Wright discovered that progress increases with experience: each percent increase in cumulative production in a given industry results in a fixed percentage improvement in production efficiency.

FORBES: Moore's Law vs. Wright's Law

The Institute of International Finance, which is backed by the big banks, predicts such rules will raise lending rates between four and five percentage points in America, depressing GDP by a cumulative 2.7% by 2015 and employment by 2.9m.

ECONOMIST: America��s jobs crisis