So a different way to characterize what Google was doing to publishers is 'stealing.' Sorry to get all technical about it. wsj.com/articles/googl…
"Google pocketed the difference between what it told publishers and advertisers that an ad cost and used the pool of money to manipulate future auctions to expand its digital monopoly.”
"The documents cite internal correspondence in which Google employees said some of these practices amounted to growing its business through “insider information."
So, then like, that's stealing.
"It affected billions of ad impressions sold each month and Google’s research found that it dropped publishers’ revenue by as much as 40%, according to the complaint. “Bernanke is powerful,” one Google employee said, according to internal company communications."
Yes these are alleged violations of antitrust law, but the real teeth in the complaint are the alleged violations of various state laws against deceptive conduct. texasattorneygeneral.gov/sites/default/…
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1. I know everything is supposed to be totally awful in politics, but allow me to interrupt constant doom and gloom with... good news. On the monopoly front, corporate power is, ever so slightly, ebbing. Here are eight examples from the last week. mattstoller.substack.com/p/hope-on-the-…
2. Government antitrust cases are progressing. The Federal Trade Commission won an important procedural victory against Facebook this week. marketplace.org/shows/marketpl…
3. Meanwhile, state attorneys general, whose antitrust case was dismissed last year, appealed the dismissal. Normally they would have given up, but increasing heat on Facebook gave confidence to state level enforcers.
I was freaking out about COVID in Jan/Feb of 2020, before most people noticed. Back then Vox was saying it was the flu and Fauci was telling young people to go on cruise ships. Don’t act like the risk calculus of the public health bureaucracy is well-tuned to reality.
Back then among the left’s biggest concerns was whether people were patronizing Chinese restaurants. Our whole intellectual model for governance is embarrassing.
I wrote in Wired in late Feb of 2020 we would be experiencing shortages. Our risk calculus and governance models do not map to reality. wired.com/story/covid-19…
Biden is flailing because the political emergency of the pandemic is over but the professional managerial class won't let him govern according to what voters actually want.
Hospitals and health care systems are under pressure because we let financiers strip mine them for parts. Little to do with Covid. Biden could fix this but he'd have to acknowledge it.
The stress on hospitals is coming from Wall Street.
I’ve never seen such anger from economists as I have since we started presenting the argument market power and inflation are related. They are really triggered, like someone stepped on their turf.
It's possible that during shortages monopoly power is magnified because it's harder to substitute away from any particular bottleneck. A crisis can create more pricing power. Example: food delivery apps had more power when restaurants had to shut down regular service.
"Just stop. Seriously." - A. Goolsbee, Chicago
Here are some fun angry quotes from economists disputing the relationship between monopoly and inflation. igmchicago.org/surveys/inflat…
At my newsletter BIG @samhaselby went into the historical roots of the cartel behavior of the Ivy League network. But yeah they also engage in straight-up price-fixing, which we've known for decades. mattstoller.substack.com/p/break-up-the…
This is a fun complaint on the Ivy's. "In addition, such Defendants are committed to maintaining admissions as a zero- sum game, by limiting growth in the number of undergraduate seats to maximize perceptions of exclusivity and prestige." @profgalloway
If oil went up to $400 a barrel and it often wasn't available, no one would wonder about the cause of inflation. But since the input at hand is semiconductors and there's not really much public pricing info, it's not in the inflation models.
Firm behavior and bottlenecks affect prices. The outsourcing of large amounts of production by auto firms impacted inflation. Auto availability was a big part of the initial inflationary spike. nytimes.com/2022/01/08/bus…