Comment by derbOac

I think this is the thing these types of arguments miss. Regulations are the result of another type of market, the vote market. That's the whole point, to counteract hidden failures of the market with another feedback mechanism.

For what it's worth, imho Thompson presents a strawman argument about oligopolies to avoid the real critiques. He even kinda contradicts himself at the end because it's convenient for his argument.

It's never really about oligopolies writ large, it's about the players in the local decision in the moment (which is all that matters) and who profits at whose expense with what consequences.