The techniques of being an Internet visionary are just like those of lower-tech fortunetellers through the ages. A technological visionary must tell people what they want to hear, because your company's stock won't rise if you spout an unpopular vision to analysts.

Nobody wants a prediction that the future will be more or less like the present, even if that is, statistically speaking, an excellent prediction.

Movies such as 'Citizen Kane' and 'The Front Page' portrayed an era when driven newspapermen would do anything to get a story. The U.K.'s rough-and-tumble Fleet Street remains something of a throwback to that era, as demonstrated by the recent phone-hacking scandal - which led to the demise of yet another century-old paper, the 'News of the World.'

Economists want their discipline to be a science, and they have nailed down a few precepts, but many of their debates are still clouded by ideology.

I was good at math and science, and I got lots of degrees in lots of things, but in a parallel universe, I probably became a chef.

New online formats gutted the newspaper-ad business. Why pore over tiny print looking for a job in the want ads when you can tap a few keywords into monster.com, then click through and apply? Why pay a steep per-character rate for a classified when you can hawk a whole garage full of used stuff on EBay or Craigslist for free?

Regardless of how it's done, transaction costs will continue to plummet as computers get more powerful. Low transaction costs are a wonderful thing if you're in the transaction business. They're wonderful for consumers too, making it cheaper and easier to buy things and creating new things to buy.