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
    Winter 2019   The Road to Crony Capitalism
    Fall 2018   What Is “Actually Existing Socialism”?
    Fall 2018   Social Class and State Power
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