Today's regulators must react to fast-paced technological change like ridesharing services offered by Uber and Lyft. These regulators are making decisions that will likely have a big impact on the pace and direction of innovation. If they are not careful, their policy interventions could hurt both the economy and consumers.
For example, earlier this month, Uber lost a court battle in the UK that would require London cabbies to pass an English test. Lawyers for Uber argued the language requirement would cause 33,000 existing drivers to lose their livelihoods, and that the rule is excessive. In contrast, Mayor Sadiq Kahn reported he was “delighted” that his plans to “drive up standards and improve passenger safety in London” will now be implemented. He further noted that “drivers being able to speak English and understand information from passengers and licensing requirements is a vital part of ensuring passengers get the high standard of service they need and deserve.”
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