The original quote was about semiconductors. Not computing systems. From which the author was drawing a thread to the profound impact a decrease in cost (or increase in throughput) of an input can have on the economy.

Taking an abstraction out of context and then griping about minutiae with "Well actually..." quips is intellectually dishonest.

If it's an inaccurate simplification, that's fair, but I thought it was valid for the domain the author was addressing.