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.

1. VALUE CREATION BEYOND GDP AND THE SHARING ECONOMY
Claire Ingram

2. Digitalisation has driven growth

3. Labor productivity no longer rising
-4
-2
0
2
4
6
8
10
12
14
199419951996199719981999200020012002200320042005200620072008200920102011201220132014
IT and Telecoms
Total

5. 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

6. 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.

7. 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

8. 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

9. 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

10. Economy, environment of note
TNS för Nordea, 31 augusti – 9 september 2015

11. More selling than sharing in Sweden
TNS för Nordea, 31 augusti – 9 september 2015
Second-handsales
SharingandExchanging

12. 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?

13. New Services
Asset Sharing
Digital Work
P2P Investing
Old Rules
Rental
Work
Investing

14. 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?

15. Regulatory Arbitrage?

16. 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

17. Looking forward
Graphic from: http://www.i-scoop.eu/internet-of-things/

18. An added bonus: data by which to estimate alternatives to GDP
Another added bonus?

19. 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.

20. Questions &
Comments?
Claire Ingram
claire@claireingram.se
@Claire_EBI
slides.claireingram.se