One of the biggest pieces of international news this week was the announcement that the US Department of Justice is suing Google over its alleged monopoly in search (see US justice department sues Google over accusation of illegal monopoly). The market power of the tech giants has been questioned for some time now, and you may recall the Australian Government has proposed a regulation which would give traditional media companies like News Corp and Nine-Fairfax greater bargaining power relative to tech giants such as Google and Facebook.
Earlier this week, I spoke with my Adept Economics colleagues Taylor-Rose Hull and Ben Scott about recent developments in the battle between the tech giants, on the one side, and governments and traditional media, on the other side. Our conversation has been published as my latest Economics Explored podcast episode. Among other things, we discuss whether it would be better to allow Schumpeterian creative destruction to occur rather than regulating in favour of legacy media.
The discussion is based on the following article published on the Adept Economics website: