Uber Essay Sample

uberUber is used to connect riders with the drivers in what is related to the transportation. This in turn generates significant economic activity, as well as provides a range of economic opportunities. A great example of the total Uber’s impact can be seen in the City of Chicago. According to the most recent investigations of the issue, the total impact of the operations of Uber in the city was more than $46 million.

    As revealed by the study performed by ECONorthwest, the Uber’s technology platform has brought the following economic contributions:

  • The total gross impact on the economy of the city was up to $46 380 000 and as the time is passing by the impact is expected to be even larger. The economic impact is going to scale proportionately to the revenue growth of Uber.
  • In 2013, both the efficiency and the convenience of Uber’s tech provided 25 000 extra rides in Chicago that is more than the transportation market would ever do without Uber’s options.
  • Uber has also brought near 1 049 new jobs in the City of Chicago in 2013. But the thing is that Uber never hires drivers. The figure mentioned above includes the new direct jobs provided for the transportation providers and indirect jobs from transportation-related fields.

According to the experts, Uber has brightened financial future for many citizens and become the only source of support for many families.

In order to estimate Uber’s economic impact on the country’s macroeconomic level, the experts highlighted eleven cities with perfectly established Uber operations. The latter include providing three vehicle classes such as: UberX, UberBLACK and UberSUV. The overall economic impact of Uber is an actual sum total of every economic activity within the region that is linked to the business of Uber. This includes payments received from the Uber-Uber’s partners riders, all activities formed when partners begin to spend funds to provide rides, as well as all extra spending that partners tend to take on as a result of their income as drivers.

The additional value provided by Uber actually flows through every driver as well as supports additional economic activities even beyond the given ride. And finally, consumers also have a great opportunity to benefit from Uber economic rewards – by virtue of the fact they prefer to spend funds on the rides with Uber instead of the other alternative money use. That’s how the so-called ‘consumer surplus’ is being created.

The experts have estimated all incremental rides in a range of steps. With the help of the conservative estimates used for unknown parameters, the specialists have first revealed the implied perceived cost of each of Uber ride. It is important to mention that the calculation was performed on the basis of the estimated time cost of Uber, cross-price elasticity of the taxis demand and the observed market share of Uber rides. At the end of the process, the perceived cost was used in combination with the range of literature-based estimates of the demand price elasticity within the taxi field. The results have proven the expansion of the incremental supply of rides within the city.


  1. National Highway Traffic Safety Administration, Alcohol-Impaired Driving, Dec. 2013, at
  2. Alliance Against Intoxicated Motorists, 2012 DUI Facts, at
  3. Dr. Robert Bruno, Driven Into Poverty, University of Illinois’ School of Labor and Employment Relations, at images/Taxi_Income_Report_-_Final_Copy.pdf.
  4. Emily Badger, Taxi medallions have been the best investment in America for years. Now Uber may be changing that, The Washington Post, Nov. 27, 2014, at
  5. I-Team: Cab Riders’ Gripes, Drivers Exposed, WLS-TV, May 13, 2014, at
  6. Jason Meisner, Cynthia Dizikes and Joe Mahr, Tribune Investigation: Courts drop most cases against frequently ticketed cabdrivers, Chicago Tribune, Sept. 23, 2011, at chi-tribune-investigation-courts-drop-most-cases-against-frequently- ticketed-cab-drivers-20110922-story.html
  7. Rules and Regulations for Affiliations, City of Chicago Department of Consumer Services Public Vehicle Operations Division, Dec. 23, 2001, at rulesforaffiliations082909.pdf.
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Bitcoin Essay Sample

bitcoinYou have definitely heard a lot about Bitcoin. But…what is it all about? To cut it, Bitcoin is the most popular digital currency at the moment. The whole point is that the user is provided with an opportunity to use Bitcoin in order to pay for stuff without the necessity to approach a third-party broker. To make it simple, make sure to think about it like one huge ledger that is being shared by many users to complete many procedures: when one pays for something, or gets paid, the transaction is recorded directly on this very ledger. Then, the computers start competing to confirm the transaction though dealing with a range of math equations, and the winner gets the desired Bitcoins. That’s what the field experts call the ‘mining’. But there is no need to get too excited since only the computer powerhouses can get the Bitcoins that way.

So, what’s the idea? The digital currency made its debut in 2009, when the financial crisis broke out. The idea behind it was to deprive the central bankers and governments from power to control currency flow.

As for the creators of the Bitcoin reference and protocol software, an individual or a group of them known as ‘Satoshi Nakamoto’ stand behind it. However, there are still bitter debates over who actually was the inventor. While some sources insist on the personality of 64-year-old Dorian Satoshi Nakamoto from LA, the others claim the man denied all sorts of facts regarding him being related to Bitcoin issues.

To start using Bitcoins, the user is supposed to install the ‘Bitcoin wallet’ app on the PC or telephone. Then, he or she can do the so-called ‘Bitcoin exchange.’
Using digital currency is possible in a few places such as the dating web site OkCupid or the Sacramento Kings. Zynga and are at the testing stage with the Bitcoin. Besides, the Winklevoss twins preferred Bitcoin to purchase tickets for the Richard Branson’s rocket ride.

What is so cool about Bitcoin, you may ask. It’s better to probably approach supporters to get the desired information. First of all, they will tell you the currency is a great option for the small businesses. Thing is, the stores are required to pay a specific fee to the card industry the very moment a client swipes a debit or credit card in order to cover the transaction processing cost. However, the fees like that tend to shrink when the clients use Bitcoin for the reason that the transactions are being processed by the competing computers.

The other idea comes from the fact that Bitcoin can be used by online users in developing countries, who do not have bank accounts, but use cellophanes instead. Or, as the founder of Bitcoin Investment Trust Barry Silbert said, those users, who live in the countries, where official currency tends to plunge, might consider Bitcoin as the gift from heaven. To add more, Bitcoin payments happen to be anonymous, which is a great advantage for the individuals, who care about confidentiality.

No one can really tell how the Bitcoin can be regulated, or who should be entitled to do that. But the truth is once a range of heavy regulations are imposed Bitcoin won’t be Bitcoin anymore.


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  2. Back, “Hashcash – a denial of service counter-measure,”, 2002.
  3. H. Massias, X.S. Avila, and J.-J. Quisquater, “Design of a secure timestamping service with minimal trust requirements,” In 20th Symposium on Information Theory in the Benelux, May 1999.
  4. J. Camenisch, S. Hohenberger, and A. Lysyanskaya. Compact e-cash. Proc. Eurocrypt, 2005. 9.
  5. S. Canard and A. Gouget. Divisible e-cash systems can be truly anonymous. Eurocrypt ’07.
  6. K. Poulsen. New malware steals your bitcoin.
  7. F. Reid and M. Harrigan. An analysis of anonymity in the bitcoin system. Arxiv:1107.4524.
  8. M. Babaioff, S. Dobzinski, S. Oren, and A. Zohar. On bitcoin and red balloons., 2011.
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