There will continue to be, in the words of economist Joseph Schumpeter, the “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.”
Such inevitability was lost on other naysayers in the past such as Edwin Drake, who, in 1859 asked: “Drill for oil? You mean drill into the ground to try to find oil? You’re crazy!”
Or Pierre Pachet in 1972, who said: “Louis Pasteur’s theory of germs is ridiculous fiction.” Or British surgeon John Eric Erickson, who claimed, “The abdomen, the chest, and the brain will forever be shut from the intrusion of the wise and humane surgeon.”
Or even Lord Kelvin, president of the Royal Society, who stated flatly in 1895, “Heavier-than-air flying machines are impossible,” and Charles Duell, commissioner of the U.S. Patent Office, who, in 1899, claimed that “Everything that can be invented has been invented.”
And of course, what qualifies as the most expensive gaffe in history was Thomas Watson, chairman of IBM, who stated in 1943, “I think there is a world market for maybe five computers.”