Gordon E. Moore of Intel Corp. is credited with a more well known law that states the amount of information capable of being stored on a computer chip doubles every year. Since then, some have proposed adjusting his time to every 18 months. Moore, himself, has indicated that his original statement was only a rule of thumb, but in 1995, revised his time frame to two years.
Mathematically, I've seen his law expressed: bits per square inch = 2 ^((t-1962)) where t is time in years. Or, over n years, computing power increases by 2 to the n power (2^n).
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