The denizens of Silicon Valley (and Seattle) have picked up a slew of nicknames: GAFA (for Google, Apple, Facebook, and Amazon); FAANG (a...
- Technology; Digital Economy; Monopoly; Antitrust; Economics; Strategy; Disruption
- Most Recent Tweet View All Tweets
- Most Recent News Mention
This paper shows that the technology giants that antitrust agencies tend to characterize as entrenched monopolists can also be seen as firms engaged in a process of vibrant oligopolistic competition. Those firms - we refer to them as "moligopolists" - compete against the non-consumption in search of new and low-end market footholds. The failure of the antitrust structure to see that rivalry – its intensity may vary from one company to another – originates both in mainstream economics and applied competition theory. We believe those defects can be cured with a rechanneling of antitrust policy towards certain types of restraints, in certain types of market settings.