Ron gave this speech at the Atlas Network Liberty Forum in New York where we put forward the idea that government overregulation doesn’t only impact systems, it affects people and market behaviour. At the time, Australia’s Consumer Tax was added to taxi surcharges, so consumers were paying an extra 11 per cent on their fares. International travelers to Australia were being cautioned by the travel industry against using credit cards to pay for taxi services to avoid the excessive charges.
Ron states that it’s clear these credit card payment regulations grow government, hurt consumers, and prove the law of unintended consequences.