Accept all substitutes

Commerce is about pricing, and pricing is about scarcity. Scarcity, of course, demands no easy substitutes.

Some news websites are foolishly putting up paywalls, requiring readers to pay by the day or the year to see what's there. This is foolish because substitutes are so easy to find. If I can't get to the Times of London or Time magazine, no problem, I'll find the same news (or almost the same news) somewhere else.

This is the mistake that book publishers are making on the Kindle. I was...