monopoly

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Google a “Monopolist”?

If more than 70% of all ad-supported queries flow through Google’s search engine, does that make Google a “monopolist” and a legitimate target of antitrust enforcement? Of course not. According to the late Professor Joseph Schumpeter, almost all monopolies are transitory, unless buttressed by public authority. Antitrust “remedies” typically ensure there will be no winners or losers among the commercial entities that currently inhabit a commercial ecosystem. And that can be deadly to investment and innovation. In the real world, businesses have to navigate a minefield of of unforeseeable opportunities and challenges, such as shifting consumer preferences and new technologies. The Internet that Google appears to dominate in fact is a highly dynamic platform. Consider the following observation (Wired archive) Read More ›