The Regulations in NYC’s Taxi Market
In 1937, New York City introduced the taxi medallion. Taxi industries in cities have long been closely regulated, as people fear that without official standards, taxi drivers would either face unreasonable job insecurity, or taxi companies would be able to act as price discriminating monopolists, thereby reducing consumer welfare derived from taxis to zero. The taxi medallion is a licence to operate in New York … Continue reading The Regulations in NYC’s Taxi Market
