Tuesday, September 9, 2014

Paul Krugman, Who Said in 1998 "The growth of the Internet will slow drastically," Now Says a Higher Minimum Wage Won't Result in Automation Replacing Workers

This is what Krugie said in 1998:
The growth of the Internet will slow drastically...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.
Now he is saying that:

that there is actually not much risk of significantly higher wages hurting the workers...you can mechanize some, but not very much
Video here.


  1. given that chain restaurants are simply dishing out upscale frozen dinners, I'm betting against PK here. Paul? Has automation reduced jobs in the auto industry? Gas stations? Meat packing? Farming? Logistics? I guess your saying this trend is simply going to stop? Good, I was worried that China was going to become the new economic superpower making those millions of robots every year. Thanks Paul.

  2. This is why he calls himself "Krugtron the Invincible."

  3. Krugman is not "in government" but he is one of their beloved cronies. Which means that he can say anything he wants because he never has to live with the consequences of any bad decisions or bad pronouncements.