The Sharing Economy and Local Regulation

Uber, Lyft, and Airbnb as libertarian experiments in regulatory arbitrage

The Experiment

The sharing economy companies launched as explicit regulatory arbitrage plays: entering markets whose existing regulations did not anticipate their business models and operating in the gap between the regulation of incumbents they were disrupting and the absence of specific regulation for the new model. The libertarian case: the incumbents had used regulation to entrench themselves, and the new entrants were using market innovation to bypass the regulatory moat.

The Regulatory Response

The cities and states have developed new regulatory frameworks specifically for the new models, eliminating the arbitrage while accommodating the innovation. The ride-sharing and home-sharing regulations that have been enacted vary widely in their restrictiveness, from the permissive approach of Texas to the restrictive approach of New York.

Surf Revolt Coverage

Surf Revolt covers the sharing economy regulatory history because it is the most important recent case study in the libertarian claim that markets can outpace regulation and that innovation can break regulatory capture.

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SOURCE: https://bohiney.com/

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