Consider a country (Australia or another country) where a taxi industry is highly regulated. In this industry, taxi operators and drivers have significant market power. Economic theories can be used to show that lack of competition and extensive regulation could cause deadweight loss (inefficiency). In addition, Uber has been operating both legally and illegally in some cities in that country. There is a proposal to change policy (hereafter called the Project) that would allow Uber to be legalised and regulated. You are required to conduct a literature review in order to understand more about this case. Particularly, your literature review aims to assist the social cost and benefit analysis of the Project.
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