Friday, May 13, 2011

Vindicating Standard Oil

I'm hoping / planning to begin blogging regularly again. As a first piece, here's an excellent editorial by Alex Epstein.

Just to reiterate, when thinking about monopolies, it's crucial to differentiate between those created by government force (which are the only real form of monopoly) and those who win market share by competitive practices. The latter can maintain their market share only by continuing to serve the consumer, and as such should be appreciated and lauded by all who gain value from them. It's also relevant to think of the many impressive companies who weren't able to maintain their market share, either because others directly out-competed them or, more frequently, because someone came up with something completely new that radically changed the productive landscape.

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