[S]ome companies have scarcity power and can set prices that are far above their true cost, which is where they would be in a competitive market. This is why economists believe there’s an important difference between being in favour of markets and being in favour of business, especially particular businesses. A politician who is in favour of markets believes in the importance of competition and wants to prevent businesses from getting too much scarcity power. A politician who’s too influenced by corporate lobbyists will do exactly the opposite.

Parking may be the best business in the world. I can’t think of a better one. You employone person to simplysit there and take incash. You provide no service, no goods, nonothing–except expensivespace! I know all about it, since I’ve got enough lots of my own—which the city has always insisted I provide. So I know why businessmen love to own them. The lots makelots of money! But, much as I like to make a buck, I hate them.

Today, thank God, you can no longer by law put another street-level parking lot on King Street. But I firmly believeno parking lot should be allowed in any downtown area, period! They add nothing to any city but congestion, exhaust fumes, pollution, and smog.

Parking is a hugely profitable but ugly business.