10/09/2014 12:23 pm ET Updated Dec 06, 2017

Evidence of Abundance #13: Inexpensive Technology

Today's evidence of abundance centers on the growing affordability of technology.

It used to be that the only ones with access to cutting-edge technology were top government labs, big companies and the ultra-rich. It was simply too expensive for the rest of us to afford.

But as you'll see in the next few graphs, things have changed significantly since then.

Let's start with computing power.

As I wrote in Abundance, the smartphone you have in your hand or in your pocket gives you more computing power than President Clinton had access to while he was in office.

In 1992, you could expect to pay $222 for a computer with 1 million transistors. Today, 1 million transistors cost a measly 6 cents.

Internet access has also gotten faster and cheaper.

Bandwidth costs have dropped from $1,245 per gigabit per set to just $23... and that's just between 1999 and 2012.

With faster Internet and better computers, you'd better believe we're creating and consuming more digital data.

And that digital data has to be stored someplace. Here, too, there's evidence of technological abundance.

Look at what we used to pay for 1 GB of storage in 1992 -- $600.

Today? Three cents.

Soon, computing, bandwidth and storage costs will all be effectively free, all over the planet.

In the weeks to come, I'll show you how human ingenuity is leveraging these increased technological capabilities.

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