“Monopoly” no synonym for “consumers massively preferring good companies”
In this week’s column for the Globe’s Economy Lab feature I have a little fun with words. Specifically I call to order those who erroneouslyÂ call Google’s dominance in the search engine market a “monopoly.” It is nothing of the sort when consumers freely choose one provider’s product or service over that of its competitors, which is the case with Google and was the case in earlier times with Microsoft, IBM and others who have all been unfairly and inaccurately treated as monopolists.
If you want to find real monopolists, you should look at those companies whom the state shelters from the bracing winds of competition, technological change and consumer preference. Supply management and the post office, anyone?