Are you worried about the impact of Big Tech in your life? Does the power (or data) of this company constitute exclusive power? Should no-confidence laws apply to this company? Can the laws of no-confidence written in the last century apply to today’s technologists?
In this episode, EconTalk host Ross Roberts welcomes fan favorite Mike Munger to discuss these questions and more. We want to hear Yours Share your feedback in the comments at the thought prompts below, or use them to start your own conversation offline. Let’s continue the conversation!
1- How does Mung identify the role of distrust today compared to the past? Who is the supposed disbeliever-the consumer or the producer-and how much has it changed over time?
2- What is behind the general idea that companies can “set” prices? Munger claims that companies always I want To raise their prices, however, he also told companies Always There is an incentive Cut Their price.
3- Munger Roberts defies the definition of competition. How is the way Economist See competition is different from the way The rest of the world See it? Why this matter in terms of public policy?
4- How does Munger distinguish between distrust between economic conservatives and economic liberals, especially Sherman law? And why he said, “I think most economic conservatives would agree with libertarians that the antitrust law that became law in the post-World War II period was wrong, wrong, a mistake.”
5- What Real Argument against monopoly? (Munger tells us this No. The question is about excessive profits on the part of the firm …) How much does this argument apply to companies like Google, Facebook and Amazon?
6- Speaking of these big tech firms, Roberts thinks that traditional remedies of distrust may not be suitable for these firms; “I think the real problem is what I see, what I discover, these issues of power over search engines and algorithms on things hidden from me.” This led him to ask Munger, “What can policy do? And, on a side note, what contributions can economists make to policy design that might be helpful in considering whether there should be any restrictions on such firms? What are the elements of Munger’s answer and how reasonable do you think each is? Why does he insist on a standard property rights solution in the North? Is he right ???