This whole problem exists not because taxis didn't embrace technology soon enough, but because in 1936 they put a cap on issuing new medallions in NYC. Which me

This whole problem exists not because taxis didn't embrace technology soon enough, but because in 1936 they put a cap on issuing new medallions in NYC. Which meant that since then, irrespective of the economic growth and the number of people, the number of taxi cabs became severely restricted. This created an artificially increased prices for taxies. In the year 2011 a taxi cab medallion was sold for $1 Million in 2011 [1]. Taxi Cab industry is a heavily regulated industry which was screwing only one group of people, i.e. the consumers. This is why there is little love for the cab industry in America. For more economic analysis on this, check out the lecture by Murray Rothbard given in 1989 at NY Polytechnic [2]. 1. https://cityroom.blogs.nytimes.com/2011/10/20/2-taxi-medallions-sell-for-1-million-each/ https://cityroom.blogs.nytimes.com/2011/10/20/2-taxi-medalli... 2. https://mises.org/sites/default/files/Government%20Cartels%20Murray%20N%20Rothbard.mp3 https://mises.org/sites/default/files/Government%20Cartels%2... [Part about taxi cab medallions start from 29:21]