alt Hacker NewsPP's point has (mostly?) been addressed in
https://www.aeaweb.org/articles?id=10.1257/mac.20180386
Inputs that can be monopolized are manifestly _not_ the intangibles; price-taking is independent of their effect
PP's point has (mostly?) been addressed in
https://www.aeaweb.org/articles?id=10.1257/mac.20180386
Inputs that can be monopolized are manifestly _not_ the intangibles; price-taking is independent of their effect
I don't think they implied that those inputs are the intangibles, only that the functional form assumption in the 2018 paper is unrealistic.