The New York Taxi and Limousine Commission just sold two taxi licenses at auction for the record price of $705,000, according to the NY Post. An aluminium plate on the hood of a yellow cab, the taxi medallion is a license to legally pick up passengers that informally hail cabs from the sidewalk. This privilege is reserved for the 13,237 licensed yellow-cab operators. This system works very well for those that are in the system, much like a cartel or a medieval guild. It benefits those that are in the system at the expense of other drivers that might want...