You may be shocked to learn that at dinner this week with a group of economists and journalists, the conversation turned to the economics of journalism. In particular, what is the future of paid journalism? As high-quality journalists face increasing competition from low-quality unpaid bloggers, the market wage for high-quality journalists will continue to fall. [...]

Tags: blogging, bundling, journalism, natural monopoly, network externality
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A lot of pixels have been spilled in the last week about how Facebook has seized control of the Internet with their new API initiatives. This is supposedly troubling: unlike Google, Facebook might be evil, the hand-wringers say. But even if Facebook is able to monopolize a large segment of our time on the Internet, [...]

Tags: economics, Facebook, Google, monopoly, natural monopoly, network effects
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