The downfall of newspapers has been caused by a number of things – losing the classifieds business was huge – but mainly because when newspapers went online and were no longer able to partition the market geographically, supply in each region went up by orders of magnitudes.

— Chris Dixon: “What’s the relationship between cost and price?”

I hadn’t seen this argument before, and it feels like it makes sense. However, it makes a lot more sense when you talk about the US and its paper-per-big-metro market. All the big British papers are nationals, and they’re getting clobbered too. Sure, now British papers have to compete with the Americans, and the BBC doesn’t really have an American equivalent, but…