The Internet (1998): “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.” — Paul Krugman, 1998, winner of the Nobel Prize in Economics.

Paul Krugman hasn’t really got much right in the last couple of years … he is related to cry baby Schiffy boy from Puerto Rico? #bitcoin #austraineconomics