Economies of scale are a funny thing. Industry consolidation can reduce the redundancies created by many firms, all spending resources to accomplish basically the same goal. During the Quartz Crisis of the 1970’s, this forced the hand of many watch firms, leading in many ways to the industry landscape of the watch world today. Critics say consolidation like this leads to stagnation and creative decline. If all the big brands are owned by a handful of companies, is there really that much incentive to innovate? The new Seiko 5 Sports GMT line seems to indicate that there is. In a moment when the world is reeling from record-breaking inflation, wallet-busting energy prices, and just a general feeling of un-grooviness, the Japanese watchmaker has pulled back the curtain on a sub-$500 automatic GMT movement that leaves us pinching ourselves. First, some context. As many watch aficionados are aware, the simple math behind watch movements is this: generally, the more it does, the pricier...