[Unedited] A Problem Well-Stated is Half-Solved — with Daniel Schmachtenberger
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The Nature of Monopoly Theory
Network effects, like metcalf's law, didn't exist when the scottish enlightenment was coming up with its ideas of capitalism and market. Adam smith did not get to think about those things. And this is one of the reasons that we see these natural monopoly formations within these categories of te. This also means that when we created the laws around monopolies, they don't apply to this thing. But it's able to grow much faster than law is able to figure out how to deal with it - or economic theory can change itself.
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