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People gain from voluntary trade:
Taxi drivers are willing to trade a fixed fee in order to gain more money from being permitted to work. The taxi drivers cooperate with the taxi companies by paying a fixed amount for a taxi medallion in order to work and drive a cab. Taxi drivers trade in order to gain more profit by working which includes wages and tips.
Everything has a cost:
Taxi drivers have the explicit cost of the imposing fixed fee, as well as the implicit cost of time and energy.
Taxi Medallion: a permit issued by the government that is required to drive a cab in most cities in America.
People create economic systems to influence choices and incentives:
The government issues a limited amount of taxi medallions to taxi companies, therefore the job is a competitive market. Taxi companies have tremendous power over their employees, in which they are able to charge numerous expenses on them.
People gain from voluntary trade:
Taxi drivers are willing to trade a fixed fee in order to gain more money from being permitted to work.
http://blog.priceonomics.com/post/47636506327/the-tyranny-of-the-taxi-medallions