Two recent academic studies illustrate several of the benefits of the gig economy.
The University of Chicago Booth Review article Does the gig economy promote entrepreneurship? covers a study showing that gig economy employment helps people make the leap to entrepreneurship and start their own businesses.
Key quote:
Gig work may encourage the formation of new businesses by giving potential entrepreneurs a way to supplement their income during the lean times that many new ventures experience, the researchers explain. And if these entrepreneurs start a business and it fails, gig work gives them something to fall back on.
MIT Management's How the gig economy can reduce unemployment and debt reports on a study showing how the gig economy can act as a safety net. Key qutoe:
A new working paper by John Nickerson, a visiting professor at MIT Sloan, presents a compelling picture of how the gig economy may alleviate situations like this, dampening demand for unemployment insurance while reducing both credit card debt and delinquency rates.
These advantages of the low friction, highly flexible work the gig economy provides are something we've long covered.
The gig economy gets a lot of criticism. But it's clear from a growing list of studies that gig work is beneficial for a lot of people.