Your Absolutely Non-Shocking News of the Day

Competition in the marketplace is a good thing!

It’s like Uber, for economists.

Simply click on the website of the Economic Experts panel hosted by the Initiative on Global Markets at the University of Chicago, and it will immediately summon an easily digested summary of the insights of mainstream economics into continuing political controversies. As with Uber, the results are convenient, reliable and mobile-friendly. All of this is powered by a network not of drivers looking for riders, but of leading economists from an array of schools of thought and political persuasions willing to be surveyed about controversial public policy issues.

The latest survey asked these economic experts about ride-sharing services, like Uber and Lyft. These services are popular with customers, but are despised by their competitors. The incumbent taxi and limousine services have largely eschewed trying to compete with lower prices or better service, instead working behind the scenes to persuade regulators to banish ride sharing. Their arguments dress their naked self-interest in the guise of public policy concerns. But do the economists buy it? Should regulators restrict the prices, the number of drivers or the available routes available to Uber and its brethren?

In a word: No.

Now, if only someone would pass along the information to politicians who are in the pocket of the taxicab cartel. (Link via InstaPundit.)