No monopoly

Cell phones replaced dial phones years ago because they worked better for us customers.  You're probably glad the government didn't step in to stop them from competing with the old technology. You and everyone else on the planet prefer the new technology.

It's called "creative destruction" because demand for the old product is destroyed when a better product comes along. Makers and sellers of the old product may fight it. We could be in at least a couple of cycles of creative destruction now, both involving the car industry.

Taxi-cab companies in Chicago lost an attempt last week to get a court decision against their competition, Uber and Lyft. The judge basically said no company has a right to monopoly.

"Our economy depends on constant innovation – and that sort of innovation can’t occur when governments allow themselves to be used by existing businesses to shield themselves from competition."