Source: Isonomia Quarterly
by George Agbesi & Joshua D Ammons
“At one point, Gordon Tullock thought taxi medallions were inefficient but intractable institutions, a classic example of what he called the transitional gains trap. The medallion system persisted not because it served the public, but because the rents it generated were capitalized into medallion prices, making any reform politically impossible. Then came Uber, and within a matter of years this supposedly permanent institution crumbled. What if a similar technology shock could do the same for societies lacking the rule of law?” (03/27/26)
https://isonomiamag.substack.com/p/betting-on-better-governance