The rise of the Gig Economy: Navigating Contemporary Work Dynamics

Abstract

The article discusses the issue with the growth of the gig economy and its influence on the contemporary labor markets. It defines the gig economy as a type of contingent workforce made up of freelancers and independent contractors who engage in temporary or casual project-based work. The main components of this paper are the elements behind the growth of the gig economy which include, technological platforms, economic considerations of using freelancers, and individual worker preferences for flexibility. It also examines challenges faced by gig workers, like lack of benefits and financial insecurity. The article analyzes both benefits of the gig economy like autonomy, skill development opportunities, and increased inclusion, as well as regulatory challenges to protect labor rights. It concludes by noting the fundamental changes the gig economy is bringing to how people work and suggesting the need for fair labor laws and social security system adaptations.

Keywords: Gig, Economy, Contingent, Freelance, Flexibility

JEL Classification: M21