A third great economic revolution will come about as the sharing economy slashes transaction costs and turns almost every product into an asset with the potential to earn rental income for its owner. Although the demand for manufactured goods will fall, costing many people their jobs, the quality-adjusted price level will also fall and pressures on the environment will lessen.
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|Other Independent Review articles by Michael C. Munger|
|Spring 2018||Private Government|
|Winter 2018||On the Origins and Goals of Public Choice|
|Winter 2018||Overlooked Costs of War-Related Public Research|
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