"According to conventional wisdom, innovation disrupts industries. Small, innovative, nimble companies overtake and eventually destroy their dinosaur-like predecessors."

"The underlying assumption behind these archetypes is that innovation creates greater efficiency (""faster, smarter, better""), thus propelling small, innovative companies forward at the expense of their larger, hide-bound competition."

"While innovation might (sometimes) create greater efficiency, efficiency itself makes innovation less likely by causing a concentration of profit and power for one or two companies inside each industry."

"Google, Amazon, and Facebook completely dominate their respective markets to the point that no amount of innovation is likely to disrupt or displace them."

"The same is now true in virtually every industry, which have conglomerating into one, two, or (occasionally) a handful of market participants who have achieved efficiencies of scale and thus no longer need to innovate to survive."

"Social unrest. Efficiency through automation and efficiency through outsourcing result, respectively, in unemployment and slave labor (which is far more common than most people realize)."

"Structural fragility. Efficiency tends to create monolithic structures that are easily damaged."

"Corporate welfare."

"Less entrepreneurism. There is an exact correlation between the rise of these mega-corporations in the past two decades and the decline in the number of startups, which has been steadily shrinking for years."

"Martin suggests that, rather than encouraging efficiency, governments should encourage ""resilience."" A resilient market would have multiple players and less concentration of profit and power, and therefore more competition and innovation."

"Rather than opposing monopolies per se, the government encourages industry consolidation if it results in lower prices, even if that consolidation decreases the tax base and creates more government expense."

"I realize that this concept--that efficiency is the enemy of innovation--is difficult to get one's head around."