When Apple first announced the iPhone, the world was thrilled. My colleague Russ Roberts named it “the most beautiful toy yet” and enthused, “Apple hits a home run. No, a grand slam. Actually, a fiverun homer, the kind you’re not supposed to try to hit.” Two months after the iPhone’s release, however, users were out for blood. Apple’s crime: cutting the price by $200. This is how we normally greet progress—an exciting honeymoon, followed by constant ingratitude.
