Paul Krugman: A famous economist and Nobel Prize winner claimed in 1998 that by 2005 the internet would have no greater impact than the fax machine on global economics. This claim was based on a counterargument he had made regarding Metcalfe’s Law, which states that the sum of connections in any network is the square of its participants; Krugman argued that this model was flawed regarding the internet - most people had nothing to say to one another
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