For those who don't want to try to read about John McCain's 2 - 1 = 7 calculations, a couple of interesting links.
It's missing the appropriate equations, so I suspect a few of the simplifying assumptions are skewed, and he doesn't mention that the industry in question has always been at the forefront of new-technology which enabled it to reap this benefit, but the Substitution Effect discussed here is almost as interesting as the heroin/Kalishnikov exchange rate.
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