Nuggets of Wisdom

Wednesday, April 3, 2013

SHOCKER: Krugman Was Wrong About The Internet!

It's a well-documented fact that Paul Krugman is wrong about everything. While more reputable economists were warning of the oncoming recession, Krugman suggested that a housing bubble should replace the NASDAQ bubble.

So should it be any surprise that Krugman was blatantly wrong about the internet?
* 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.
If you're reading this, chances are you use the internet quite often. When was the last time you used a fax machine? If ever?

The painful irony is that Krugman rules the internet, as he does the media, with his economic ignorance. His NYT op-eds are widely circulated on-line though the blogosphere and social media. If you go onto r/politics, if you dare, chances are one of the first threads you'll stumble across is a Krugman screed.

The quack is propped up by the very media he once ridiculed and dismissed. It's sickening!