About the Scholar: Pioneer Scholar Jiazan is from Auckland, New Zealand, where he attended Auckland International College
Uber is one of the biggest names in business today, and, according to Jiazan, a catalyst for “creative destruction,” the process by which economic structures are revolutionized due to innovations in technology or production methods.
Jiazan explains that by becoming a substitute for taxi cabs, Uber has rendered a traditional mode of transportation obsolete. But his paper finds that creative destruction is ultimately a positive force: consumers pay less for a higher quality service and the new firm makes a profit. Jiazan encourages governments to regulate monopolies like Uber minimally, allowing their innovations to flourish.
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