There is a quote attributed to Bill Gates (although research shows that it isn’t quite accurate) wherein he supposedly stated that 640k of computer memory would be enough. It has become a line that is used to mock Bill Gates – although, again, the quote isn’t quite accurate.
Well, let’s roll the time machine back to 1998 when Paul Krugman said – and this is a direct 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.
Seriously, can we take anything this guy says seriously about the economy? He’s a Nobel Prize winner too?