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July 06, 2011

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R Willis

no such thing as a free lunch ? I've always been puzzled by that. What else is a Pareto improvement other than a free lunch? Mr Worstall ?

Tim Worstall

"Competition ain’t a free lunch either."

Sure.

"Given its offsetting benefits, competition is necessary even in a socialist society. In fact, I suspect that something like the News of the World scandal might have happened even if the paper were run as a socialist co-op. "

There are no answers in economics: only trade offs.

"What else is a Pareto improvement other than a free lunch?"

To be more acurate, and a point I have made a number of times, there are free lunches but the important point about them is their rarity.

botogol

it could well be that this scandal will lead to the collapse of the NoW -- that would be competition in action

Jim

@botogol: precisely right. Its entirely down to the readers. If they walk away in droves and don't go back, the NOTW goes bust. Simple as that. If some of the readers stop buying for a while but slowly return, then they have tacitly approved of the moral actions of the journalists who produce it.

Papers, and the actions of the journalists therein, are entirely the products of the moral stances of their readers.

If the NOTW is still in business in a years time, blame the people buying it.

Neil

"If the NOTW is still in business in a years time, blame the people buying it."

Or the people cross-subsidizing it. NI is a big company and could easily take the hit.

Mil

@Neil - yep. That's exactly what I feel. Been Murdoch's strategy when building his empire - is hardly likely to change tack now. I do feel the boycott is slightly incoherent. Reuters reported on the 5th that Ford was pulling its ads from NOTW and would be transferring its spending to other parts of News International. Hardly kissing Murdoch goodbye:

http://uk.reuters.com/article/2011/07/05/uk-ford-idUKTRE7644GS20110705

This whole process seems to me more or less a case of the establishment preparing its re-establishment some place down the line.

Brett Eliot

If you need to get successful in business, you need to study the competition and its strategies.. There is a very good saying:

"Men in great place are thrice servants: servants of the sovereign or state, servants of fame, and servants of business."

botogol

HAH!

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