Some simple economics of the sharing economy john j. Although the sharing economy is creating new ways to make money for some people, it could be the death knell for other kinds of jobs, according to munger, the duke professor, who is a proponent of the sharing economy. The sharing economy oxford martin school university of oxford. The business of sharing making it in the new sharing. From cars to houses, people around the world are realising what they can experience without being encumbered. Pdf 84kb these challengers must develop a smarter approach to external engagement. The wideranging implications of the shift to a sharing economy, a new model of organizing economic activity that may supplant traditional corporations. How technology has created a shared economy gone are the days of phoning for a taxi and waiting hours as they dont pitch up. Pdf the purpose of this chapter is to explore the new ideas promoted by the sharing economy and to explain the novel business models. The sharing hub, a sydney accelerator for sharing economy startups, estimates that one in ten australians are participating as suppliers in the sharing economy to boost their income. Please do not cite or quote without permission of author. Sharing economy platforms have become extremely popular in the last few years, and they have changed the way in which we commute, travel, and borrow among many other activities.
Jul 30, 20 the sharing economy you would be excused if you thought it sounded like the spiritual home of new age digital hippies, or maybe a step up from a barter system might sound a million. Protection of industrial data a new property right for. Article pdf 84kb the sharing economy, popularized by the likes of airbnb and uber, has enjoyed remarkably rapid growth over the last five years and looks set to. The sharing economy, also commonly referred to as collaborative consumption, the collaborative economy or the peertopeer. Ninety percent of human history was spent in small tribal groups.
What is new, in the sharing economy, is that you are not. We invested in this because we believe the benefits of safe data sharing like those weve seen already outweigh potential risks, which can be mitigated if we work together. Proponents of the sharing economy argue that it will bring many bene. The speed of growth with which sharing systems have spread suggests that the sharing economy might represent a serious threat to established industries, due to fewer purchases and consequent distress in conventional markets. However, while the new platform based companies of the sharing economy create. Enjoying fast growth, the sharing economy is an umbrella. Well need far fewer cars this is going to be catastrophic for people who make stuff, says munger. The business of sharing automotive retail and consumer goods hospitality entertainment, media and communications v. This new trend moves us beyond ownership into experience powered by the ability to share. In that regard, this article first attempts to define this new economy, as the. Sharing is a form of social exchange that takes place among people known to each other, without any. But the sharing economy isnt really a sharing economy at all. Below we examine various types of sharing economy and crowdsourcing. By unlocking the sharing economy today, can companies transform todays threat into tomorrows.
Pdf with the spread of internetbased technologies, the sharing economy is emerging as a new and rapidly growing sector of the economy. This paper was produced as part of the connected consumption and connected economy project of the connected learning research network of the. How the sharing economy is changing consumer behavior anthony quinones amanda augustine the sharing economy has moved mainstream as technology has allowed people to overcome the trust gap ride and accommodation sharing are the most mature areas, but other sectors are growing fast. New internetbased \sharing economy markets enable consumerowners to rent out their durable goods to nonowners. Assess attitudes toward data sharing in both commercial and consumer.
The sharing economy, popularized by the likes of airbnb and uber, has enjoyed remarkably rapid growth over the last five years and looks set to scale new heights over the next decade. The sharing economy you would be excused if you thought it sounded like the spiritual home of new age digital hippies, or maybe a step up from a barter system might sound a million. Airbnb has expanded this to a new mass market by persuading people. Mark suster, partner, upfront ventures, written by the ceo of digital firm justpark, alex stephanys the business of sharing is a fantastic exploration of the companies, people and issues of the socalled sharing economy. Consumers have so far enthusiastically adopted the services o ered by rms such as airbnb, uber, lyft, and askrabbit. The current and future state of the sharing economy niam yaraghi and shamika ravi 1 1 niam yaraghi is a fellow at the governance studies center for technology innovation. The business of sharing making it in the new sharing economy, is one of the best books written on the topic.
The data sharing economy american international group. Apr 20, 2015 although the sharing economy is creating new ways to make money for some people, it could be the death knell for other kinds of jobs, according to munger, the duke professor, who is a proponent of the sharing economy. Sandarajans term crowdbased capitalism is a helpful term for conceptualizing whats commonly referred to as the sharing economy. Industrial organization, productivity, innovation, and entrepreneurship new internetbased markets enable consumerowners to rent out their durable goods when not using them. Part of the digital single market strategy for europe is the development of a european digital economy. The dark side of the sharing economy world economic forum. Show full abstract today the world observes not only a rapidly growing number of new sharing economy initiatives, but a considerably wider variety of sectors the platforms emerge in as well. Jan 28, 2015 but the sharing economy isnt really a sharing economy at all. Truth be told, its a bit of each of these claims, yet something unique thats even more. The sharing economy is a direct outcome of these signifi cant shifts in priorities, and also refl ective of individuals desires to collaborate and engage with one another using technology. The sharing economy is a reinvention of capitalism and a return to a village economya hightech version of the one in which humans evolved. The current and future state of the sharing economy. Pdf who benefits from the sharing economy of airbnb.
The emergence of peertopeer platforms, collectively known as the sharing economy, has enabled individuals to collaboratively make use of underutilized inventory via feebased sharing. Economy research programme at the jrc institute for prospective technological studies, which carries out economic research on information society and eu digital agenda policy issues, with a focus on growth, jobs and innovation in the financed by the directorate general communications networks, content and technology. It appears that what differentiates sharing economy type firms or services from traditional brick and mortar companies is that they act more like instant matchmakers, matching demand and supply for the use of physical assets and time. How the sharing economy is changing consumer behavior anthony quinones amanda augustine the sharing economy has moved mainstream as technology has allowed people to overcome the trust gap ride and accommodation sharing are. It is the first global survey on the data sharing economy. By organizing peertopeer exchanges and promoting access over ownership, the sharing economy is transforming a great variety of sectors. Definition of the sharing economy there is nothing new about the tendency to exchange and share goods or services such as cars, special tools, time or knowledge, but until recently these exchanges used to take place essentially on an informal basis, i. As the global sharing economy reaches new heights, its impact on the way we view parttime. By contrast, this work argues for evidenceinformed policy making, and provides answers to the above questions by empirically investigating airbnb adoption. Silicon valley could start by putting a stop to pretending that the sharing economy is about anything other.
New internetbased \ sharing economy markets enable consumerowners to rent out their durable goods to nonowners. Giving someone a ride, having a guest in your spare room, running errands for someone, participating in a supper clubthese are not revolutionary concepts. New rules for the new economy lays out ten essential dynamics of this emerging. These rules are fundamental principles that are hardwired into this new territory, and that apply to all businesses and industries, not just hightech ones. Protection of industrial data a new property right for the. Issues facing platforms, participants, and regulators. The sharing economy resonates in ways that are very deeply embedded in our subconscious, fisher said. About half are also using the sharing economy as customers to take advantage of the. As best we can tell, the politics of the venture capital elite boils down to fending off higher taxes, keeping labour costs low and reducing the burden of government regulation. Community libraries emerged in the 18th century, allowing people to lend and borrow books to and. The sharing economy is becoming an increasingly popular way for australians to earn money from their spare time or unused assets. The phenomenon of the sharing economy thus emerges from a number of technological developments that have simplified sharing of both physical and nonphysical goods and services through the availability of various information systems on the internet.
There are really two types of services provided by the sharing economy platform based companies. Think of the principles outlined in this book as rules of thumb. The federal trade commission commission or ftc will hold a workshop to explore issues relating to emerging internet peertopeer platformsoften called the sharing. For most of human history, there was no such thing as private property. Understanding the opportunities for growth for the past five years we have seen the rise of a new trend enabled by technology. How the sharing economy can make its case mckinsey. The business of sharing is a fast and thrilling read. A snapshot of the sharing economy by the numbers perspective from industry specialists iii.
The explosive growth of the sharing economy has led regulatory and political battles around the world. Companies at the forefront of this new economy follow the same. While the protection of personal data has a long legal history, the issue of protecting industrial data as a key question of the data economy has emerged only recently. In our competitive economy, innovation is a major driver of longterm consumer welfare gains. The sharing economy is often not about sharing, but still is different and not just technologically from the economic patterns of the traditional industrial or postindustrial economy. We model such markets, and explore their equilibria both in the shortrun, in which ownership decisions are xed, and in the longrun, in which ownership decisions can be changed.
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