A Small Metal Plate Was Worth $25,000 for One Reason: a Law Capping Its Supply
In mid-20th-century New York, a small metal plate that let its owner operate an independent taxi sold for up to $25,000 - an enormous sum at the time for a piece of metal with no intrinsic value. Milton Friedman used this example to show how government inadvertently creates massive monopoly profits simply by capping supply.
Think & Rich