For over a hundred years, economics textbooks have taught students about the “production function,” which shows that output depends on inputs such as land, labor, capital, and technology. But the gig economy has re-jiggered the model by increasing the supply of inputs, which in turn has held down price growth.
SAN DIEGO – Gig-economy firms and workers – or “giggers” – are like magicians and alchemists, only their tricks are real. Although physicists assure us that new matter cannot be created, the gig economy conjures up new supplies of stuff, thereby making the overall economy more flexible and pushing back against inflation. It is a shame that so many governments fail to recognize this and try to stomp on giggers, much as medieval popes did to heretics and wizards.
SAN DIEGO – Gig-economy firms and workers – or “giggers” – are like magicians and alchemists, only their tricks are real. Although physicists assure us that new matter cannot be created, the gig economy conjures up new supplies of stuff, thereby making the overall economy more flexible and pushing back against inflation. It is a shame that so many governments fail to recognize this and try to stomp on giggers, much as medieval popes did to heretics and wizards.