Antitrust theory as properly envisioned handles the case of low/free prices just fine. It’s only the warped and perverted version of antitrust theory advanced by Robert Bork and subsequently adopted by the US Government, where prices are the only measure of consumer harm, that can’t deal with it.

Fortunately the wheels are starting to turn to improve the situation— Lina Khan’s article in the Yale Law Journal about Amazon’s anticompetitive behavior has been an earthquake in the law world and we may be in the early stages of shaking off the Bork madness.