Kitchen Table Economics

What is the Gig Economy?

If you have ever taken an Uber or ordered a meal off of GrubHub, you were supporting the gig economy. In short, the gig economy is a labor market made up of freelance or part-time workers who work a “gig” to supplement their income or simply work as they wish.

It’s easy to join this labor market because jobs or tasks are usually accepted through an online app or platform.

In the US, the gig economy has provided millions of people with the ability to work independently and is projected to increase in years to come.

Although it provides great flexibility, it also requires workers to be disciplined as they make their own schedules and ultimately are their own boss.

For example, an Uber driver is able to set his or her own hours of when they will be accepting riders, but that is also the only way that they will make money. There is no fixed income with these jobs as they are technically (by legal standards) not employees of the company.

The gig economy provides great opportunities for those looking for a part-time job and increases convenience for the consumer–that’s a win-win.