A number of people say Google and Facebook
should become public utilities.
But if you think about it, it's actually very difficult
to achieve.
For one thing, you know, to do public deregulation,
you have to regulate the profits.
So you have to measure the costs, measure the revenue.
OK, measure the cost, you know, Google
were just small startup at the start they were financed.
They was probably one out of 10 or one out of 20
to succeed, just like a drug company, a new drug.
And so you have to factor in the probability of success
in there, and we have no clue as to what this probability
of success could be.
And then the revenue, those companies are global.
And of course, what they do is to put their intangibles,
you know, the intellectual, you know, the patents,
or all the data, they put that into some country
where the taxation is low.
And they will do-- they will do the same thing
if we started to regulate them as a public utility.
And not to mention the fact that things move very fast,
which brings me actually to breakers because lots of people
also say you should break up Google and Facebook.
But think about Google, for example.
You know, if you want to break a firm the way we broke up AT&T,
we broke up electricity companies or railroad
companies, depending on the country,
you had to identity an essential facility.
An essential facility is some kind of business segment you
cannot duplicate easily.
So clearly you cannot just duplicate the tracks
and the station in New York, right?
I mean, there's no way a railroad
company can duplicate that.
It's very hard to duplicate a transmission high-power voltage
grid, right?
It's not doable.
So those are kind of natural monopolies
or essential facilities.
For AT&T, it was the local loop, right?
So you take that out, and you prevent
the owner of that essential facility
from reentering the segments.
So it's a line of business restriction.
That's what was done with AT&T, or at least you
make sure there's a level playing
field with the competitors in the competitive segments.
So for that, you need to limit the times, the bundling,
the predation, and so on on the rivals.
Now try to do that with Google.
First, you have to ask yourself, what is the essential facility?
OK, search engine, let's assume it's a search engine.
So you take the search engine and you cut it from--
you cut it from Waze and YouTube and Gmail and whatnot.
Now you ask yourself, will the search engine
work as well without Waze, Gmail, YouTube, and so on?
Not quite because, of course, they
use lots of data from your personal profile,
right, to guide you to other things
that you might want to buy or to look at.
So the data are common input to all those services
so it becomes harder actually to break up things.
Not to mention the fact that the technology
is changing very fast.
And railroads-- I hope nobody is working
on railroads or electricity or even telecoms
in the '80s.
I mean, those were technologies which had been there
for a century, right?
So you cut them into pieces, that's fine.
But you know, if you start thinking about the internet,
things change pretty fast, right?
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