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Tomorrow 3.0 : transaction costs and the sharing economy
\"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'\"-- Provided by publisher.
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Ideology and the Theory of Political Choice
There is no unified theory that can explain both voter choice and where choices come from. Hinich and Munger fill that gap with their model of political communication based on ideology.
Rather than beginning with voters and diffuse, atomistic preferences, Hinich and Munger explore why large groups of voters share preference profiles, why they consider themselves \"liberals\" or \"conservatives.\" The reasons, they argue, lie in the twin problems of communication and commitment that politicians face. Voters, overloaded with information, ignore specific platform positions. Parties and candidates therefore communicate through simple statements of goals, analogies, and by invoking political symbols. But politicians must also commit to pursuing the actions implied by these analogies and symbols. Commitment requires that ideologies be used consistently, particularly when it is not in the party's short-run interest.
The model Hinich and Munger develop accounts for the choices of voters, the goals of politicians, and the interests of contributors. It is an important addition to political science and essential reading for all in that discipline.
\"Hinich and Munger's study of ideology and the theory of political choice is a pioneering effort to integrate ideology into formal political theory. It is a major step in directing attention toward the way in which ideology influences the nature of political choices.\" --Douglass C. North
\". . . represents a significant contribution to the literature on elections, voting behavior, and social choice.\" --Policy Currents
Melvin Hinich is Professor of Government, University of Texas. Michael C. Munger is Associate Professor of Political Science, University of North Carolina.
eBook