In total, Facebook managed to string together 67 unchallenged acquisitions, which seems impressive, unless you consider that Amazon undertook 91 and Google got away with 214 (a few of which were conditioned). In this way, the tech industry became essentially composed of just a few giant trusts: Google for search and related industries, Facebook for social media, Amazon for online commerce. While competitors remained in the wings, their positions became marginalized with every passing day. ❧
The story of us all…
This is a key point. Social media and the way it (and its black box algorithms) amplifies almost anything for the benefit of clicks towards advertising is one of its most toxic features. Too often the extreme voice draws the most attention instead of being moderated down by more civil and moderate society.
I can’t help but see this definition and think it needs to be applied to economics immediately. In particular I can think of a few quick examples of economic anomie which are artificially covering up a free market and causing issues within individual communities.
Here publishers are marketing to professors who assign particular textbooks and subverting students which are the actual market and consumers of those textbooks. This causes an inflated market and has allowed textbook prices to spiral out of control.
The American Health Care Market
In this example, the health care providers (doctors, hospitals, etc.) have been segmented away from their consumers (patients) by intermediary insurance companies which are driving the market to their own good rather than a free-er set of smaller (and importantly local) markets that would be composed of just the sellers and the buyers. As a result, the consumer of health care has no ability to put a particular price on what they’re receiving (and typically they rarely ever ask, even more so when they have insurance). This type of economic anomie is causing terrific havoc within the area.
(Aside: while the majority of health care markets is very small in size (by distance), I will submit that the advent of medical tourism does a bit to widen potential markets, but this segment of the market is tiny and very privileged in comparison.)
In a non-economic setting it also seems to be highly applicable to social media silos like Facebook, Twitter, et al as they break social norms. I’ll have to circle back to write a longer essay about this with regard to the IndieWeb movement.
Is this what America is experiencing in the midst of Donald J. Trump’s new Republican party?
I’m left wondering if there is a potential link to Jonah Goldberg having used the word “Suicide” specifically in the title of his recent book? Neither Émile Durkheim nor anomie appear within the text however. The link seems more than fitting.
Similar to doubletalk, technobabble, and other varieties of speech.
This may be my favorite line of the entire code of conduct! I’m doing my best to resist….