Remember when Nobel economist Paul Krugman predicted that the internet's effect on the economy would be no greater than the fax machine?
In a 1998 article about the pitfalls of making predictions about technological progress, the Nobel Prize-winning economist questioned the future role of the Internet.
In 1998, Krugman said, "“The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law’ becomes apparent: most people have nothing to say to each other! By 2005, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s”
- OiyLv 64 weeks agoFavorite Answer
He has already moved on to the zombie economy. In the last two decades, he has taken side to be a liberal economist. A Nobel economist cannot make a living. He has had to take a side job at NYTimes. The fax machine was the great invention at that time.
- rickLv 74 weeks ago
I've followed Krugman for years, and I can't remember him ever writing that. He has been insightful and often eerily accurate most of the time.
- ZirpLv 74 weeks ago
There's no such thing as a "Nobel economist"
Nobel-prizes are for peace, literature, physics, chemistry and physiology/medecin