The fax machine was huge for the economy. Not kidding. Genuinely massive. You could send documents in 20 seconds that you used to have to wait days to get mailed across the globe. Huge, huge, huge impact on the economy.
I'm not saying it's the same impact as the internet, but it did have a major impact.
Krugman is a prime example of why economists (particularly the ones lauded by corporate media) are a joke.
“An economist is like a man who tells you he knows 27 different ways to make love to woman, but doesn’t actually know any women.”
And Newton thought he could turn lead into gold, being wrong about something doesn’t mean you’re necessarily wrong about anything else and I persistently see this quote used to discredit him and economics more generally.
The reason this quote discredits him is not because he was wrong, but because he had the audacity to make this prediction with such confidence in the first place.
Same like the idiots that said there's a Covid wave in the Autumn. I kept telling everyone that by the time Autumn comes the current wave that was present in the summer will spread like wildfire with little impact on the population, most being asymptomatic, basically going under the radar and dying fast before Autumn...
Often these "experts" have a blurred vision of what they think they know and make horrible predictions. In our current time It's usually those that have a mixed background of knowledge that are more accurate at predicting things in a societal setting, simply because more and more fields are intertwined together, everything is more interconnected than ever. (1/2)
It's not that simple. If you understand the reasons why he said that it will make sense. New factors cake into place that changed everything.
For example.. many people predicted work hours will drop to 4 to 6 hours a day max. They were not wrong in the sense it is finally possible which wasnt before. Add corruption and slavery mentality it changed everything.. not that it's not possible.. it's not allowed.
yea lets attack a nobel prize winner because he couldnt predict the exact future of something as unknown as the internet at that time.. what a loser amirite
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