Technology is amazing. And it seems to get even more impressive every year. Every day, there’s some new gadget or breakthrough in the news worth getting excited about. And every year, our collective capabilities as a species seem to be getting broader and further-reaching.Â
For decades, we’ve seen a veritable explosion in technological development – an exponential curve of innovation that constantly takes us to new heights. And we’re told that this technological curve is continuing – that we’re still growing exponentially, with massive leaps forward every year.Â
But is this really true?Â
There’s a compelling case to be made that while technological progress is still moving forward, it’s slowing down. And if that’s true, we need to be prepared for the consequences of such a shift in momentum.Â
The Low-Hanging Fruit
Our first clue that tech innovation is slowing down is a change to the traditional model of tech development. In many ways, technology is all about solving problems; every new tech advancement is a solution for some long-standing issue. It makes sense that our current wave of tech advancement resembles an exponential curve because new technologies make it faster and easier to solve other, often unrelated problems.Â
For example, the development of the internet was revolutionary for technological development overall. People now can review massive databases of information, communicate with other like-minded professionals, share ideas, and even publish their ideas to a broader audience. These capabilities have led to new ideas and new technologies that otherwise could never have been possible.Â
But this trajectory is limited. In the course of tech development, we often explore new territory very quickly – but only for a limited period of time. Think of it this way. As early human beings began exploring new territory, they found themselves surrounded by an abundance of game animals, trees, and fish. But as they hunted, harvested lumber, and fished, many of those resources began to dry up. In other words, they’d taken all the low-hanging fruit, and were forced to come up with new ideas. They had to explore new territory, invent new agricultural methods, and even find new sources of nourishment.Â
Our current burst of technological progress could be almost exclusively focused on low-hanging fruit. We’re solving the easiest problems first, and we’re solving them in quick succession. But the hard problems – like general intelligence-level AI, efficient battery storage, and even finding a cure for cancer – show little progress even over the course of decades.Â
Any futurist will tell you that all of humanity’s problems can be solved eventually. But we have to understand that our pace of innovation tends to slow down as we master all the “easyâ€� problems and start looking at the “hardâ€� ones.Â
Digital Innovation vs. Chemical InnovationÂ
We also need to understand that most of the tech progress we’ve seen in the past 30 or 40 years has been limited to the digital world. These technologies have been astounding, accelerated by novel high-growth startups, but they’ve almost been exclusively focused on digital communication efficiency. The internet, software engineering, and AI have all taken amazing strides forward. But on the level of chemistry and physics, we’ve advanced very little.Â
We’re still incredibly reliant on non-renewable resources to fuel our consumption. We haven’t discovered any groundbreaking new elements, molecules, or chemical processes. And our understanding of the universe at the base level of physics hasn’t changed much, if at all, since the 1980s. We’re still struggling to reconcile major physics ideas that were first introduced nearly 100 years ago.Â
So what? Digital innovation may be so incredibly fast-paced that it can be the conduit through which we solve all other problems, right?Â
That may not be the case. For the majority of the digital age, we’ve depended on the momentum of Moore’s law. Moore’s law is an informal observation that the number of transistors that we can fit on a dense integrated circuit tends to double every two years. In other words, our computing power can double every two years, leading to major breakthroughs in a number of different technologies.Â
However, it appears that the age of Moore’s law may be nearing its end. There’s an absolute physical limit to the amount of space on a transistor chip. With exponential growth since the 1960s, we’ve gone from integrated circuits with 10 transistors to ICs with something like 10 billion transistors. How much further can we really go without breaking the laws of physics?Â
We may be able to push things even further, but to do so, we’ll need to invest in high-end chipmaking equipment and innovate entirely new manufacturing methods. Doing so will sharply increase the cost of chip production, ultimately negating the cost-effectiveness benefits.Â
Of course, there’s a solid counterargument here. It holds that digital innovation may continue at the same rate of exponential growth even if we’re unable to maintain the consistency of Moore’s law; even if the number of transistors on a chip remains more or less stagnant, we can find new ways to use the chips we already have.Â
Consumer Products and PerceptionsÂ
We see an endless conveyor belt of new gadgets and new consumer-facing technologies emerging on a constant basis. But how innovative are all these products, really?Â
Apple introduced the iPhone, a game-changing new type of technology, back in 2007. It combined several existing technologies into one, comprehensive unit, and changed the way we think about mobile tech forever. In the past 14 years, how much innovation have we truly seen in this space? We’ve seen a flock of competitors coming out with smartphone options of their own. And of course, we’ve seen Apple unveil a new model of iPhone nearly every year.Â
But these new, “innovativeâ€� smartphones only make marginal improvements to the original formula. Their cameras are sharper. Their processing power is beefier. Their storage capacity and battery life are more robust. But they can hardly be considered new technology, at least not at the same groundbreaking level of their predecessor.Â
As consumers, we’re getting used to a slower pace of technological breakthroughs. We’re content to see new smartphones, new video game consoles, and new TVs that offer merely slight improvements over their counterparts, rather than completely changing the game – and this is enough for us to continue thinking that we’re living in an age of exponential technology growth.Â
What Does a Tech Slowdown Mean?Â
So what does all this mean? Is it really a big deal that there’s a major tech slowdown?Â
Much of our economic growth depends on technological innovation. Countless retirement plans like 401(k) depend on the growth of the stock market, which in turn depends on baseline economic growth; a slowdown in tech innovation leads to a slowdown in GDP, resulting in a cascade of economic effects that could cripple the economy at large.Â
The larger danger is that we don’t realize the tech slowdown is occurring until it’s too late. Tech stocks are being traded and inflated as if they’re inventing fundamentally new technologies; as a general trend, they multiply in price in response to even the most meager announcements. If carried out for years to come, this could result in a massive tech bubble, or a broader investment bubble, that pops once investors begin realizing just how slow our growth has crawled.Â
Of course, this slowdown may be merely a temporary lull. Just as the digital era sparked the launch of a million new problem-solving technologies, we may be on the cusp of another, equally paradigm-shifting breakthrough. To get there, we’ll need to refocus our research efforts and accept the limitations of the digital space.Â
Our half-century long honeymoon with explosive tech growth in the digital era has been incredible, but it’s nearing its end. If we want to keep moving forward (as we should), we need to reset our expectations, redouble our research efforts, and start looking into new territory for technological expansion.Â
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