Panel, Conference Presentation
End of Ownership: Life in the Shared Economy
Milken InstituteAlec Russell, Andrew Byrne, MB Christie, Richard Laughton, Colin Mayer, Joseph Puccini, Amir Farman
- The Tech City government entity is projected to expand its scope to include a wider geographic footprint by April, with UK government authorities expected to support momentum by establishing tech hubs in 10 locations beyond London.
- The transport sector is predicted to evolve toward monopolistic structures over a 15 to 20-year horizon driven by autonomous vehicle integration and transport-as-a-service shifts.
- Court decisions are anticipated to potentially be processed by machines rather than human judges within 10 to 20 years, offering potential improvements in information processing.
- The business model for autonomous vehicles remains uncertain, characterized as an evolving landscape over a significant period, with a prediction that a significant number of human drivers will remain even after autonomous technology is fully matured.
- Legal mandates requiring drivers to become salaried employees could lead to exerted control by platforms over working hours, vehicles, and acceptance rates.
- Current legal cases regarding worker status are expected to be extended beyond initial timelines.
- Millennial trends in delaying driving license acquisition and car ownership, observed for over a decade, are predicted to accelerate.
- Long-term governance questions regarding monopolies may arise, including potential shifts toward public ownership if companies continue to prioritize financial returns over societal alignment.
- Future regulatory frameworks may require determination of whether algorithmic settings for fair conditions are managed by public institutions or private entities.
- Fiscal policy may shift in the longer term, necessitating discussions on the appropriateness of land-based or consumption-based taxes as income tax revenues change.
- A global tax consultation is anticipated to provide the certainty needed to advance current strategic objectives.
- Rapidly scaling tech companies face a risk of failure if governance processes fail to build trust, as the ability to scale quickly may outpace the capacity to maintain operational standards.