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Taxi Regulation, Deregulation, and Reregulation: Paradox of Market Failure
- dylanjermiah 11y ago"Taxicabs are an essential part of the urban transportation infrastructure, and some would argue, in the nature of a public utility. 250 As we have seen, the unregulated taxi market suffers from the absence of a competitive market, imperfect information, significant transactions costs, externalities, cream skimming, the loss of economies of scale and scope, and destructive or excessive competition, collectively producing demonstrable deleterious economic and social consequences. " And now we've come full circle.