The Sharing Economy
By Michael C. Munger
This article appeared in the Winter 2015/16 issue of The Independent Review.
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.