The main hazard posed by social media platforms is not aggressive pricing, abusive service or other ills often associated with monopoly. Instead, it is their contribution to the spread of misinformation, hate speech and conspiracy theories
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(Economic View)
Social media platforms like Facebook, YouTube and Twitter generate revenue by using detailed behavioral information to direct ads to individual users.
That sounds straightforward enough. But this bland description of their business model fails to convey even a hint of its profound threat to the nation’s political and social stability.
Rising concern about social media abuses has already prompted legislators in Congress to propose the breakup of some tech firms, along with other traditional antitrust measures. But the main hazard posed by these platforms is not aggressive pricing, abusive service or other ills often associated with monopoly. Instead, it is their contribution to the spread of misinformation, hate speech and conspiracy theories.
Because the economic incentives of companies in digital markets differ so sharply from those of other businesses, traditional antitrust measures won’t curb those abuses.
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