James DeLong thinks we are headed towards publicly funded newspapers:

It is hard to hazard how this one will come out. News collection will not disappear, but given the odds against creating a property rights model in the current zeitgeist, it seems ominously likely that we are headed for a government-sponsored news service. Maybe we will like it. China is already expanding Xinhua to go worldwide, so we can call ours Xinhua East. It shouldn’t take more than a few days to clear any given story through the White House information czar.

Tim Lee fires back:

The decline of the newspapers is clearly a story of technological progress producing increased competition and entrepreneurshipprecisely the sort of thing libertarians normally celebrate. The news business has gotten far more competitive over the last decade, and we’re now seeing a normal shake-out where the least efficient firms go out of business.

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