A very thoughtful review of Wapshott's book by Noah Smith includes this and other analogies to the modern blogosphere. I think that's good. I've never quite been comfortable with the take on Cowen as an impartial judge. He does have a clear viewpoint, and yet there is an air of impartiality about him. Noah nails it - Cowen is Pigou!
Read the review - great stuff in there. Except I'm pretty sure Economica is still going strong.