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Quotation of the Day…

… is from page 104 of Tyler Cowen’s excellent 2019 book Big Business: A Love Letter to an American Anti-Hero:

What I do know is that new dimensions of product quality arise all the time, and supposed natural monopolies find out their monopolies are not so natural after all.

DBx: Yup

Only those who ignore economic history worry that, in market economies, today’s “dominant” firms without special government protection are immune to competition.