Final answer:
Technology, particularly computer software and hardware, advances exponentially, as described by Moore's Law. The capability of technology doubles approximately every two years due to advancements in electronics and engineering. This has led to a rapid evolution of technology and an explosive rate of patent filings as a marker of innovation.
Step-by-step explanation:
The concept that technology advances exponentially refers to the observation that over the long term, the capability and complexity of technology, particularly computer software and hardware, have increased at an accelerating pace. This is often encapsulated in what's known as Moore's Law, which posits that the number of transistors on integrated circuits doubles approximately every two years, leading to more powerful computational abilities and fostering the rapid evolution of computers.
Engineers leveraging breakthroughs in electronics have been instrumental in creating this positive feedback loop where advanced tools are used to design even more sophisticated technology. Additionally, a look at the number of patents issued annually by the U.S. Patent and Trademark Office highlights the incredible pace of technological innovation, marked by discoveries in genetics, particle physics, and the advent of wireless internet, among countless other inventions. These technological advancements are significant to the economy and society, providing a foundation for further growth and innovation.