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But we are buying from every manufacturer in one platform – the internet of value. We think we are buying from a single store. These are “super” intermediaries, but provide little more value than trust and now shortened transaction time.īlockchain will hold all the products, reviews, transaction and financial information, etc. I kept waiting to hear the word blockchain. No wonder he has been on Econtalk so many times. Munger hits it out of the park every time. PS – I looked up the cost of sausage makers before posting this… and I’ll fondly think of this episode every time I open gmail/google for the next month and see an add for a sausage maker. He’s only used it twice… so that’s about $100 per use! It’s the things that most people don’t already own (like Michael’s $200 sausage maker) that might be the bigger opportunity. Michael sites the fact of americans having over 100M drills as a reason to look for big renting/sharing opportunities there… but the reason we’re buying so many drills is because drill companies have already solved the transaction cost problem by making them super cheap to own. A drill may have a lot of idle time, but the savings are not that great. Even if you get the drill rental cost down to 50 cents (including delivery) my total savings are $2.50 per year. Even if I only use it 5 times a year… I’m already down to a buck a use.

I can buy a drill for $50, it will do everything I need around the house and will easily last 10 years. Which seems like a world that might be focused on the wrong durable good.

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In the Mungarian future we’ll be buying marginal autonomous cars to avoid buying marginal manual drills. The Uber drill delivery service is interesting. Then your tzedakah will be in secret and your Father, who sees what you do in secret, will reward you.” - Jesus, Matthew 6:1-4, CJB Yes! I tell you, they have their reward already! But you, when you do tzedakah, don’t even let your left hand know what your right hand is doing. So, when you do tzedakah, don’t announce it with trumpets to win people’s praise, like the hypocrites in the synagogues and on the streets. “Be careful not to parade your acts of tzedakah” “in front of people in order to be seen by them! If you do, you have no reward from your Father in heaven. There is a different sense about what is lovely. I’ll suggest that we feel this aversion because, in western culture at least, we regard the practice of making a public show of your own altruism (e.g. There’s something I find a little creepy about it, I have to say.” That’s the idea that I mentioned of having a charitable reputational score or some kind of reputation in general of being a decent person, and reducing it to a number or reducing it to a web page. Russ Roberts: “I really don’t like the idea of turning my charitable, altruistic activities into something instrumental as you’ve described it. Later in the episode there is a discussion about how it would be “creepy” (or possibly even “repulsive” ) to promote a public charitable score.

At most, some might be willing to make their handle available for use by others at off hours, but only provided that they can trust that it (or its equivalent) is conveniently back in time for brushing during peak periods. Yet if there were enough locally available handles to avoid that congestion even at high demand times, it will always be more convenient to have one of those many handles as your own handle in your own bathroom where it is immediately available at the moment you are ready to use it. If toothbrush handles are shared, that could create toothbrushing congestion problems. before heading to work, before going to bed). There are likely many people who want to brush there teeth at roughly the same time as each other (e.g. In this episode, Michael Munger mentions he likes to brush his teeth for two minutes in the morning and two minutes in the evening. If the one, why not the other?Ĭonsider that Michael Munger was also recently a guest for Michael Munger on Traffic in which traffic congestion problems were discussed given limited road capacity. After discussing how drills could be shared rather than owned, there is a discussion about whether it would work to share electric toothbrush handles just as we might share drills.

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