I think at equilibrium services like Facebook maximize total welfare, then take their cut in a socially efficient way (e.g. as payment). I think the only question is how long it takes to get there.
I wonder if you have changed your mind about this at all. Unless I’m misunderstanding you somehow, this seems like an important disagreement to resolve.
I wonder if you have changed your mind about this at all. Unless I’m misunderstanding you somehow, this seems like an important disagreement to resolve.