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One of the peculiarities of the debate over whether to regulate ride hailing more or not, is the assumption on the pro-regulation side that Uber drivers are chumps. For example, this screed by JoeMerchant:

And, the genius of Uber is:

- people enjoy driving, so it doesn't feel like work, so why not get "paid" even if it's barely break-even for the risk and actual expenses for doing something you enjoy?

- people are stupid about what they call "sunk costs" - your car is only a sunk cost if you are never going to replace it, tires wear by the mile, as do timing belts, alternators, water pumps, and all the other things that are going to need service before you send the car to the junk heap. Even the window seals and other things not normally serviced wear faster when exposed to driving as opposed to being parked, particularly if you park in a shelter.

What's missing from the above analysis is also "- people learn from experience" and "- people aren't going to get out of bed, if their cut of the action is too low."

Let's consider that first bullet point. People learn from experience. I doubt, for example, that JoeMerchant learned of the many costs of car ownership from a class or via hearsay. Similarly, how is one to learn the many niggling details of the cost of being their own employer (or an employer of others!), if they never experience it?

It's no secret that Uber has massive turnover, in part due to the heavy competition by drivers who are not fully clued in. So what? That's thousands of drivers who each year will learn what competition and costs mean at low cost to the rest of us (we get a lot of cheap rides out of this, remember?). And as bonus, they'll get a piece of JoeMerchant's hard-earned tax dollars and we get a quality bellyache from a guy who wouldn't have cared in the least otherwise, if Uber weren't somehow peripherally involved.

Let's consider another example which occasionally is seen in universal basic income (UBI) arguments. When people don't have to work, they'll instead pour their time into hobbies which somehow will be better for us than the work would be. We'll get like one or two orders of magnitude more awesome guitar solos. That surely more than compensates for having fewer people who actually know how to do stuff that keeps societies functioning, right?

That's also ignoring that most peoples' hobbies will be watching porn and other push media on the internet.

How does one learn to manage their time, or manage other people, if they never do it? The nuts and bolts of particular industries? How to help people? The huge thing missed is that all this work has created a huge population of people who know what they are doing. Take it away and you take away the competence as well.