Why is this not true for every type of market? Taco stands, barbershops, web designers, attorneys, parking lots, dog walkers, etc? Couldn't you just replace "taxicabs" and "drivers" with any kind of business or industry?
Isn't the collective end goal of the competitive marketplace supposed to be razor thin margins due to competition? I live in NYC and prior to Uber, 1) taxi medallions were valued at high six figures, 2) service was terrible, 3) prices were too high, and 4) actual drivers still made shit money.
I think Uber and Lyft and others have improved all of that, to be honest. Competition is a beautiful thing.
Isn't the collective end goal of the competitive marketplace supposed to be razor thin margins due to competition? I live in NYC and prior to Uber, 1) taxi medallions were valued at high six figures, 2) service was terrible, 3) prices were too high, and 4) actual drivers still made shit money.
I think Uber and Lyft and others have improved all of that, to be honest. Competition is a beautiful thing.