Re:Milton Friedman: Is Capitalism Humane? (1977) [video]
by trentnix on Saturday March 07, 2020 @07:12PM
(#22515199)
Agree, let’s establish the basics. Here is the definition of monopoly:
the exclusive possession or control of the supply of or trade in a commodity or service
Dress it in as much nuance and confident language as suits you, it doesn’t change the reality that there is ample evidence Wal-Mart is not a monopoly.
no. and besides, that's a false dichotomy. i literally described the foundational understanding of monopolistic behavior by economists and regulators (that it's predicated on market power, not market share). this is a basic tenet taught early on in business schools and economics programs.
such clarifications are needed because many commenters fail to avail themselves of even a baseline understanding of the topic, which can be gleaned from just reading a wikipedia page let alone by having experience or even cursory training in the field.
it's tiresome to read the same shallow misperceptions over and over again. let's establish the basics quickly and move on to the more meaningful discussion that can be had.