Shared Economy versus Traditional Economy

Apr 22nd, 2015
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Shared Economy versus Traditional Economy The shared economy is currently the new emerging form of economic trend in the world. It only involves an owner of a particular commodity giving it to another person for a fee that the two parties will agree upon. The owner can rent a bicycle, car, house, laptop, and among other things. However, in case of any damage, the person using the commodity is legible for paying for the cost. On the other hand, traditional economy refers to the usual production of goods and services by the manufacturer and then selling them to a ready customer; that is, the role of the consumer and producer is well defined (Zelizer, 2011). It has been the dominant type of economy existing for so many years, and it is even responsible for industrialization.

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Shared Economy and Traditional Economy(Author's Name) (Institutional Affiliation)Shared Economy versus Traditional EconomyThe shared economy is currently the new emerging form of economic trend in the world. It only involves an owner of a particular commodity giving it to another person for a fee that the two parties will agree upon. The owner can rent a bicycle, car, house, laptop, and among other things. However, in case of any damage, the person using the commodity is legible for paying for the cost. On the other hand, traditional economy refers to the usual production of goods and services by the manufacturer and then selling them to a ready customer; that is, the role of the consumer and producer is well defined (Zelizer, 2011). It has been the dominant type of economy existing for so many years, and it is even responsible for industrialization.The emergence of the shared economy means considerable damage to the traditional economy. This can be accredited to the fact that, the shared economy turns the consumer to a producer, a move that threatens the viability of manufacturers or sellers (Qi, Shen & Dou, 2013). For instance, the presence of a car owner who wants to lend it to a willing client, will offer it as long as the client is ready to pay for the car. Consequently, the client will find little or no reason for approaching the car dealer to buy a new car which might cost him/her a lot of money. This in return affects the demand of cars being m

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