Thanks for this. The Exon graph says it all. Whilst I am with you with monopolies stifling innovation there is another spin to the story. We are familiar with it. Rockefeller was the quintessential capitalist. He found a great product that everybody wanted, cornered the supply and manipulated demand. And the bit we miss is… ‘that everybody wanted’. If folk had said no to cars, warm houses, copious food etc.. he wouldn't have had any of it. But we didn't and still don't. It's a conundrum.
Yes, the Exxon graph is fascinating. My colleague at Oxford is drawing a parallel with smoking, essentially making a legal argument that if as a firm, you conceal that your product can cause significant harm, then the consumer does not have full information. Tobacco companies were sued over this concealment. It seems like fossil fuel companies may be at risk of similar litigation. In their case it's arguably a little worse as they actively sowed doubt on climate science.
I have previously enjoyed reading Philippon's 'The Great Reversal: How America Gave Up on Free Markets' which complements your piece from the perspective of today.
Thanks for this. The Exon graph says it all. Whilst I am with you with monopolies stifling innovation there is another spin to the story. We are familiar with it. Rockefeller was the quintessential capitalist. He found a great product that everybody wanted, cornered the supply and manipulated demand. And the bit we miss is… ‘that everybody wanted’. If folk had said no to cars, warm houses, copious food etc.. he wouldn't have had any of it. But we didn't and still don't. It's a conundrum.
Yes, the Exxon graph is fascinating. My colleague at Oxford is drawing a parallel with smoking, essentially making a legal argument that if as a firm, you conceal that your product can cause significant harm, then the consumer does not have full information. Tobacco companies were sued over this concealment. It seems like fossil fuel companies may be at risk of similar litigation. In their case it's arguably a little worse as they actively sowed doubt on climate science.
An excellent read, Sugandha. And very timely.
I have previously enjoyed reading Philippon's 'The Great Reversal: How America Gave Up on Free Markets' which complements your piece from the perspective of today.
Hi Pernille, thanks so much for reading the post - makes my day! I'll definitely check out the book. Sounds very interesting.