Paul Krugman: The Internet Was an Economic Disappointment

Free is not counted in economic figures. For example, if all the in-house food prep, cleaning, child care and elder care was billed and paid, GDP would rise a lot, but nothing new would happen.

Economists confuse money for the economy, that's a widespread problem.

However, lots of specific tasks have been obsoleted by the internet. Some new ones have opened up. Probably it's a wash based on the fact that the net needs and capabilities per person have not changed, and by definition people generate all economic activities.

It's not the Internet but the Attention Economy running on top that is the disappointment. As Attention collapses, with info exploding, fingers crossed, the attention economy shall collapses too.