From his latest Bloomberg column:

I’d like to suggest a simple trilemma. When it comes to private platforms and speech regulation, you can choose two of three: scalability, effectiveness and consistency. You cannot have all three. Furthermore, this trilemma suggests that we — whether as users, citizens or indeed managers of the platforms themselves — won’t ever be happy with how speech is regulated on the internet.

One view, which may appear cynical, is that the platforms are worth having, so they should appease us by at least trying to regulate effectively, even though both of us know they won’t really succeed. Circa 2019, I don’t see a better solution. Another view is that we’d be better off with how things were a few years ago, when platform regulation of speech was not such a big issue. After all, we Americans don’t flip out when we learn that Amazon sells copies of “Mein Kampf.”

The problem is that once you learn about what you can’t have — speech regulation that is scalable, consistent and hostile to bad agents — it is hard to get used to that fact. Going forward, we’re likely to see platform companies trying harder and harder, and their critics getting louder and louder.

I like his ‘trilemma’ idea. It reminds me of Dani Rodrik’s one, which says that democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full.