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VALUE CREATION BEYOND GDP AND THE SHARING ECONOMY
Claire Ingram
Digitalisation has driven growth
Labor productivity no longer rising
-4
-2
0
2
4
6
8
10
12
14
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
IT and Telecoms
Total
The core of digital value creation:
• “Free” services
• New services
• New asset classes (IP)
• Access- and subscription models with flat rates
• Better use of time
• Improved quality of services
• Improved quality of life
Large consumer gains
• Improved competition, new services, lower prices and more variation for consumers
• Much better quality
• Some of the consumer gains are captured, for instance where consumers re-allocate gains to new production
• But subscriptions, new services and free services often mean that such gains are not captured.
Quality improvements are largely absent
• Not only has access to free services improved
• But there are more services
• Access itself has also improved, for instance through mobile and network effects
• Digitalisation has also meant automation and purely digital markets
• Consequently quality improvements may even decrease GDP statistics as more activity moves
New Services Zero Marginal Cost Improved Quality New Asset Classes
Asset Sharing Digital Content Online Tax Declarations
IntellectualProperty (incl. Open Source)
Digital Work Bank Services Digital Content,E-Commerce
Platforms and Network Effects
P2P Investing
The “peer-to-peer exchange of tangible and intangible slack (or potentially slack) resources, including information, in both global and local contexts”.
(Felländer, Ingram & Teigland, 2015)
Sharing Economy
Economy, environment of note
TNS för Nordea, 31 augusti – 9 september 2015
More selling than sharing in Sweden
TNS för Nordea, 31 augusti – 9 september 2015
Sec
ond
-han
d s
ales
Shar
ing a
nd E
xch
angin
g
Areas for consideration
• How do we classify these areas of “sharing”?• Which (if any) laws apply to them?
• What is driving them, and what would the effect of taxation be?
• How do we capture the right data?
New Services
Asset Sharing
Digital Work
P2P Investing
Old Rules
Rental
Work
Investing
Is there a need for new laws?
• New feedback and ranking systems• Impact on safety and security?
• Are markets driving people into these “professions”?• Inflexible/unwelcoming labour markets• Shortages of housing stock• Do circumstances necessitate a lighter touch?
• Is there a dearth of (willing) startup capital?
• What about cases of “regulatory arbitrage”?
Market/regulation failure?
Regulatory Arbitrage?
New Services
Asset Sharing
Digital Work
P2P Investing
Nuanced response
Thresholds and ceilingsData collection
Relax labour lawsImproved supportData collection
InvestingOversightData collection
Looking forward
Graphic from: http://www.i-scoop.eu/internet-of-things/
An added bonus: data by which to estimate alternatives to GDP
Another added bonus?
New Asset Classes
IntellectualProperty (incl. Open Source)
Platforms and Network Effects
Brought in a round of investment in July based on a PE valuation of 30 billion USD.Owns a platform (and skilled employees).
Has a market cap of about 18 billion USD. Boasts 4 000 hotels and in 2015 had 13.8 billion USD in revenue. Is seen as trading at a “premium” relative to other hotel chains.
