FMI Public Speaker Series
Tomorrow 3.0: Selling Lower Transaction Cost and Commodifying Excess Capacity
April 19, 2018
About the Program
"Right now, we own stuff. I do, you do, the people across the street who can't get their car in the garage do...we own a ton of stuff. The self-storage industry in the United States has nearly fifty thousand facilities, with more than 15 billion cubic feet of space cluttered with...stuff. But people don't fundamentally want stuff. What they want is the stream of services that stuff provides over time. So if people own stuff—clothes, tools, cars, houses—rather than rent that stuff, it is because owning secures services more reliably and at lower transaction costs than renting. But this "preference" for owning is not real. It might change quickly if entrepreneurs were able to figure out a way to sell reductions in transaction costs...The future will look very different from the past and the present because in the future entrepreneurs will have figured out how to sell reductions in transaction costs. Almost everything we own will soon be a potential rental item, or we won't own it all because we'll rent it from someone else." (Excerpted from 'Tomorrow 3.0 The Sharing Economy', The Independent Review, Vol. 20, No. 3).
This event is free and open to all members of the Texas Tech University community and the general public.
Visitors to the university may park in Reserved Lot R-23 outside of the Rawls College of Business. To register your vehicle for this event click here or contact the Texas Tech Events office at (806) 742-PARK. Attendees may also register vehicles for event parking by stopping at any entry station on the TTU campus.
About the Speaker
Michael Munger is Professor of Political Science, Director of Undergraduate Studies and Director
of the Philosophy, Politics & Economics Certificate Program at Duke University. His
research is focused on the functioning of markets, regulation, and government institutions.
He has authored or co-authored multiple books and his work has been published in American Political Science Review, Journal of Law and Economics, The Review of Austrian Economics, The Independent Review, Social Philosophy and Policy, Public Choice, and Southern Economic Journal, among other outlets.
Prof. Munger is currently Co-Editor of the The Independent Review and a research fellow at Independent Institute. He is a former staff economist at the Federal Trade Commission and past president of the Public Choice Society and the North Carolina Political Science Association. He has taught at Dartmouth College, the University of Texas at Austin, and the University of North Carolina at Chapel Hill, and received the Otto 'Toby' Davis Lecture award in 2012.
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