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And you don't even get into the issue of the threat of entry, which as the rapid growth of Southwest has demonstrated is a very real threat to airlines. The threat of competition takes care of a lot of these concerns about monopoly pricing - but there's also a question of optimal firm size. Even if monopoly pricing was a potential problem, breaking up a monopoly firm to take care of the pricing problem might introduce additional costs by reducing the productivity of firms that are forced below the (technologically) optimal size. Anti-trust is a dicey business that people are far too eager to just jump into.

Some of the most competitive markets I can think of off the top of my head only have two or three firms. GPU manufacturing would be a good example.

One of the greatest discoveries of Modern Austrian economics is that competition has no relationship with the number of firms in the market. While some classical economists knew that, this knowledge stayed buried until Hayek and Kirzner rediscovered it.

Richard McKenzie wrote an excellent book called ‘A defence of monopoly’. He pointed out that the serial competition is common.

A good example is if the advantage of being first or so much larger are so great, why did MS Explorer ever overtake Netscape? How did MS Word overtake WordPerfect, and before that, WordStar?

Most of all, Google should never have had a chance to get of the ground after the America Online Yahoo merger. This was one of the largest mergers ever. It is surprising the number of people who deny the power of competition while using that upstart of a Google every day!

you're bad you go to Hell? I guess what Jimmy really is teaching us here is what most Americans believe about Christianity. Or maybe what LOST wants us to believe about Christianity.

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