“Monopsony” wins hands down for today’s title. Used in “How Book Publishers Can Beat Amazon,” “monopsony” is defined in the enlightening piece by Bob Kohn as when a buyer of goods has the power to unlawfully lower the prices of what it buys. “Monopsony” is the mirror image of “monopoly,” which is when a seller of goods has the power to unlawfully raise prices. Seems to me we have a lot of situations these days that sure feel like monopolies and monopsonies. Take the airline industry, which has three or four major carriers that keep finding new ways to wrest money from their customers. And Walmart, which seems to control its suppliers perhaps more than it should. Anyone up for creating a game called “Monopsony”?
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