Medallions and monopolies

posted by
November 17, 2011
Center for a Stateless Society
by David D'Amato  
Posted in Commentary

"The high price of medallions is, of course, a corollary of their scarcity, of the fact that they have the practical function as the only inroads into owning a legally operating cab. Once barriers to market entry are erected around cab driving, or any other worthwhile economic activity, those who control access to that activity can collect tolls at the entryways." (11/17/11)  

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