L.A., let Uber's cars share the road
Too often, innovations of risk-taking entrepreneurs are hindered by entrenched industry and bureaucratic roadblocks.
July 9, 2013
"These are just the latest chapters in an old economic story. Incumbents have long promoted regulation in the name of protecting consumers when their actual goal is to block new entrants and stifle competition. As Milton Friedman observed, "The pressure on the legislature to license an occupation rarely comes from the members of the public … the pressure invariably comes from members of the occupation itself."
Consumer protection is important. And rules to ensure safety and to deter fraud are necessary. But many regulations aren't about safeguarding consumers; they're about entrenching incumbents (at consumers' expense), and they're typically created by the very agencies that are supposed to oversee those incumbents."
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