The increased interest in the emergence and first steps of the sharing economy is largely due to the growing popularity of mobile apps and services such as Uber and Airbnb. Michael Munger analyzes these new trends and concludes that they have a direct bearing on a fundamental concept in economic theory: transaction costs. For the first time in history, entrepreneurs had the opportunity to sell not so much reductions in production costs, but rather reductions in transaction costs. Munger believes smartphones will play a critical role in commercializing excess capacity. He offers a new look at the “sharing economy” and comes to a paradoxical conclusion: one of the consequences of the “transaction cost revolution” will be the introduction of a guaranteed basic income. The book is addressed to economists, financiers, sociologists, as well as a wide range of readers. The publisher’s copy is saved in PDF A4 format layout.