Well, yes and no. You can read the original 1965 paper that birthed the theory here: ftp://download.intel.com/museum/Moores_Law/Articles-Press_Releases/Gordon

Well, yes and no. You can read the original 1965 paper that birthed the theory here: ftp://download.intel.com/museum/Moores_Law/Articles-Press_Releases/Gordon_Moore_1965_Article.pdf Cost is certainly one of his concerns, but the original "law" has much to do with actually cramming more circuits onto a board.