IN THE WALL STREET JOURNAL, a very favorable review of my colleague Maurice Stucke’s book (coauthored with Ariel Ezrachi of Oxford), Virtual Competition: The Promise and Perils of the Algorithm-Driven Economy. Excerpt:

“Virtual Competition” displays a deep understanding of the internet world and is outstandingly researched. The polymath authors illustrate their arguments with relevant case law as well as references to studies in economics and behavioral psychology. There are almost 100 pages of endnotes. But the writing is clear and lucid, and the text is sprinkled with wonderful illustrative vignettes. There is the story—a “joke in IT circles”—of the man who excused himself in the middle of an important business meeting because he noticed several advertisements for alarm systems popping up on his smartphone. He was convinced that his house had just been burgled. And the story of the man who complained to Target because his high-school-age daughter was receiving promotions for baby clothes and cribs: “Are you trying to encourage her to get pregnant?” Later he apologized. “It turns out there’s been some activities in my house I haven’t been completely aware of. She’s due in August.”

The most controversial issue raised by the book concerns what governmental responses and intervention are appropriate. One view would be that any regulation should be “light touch.” An attempt to overregulate is likely to stifle innovation and interfere with the most dynamic sectors of our economy. On the other hand, the super-platforms have enormous power, and as they expand their data advantage and market power they will increase their competitive advantage. The two largest mobile super-platforms, Apple and Google (Alphabet), are the world’s most valuable companies in market capitalization. Facebook, Amazon and Microsoft are not far behind. “We cannot assume that the digitized hand will always protect our welfare,” say Messrs. Ezrachi and Stucke. At the very least we need to ask ourselves if the 20th-century regulatory framework is appropriate for the 21st-century digital economy. “Virtual Competition” is a very useful step in that direction.

You know, given that President-Elect Trump has said he wants more antitrust regulation for Internet businesses, he could do worse than appointing Stucke to head the Antitrust Division at Justice.