Unpacking the Four Fallacies That Broke the News

four bad assumptions reverberated through the media industry that stifled innovation and represented a big bet on the status quo, enriching tech monopolies at the expense of publishers... here are the four fallacies that broke the news...
in the market for information, the truth was the best product ... an invisible hand would nudge the truth to the fore while flicking fake news into the ether... If the last decade in tech has taught us anything... in a perfectly competitive market for information supported by ads, the most extreme version of a narrative will win ...
the entire egalitarian economy of the post-war 20th century was more historical anomaly than the rule. In 1820 and 1920, we were a deeply unequal society informed by sharply partisan media. Why should 2020 be any different? We’re regressing to our historical mean...
powerful actors had a vested stake in pushing the “information wants to be free” narrative... Information remained free — in a way that made Google hundreds of millions of dollars per year.