FORTUNE — Apple’s (AAPL) computers cost more than its competitors’ — an average of $700, according to Needham’s Charlie Wolf. Yet its market share, as indicated by Figure 1, has grown in 10 out of the last 11 years.
iPhones also cost more than the competition. Yet Apple’s worldwide smartphone market share peaked at 23.8% in December 2011 and has been bouncing around at lower levels ever since. (See Figure 6.)
Why the difference? Wolf has a different theory for each device.
The Mac, he says, “seems to defy the laws of economics.”
The iPhone is not so fortunate. But its loss of market share, Wolf believes, has more to do with geography and carrier business models than, say, the prevailing theory: screen size.
Is that good news for Apple or bad? That depends, I suppose, on what the iPhone demand curve does as the developed world’s markets mature.