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Tomorrow 3.0
Transaction Costs and the Sharing Economy


Part of Cambridge Studies in Economics, Choice, and Society

  • Date Published: March 2018
  • availability: Available
  • format: Paperback
  • isbn: 9781108447348

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About the Authors
  • With the growing popularity of apps such as Uber and Airbnb, there has been a keen interest in the rise of the sharing economy. Michael C. Munger brings these new trends in the economy down to earth by focusing on their relation to the fundamental economic concept of transaction costs. In doing so Munger brings a fresh perspective on the 'sharing economy' in clear and engaging writing that is accessible to both general and specialist readers. He shows how, for the first time, entrepreneurs can sell reductions in transaction costs, rather than reductions in the costs of the products themselves. He predicts that smartphones will be used to commodify excess capacity, and reaches the controversial conclusion that a basic income will be required as a consequence of this new 'transaction costs revolution'.

    • Functions as the first explanation of the new 'sharing economy' using economic reasoning
    • Written in an easily accessible style without any use of mathematical notation or advanced economics and without requiring previous background in transaction costs research
    • Reviews prior work on entrepreneurship, and relates entrepreneurship to the new 'sharing economy' by identifying how profits can be created not by selling products, as in the past, but by selling reductions in transactions costs alone
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    Reviews & endorsements

    'It is too early to see all the positive and negative consequences this third revolution will have, but change is inevitable. Modernity is a never-ending process; people are always looking for ways to make things better. The transaction cost revolution is the next step, and it is already changing lives. With Munger's help and a little Econ 101 knowledge, that change will be much easier to navigate.' Ryan Young, OpenMarket (

    '[I]n addition to its snappy readability and appeal for both professional and lay audiences, Tomorrow 3.0 is spot-on in the way that it treats expanding consumer access as the flip side of 'software eating the world'.' Pamela J. Hobart, (

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    Product details

    • Date Published: March 2018
    • format: Paperback
    • isbn: 9781108447348
    • length: 188 pages
    • dimensions: 228 x 151 x 11 mm
    • weight: 0.28kg
    • contains: 6 b/w illus.
    • availability: Available
  • Table of Contents

    1. The world of tomorrow 3.0
    2. Division of labor, destruction, and revolution
    3. The middleman-sharing economy
    4. The answer is 'transaction costs' – Uber sells triangulation, transfer, and trust
    5. Jobs, work, and adaptation
    6. The day after tomorrow.

  • Author

    Michael C. Munger, Duke University, North Carolina
    Michael C. Munger is a Professor in the Department of Political Science and the Department of Economics at Duke University, North Carolina. He studied for a Ph.D. under Barry Weingast and Douglass North (1993 Nobel Prize) at Washington University in St Louis. After working at the US Federal Trade Commission, Munger taught at Dartmouth, Texas, and North Carolina before moving to Duke in 1997. He edited the journal Public Choice from 2005–2009.

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