Wool prices are something of a hot topic at present as the industry debates what is responsible for current price levels. As usual, the debate tends to be mired in detail, with more detail added by various protagonists muddying the argument further.
Since the industrial revolution, the Australian wool industry has been fighting a rear guard action against technological change (led firstly by the cotton industry and then the manmade fibre industries). This has been rather than simply accepting that continuous on-farm productivity improvements are required from here to eternity to keep the industry competitive. This is what happens in other industries, rather than expecting rising prices to maintain profit margins.