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When companies are allowed to compete openly, without resorting to the government for special protections that keep competitors at arm’s length, some firms may even suffer as they try to adapt to better serve their customers. But in the end, it is the consumer who benefits the most as more companies means more options and more affordable prices.
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The firm has been in the business long enough to notice that certain users just don’t like to chat with their drivers. In order to keep these users happy (and prevent them from using another service in the future), Uber is rolling out a new “Quiet Mode” feature that gives the passenger the ability to pay more for a peaceful and undisturbed ride.
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Modern knowledge of physics clearly is not a sufficient condition for mass prosperity. If it were, Soviet citizens in the 20th century would have been just as prosperous as American and Canadian citizens.
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Imagine the challenge of a single company to come up with the full range of music available for the tastes of every composer, from a recording studio in the same plant where the player itself is manufactured.
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Why the voice call is like barter and the text is like modern money.
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Private enterprise has long provided the government with efficient solutions, even if the government itself undermines private efforts by using technology ineffectively.
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If we truly had a fully free market economy, this type of reaction would always be the norm. It is when crony capitalism reigns supreme that we have instances of companies knowingly pushing products that hurt consumers — with the support and blessing of the government.
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We need a vision and set of principles to fight back against neo-Luddites and their proposals to slow or stop technological change.
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Today’s neo-Luddite tech critics suggest that we should just be content with the tools of the past and slow down the pace of technological innovation to supposedly save us from any number of dystopian futures they predict. If they succeed, it will leave us in a true dystopia.
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Does the picture of a huddled mass of homeless people outside a robotic coffee shop suggest the ruins of late-stage capitalism? I think not. It represents instead the “great deal of ruin” policymakers create when they make policy as if the laws of supply and demand are optional.
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Government regulation isn’t just bad because it ignores the unintended consequences that restrictions produce over time. Regulation is also bad because it invites cronyism.
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If Schumpeter were alive today, he’d have two important lessons to teach us about the techlash and why we should be wary of misguided interventions into the Digital Economy.
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