Portfolio econ-blogger Zubin Jelveh makes the case that hiding some Times content behind a paywall for the last two years cost the newspaper growth, and therefore cash. (Unfortunately, and unrelentingly, traffic equals cash. Stay tuned for some naked celebrity pictures later today!) Comparing the Times' web growth to a number of sort-of competitors, Zubin calculates that the Times lost out on growth of 1.3 billion page views, and asks and answers: "So is 1.3 billion worth page views $20 million over two years? Not knowing anything about their inventory, I'd argue yes." The traffic calculations seem a bit over the top, but we'll still sign on to the conclusion.