Syndicated Columnists

February 25, 2014 5:28 PM

New economy at work in Facebook’s $19 billion deal

If you ever wonder what’s fueling America’s staggering inequality, ponder Facebook’s acquisition of WhatsApp. The mobile messaging company’s value doesn’t come from making anything. It comes instead from two other things that need only a handful of people. First is its technology. Second is its network effect.

Related content