What is Law of Excellerating Returns?

The "Law of Accelerating Returns" theory developed by Ray Kurzweil in 1999 states that the technological advancement of the 21st century will be 20,000 times that of the previous century. This theory signifies that technological innovation is accelerating at a rate that is unprecedented in human history. The Law of Accelerating Returns has in many ways changed the public's perception of Moore's Law which states that the number of transistors in an integrated circuit (IC) doubles every year, representing a doubling in technical innovation.