> The second trap is misunderstanding network effects. Network effects, also known as efficiencies of scale, exist in every industry. This was as true of the r

> The second trap is misunderstanding network effects. Network effects, also known as efficiencies of scale, exist in every industry. This was as true of the railroads and the telephone companies as it is of tech companies. That's the whole reason corporations tend to become monopolies in the first place.