Tuesday, December 13, 2011

"Economic Fairness"

By Walter Williams

"Say a person wants to become a taxi owner. He has a driver's license, a car and accident liability insurance. Is it fair that in New York City, he has to first purchase a taxi license (medallion) that as of October sold for $1 million? Taxi licenses in Chicago go for $56,000. In Boston, they are $285,000, and in Philadelphia, they run $75,000. Is that fair competition?"

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