@vgr It fits, IMO. My read: online ads haven’t grown the pie, but merely represented redistribution of revenue from one channel to another.
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@vgr If online ads had been markedly more effective to what came before, we should observe reallocation in ways that grow the GDP slice.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr Now, what is different: the industrial organization produced by online ads vs. what came before.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@vgr That’s where “peak ads” is: not that ads might disappear, but that assumptions of the current economy might not be as firm as we thinkThanks. Twitter will use this to make your timeline better. UndoUndo
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