Happy 10th birthday iPhone – a remarkable product of capitalism

The iPhone turns 10 years old today. It has become one of the greatest devices that has ever been made and it has made everyone wealthier. The iPhone, and all of its successors, has changed the world for the better, and the technology is only getting better.

What is truly remarkable about the iPhone is that everything that a tech store sold in the 1990s can be done on your iPhone.

Think about it: a calculator, personal stereo, camera, radio, desktop scanner answering machine, recorder and the list goes on. All of these things are already on your iPhone.

Here is an advertisement from Radio Shack in 1991:

radioshackad

Moreover, all of these products would have cost you roughly $5,000 (in 2013 dollars) in 1991. Today, the iPhone ranges anywhere from a hundred bucks to $1,000. This is the beauty of capitalism.

Capitalism in the United States has been around for about 200 years. Think about how much true progress has been made since then. It’s truly astounding to think what the next 200 years will look like thanks to capitalism (if it still exists by then).

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