When we look at the various crises that Facebook has faced in the past couple of years, people talk about them as failures or breakdowns or meltdowns. In fact, it’s just the opposite. None of these are mistakes—they're fulfillments of a vision.

Facebook intended to connect billions of people. It intended to create an algorithm that would favor engagement around highly emotional content. It intended to create an advertising platform that was more efficient, more accurate, and more specialized than any that had ever been created. These features were all intentional. And they have produced almost every negative externality that we've seen come out of Facebook. Those externalities are a fulfillment of Facebook’s design.

One of the perverse things about both Facebook and Google is that because their money came so early and so easily, they think of themselves as market actors that are liberated from the market. Venture capital has a distorting power. It encourages inefficiency in the distribution of resources, it encourages bad actors, and it encourages foolish ideas. So much money chasing so many bad ideas gets abused and wasted by so many bad people.

I think we should call a halt to it. If companies want funding, they should have to go public early. We should slow down the culture and say we want there to be fewer moonshots. We want an economy with more solid businesses, ones that grow slowly, that are tested over time, and that have to be run by grownups.