Refuting Noam

For those who care, BuzzMachine's Jeff Jarvis has "excerpts from and arguments against Eli Noam's Financial Times article arguing that we are in the midst of a market failure in the information and entertainment ecomies." But I think the best refutation was written by Richard Epstein and posted below Noam's article.

Personally I found Noam's arguments totally unpersuasive and a bit silly. And arrogant: Noam has determined for the rest of us that "the entire information sector - from music to newspapers to telecoms to internet to semiconductors and anything in-between - has become subject to a gigantic market failure...." Thanks Professor Noam. Clearly this academic thinks that this relatively simplistic analysis is enough to warrant "public strategies" to address the doom and gloom coming our way. You know what that means: government intervention to saving the struggling technology, telecom, and entertainment industries. Please.