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One of the momentous things in dot-com history we are, uhh, "privileged" to witness in real time is Facebook's shift from Schumpeterian monopoly to Ricardian monopoly. In ten years, business school cases will be written about this stuff...
This isn't the first of course. Microsoft maneuvered itself into the same position ca. 1999, and the verdict back then was MS is irrelevant now that it missed the whole internet thing and is just flailing around, but MS never stopped being a hugely profitable key player.
There's others, but the key lesson learned should be: you can coast on cruise control for quite some time, 20 years plus apparently, when you can milk Ricardian rents. And that's a problem.
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