@cshentrup @jwmason railroads do have positive externalies for sure! they also have high fixed costs, low marginal costs, the ability to discharge debts and continue to operate after bankruptcy. if econ 101 style compete-to-marginal-cost dynamics hold, only the bankrupt survive. it's difficult to bring in new capital to expand or even maintain. if mkt power is tolerated to prevent that outcome, then pricing is largely discretionary, how do we distinguish covering fixed costs from profiteering?