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Corky

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Wednesday, June 16, 2021

President Joe Biden has named Lina Khan as the chairwoman of the Federal Trade Commission, giving the regulatory authority's top spot to one of Silicon Valley's most prominent critics. read more


Tuesday, June 15, 2021

Researchers at the intelligence firm Logically said Tuesday that they have identified an influential figure in the QAnon conspiracy community who pushed dangerous narratives about coronavirus and child trafficking. read more


Monday, June 14, 2021

As liberals increasingly rebuke President Joe Biden for his ongoing negotiations with a bipartisan group of senators, one prominent progressive lawmaker is staying out of the fray. read more


Thursday, June 10, 2021

Alan D. Blotcky: A growing and prevailing view is that Donald Trump has become delusional. His fixed and intractable obsession with his Big Lie is seen as proof of his psychosis. read more


Wednesday, June 02, 2021

An eight-episode docuseries from 'Amy' director Asif Kapadia explores a groundbreaking year for rock, soul and R&B.

Never a Dull Moment, the superb book that inspired this up-close look at a cultural renaissance, is unequivocal: The early '70s, says author David Hepworth, were "the most febrile and creative time in the entire history of popular music," and 1971 was "the most innovative, most interesting and longest-resounding year of that era."

To those who weren't there, and maybe even to some who were, that might sound like boomer bragging. Until you take a look at the evidence, as 1971 does in eight potent installments.


Comments

"The surprise move elevating Khan to one of the most powerful regulatory positions in Washington was announced by Sen. Amy Klobuchar, D-Minn., at the start of a hearing on Tuesday. It came shortly after the Senate confirmed Khan as a commissioner in a 69-28 vote.

Democrats will now have a majority on the five-member commission, which Khan likely will steer toward more aggressive examination of tech companies' alleged abuse of monopoly power.

Elizabeth Warren, D-Mass., said Khan leading the FTC is "tremendous news," saying in a statement that "giant tech companies like Google, Apple, Facebook and Amazon deserve the growing scrutiny they are facing and consolidation is choking off competition across American industries."

===
The rapid rise of Khan, 32, a Columbia Law School associate professor, followed a 2017 scholarly paper entitled "Amazon's Antitrust Paradox" that she wrote as a law student at Yale University. The paper went viral in some influential circles and led some to call her the leader of the progressive movement known as "hipster antitrust."

She argued that the unmatched dominance of tech titans like Amazon shows that U.S. antitrust laws are broken and that regulations need to be rewritten to curb abuses of power.

Since the late-1970s, courts have largely interpreted U.S. antitrust law to mean that if prices are lower for consumers, then markets are working as intended. But Khan said that view is out of step with the modern economy. She argued that tech companies have used predatory tactics to kick competitors out of the game, which she says should be seen as illegal under fair competition laws.

"She challenged an orthodoxy with others, built a new community, that has changed the debate," said Bill Kovacic, a former chairman of the Federal Trade Commission.

In recent months, Khan helped write a sweeping 449-page report for House Democrats that outlined the case for paring back the power of Apple, Amazon, Facebook and Google. House lawmakers last week introduced five bills to greatly regulate, and perhaps even break up some of the companies."

Damn that liberal-hating Joe Biden!

"One of the best-kept secrets in economics is that there is no case for the invisible hand. After more than a century trying to prove the opposite, economic theorists investigating the matter finally concluded in the 1970s that there is no reason to believe markets are led, as if by an invisible hand, to an optimal equilibrium " or any equilibrium at all."

Harvard Business Review

hbr.org

Myth: Any new corporate taxes will just get passed on to consumers (or other costs)

Often, if taxes are raised (or other costs go up) for businesses, the owners say that they will just raise prices and pass the costs on to their customers.

This claim is often accepted as fact because many people don't know about "elasticity of demand".

Elasticity of demand is perhaps the most important basic idea in economics that many people don't know.

It's a little technical, so here's a short version and a long version:

www.cs.cmu.edu

maybe I'll change my handle to Mythbuster!

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