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what is Moor's law?what is its importance and what is its actual statement?

Computer Science
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It seems like i have heard of it can you elobrate it a bit?
The simple definition: Moore's Law states that processing power (and some say storage capacity as well) doubles every 18 months. The importance of Moore's Law can be debatable, but one thing that this law ensures is that chip manufacturers do not become complacent. As long as Moore's Law still holds water, chip manufacturers are going to continue to push the limits. I recently read an article and research have actually created a storage device on the atomic level. If I recall correctly it take 7 (or is it 14) atoms to store on byte of data. What this means is the the potential for Moore's Law to continue is there for quite some time to come. However, it also means that there is a limit. and the Law will eventually come to a halt.

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