Were The Beatles really fabulous?

Price competition reduces the incumbent’s margins to a lesser extents than its competitors’, but it also reduces all players’ return on capital below the level needed to encourage any investments. Better an egg today than a hen tomorrow is the everlasting adage of all dropouts. On the other hand, it’s the same old business dilemma of providing immediate benefit to buyers against putting a venture capital at stake to foster innovation and gain returns that will be certainly diluted over time but will eventually prove profitable. For the last two […]

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