3 ms·
This is classic putting the process over outcome. The point of anti trust is not to allow more competition. The point is to stop monopolies that hold customers
by rakkhi 4y ago
This is classic putting the process over outcome.
The point of anti trust is not to allow more competition. The point is to stop monopolies that hold customers captive, charging monopoly rents (high prices) and stop innovation.
There is a classic paper by Alan Greenspan on the breakup of Standard Oil [1]. He makes the point that supreme court was wrong. The breakup was just for competitors, not for the benefit of customers. This is the worst of capitalism where big business use the government to fight competitors.
This is the applicable case with today's tech giants. They are providing often a free product to consumers and continue to innovate. The low barriers to entry provided by digital goods and the internet mean that startups have never had it better. The last thing that is needed is government involvement to break up these companies for "anti trust"
[1] http://www.polyconomics.com/ssu/ssu-980612.htm http://www.polyconomics.com/ssu/ssu-980612.htm