Sharing Economy
1st Edition
Published on 12. August 2021
168 pages
978-0-255-36792-9 (ISBN)
Description
Transactions have always taken place. For hundreds of years that 'place' was a market or, more recently, a shopping mall. But in the past two decades these physical locations have increasingly been replaced by their virtual counterparts - online platforms. Here, author Michael C. Munger demonstrates how these platforms act as matchmakers or middlemen, a role traders have adopted since the very first exchanges thousands of years ago. The difference today is that the matchmakers often play no direct part in buying or selling anything - they just help buyers and sellers find each other. Their major contribution has been to reduce the costs of organising and completing purchases, rentals or exchanges. The Sharing Economy: Its Pitfalls and Promises contends that the key role of online platforms is to create reductions in transaction costs and it highlights the importance of three 'Ts' - triangulation, transfer and trust - in bringing down those costs.
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Person
Michael Munger is a researcher and administrator at Duke University in North Carolina. He is a senior research fellow at the Independent Institute in Oakland, California, and at the American Institute for Economic Research at Great Barrington, Massachusetts. He has taught at Dartmouth College, the University of Texas, and the University of North Carolina. His published research has covered spatial theory, political decision-making and the problem of voluntary exchange. His most recent book, Is Capitalism Sustainable?, was published in 2019 by the American Institute for Economic Research. He is a past editor of the journal Public Choice, as well as a past president of the Public Choice Society. His first professional position was as a staff economist at the US Federal Trade Commission. He received his PhD in economics at Washington University in 1984.
Content
- Chapter1
- Chapter5
- _GoBack
- Chapter7
- _Hlk31203049
- _Hlk492205620
- About the author
- Acknowledgements
- Summary
- Figures
- 1 Introduction
- 2 Revolutions and disruption
- Transaction costs and commodifying excess capacity
- Owning, renting and the commodification of excess capacity
- Cost in two-sided markets: who is buying and who is selling?
- 3 Platforms and ownership
- Selling trust raises the problem of antitrust
- Platforms don't sell stuff
- Decentralised 'retail' ownership is too expensive
- Wikipedia and tool libraries: beyond rental
- 4 Commodifying excess capacity
- 5 Middlemen: sellers of transaction cost reduction
- The middleman platform economy
- Back to transaction costs: why ownership is too expensive
- 6 Ride-sharing
- Uber: the origin
- Not a taxi company?
- Surge pricing
- 7 Problems with disruptive technology
- Sabotage: when the referee is also a player
- A different example: 'Uber but for planes'
- Fairness, exclusion and 'social credit'
- 8 Conclusion
- Change as a constant
- Saltation
- Separation
- The general answer: permissionless innovation
- Final words: the next three crises
- References
- Index
- About the IEA
- Figure?1 Housing by tenure in England: 1918-2019
- Figure?2 Sharing economy users and US population
- Blank Page
- Chapter1
- Chapter5
- _GoBack
- Chapter7
- _Hlk31203049
- _Hlk492205620
- About the author
- Acknowledgements
- Summary
- Figures
- 1 Introduction
- 2 Revolutions and disruption
- Transaction costs and commodifying excess capacity
- Owning, renting and the commodification of excess capacity
- Cost in two-sided markets: who is buying and who is selling?
- 3 Platforms and ownership
- Selling trust raises the problem of antitrust
- Platforms don't sell stuff
- Decentralised 'retail' ownership is too expensive
- Wikipedia and tool libraries: beyond rental
- 4 Commodifying excess capacity
- 5 Middlemen: sellers of transaction cost reduction
- The middleman platform economy
- Back to transaction costs: why ownership is too expensive
- 6 Ride-sharing
- Uber: the origin
- Not a taxi company?
- Surge pricing
- 7 Problems with disruptive technology
- Sabotage: when the referee is also a player
- A different example: 'Uber but for planes'
- Fairness, exclusion and 'social credit'
- 8 Conclusion
- Change as a constant
- Saltation
- Separation
- The general answer: permissionless innovation
- Final words: the next three crises
- References
- Index
- About the IEA
- Figure?1 Housing by tenure in England: 1918-2019
- Figure?2 Sharing economy users and US population
