Adam Smith
1723–1790, Scotland (the Scottish Enlightenment: Kirkcaldy, Glasgow, Edinburgh)
Why Fining Meta for Harming Children Is Not an Attack on Markets
When a business treats young minds as raw material for engagement, the law does not subvert the market; it restores the rules under which any decent market must operate.
A court in New Mexico has ordered the owner of Facebook and Instagram to pay $567 million for harms its platforms have inflicted upon young people, placing $420 million in a fund for treatment and the reduction of future damage. The judge has likened the firm’s conduct to a public nuisance, as with air befouled by smoke; the company, for its part, denies wrongdoing, professes confidence in its record of protecting teenagers, and intends to appeal. We have, then, the familiar modern drama: a lucrative new trade, a body of injured persons too young to have bargained knowingly, and a public authority that finally stirs when the harm can no longer be politely ignored.
Read the essay