Folly of central planning

From the minds of a Nobel Prize winner in economic planning, Paul Krugman, this advice in 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.

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.

As the great man himself said in 2013:

“Right-wing intellectuals and politicians live in a bubble…..