The gig economy refers to the prevalence of temporary, often short-term jobs performed by freelancers as opposed to stable, long-term positions filled by full-time employees. The gig economy is seen as an alternative, or even a potential threat, to traditional economic notions of a life-time career.
Many professionals in the gig economy work remotely. Image Credit: Jinho Jung (CC by SA-2.0)
When large numbers of people are willing to work as part-time or temporary laborers, a gig economy can produce cheap and efficient services. Many of these types of positions operate using peer-to-peer services online, making it difficult for those without easy access to technology to participate. The gig economy tends to flourish in cities, though the online nature of many of these services means people can often work remotely from home or on the go. Though the gig economy often features great flexibility for both the employer and employee, it can also lead to a lack in long-term jobs where people can mature and develop their careers and finances.
While many associate the gig economy with services such as Uber or Favor, a “gig” can take many forms of contracted employment. For instance, adjunct and part-time professors could be considered to be participating in the gig economy, and have become increasingly common in academia. An estimated one-third of the American working population works in some type of gig capacity, and experts believe that number will only rise with the prevalence of digital platforms and automation.
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