There has been much talk* recently of the Jevons Paradox of 1865. The 19th century saw great technological advances, particularly in the efficiency of the steam engine. This meant that each steam engine needed less coal so it was expected that demand for coal would fall......except that new technology meant that there were more applications for steam engines and the demand for coal actually rose. Counter-intuitive at first - but that's also what is happening to translation on the web. The translation industry is becoming more efficient every year, technology means that words can be translated more efficiently, it is becoming cheaper and easier to publish content on the web - and the demand for translation continues to grow.
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And the link with cricket? Well, it was the contrast that struck me as I gave a presentation recently including the above thought at Marylebone in London, first home to the MCC. The
MCC, the preeminent cricket club in London, has now moved to Lord's cricket ground, where it can cost up to £100 to watch an international cricket match. Is this an extreme example of inelastic demand? Or will pricing soon be out of reach of supporters causing demand to collapse? It seems the former at the moment.....
*We think that the debate was started by
http://www.commonsenseadvisory.com/ - well done to them!
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