How to Fix Big Tech Without Breaking It Up

Hal Singer makes his living as an expert witness in antitrust cases and teaching at Georgetown University’s McDonough School of Business. In recent years, he’s also become one of the handful of economists who are trying to shake up the once-staid world of antitrust theory. He’s testified before Congress, participated in a symposium held by the Federal Trade Commission, and made speeches in which he’s offered his own solution for how to reignite competition in the face of the power of Big Tech. Whether you agree with him or not, his ideas are being taken seriously in the halls of Congress, and have helped spark a debate that could have enormous consequences. What follows is a lightly edited and condensed version of a recent conversation we had about his ideas.

Joe Nocera: I wanted to do this interview because you’ve been very vocal about ideas for preventing the big technology companies — Amazon, Apple, Facebook and Google — from abusing their immense power. Before we get to that, let’s talk a little bit about the current antitrust standard: the so-called consumer welfare standard. Can you start by just explaining what it is?