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Author Topic: 2013-04-14 - NY Times - Antisocial Network - Paul Krugman  (Read 2114 times)
marcus_of_augustus
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April 15, 2013, 09:35:33 PM
 #21

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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 the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly.

- Paul Krugman, 1988

I know I can sometimes be bad at predicting things, but wowzee!

That's devastating ... the guy clearly is a technical ignoramus ... and has a terrible propensity for prediction of economic trends, who listens to him still I wonder?


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April 16, 2013, 12:37:16 AM
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Reading through the reader comments is downright depressing. So many sheep. This country is doomed. Only a hard reset will do.

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April 16, 2013, 12:49:56 AM
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lots of Krugmanites on reddit right now:

http://www.reddit.com/r/Bitcoin/comments/1ce04u/charlieshrem_calls_out_krugman_for_a_debate/

https://localbitcoins.com/?ch=80k | BTC: 1LJvmd1iLi199eY7EVKtNQRW3LqZi8ZmmB
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April 16, 2013, 10:04:40 PM
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The practical misconception here — and it’s a big one — is the notion that we live in an era of wildly irresponsible money printing, with runaway inflation just around the corner. It’s true that the Federal Reserve and other central banks have greatly expanded their balance sheets — but they’ve done that explicitly as a temporary measure in response to economic crisis. I know, government officials are not to be trusted and all that, but the truth is that Ben Bernanke’s promises that his actions wouldn’t be inflationary have been vindicated year after year, while goldbugs’ dire warnings of inflation keep not coming true.
HAHAHAHA! I was laughing so hard while reading this, I was crying. Seriously, is this guy delusional? Oh, he probably lives in parallel universe where colorful paper called dollar/euro/yen/peso still worth something...
NO INFLATION! I want to kick this bastard to the nuts. With construction steel toe boot. Printing these paper so called "money" is a temporary measure in response to crisis.
Either this guy is mega awesome troll with great sense of humor or mental hospital patient... That bernanke bastard is the last person I'd trust. Heck, I'd trust drug addict with my money before I trust him. If he says "no inflation, everything under control" it means "OH SHI! We might turn to zimbabwe!"
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April 17, 2013, 04:27:34 AM
 #25

Krugman is just mad because FinCEN recognizes Bitcoin as money.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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