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sharing economy

noun compounding
An informal economic system where non-professional owners of privately held non-commercial assets or skills rent out their goods or services for a fixed price over a stated duration of time. The sharing economy is notable due to services like Airbnb, Couchsurfing, and Parking Panda that permit layperson users to translate their otherwise unused resources into additional revenue, minimizing opportunity costs of unrecognized potential profit and reducing the transaction costs of locating customers in the absence of such sharing hubs.
 
"Just as YouTube did with TV and the blogosphere did to mainstream media, the share economy blows up the industrial model of companies owning and people consuming, and allows everyone to be both consumer and producer."
Etymology : Compounding of "sharing," derived from the Old English scearu meaning "cutting" or "a part," with "economy," taken from the Greek oikonomos signifying "a manager or steward." Taken literally, then, the definition from this etymology is "the management of portions of a net resource."
Source : Tomio Geron, "Airbnb and the Unstoppable Rise of the Sharing Economy." 23 January 2013. Accessed 24 November 2013.
Last modified: 25 November 2013


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