Title - Gig Economy
Author - Jim Chappelow, https://www.investopedia.com/jim-chappelow-4684367
TL;DR - The gig economy presents a work model that is cheaper and more efficient, but lacks the structure and consistency of traditional full-time jobs.
Helpfulness - 3
Tags - gig economy, future of work, service provider, crowding out
- What is the gig economy?
- Flexible, temporary jobs are the norm in a gig economy.
- Companies tend to hire contractors and freelancers as opposed to full-time employees.
- An advantage of the gig economy is cheaper and more efficient services.
- Online platforms are crucial to connecting service providers with customers.
- Gig economy can cause crowding out of workers who prefer a traditional career path.
- Long-term relationships between workers, employers, clients, and vendors become less important and can become obsolete.
Follow up links:
- Contract theory, https://www.investopedia.com/terms/c/contract-theory.asp
- Gig economy fueling entrepreneurship, https://docs.google.com/document/d/1ounxeXQFPWUvkL3Yw_U_p3jigey_62J8Y_uPdaacdDc/edit