Uber and the economic impact of sharing economy platforms. "We the public are tired to Taxi companies ripping us off. In the third, Uber will be the focus; it is this third section that builds a bridge to the next chapter. What if hipsters had to grapple with worker's comp premiums, payroll taxes, Title VII, hours-in-service, etc.? The reason is that the agents in the markets adapt their decision-making to the very factors distorting them. As it is not necessarily so that markets fail, it is not necessarily so that market agents always disprove of market power. In this dynamic view, rules would emerge from human action as a certain type of cooperative practice. Has anyone ever said that Uber will solve *all* our transportation problems?Also, apparently it's a "market failure" if people exercise agency in deciding whom they prefer to conduct business with.People can't be allowed to freely make decisions, because they might make the wrong ones. Look it up!Don't think so. For example, people have no market influence over telephone regulations.
As long as the preconditions for engaging in the market process – for example, monetary stability, symmetry of risk and responsibility, freedom of choice – are aligned, individuals or voluntary groups will be able to do what they consider best.
That does not mean that a market-clearing configuration will automatically be reached, but there is always at least one potential optimal situation for every market and this situation can be reached primarily by the market agents through their interactions, secondarily by regulation. Grounded in a particular understanding of the economic concept of the market as a series of processes, this book explores the implications of creative destruction, competition regulation and the role that businesses play.
Uber and the sharing economy pose many important questions even before the start of the case study of this book, which is Uber and the relationship between innovation and regulation.
But I think you raised another good point related to incomplete markets, which in only one of the many market failures in urban transportation Uber (free market) cannot solve on its own.If so, then Uber will free up taxis to service these poor neighborhoods.In most jurisdictions, as a condition for obtaining a license, you must service all geographic areas. But by the same standard, individuals should be able to opt out of regulations. The IRS per mile rate is $0.56 which, in my experience, is fairly accurate when it comes to gas, maintenance, depreciation, etc.Who is going to take better care of their car, a driver that owns it or a driver that uses one from a common pool. Let’s assume, for the sake of argument, that there is anything defining the sharing economy: why shouldn’t Uber belong to it? This is also a very established driver. Austrian economics is called such because it began in the University of Vienna. I think you're missing a fundamental point: monopolies are fundamental tenets of the left's political and economic philosophies.Maybe in the UK in 70's.
The sharing economy is not different from the traditional economy; to the contrary, it applies and broadens the application of market processes and individual actions. The difference is that progressives support government monopolies by first principle.Here's another good article on the medallion situation: http://www.washingtonpost.com/blogs/wonkblog/wp/2014/11/27/as-uber-fights-new-battles-over-privacy-an-older-war-simmers-with-the-cab-industry/In NYC that's nominally $180,000 x 13605 medallions = $2.4B. It is just a successful company. It is only logical that the more flexible individuals are to use their finances, the more opportunities to invest they will seek.
Because this institutional view implies that there are hard-fact results of markets and that regulators can anticipate these results. But from the overall economic perspective, there is an even more pressing question: is there anything radically new in the sharing economy?Judging if the sharing economy is radically new depends on the standard for comparison. Kirzner (1976, 3.1.14) establishes the link of individual, entrepreneurship and process:Misesian theory of human action conceives of the individual as having his eyes and ears open to opportunities that are ‘just around the corner.’ He is alert, waiting, continually receptive to something that may turn up.
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the economics of uber