Earlier today, Richard Epstein published an extensive review of Tim Wu’s new book and overall antitrust framework, arguing Wu’s criticism of leading tech services “overstates the benefits and ignores the high costs of an aggressive application of the antitrust laws.” Epstein is the just the latest to rebut Wu’s arguments—Alec Stapp of the Niskanen Center […]
Earlier today, Georgetown’s Larry Downes and the Brookings Institution’s Blair Levin published an op-ed in the Washington Post, asking if the recent tech backlash was “going askew.” Downes and Levin point out that critics of leading tech services propose only vague alternatives to the consumer welfare standard, and that the tech sector is in fact […]
A new Crunchbase analysis finds venture investment in the tech sector continues to thrive. 2018 was a “year of superlatives,” with the most money invested in the highest number of private tech company financing events ever and the largest VC deals in history. As Slack CEO Stewart Butterfield noted in 2015, “It might be the best […]
Yesterday, the Financial Times editorial board pointed to four areas of increased regulatory scrutiny of leading tech services: bias, privacy, intermediary liability, and antitrust. Below are key developments to help understand each issue. Additionally, it’s critical to remember that tech continues to buck trends that plague the broader economy, fueled by competition. Investment and R&D […]
After the whirlwind of a festive December and the start of a new year, here are a few good reads on leading tech services, competition, and the economics behind firm concentration. More below. “How Much Is Social Media Worth? Estimating The Value Of Facebook By Paying Users To Stop Using It,” from economists Jay Corrigan, […]
During a speech at Capitol Forum’s Fifth Annual Tech, Media & Telecom Competition Conference, Principal Deputy AAG Andrew Finch discussed antitrust markets and the vibrant new competition present in traditional industries. He rebuts tech critics’ misconceptions around concentration and tech, noting: 1. Industry concentration data that looks at industry-level census data does not reflect relevant […]
This afternoon, the Senate Committee on the Judiciary will hold a hearing on the differences in antitrust enforcement between Europe and the United States. The American approach to antitrust has provided enormous benefits to consumers, small businesses, and large corporations alike. Regulators must not overlook the importance of the consumer welfare standard, protecting competition rather […]
Google CEO Sundar Pichai testified before the House Judiciary Committee this morning, debunking the false claims of bias in search and outlining Google’s role as a online platform. Below are excerpts from commentary surrounding the hearing: —Arguments that Google is biased against conservatives were roundly criticized by tech policy experts, advocacy organizations, and journalists —There […]
This morning, Google CEO Sundar Pichai will tell members of the House Judiciary Committee, “I lead this company without political bias and work to ensure that our products continue to operate that way. To do otherwise would go against our core principles and our business interests.” Ahead of Pichai’s hearing, consider these key facts in […]
In his latest, Jason Furman notes that there’s no one way to interpret increases in concentration, writing, “Concentration has increased for good reasons and for bad reasons.” Only by analyzing other trends in the economy and within individual sectors is it clear if increased concentration is beneficial or harmful for particular industries. Happily, many of […]
Hostility to innovation and technology diminishes the incredible Internet-enabled opportunities that leading tech services provide: empowering consumers, driving prices down and increasing choice, and providing platforms to help entrepreneurs grow their businesses. It has given us a golden era of entertainment, knowledge, and everything from fashion startups, to booming mom and pop stores, to the latest app.
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