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.

Michael C. Munger is Senior Fellow and former co-editor of The Independent Review at the Independent Institute, and Professor of Political Science, Economics and Public Policy and Director of the Philosophy, Politics, and Economics Program at Duke University.
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Other Independent Review articles by Michael C. Munger
Fall 2023 Karl Mittermaier: Economic Theory vs. Reality
Fall 2023 The Governance Cycle in Parliamentary Democracies: A Computational Social Science Approach
Fall 2023 Climate Liberalism: Perspectives on Liberty, Property, and Pollution
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