A Tale of the Tail

Legal forms that were well adapted to a world in which wealth was zero sum, and borrowing against an estate could serve no purpose other than to carry out a slow transfer of it to others, were poorly adapted to a world in which wealth could be created, and borrowing against an estate could fund […]

Facebook’s Refusal to Deal in Excellence

The emails released last week by a British parliamentary committee, in which Mark Zuckerberg can be read snooping on WhatsApp and approving a policy designed to cripple competition from Twitter, tell much about the shortcomings of antitrust policy today. The emails show that in 2013 Facebook cut off Twitter’s access to its users’ Facebook friend […]

On the Importance of the Concept of Monopoly in Introductory Economics

In everyday life economics presents itself to us first and foremost as a problem of distribution, not of output, not of what economists would call “allocative efficiency.” This pizza place is ripping you off. That employer is lowballing you. In our intuitive economics, higher prices mean someone is taking money out of our pockets and […]