Paul Krugman in 1998: Internet will have no Greater Econ Impact than FaxMachines by 2005Submitted by AnCapMercenary on Mon, 04/01/2013 - 17:08
Gerald Celente-esque Trends Forecaster, Krugman definitely is not:
In 1988, Paul Krugman stepped up to the plate and told us:
The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.
As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly.
Aye, Nobel Idiota!
Original June 10, 1998 Red Herring (how apropos) Magazine Article: http://web.archive.org/web/19980610100009/www.redherring.com...