> In fact, "consumer welfare" is tantamount to repealing antitrust, and the growth of FAANG can be directly traced to this change in legal standard. Literally e

> In fact, "consumer welfare" is tantamount to repealing antitrust, and the growth of FAANG can be directly traced to this change in legal standard. Literally every monopoly ever can be said to have a consumer welfare benefit. Eh? Not at all. The entire point (in classical economic theory) is that a monopoly, compared to perfect competition, reduces consumer surplus and arrogates a part of that to itself as rent (thereby reducing total social surplus).