The Gig Economy: A New Economic Revolution

I’m not quite sure who it was that decided that music was supposed to be an insanely profitable business. Mick Jagger has pointed out that it really only made serious money from the start of the ’70s to the end of the ’90s, but somebody’s written in to the NME the week complaining about Spotify and how it doesn’t pay artists enough for song plays. Compared to what? Album sales? While it’s true that an artist is unlikely to earn anywhere near as much money from streaming as they are from album sales, this isn’t really a comparison that works.

The gig economy therefore is arguably, a response to social and economic stability. Economist Thomas Piketty cited in Sundararajan (2015) identifies the main driver of sustained economic inequality over the past two centuries as the concentration of wealth-producing ‘capital’ in the hands of a few. Similarly, the gig economy as the hypothesis puts forth, enables the economy to be engaged by many micro-entrepreneurs, instead of a minor group of large corporations. . Having provided an overview of the gig economy, the next section will discuss factors influencing growth of this phenomenon.

The new wave of businesses and the myriad of terms which accompany – co-production, collaborative consumption, on-demand economy, now form today’s Sharing Economy; a hybrid of social exchanges and economic interests governed by reputation systems. Its commercial agenda is significant as previous notions of communitarian and cooperative vision which focused on personal experiential exchanges are now defined by a small number of firms backed by large amounts of venture capital. The sharing economy takes its inspiration from one tenet of the Internet culture: a belief in the virtues of openness. Openness and sharing go hand in hand: to make something is to stop it being a commodity. Economically, openness has two roles: it is an alternative to commerce, but it also generates new forms of commerce, and

The first part of the essay briefly speaks about the lecture Creative Economy and also introduces my final project. The second part explains in more detail the difference between horizontal and vertical integration. It also overviews the

There is no doubt that the recent introduction and rapid growth of the new "shared economy" companies have materially changed the landscape of long-standing industries. With this change has entered benefactors, victims and much controversy and debate as to the overall merit and value these companies add to communities and cities both domestically and worldwide. Also, because of the continuing growth of these shared economies, the existing and impacted populations and government bodies are too in flux, responding and evolving.

In this section I will be assessing different business types and the advantages and disadvantages within the music industry. the business types I will be researching are sole proprietorship, partnership, corporations and limited liability company.

Is the gig economy a win-win solution for both the outsourced workers and struggling companies to survive this economic crisis? Although it may look as though the jobs-based economy is the call of the time to alleviate the increasing unemployment rate, there are underlying implications socially and economically. A full-time job for most workers means a true sense of security with employer-provided benefits in contrast to irregular employees. Now in the gig economy, work is being disaggregated from jobs and reorganized into a variety of alternative arrangements, such as freelance assignments, consulting projects and contract opportunities among others which provide more flexibility but also with uncertainty (Mulchany, 2016). This essay intends to evaluate the implications of the flourishing “Gig Economy” by reviewing the economic aspects, the current situation, and key players. It will explore the gap of the gig economy that may be useful to promote equal benefits for all workers regardless whether a full-time or outsource worker.

Feeling threatened by online businesses like Homeaway, Airbnb, Uber, and Lyft that allow people rent underused assets to peers, the taxi and hotel industries have called on local regulators to impose more health and safety rules on micro-entrepreneurs who participate in the “sharing economy” (http://blogs.wsj.com/accelerators/2014/04/29/sunil-paul-who-should-decide-the-future-of-sharing/). Policymakers shouldn’t respond. The hotel and taxi industries are using “consumer protection” as a guise to keep more efficient competitors from cutting their profits.

The music industry has been on the decline ever since new ways to pirate music have become available. In fact, the Recording Industry Association of America estimates that six percent of the U.S. gross domestic product is generated by the entertainment industry and that the music industry contributes significantly to this. Bender and Wang found that a one percent increase in piracy results in a 0.6 percent decrease in music sales, which could put major companies out of business. While the walls of text appear intimidating, the reasoning and explanations proved to be valuable and precise. Bender and Wang's article emphasizes the importance of not supporting music piracy, but the dull text loses its intended effect by boring the reader. Traumatic Brain Injuries (TBI) are a threat to all age groups and can be caused by a multitude of things. In fact, 1.4 million people suffer from it in the United States alone. These are typically found in car crashes and sports incidents with concussions and are normally nonlethal, but still damaging. Thankfully for those who do receive a TBI, music education, which can be anything from listening, singing, producing, or even performing music, can benefit their recovery. Patrick Bennington establishes many times that music can be beneficial, but there is a severe lacking as to how it is beneficial. In fact, the main concern of the article seems to focus on identifying a TBI and understanding if it is acceptable to have someone who has sustained

This report was produced by the Ecovala in December 2013. If no other source is specified, the

The writer has delivered his thoughts on the concept of SHARING ECONOMY based on an insider’s view who has been actively involved with the multiple business platforms created as part of the sharing economy. The pros and cons as a business owner in a sharing economy have been displayed and also expert opinions on the concept have been outlined to a brief extent.

I would definitely support the gig economy from the perspective of saving resources. I believe business and individual save resources, such as times, office space, work skills training etc. in a gig economy. For individuals, the gig economy does benefit them in terms of flexibility in the schedule etc. The workers can choose the jobs that they are interested in or have extra time to do. Although there are some disadvantages for individuals in this economy, such as the absence of protection for minimum wage, insurance, a minimum of paid holiday and sick leave etc. I think the laws will be gradually built to adjust and regulate the new economy.

The sharing economy is an economic system that revolves around the sharing and renting of items from other people. Uber and Lyft are two huge companies that use the sharing economy to run their businesses, both companies hire people who own cars and have free time. Employees drive around until they get a signal that someone needs a ride through their online app. This business may just seem like an updated taxi service, because that is exactly what it is. These companies are devastating the taxi industry by taking away the business that taxi drivers have had for years. The sharing economy seems like a great idea on the surface but, the underlying fact is that it is taking the jobs of working people. The sharing economy is fueling the growth of these new companies and is the reason that many taxi drivers are not able to make the money that they need, to stay relevant taxi drivers either need to join the ride sharing business or create a new business model.

Across the world vast majorities of workers are undergoing a series of major employment cataclysms. The deindustrialisation of the major western economies over the past thirty years has stimulated the emergence of new economic powerhouses, the global influence of neo-liberalism, and the associated transformation of the capital-labour contract, of which have all radically altered and shaped employment across the industrial world (Saad-Filho, 2002). In the context of these pro-capitalist dynamics, work as a whole is undergoing further transformation as jobs are now veering away from traditional employment models in favour of neo-liberal organisational systems (Bellucci, 2015). Unfortunately, such significant changes in international industrial

It discusses the peculiarities of each and every single type of manifestations giving the detailed explanation of the cause and effect ending in the informal economy. The list of actors in the informal economy ranges from street vendors up to Micro, Small and Medium Enterprises (MSME), which usually do not involve contractual relationships and thus do not participate in creation of decent work. The underlying causes of informal economy, listed by ILO, may be poverty, poor absorption capacity of industrial sector, the drive of flexibility, changing production structures, economic restructuring, the labour regulation and economic crisis (ILO, 2013). All these challenges that are present in the developing countries closely relate to the Structural Adjustment Programs and Washington Consensus, giving recipes of liberal economic organization to let the free market function.