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Redistributive policies (e.g., granting of subsidies) of our representative democracy have contributed to political tribalism. For its part, social media has been a factor adding fuel to a volatile situation, e.g., Twitter or Facebook being used for propaganda purposes. Blame for and reactions to these growing divisions and distance among citizens can be seen in demands for the reining in of tech companies being heard in most corners of the political spectrum.
Article by Christopher Lingle from AIER.
While the primary focus of various petitioners has been on social media companies, there seems to be a general discomfort with the market power of other global tech giants (e.g., FAAMG: Facebook, Apple, Amazon, Microsoft, Google + Twitter & Netflix). As calls for antitrust actions have become commonplace, there is some urgency in investigating the efficacy of antitrust interventions to remedy what is said to be instances of excess economic power.
One aspect of the antitrust argument is that all monopoly prices and market dominance by one or a few economic actors are harmful. But this betrays an ignorance of the basic economic logic of entrepreneurial capitalism whereby the quest for high profits that generates “creative destruction” leads to the dynamism that brings new jobs and goods to markets.
Not only is it an open question as to whether antitrust interventions can eliminate or reduce economic power, more importantly, should such interventions be applied at all?
To investigate these questions, one might begin with the fact that antitrust lawyers in the Department of Justice will likely interpret the hue and cry against large corporations as an opportunity to expand their power and the budgetary resources granted to them. Once at the top of the heap of government officialdom, antitrust lawyers have become a shadow of their former selves, so to speak.
When I was a student, antitrust bureaucrats kept children up late with horror stories about the evil specter of monopoly, e.g., in GM’s growing market share. Or they might regale kids with heroic tales of having slain dragons like AT&T.
But then antitrust lawyers were sidelined by tort lawyers that stole headlines and racked up heavy fees. In 2001, antitrust lawyers employed by the federal government restored their glory days with a preemptive strike against Microsoft’s browser (i.e., Explorer), putting them again on front pages. Massive amounts of midnight oil must have been burned as denizens of the Justice Department reviewed the Sherman Antitrust Act and supportive legislation.
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Now it seems their time in the sun has come again as the vocal demands of politicians, disaffected citizens and members of the mainstream media rise above the din of the news cycle and call to dismantle the behemoths of global capitalism. These are tantalizing prospects for antitrust regulators.
But a cautionary tale lies therein. While competition is to be preferred over a true monopoly, the arguments in favor of antitrust actions are rather weak. It is also the case that grandstanding by public officials can lead to disastrous results. Concerning the latter, consider that the catastrophic and deadly raid on the Branch Davidians in Waco (1993) was driven in part by an attempt by the ATF to restore its glory from its role in helping bring down Al Capone.
Those too young to remember having lost sleep over GM’s market position might remember how Nokia once dominated the cell phone market or when Netscape or MySpace were dominant players. Then as now, new technology and changing preferences of consumers proved to be more important in improving service and lowering prices than busting up companies that dominated a particular market or activity.
One should not assume that federal legal bureaucrats are less inclined to look after their own self-interest than lesser mortals. Anyone believing that civil servants or politicians act outside of their own self-interest is living in another universe. Or perhaps they never met a Chicago alderman.
With such large targets on the radar screen of federal officials in search of malefactors, they will no doubt take delight in scaring the bejeezus out of the richest and most successful US corporations. But it is unlikely to end well for the common man since the biggest winners are likely to be private-sector lawyers made rich by defending deep-pocketed corporate clients and officials of the antitrust division being able to justify bigger budgets and higher pay.
In all events, it turns out that the likelihood of market dominance surviving without antitrust legislation is much less likely than assertions to the contrary. Whatever the legal or personal logic behind regulatory assaults, there is little support either from economic theory or historical evidence.
Before considering the implied dangers of market power, it must be remembered that monopolies are literally the sole seller in a given market. But such circumstances are quite rare and most have short lives, unless government intervention restricts the entry of competitors.
Indeed, most economists understand that true monopolies exist and survive as the result of government interventions in the first place. As such, the term “monopoly power” should be reserved only for those instances where the firms have been granted protections for their market position. (A better depiction of corporate activity is to describe it with relation to market dominance, itself neither a crime nor a threat, per se, to consumers.)
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Whatever “economic power” they might have was awarded to them by those possessing political power. Inasmuch as economic power without the support of political power will be contested and transient, the correct solution is to curb the exercise and expansion of political power rather than intervening in market transactions.
In this framing State actions are the basis and the means for sustained monopoly power, by imposing restraints on competition (e.g., professional licensing) or legislation to grant privileges or subsidies. Without such interventions, monopolies eventually become what Ludwig von Mises referred to as a “trivial” problem because self-adjusting market mechanisms will tend to reduce or eliminate them in the long run.
A bet I offered students for 30 years might provide insight into the pitfalls of antitrust legislation. So certain am I that market forces will eliminate monopoly power, I offered them an “A” grade, without further participation in my classes, if they present a counterexample to the following.
I asked them to identify a monopoly producer whose actions injure the community by overpricing or underproducing and survive without government restrictions on competitors’ entry. I have never had to deliver on the bet.
It can be seen that most movers or new businesses might initially earn monopoly profits, but competitive conditions without government interference to protect them ensure they cannot earn them for long. Instead of being a danger to society, monopoly profits are an important feature of market dynamism that incite innovation and competition; at the very least, they attract entry into the market barring government interference. In all events, monopoly profits that emerge for successful new products tend to be undercut if the product or service can be copied by competitors.
There are a few extreme cases, as when cartels form to fix prices, that antitrust interventions may be necessary in that cartels are already illegal. In any case, they tend to be unstable such that they seldom survive for long periods, unless supported and protected by legislation or State dictate as in the case of OPEC. While cartel participants face strong incentives to cheat by offering lower prices or ignoring quantity limitation, the costs of policing the behavior of other members will rise with larger numbers of participants, thereby undermining the survival of the agreements.
And so it is that “successful” antitrust actions tend to weaken incentives to innovate or compete. On the one hand, weak competitors might encourage antitrust actions against dominant players instead of addressing their own failings by improving their own products or cutting costs. On the other hand, established firms might find that curbs on behavior will raise the costs of start-ups, giving them protections against new entrants.
Monopolists’ positions are undone by the dynamics of time that allow for consumers and other producers to react to the higher prices and profits arising from restrictions on output. Eventually, everything changes in dynamic markets to undermine market dominance and erode profits.
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For example, changing relative prices induce consumers to seek substitutes or for producers to produce them. It is also the case that changing tastes and preferences result from new information about other goods.
Changing technology reduces the value and community impact of a monopoly as in the case of most “monopolies” during the 19th century. There is considerable historical evidence and theoretical support to show technological innovation as a market-based curb on market dominance if free and open trade is allowed to generate competition.
As it is, industries most exposed to rapid technological changes will tend to dispose of dominant inert players with the greatest alacrity. Firms must be reengineered to avoid being rendered ineffective as a nonviable competitor.
So, if true monopolies are so rare, it might seem strange that there are so many valiant defenders of public interest that support antitrust actions with such self-righteous conviction. As suggested, a partial answer resides in political impulses relating to lobbying or the incentives of government bureaucracies to act to further their interests rather than responding to economic exigencies.
On the one hand, it appears that attacks on deep-pocketed corporations play well on Main Street. There is some indication that citizens might fear or imagine abuse of private corporations more than they fear the abuse of political power exercised by public-sector officials or politicians. And they do so despite the fact that there are more mechanisms to punish private sector actors than officials in government.
On the other hand, weak competitors and perhaps small or medium-sized firms might be delighted by legal bureaucrats hobbling and humbling dominant market players. In the former case, there is no better way for a weak competitor to gain market share than government-imposed restraints on or punishments against more innovative rivals.
But it might also be a tendency to interpret antitrust action as if motivated by good intentions. Never mind the results.
As it is, there can be a wide gulf between intentions of public officials and the outcome of public policy. Yet, ill-timed or ill-conceived policy actions have been the source of every significant economic downturn or price level upsurge in history.
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Justifying antitrust actions on the grounds that citizens need protection from corporations wielding too much economic power has a stifling effect on competition, and worse, merging corporate power with State power. Big data gathered by the former can be made available and (mis)used by the latter. (See China’s “social credit” system wherein data from tech companies is used to “nudge” their citizens toward “good” behavior.) In the end, these latter outcomes constitute a much greater threat and lead to a more lethal outcome than market dominance that is almost certain to be temporary.
One inappropriate and indeed impossible task is for antitrust regulators to decide on the optimum size of firms or the number of competitors in a given market. In the case of deciding whether a dominant player has excessive market power, it is necessary to make a (subjective) interpretation of the extent of the market.
Defining the market widely might indicate that no firm has market power, but a narrow definition might indicate that every firm has market power. For their part, antitrust authorities face incentives to defend their actions and maintain their budgets by insisting on a narrower rather than broader definition of the extent of a market.
Other problems also arise from the threat of antitrust enforcement. First, it introduces uncertainty for firms considering merit-worthy mergers and acquisitions so that firms must try to predict the reactions of antitrust authorities.
For their part, many mergers can lead to gains in economic efficiency by allowing economies of scale to emerge. And then there is the case that takeover threats can provide an inducement for current managers to improve to evade takeover.
It turns out that the globalized economy, in requiring transnational firms to be nimble to respond rapidly, has a strong regulating effect without the need for State intervention. In some cases, being large may be its own punishment. If a corporation is “too large” and cannot readily respond to competitive pressures, the market will inflict far greater punishment than any bureaucrat might wish.
Conversely, if large size is an advantage in the global setting, e.g., due to economies of scale reducing costs, it would be imprudent to “downsize” the industrial or tech giants. While corporate logic behind “downsizing” has led to a fair number of mistakes in the private sector, incentives and logic of government regulation are likely to be even more misguided, leading to more widespread distortions.
And so it is that antitrust enforcement against mergers or guessing the optimum size of a market or the appropriate number of competitors might do greater harm than the intended good. If antitrust legislation and interventions involve unnecessary interference with corporate growth or mergers, there will be lower quality products, fewer choices, less R&D and higher prices.
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Given that antitrust actions have undesirable side effects, they should be avoided rather than encouraged. In passing judgment on the antitrust legislation that bears his name, Senator John Sherman might have done to American businesses and consumers what his elder brother General William T. Sherman did for the immediate well-being of Atlanta.
American Patriots Uniting to Fight Tyranny from, Well, Everywhere
We’re building a new conservative news network. Based on responses from fellow patriots, we’re heading in the right direction.
It may be hard to believe based on what we’re seeing around the nation today, but there are many reasons to be hopeful. First and foremost, the false narrative that most of America hates traditional values or the foundations of our nation are finally being proven false. Despite the best efforts of globalists and Neo-Marxists, patriotic Americans are starting to unify in droves. Meanwhile, Joe Biden can barely muster a half-filled auditorium to deliver his message to the scant few watching CNN and the paid shills in the “crowd.”
The “silent majority” that drove Donald Trump to victory in 2016 and 2020 (yes, he won by a landslide but was robbed along with the American people) is finally starting to realize we cannot stay silent any longer. We used to win with our votes, but those are being stolen. We used to win with truth, but the radical left and their agents in mainstream media, Big Tech, and academia are building a post-truth society to drown out reality. Today, we are waking up to the realization that only through direct action and fearlessly spreading the truth can we overcome the nefarious forces working against us.
We are proud to be working our way up to the tip of the conservative media spear. Our network is growing. We’re establishing strong partnerships with like-minded news outlets and courageous journalists. Even as Big Tech suppresses us, the honest messages they’re trying to quash are finding their way to the eyes and ears of patriots across the nation. With the help of new content partners like The Epoch Times and The Liberty Daily, we’re starting to see a real impact.
Our network is currently comprised of nine sites:
- NOQ Report
- Conservative Playlist
- Truth. Based. Media.
- Freedom First Network
- Based Underground
- Uncanceled News
- American Conservative Movement
- Conservative Playbook
- Our Gold Guy
Some of our content is spread across all of these sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $2200-$7800 per month. May, 2021, for example, was amazing and we almost broke even. June, revenue was sluggish at best and we had to make up a big difference out of our pockets. But we’re not just trying to get out of the red. If and when we start getting enough contributions to expand, we will do just that. Very few get into journalism to try to get rich and we’re definitely not among those who do. Our success is driven by spreading the truth, profitable or not.
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The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Time is short. As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
JD Rucker
Most “Conservative” News Outlets Are on the Big Tech Teat
Not long ago, conservative media was not beholden to anyone. Today, most sites are stuck on the Big Tech gravy train.
I’ll keep this short. The rise of Pandemic Panic Theater, massive voter fraud, and other “taboo” topics have neutered a majority of conservative news sites. You’ll notice they are very careful about what topics they tackle. Sure, they’ll attack Critical Race Theory, Antifa, and the Biden-Harris regime, but you won’t see them going after George Soros, Bill Gates, the World Economic Forum, or the Deep State, among others.
The reason is simple. They are beholden to Big Tech, and Big Tech doesn’t allow certain topics to be discussed or they’ll cut you off. Far too many conservative news outlets rely on Google, Facebook, and Twitter for the bulk of their traffic. They depend on big checks from Google ads to keep the sites running. I don’t necessarily hold it against them. We all do what we need to do to survive. I just wish more would do like we have, which is to cut out Big Tech altogether.
We don’t get Google checks. We don’t have Facebook or Twitter buttons on our stories. We don’t have a YouTube Channel (banned), an Instagram profile (never made one), or a TikTok (no thanks, CCP). We’re not perfect, but we’re doing everything we can to not owe anything to anyone… other than our readers. We owe YOU the truth. We owe YOU the facts that others won’t reveal about topics that others won’t tackle. And we owe America, this great land that allows us to take hold of these opportunities.
Like I said, I don’t hold other conservative sites under too much scrutiny over their choices. It’s easy for people to point fingers when we’re not the ones paying their bills or supporting their families. I just wish there were more who would make the bold move. Today, only a handful of other major conservative news outlets have broken free from the Big Tech teat. Of course, we need help.
The best way you can help us grow and continue to bring proper news and opinions to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal or Bitcoin as well. Bitcoin: 3A1ELVhGgrwrypwTJhPwnaTVGmuqyQrMB8
Our network is currently comprised of nine sites:
- NOQ Report
- Conservative Playlist
- Truth. Based. Media.
- Freedom First Network
- Based Underground
- Uncanceled News
- American Conservative Movement
- Conservative Playbook
- Our Gold Guy
We are also building partnerships with great conservative sites like The Liberty Daily and The Epoch Times to advance the message as loudly as possible, and we’re always looking for others with which to partner.
Some of our content is spread across multiple sites. Other pieces of content are unique. We write most of what we post but we also draw from those willing to allow us to share their quality articles, videos, and podcasts. We collect the best content from fellow conservative sites that give us permission to republish them. We’re not ego-driven; I’d much rather post a properly attributed story written by experts like Dr. Joseph Mercola or Natural News than rewrite it like so many outlets like to do. We’re not here to take credit. We’re here to spread the truth.
While donations are the best way to help, you can also support us by buying through our sponsors:
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- MyPatriotSupply: Stock up on long-term food, survival gear, and other things that you’ll need just in case things don’t recover and we keep heading towards apocalypse.
We know we could make a lot more money if we sold out like so many “conservative” publications out there. You won’t find Google ads on our site for a reason. Yes, they’re lucrative, but I don’t like getting paid by minions of Satan (I don’t like Google very much if you couldn’t tell).
Time is short. As the world spirals towards The Great Reset, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going. Our promise is this: We will never sell out America. If that means we’re going to struggle for a while or even indefinitely, so be it. Integrity first. Truth first. America first.
Thank you and God Bless,
JD Rucker
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