Standards work in a funny way. The firms or countries whose standards prevail sprint ahead while their competitors retool or learn the new system. Economists call it a “first-mover advantage.” But that advantage subsides with time. Once everyone uses 60-degree screw threads, there’s no benefit to having been the first one to have used them (though there may be other rewards for having gotten ahead of the learning curve). The longer the race, the less meaningful a head start is.
