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Focusing on Facebook and Google’s monopoly misses the point


In recent years, big tech has become ever more important to the U.S. economy and U.S. financial markets. The five biggest tech companies now represent more than one-fifth of the market capitalization of the S&P 500.

iStock Unlike most of the issues surrounding Big Tech, which are complicated because of the way online network effects change the economics of size, concern over anti-competitive mergers that jack up prices is very old and common.

By Noah Smith

The heads of four of the U.S.’s biggest technology companies — Alphabet Inc., Apple Inc. Facebook Inc. and Amazon.com Inc ...


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