GW on Nostr: Big Tech Cannot Be Regulated #BigTech is so profoundly different from other ...
Big Tech Cannot Be Regulated
#BigTech is so profoundly different from other industries
Antitrust regulation was originally designed to prevent price gouging by megafirms that restricted supply until the price hit a level maximizing their monopoly profit, at the expense of consumers and workers (whose employment falls alongside output). Obviously, this is irrelevant in the case of Big Tech’s services, which are free of charge and free of supply constraints.
#antitrust
https://www.project-syndicate.org/commentary/big-tech-regulation-less-realistic-than-collective-ownership-by-yanis-varoufakis-2023-10
#BigTech is so profoundly different from other industries
Antitrust regulation was originally designed to prevent price gouging by megafirms that restricted supply until the price hit a level maximizing their monopoly profit, at the expense of consumers and workers (whose employment falls alongside output). Obviously, this is irrelevant in the case of Big Tech’s services, which are free of charge and free of supply constraints.
#antitrust
https://www.project-syndicate.org/commentary/big-tech-regulation-less-realistic-than-collective-ownership-by-yanis-varoufakis-2023-10