The Importance of a Good Brand

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Doug North: I find the idea of having a charitable reputational score or some kind of reputation in general for being a decent person creepy. He says it's an alternative way to generate public goods, which is where we got started on this project. The Duke professor argues that economic revolutions don't care what we think about them.

Economist and author Michael Munger of Duke University talks about his book, Tomorrow 3.0, with EconTalk host Russ Roberts. Munger analyzes the rise of companies like Uber and AirBnB as an example of how technology lowers transactions costs. Users and providers can find each other more easily through their smartphones, increasing opportunity. Munger expects these costs to fall elsewhere and predicts an expansion of the sharing economy to a wide array of items in our daily lives.