Uber, from Stefan Jovanovich

December 28, 2014 |

 Uber is already in the process of making the necessary regulatory captures. What those of us stuck in the 19th century lane foresee is their being undercut by local Uber knockoffs that demand "equal access" — i.e. using their own (or even Uber's software) to provide local alternatives. I am not saying that these locals will make money any more than most short line railroads did in the last quarter of the 19th century; what I am saying is that they will undercut Uber's "network" profits with the same efficiency that short lines undercut the large roads in lawfaring before the ICC. Markets work in lobbying just as they do in so-called "free enterprise"; what is maddening to the people who keep score by money is that the efficiency of political markets is measured by people's perceptions of satisfaction, not by actual increases to their wealth.


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