[cema]

  This article was written before the net bubble.

I think it was in fact written during the big bubble, although my memory may be a bit off. I do remember distinctly having read (and chuckled at) an article by a supposedly serious economist who said something along these lines, but I absolutely do not remember if it was the same article. And the same economist. Krugman's name did not ring a bell for me then.

[Jtsummers]

You are correct. 1998 is the year of Pets.com and many other internet bubble ventures. Which led to a surge in CS enrollment from ~1999-2005 which really, really sucked for those of us that actually wanted to study CS and weren't in it "for the money". The professional/academic feedback loop also managed to catch me when I tried going to graduate school (again, actually interested in it) and found myself surrounded by people who were in grad school to ride out the (then) downturn in the internet-based business sector (circa 2006). Enrollment numbers were sky high in grad programs so competition for advisors and TA positions was much harder than normal. Very frustrating times.