Insider Privileges

Prairie Home Companion begins with a mischievous maxim that all children in Lake Wobegon are above average. The equivalent adage in Silicon Valley goes like this: Every insider acts like an outsider. This adage reflects mythology as well as savvy public relations. The largest technology firms possess names recognized in most households, and they perceive …

Two key assumptions in the DOJ challenge to AT&T and Time Warner

AT&T and Time Warner want to merge. They don't really operate in the same market -- AT&T is a distributor (specifically through wireless and Direct TV) while Time Warner has content -- notably HBO, CNN and its Warner movie releases. The DOJ have a straightforward vertical merger concern: that the new entity will use its …

Facebook DOES NOT have a monopoly on the news

It is not even close. In this view (#expressyourunpopularopinion), I know that I find no agreement amongst my economist colleagues. Facebook is generally perceived to be a monopolist in something called the 'social network market.' The latest discussion of that comes in the Financial Times from Tim Harford. I rarely find myself in disagreement with …