To be honest, I had never heard of Paul Krugman until I ran across this little tidbit on a Motley Fool Podcast.
Paul Krugman is an economist who, in 1996, said that by 2005 or so the economic impact of the internet will be no greater than that of the fax machine. Well, oopsie, I guess.
You can learn more about him and the infamous quote Here if you like.
What it amounts to is that a smart guy just made a wrong prediction. And according to him, he was taken out of context anyway.
The more relevant point is that nobody has all the answers. The remedy is to boldly seek knowledge from a bunch of sources, then make your own decisions. Do your own thinking!