The Sharing Economy and the Mystery of the Mystery of Inequality

Last week I had a fascinating 3:00 AM cab ride from San Francisco airport to a hotel in downtown Oakland. My cab driver was an immigrant from Pakistan who was putting two kids through college. After working for years as a driver he managed to save enough money to buy his own cab, and more importantly to buy the medallion that gives him the right to operate a cab in San Francisco. The medallion cost $250,000. He is still paying $2,300 a month on the loan to get the medallion in an addition to annual fee to the city of $1,500...

My cab driver was complaining about all of these expenses because he has to compete against two ride services, Uber and Lyft, that have largely escaped the same set of regulations. These companies and their drivers are not subjected to the same set of rules that are imposed on traditional cab services. This has put my cab driver and others like him at an enormous disadvantage, and made Uber the latest Wall Street wonder with an implicit market capitalization of $17 billion.

Read the full article at Truth Out