In an effort to protect the entrenched taxi and limo industry from competition, the city of Dallas is poised to rewrite limo regulations. As a reminder for officials who may not remember, a simple, standard, and time honored rule of the free market is that business must innovate and adapt in order to keep up with competitors – businesses that fail to do so lose market share and wither away.
It appears Dallas is willing to engage in a different time honored (but anti-free market) tradition: the protectionist racket. By increasing barriers to entry for market competitors, the city will preserve the 19th century business model of an industry that doesn’t want to adapt to the 21st century. The economy and consumers will suffer from lack of choice and innovation while entrenched politicians and businesses benefit from a cozy relationship that preserves the status quo. Nice work, Big D.