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    “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”

    “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”

    Apparently an actual statement by someone who wants to design our economy.

    H/t to Kathleen:

    Twitter - @kaymccaffrey - Krugman 1998

    Here’s the link, and the full quote:

    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 far as I can tell, it’s for real.

    But if not, it should be, as someone once said.

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    Comments


    What a stupid analogy. The Internet is not simply a device, it is a marketplace.


     
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    Ragspierre | April 2, 2013 at 12:29 pm

    “Today I’ve invited some of the smartest people in the country, some of the most imaginative and effective researchers in the country — some very smart people to talk about the challenge that I issued in my State of the Union address: to grow our economy, to create new jobs, to reignite a rising, thriving middle class by investing in one of our core strengths, and that’s American innovation,” said Obama.

    Obama declared himself the “Scientist In Chief”.

    Central planning economies do NOT innovate. Markets DO.

    Be afraid. Be very afraid.


     
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    Dimsdale | April 2, 2013 at 2:11 pm

    Krugman is an economic ass, Nobel Prize notwithstanding. The tax free internet is the glue holding our economy together against the onslaught of administrative socialism.

    The proof of that is the fact that the states and feds are looking to tap that market through taxes, and thereby sticking a knife in it and any possibility of a quick recovery.

    A priceless putdown of Krugman and his presumed authority on all things economic: http://www.youtube.com/watch?v=N8LmE5cfQKA

    This guy is worse than incompetent: he’s truly nuts.


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