Michael C. Munger: Tomorrow 3.0

Transaction Costs and the Sharing Economy

Originally published in Public Choice

In Tomorrow 3.0, Michael Munger describes the causes and consequences of the currently ongoing third economic revolution, which he calls the sharing economy. In his effort to explain the dynamics of this economic revolution, Munger does for the twenty-first century what Adam Smith did for the eighteenth century. His book does a wonderful job of taking the reader through the definition, dynamics, and potential consequences of the sharing economy. In addition, and not unlike Adam Smith’s (Wealth of Nations, the book offers some speculation regarding the political dynamics this revolution may unleash, which should be of particular interest to scholars of public choice.

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