I think that Facebook’s behavior has probably gotten worse over time as part of general move towards cashing in / monetizing.
I don’t think I’ve looked at my feed in a few years.
On the original point: 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 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.
On the original point: 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.
Why? There are plenty of theoretical models in economics where at equilibrium total welfare does not get maximized. See this post and the standard monopoly model for some examples. The general impression I get from studying economics is that the conditions under which total welfare does get maximized tend to be quite specific and not easy to obtain in practice. Do you agree? In other words, do you generally expect markets to have socially efficient equilibria and expect Facebook to be an instance of that absent a reason to think otherwise, or do you think there’s something special about Facebook’s situation?
I think that Facebook’s behavior has probably gotten worse over time as part of general move towards cashing in / monetizing.
I don’t think I’ve looked at my feed in a few years.
On the original point: 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.
Why? There are plenty of theoretical models in economics where at equilibrium total welfare does not get maximized. See this post and the standard monopoly model for some examples. The general impression I get from studying economics is that the conditions under which total welfare does get maximized tend to be quite specific and not easy to obtain in practice. Do you agree? In other words, do you generally expect markets to have socially efficient equilibria and expect Facebook to be an instance of that absent a reason to think otherwise, or do you think there’s something special about Facebook’s situation?