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In The Real Villain Behind Our New Gilded Age Eric Posner and Glen Weyl reinforce the meme that the absence of effective antitrust policy is the cause of many of society's ills, including inequality, slow economic growth and the FAANGs:
"the rise of the internet has bestowed enormous market power on the tech titans — Google, Facebook — that rely on networks to connect users. Yet again, antitrust enforcers have not stopped these new robber barons from buying up their nascent competitors. Facebook swallowed Instagram and WhatsApp; Google swallowed DoubleClick and Waze. This has allowed these firms to achieve near-monopolies over new services based on user data, such as training machine learning and artificial intelligence systems. As a result, antitrust authorities allowed the creation of the world’s most powerful oligopoly and the rampant exploitation of user data."
May 3, 2018, 12:33:01 AM
Posted to It Isn't About The Technology