Aren't you conflating two things: display ads cpcs vs adwords cpcs? Despite google telling us that adwords cpcs are falling, we also know total clicks are risi

Aren't you conflating two things: display ads cpcs vs adwords cpcs? Despite google telling us that adwords cpcs are falling, we also know total clicks are rising and it is quite possibly a change in mix: more mobile, and more low-cost countries. Anecdotal reports from developed countries claim that high-value adwords are inventory constrained and hence prices are rising -- from kenshoo etc.