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  US govt, 48 states sue Facebook for abusing power to crush smaller rivals The US government and 48 states have filed lawsuits against Facebook, accusing it of anti-competitive conduct by abusing its market power to create a monopoly and crushing smaller competitors The US government and 48 states have filed parallel lawsuits against Facebook, accusing the social media giant of anti-competitive conduct by abusing its market power to create a monopoly and crushing smaller competitors. Soon after the Federal Trade Commission (FTC) and 48 state attorney generals on Wednesday sued the company, Facebook's shares dropped significantly at the stock exchanges. The bipartisan coalition led by New York attorney general Letitia James alleged that Facebook has engaged in a systematic strategy to eliminate threats to its monopoly. This includes its 2012 acquisition of up-and-coming rival Instagram, its 2014 acquisition of the mobile messaging app WhatsApp...

  Sir W. Arthur Lewis Google Doodle: Forty-one years ago on this day in 1979, Lewis was jointly awarded the Nobel Memorial Prize in Economics for his pioneering work to model the economic forces that impact developing countries. Economist, Author and Professor Sir W Arthur Lewis Lewis' model seeks to provide a framework for understanding how relatively poor countries can develop economically. It begins by assuming that one of the characteristics shared by poor countries is that their economies tend to consist largely of "subsistence sectors" in which the supply of labor is very large and the amount of capital invested per worker is very low. The Lewis model describes a path whereby a developing economy can foster the growth of a new "capitalist sector," which will employ a growing share of the excess labor available from the subsistence sector. Over time, this capitalist sector can come to eclipse the subsistence sector, causing the overall economy to grow. Like...