Does the Government Have to Step in to Keep Uber from Losing Money?

That is in effect what Steven Hill argues in his NYT column today. While the column makes many useful points about Uber's impact on the environment and its treatment of its drivers, the underlying issue is that Uber is hugely subsidizing its rides, causing it to lose $4.5 billion in 2017. Hill proposes that the government either require Uber to raise its fees or that it impose a tax to offset the loss.

While the idea of leveling the playing field is appealing, it is worth asking why a company...