Comment by dist-epoch
7 days ago
Nobel Prize winner Paul Krugman famously estimated in 1998 that the impact of the Internet on the economy will be no more than that of the fax machine.
7 days ago
Nobel Prize winner Paul Krugman famously estimated in 1998 that the impact of the Internet on the economy will be no more than that of the fax machine.
Krugman's response:
> First, look at the whole piece. It was a thing for the Times magazine's 100th anniversary, written as if by someone looking back from 2098, so the point was to be fun and provocative, not to engage in careful forecasting; I mean, there are lines in there about St. Petersburg having more skyscrapers than New York, which was not a prediction, just a thought-provoker.
> But the main point is that I don't claim any special expertise in technology -- I almost never make technological forecasts, and the only reason there was stuff like that in the 98 piece was because the assignment required that I do that sort of thing. The issues about Bitcoin, however, are not technological! Everyone agrees that it's technically very sweet. But does it work as money? That's a very different kind of question.
https://www.businessinsider.com/paul-krugman-responds-to-int...
That's fair. Making predictions is risky business, economist or not. https://www.snopes.com/fact-check/paul-krugman-internets-eff...