I’ve started reading Schumpeter’s Capitalism, Socialism, and Democracy (1942).
Why? Because of the Big Tech anti-trust hearings. I’ve heard that:
(a) U.S. anti-trust policy is based on a theory of monopoly pricing which is not bearing out with todays Big Tech monopolies,
(b) possibly those monopolies are justified on the basis of Schumpeterian “creative destruction” competition, wherein one monopoly gets upended by another in sequence, rather than having many firms competing all at once on the market,
(c) one of the major shots taken at Amazon in the hearings is that it would acquire companies that it saw as a threat, indicating a strategic understanding of Schumpeterian competition on the part of e.g. Bezos, and also how one can maintain a monopolistic position despite that competition,
(d) this idea of capitalism and entrepreneurship seems both fundamentally correct, still somehow formally undertheorized, and tractable with some of the simulation…
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