“In industries where a lot of competitors are selling the same product - mangoes, gasoline, DVD players - price is the easiest way to distinguish yourself. The hope is that if you cut prices enough you can increase your market share, and even your profits. But this works only if your competitors won't, or can't, follow suit.”

American journalist

James Michael Surowiecki is an American journalist known for his writing on business and finance. He was a staff writer at The New Yorker. At The New Yorker, he wrote a regular column called "The Financial Page," which focused on business and finance. His work is associated with clear, public-facing commentary on economic topics.