Question

What is the meaning of 'work' if gig economy is the future? What is the impact of technological advancements? How does this impact developing economies? And wider society?

Answer 1

Gig Economy is nothing, but the emergence of small-time contracts and freelance instead of permanent jobs in the economy. The rising trend has been attributed to the technological advancements such as Internet connection speeds and the increasing costs of maintaining an office.

These all conditions make Gig economies the best way in being able to manage a company and a country as a whole as the cost of production primarily of the service industry reduces significantly.

The impact of technological advancements is that the gig industry is only growing in size. People across the globe can now be contacted for doing jobs on portals and do not need to go to the office to get jobs done in the service sector. This saves a lot of costs to organizations.

Developing countries have gained high on low costs of labour which is the primary reason for them being able to develop over the years, Countries such as India and China have expanded their service and production primarily because they have low cost labour readily available, In the advent of gig economics, the countries would prefer to give their talent a chance as the cost of labour and maintenance goes down substantially. The end result is that developing world could face tough conditions.

The Wider Society would see a large change as their expenses towards travel to office and other similar key variables declines. The change in the labour force is much appreciated to curtail costs on parts of both the consumer as well as the producer respectively.

Please feel free to ask your doubts in the comments section.