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Author Topic: Paul Krugman predictions from 1998  (Read 1682 times)
benjamindees
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April 02, 2013, 04:31:37 PM
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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.

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ten years from now, the phrase information economy will sound silly.

http://www.dailypaul.com/280333/paul-krugman-in-1998-internet-will-have-no-greater-econ-impact-than-faxmachines-by-2005

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Ekaros
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April 02, 2013, 04:58:31 PM
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Only your hits will be remembered... There is always a bias...

On other hand the statement is true, most users has nothing to do with other users. But the value of cheap, reliable and abundant capability to transfer information between those who matter to individual is immense. And on other hand the cost and abundance means that you can provide services to strangers with minimal cost to partly your own benefit, as such as Tor or Bitcoin...

12pA5nZB5AoXZaaEeoxh5bNqUGXwUUp3Uv
http://firstbits.com/1qdiz
Feel free to help poor student!
goxed
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April 02, 2013, 06:08:44 PM
 #3

And lets repeat what he has to say about BTC

"And because of that, there has been an incentive to hoard the virtual currency rather than spending it. The actual value of transactions in Bitcoins has fallen rather than rising. In effect, real gross Bitcoin product has fallen sharply."

Looking to review Bitcoin / Crypto mining Hardware.
bitster
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April 02, 2013, 06:23:25 PM
 #4

Keynesians are the problem with current economics and should always be ignored.   
Gordonium
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April 02, 2013, 07:54:12 PM
 #5

Stupid is as stupid does.

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alexeft
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April 02, 2013, 08:17:05 PM
 #6

"Nobody needs more than 640k of ram"!!!  Roll Eyes
alexeft
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April 02, 2013, 09:03:35 PM
 #7

Keynesians are the problem with current economics and should always be ignored.   

At the end of his life, even Keynes was not a Keynesian.   

That would be really funny if it wasn't a crime.
lonelyminer (Peter Šurda)
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April 02, 2013, 10:45:14 PM
 #8

By 2020 or so, it will become clear that Krugman's impact on the economy has been no greater than the fax machine's.

Ten years from now, the phrase "keynesianism" will sound silly.
xcsler
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April 03, 2013, 12:29:37 AM
 #9

At this rate Peter it will be way less than 10 years!   Grin

Free money, buy bitcoins!
MatTheCat
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April 03, 2013, 02:50:43 AM
 #10

At the end of his life, even Keynes was not a Keynesian.   

He wasn't a Keynesian during his life either.

Although he advocated that central banks and governments should collude to create credit during economic down-turns, as the economy recovered, they were then meant to destroy that created credit to avoid big inflation and asset bubbles.

His fan club chose to forget about the last part.

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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April 03, 2013, 03:45:19 AM
 #11

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Although he advocated that central banks and governments should collude to create credit during economic down-turns, as the economy recovered, they were then meant to destroy that created credit to avoid big inflation and asset bubbles.

His fan club chose to forget about the last part.

This is why we call these twats 'Neo-Keynesians', they hijacked the Keynesian beliefs the same way these people hijacked the conservative movement a friend of mine pointed this out to me as well, a lot of the Keynesians nowadays don't actually follow the Keynesian economic theory at all.
bb113
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April 03, 2013, 04:08:02 AM
 #12

Read what he actually said rather than 4th and 5th party interpretations.
http://ia700506.us.archive.org/19/items/treatiseonprobab007528mbp/treatiseonprobab007528mbp.pdf

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