Question

Watch this video about Joseph Shumpeter's concept of Creative Destruction. For example, many think that the introduction of self-driving cars will disrupt the job market for drivers.

Discuss in 500 words your opinion on what you think of the disruptive capacity of the gig economy on the labor market. Include at least 3 quotes enclosed in quotation marks and cited in-line by reference to a list at the end.

Reply to two peer postings in paragraphs of at least five sentences. Your peer responses are not ‘attaboys’. They are meant to reflect a critical analytical approach to the original posting - challenge, ask questions, extend the conversation.

Answer 1

Solution: The market disruption is a strategy used by the entrepreneurs and the marketers to sell their goods in the market by offering something to the people that are not offered to them by someone else in the market already. The strategy is simple that you offer something to the people at a price that none else is offering or you offer them something that none else is making and then you get the maximum profit out of the market and the reach that none else is currently enjoying. There have been many examples in the history that are evident that this strategy has always worked either by reducing the cost of the product or by improving the quality of the product or in both ways.

Microsoft came up with the idea of an affordable operating system and a computer system and they termed it as a personal computer or PC. This revolutionized the world of the IT industry all across the globe. People started buying the personal computers for their work and many other purposes, before this they couldn't imagine that they could buy the computers as they were highly so[histicated and expensive machines. But Bill Gates came up with this idea and simply disrupted the market and left so less for other IT companies.

The Space Exploration Corporation or most popularly known as SpaceX is one such dream that came true of Elon Musk. This guy made a proposition of making reusable rockets which would reduce the cost of space travel almost by half and would lead to easing in exploring the outer space. This idea wasn't bought until the successful launch of Falcon - 1, as a result, various bog vendors and even space agencies such as NASA are looking up to the SpaceX to do some satellite launches for them as it is much less costly than their Space Shuttle or Soyuz programs. He also disrupted the space market and made a profit out of it.

The replacement of fossil fuel cars with electric vehicles is one such proposition that is actually made by many automobile companies all across the world. These cars would be easy to maintain and they would be much less costly than the petro or diesel-run cars. Many companies such as Tesla Motors have even succeeded in producing such cars and are being used by customers all across the world. It is a warning or an alarming sign for the petro based vehicle manufacturers all across the world as Tesla has disrupted the market for them. As far as the impact of these things over the labor market is concerned, there will be more and more opportunities for them in the upcoming time because of these new businesses and they would have a lot of options to work for. This would also help in improving the working conditions of the workers in these factories too.

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