Competition Quote by Franklin Foer
“Monopolists always defend their monopolies by arguing that competition is wasteful. When the railroad barons completed their monopoly, they argued it would be wasteful to have competing rail lines, AT&T said the same thing. But today, the size and scope of these monopolies is different.”
About This Quote
Source Article: "The Myth of Competition" by Franklin Foer, 2020
Monopolies justify their existence by claiming competition is wasteful, but this rationale ignores the harms of concentrated power.
In simple terms: Monopolies say competition is wasteful, but that hides their negative impact.
Key Takeaway
Question the true costs of monopolistic control.
Themes
economics
power
competition
Mood
analytical
concerned
Type
economic
policy
When to use this quote
- regulatory hearings
- business strategy
- consumer education
Key Concepts
antitrust
market dynamics
consumer welfare
Questions to Reflect On
- What are the hidden costs of reduced competition?
- How can policy balance innovation and market fairness?
A Different Perspective
Monopoly arguments often oversimplify complex market benefits and harms.
