Last Week Business Insider ran a story calculating what an iPhone would have cost if one had been assembled in 1991. Once you add up the 1991 prices for the processing power, memory, and communication speed that an iPhone delivers today, you're looking at an iPhone that would have cost $3.5 million!

Hosts Phil Bowermaster and Stephen Gordon discuss how technological advancement and the process of ephemeralization have made an everyday object out of an item only the wealthiest could have afforded not that long ago. if we project these trends forward, what amazing capabilities that only the wealthy can afford today will be commonplace tomorrow?

Plus, the most crucial question: what good would an iPhone have done you back in 1991? 

(WT 058)