THE ZUCKERBERG HEARINGS WERE SILICON VALLEY'S ULTIMATE DEBUT

Facebook’s challenge at the hearings can be reduced to two issues.

First off, the general population, including many of our elected representatives, just doesn’t understand how the company works.

Second, Facebook is one of a crop of network effect businesses powered by the rise of the internet. Because these businesses operate differently than those in more traditional industries, they must be regulated differently. Congress, and by extension regulators, don’t understand enough about these businesses to regulate them, and risk further entrenching their power by attempting.

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