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Value Creation beyond GDP and the Sharing Economy

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This presentation was given at Skatteverket (the Swedish Tax agency) at a meeting of all four of the Scandinavian tax agencies, convened to work out how to respond to the various areas of sharing that have emerged in all four countries.

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Value Creation beyond GDP and the Sharing Economy

  1. 1. VALUE CREATION BEYOND GDP AND THE SHARING ECONOMY Claire Ingram
  2. 2. Digitalisation has driven growth
  3. 3. Labor productivity no longer rising -4 -2 0 2 4 6 8 10 12 14 199419951996199719981999200020012002200320042005200620072008200920102011201220132014 IT and Telecoms Total
  4. 4. 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
  5. 5. 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.
  6. 6. 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
  7. 7. New Services Zero Marginal Cost Improved Quality New Asset Classes Asset Sharing Digital Content Online Tax Declarations Intellectual Property (incl. Open Source) Digital Work Bank Services Digital Content, E-Commerce Platforms and Network Effects P2P Investing
  8. 8. 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
  9. 9. Economy, environment of note TNS för Nordea, 31 augusti – 9 september 2015
  10. 10. More selling than sharing in Sweden TNS för Nordea, 31 augusti – 9 september 2015 Second-handsales SharingandExchanging
  11. 11. 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?
  12. 12. New Services Asset Sharing Digital Work P2P Investing Old Rules Rental Work Investing
  13. 13. 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?
  14. 14. Regulatory Arbitrage?
  15. 15. New Services Asset Sharing Digital Work P2P Investing Nuanced response Thresholds and ceilings Data collection Relax labour laws Improved support Data collection Investing Oversight Data collection
  16. 16. Looking forward Graphic from: http://www.i-scoop.eu/internet-of-things/
  17. 17. An added bonus: data by which to estimate alternatives to GDP Another added bonus?
  18. 18. New Asset Classes Intellectual Property (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.
  19. 19. Questions & Comments? Claire Ingram claire@claireingram.se @Claire_EBI slides.claireingram.se

This presentation was given at Skatteverket (the Swedish Tax agency) at a meeting of all four of the Scandinavian tax agencies, convened to work out how to respond to the various areas of sharing that have emerged in all four countries.

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