October 4, 2018
By Daniel Sutter
Social media giants may meet the popular definition of 'monopoly.' (photo/Wikimedia Commons)
Some commentators and politicians have proposed regulating Facebook, Twitter, and Google as public utilities. To make sense of this proposal, let’s consider the economic role of public utilities.
Today’s social media giants might meet the popular definition of monopoly, namely having a very large market share. Economists, however, use a much stricter definition, and public utility…