That Amazon's a pretty large company is true, that it's made Jeff Bezos very rich is also so. It's also possible to worry about all sorts of things in the economy. True, we tend to worry more about the amount of everything swallowed by the maw of government than others do but still, there are, we agree, real and valid bits and pieces to worry about.
That Amazon competes with other businesses really isn't one of those worries, but it's being claimed as one:
But the consumer trust it has built up does not reflect the damage the company does to competitors, partners and workers, according to Khan. “Only looking at a consumer side of a business power is totally ludicrous. It slices the human in half, not looking at them as a worker, producer or supplier.”
Well, as Adam Smith did point out - the sole purpose of production is consumption after all - that is the way w should think of the economy and matters economic. From the point of view of the consumer, what benefits them. But there's a doubling down on this bad idea here:
Without regulation, Amazon will “continue to extract wealth that other businesses are creating”, Khan added.
That's entirely what we want the company to be doing of course. That lust for profit leads to experimentation in how to extract it from us. Another name for which is innovation. Successful innovation - that which extracts excess profits from us - breeds its own competition. Thereby bringing profit down to normal levels, leaving us out here with the consumer surplus of the innovation bred out of the experimentation.
That's actually the point of the system, that some small fraction of the value generated sticks to the entrepreneurs and the capitalists - just enough to get them to keep on keeping on - while we consumers gain near all of the benefit. Exactly what has made us all so stonkingly rich by any historical or global standard.
There are even things which made this modern world which we can and should complain about but why this one? Businesses competing with each other make us rich? We're going to whine about that?