Is This Time Different? Schumpeter, the Tech Giants, and Monopoly Fatalism
Growing numbers of legislators and policy experts charge that tech firms such as Amazon, Google, Facebook, Apple, and Microsoft are “monopolies” with the potential power to harm consumers. A new study from Cato scholar Ryan Bourne suggests that we should be extremely skeptical about predictions of entrenched monopoly power. Over the past century, large businesses operating in industries similar to today’s tech firms were regularly labeled as unassailable monopolies, but all saw their market shares disintegrate in the face of innovative new products and companies.
Anyone’s Game: Sports‐Betting Regulations after Murphy v. NCAA
Until very recently, sports betting was regulated — and banned in most states — by federal law. Last year, however, the Supreme Court ruled in Murphy v. NCAA the law was unconstitutional because it dictated what state law could and couldn’t be in this area. States now have the opportunity to make their own laws on sports betting for the first time in a quarter of a century, and Congress likewise is deciding if and how to regulate sports betting directly. In a new brief, Cato scholar Patrick Moran recommends that Congress employ federalism as a guiding principle when considering new legislation.
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