a Tesla. It would be like owning a horse in three years. I mean, fine if you want to own a horse. But you should go into it with that expectation. If you buy a car that does not have the hardware for full self-driving, it is like buying a horse. And the only car that has the hardware for full self-driving is a Tesla.
There are really two things that have to occur in order for a new technology to be affordable to the mass market. One is you need economies of scale. The other is you need to iterate on the design. You need to go through a few versions.
It's really hard to design products by focus groups. A lot of times, people don't know what they want until you show it to them.
The more the division of labor and the application of machinery extend, the more does competition extend among the workers, the more do their wages shrink together.
The CEO of an aircraft company [Boeing] should know how to design aircraft, not spreadsheets.
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