I love creative destruction. But, truth be told, it is more fun to ignore the destructive part and focus on the creative part.
Ah, but sometimes we should be sober. Like most economists, I believe in the power of uncoordinated competitive interplay among firms. Except when it goes real sour. Which it does occasionally.
And that gives me some pause.
Here is a story spotted by Kennedy Elliott. It is a sour story, told by Chris Anderson, editor of Wired. This events are straightforward enough. Three newspapers — one of them very new and digital, etc — got into a destructive price war, which turned into a war of attrition in which nobody quit. With very ugly results. It is impossible to read without flinching and saying “ouch!”
Worth a read if you are in the right mood.