Andrew Grove Quotes
The Internet doesn't change everything. It doesn't change supply and demand.
Grove, Andrew S. Keynote Address. Academy of Management, 2001.
A startlingly bad prediction by a Nobel-prize winning economist particularly given it was stated in 1998 rather than a much earlier date when the potential of the Internet wasn’t already apparent. Ironically, the quote is from a Red Herring article he wrote titled “Why Most Economists’ Predictions Are Wrong” in which he asserts that most economists predictions are wrong because they overestimate the impact of future technologies. This quote is part of a longer, equally incorrect quote: “The growth of the Internet will slow drastically, as the flaw in ‘Metcalfe’s law' becomes apparent: most people have nothing to say to each other! By 2005, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s.” See related quotes.
Andrew Stephen Grove was a Hungarian-American businessman, engineer, and CEO of Intel Corporation. He escaped from Communist-controlled Hungary at the age of 20 and moved to the United States, where he finished his education. He was the third employee and eventual third CEO of Intel, transforming the company into the world's largest semiconductor company.