The Evolution, Impact and Future of the Sharing Economy

Abstract

An economic approach known as the "sharing economy" facilitates resource sharing via an online platform. It is distinguished by the sharing of unwanted items or the right to utilize resources, as well as the use of technology and trust to create a sharing platform in order to realize the vision of a collaborative economy. The development of the sharing economy has had an impact on the labor market. The pressure on employment has decreased due to the rise of new informal employment models, but it has also had an effect on conventional labor relations. The laborers' ties to the platform have deteriorated, and issues like the inadequate defense of social rights and interests have come to light. Platforms for the sharing economy should adhere to the "sharing benefits and responsibilities" idea to split the cost of workers' social security and advance economic growth. A major driver of economic growth is the rise in informal employment that has been brought about by the sharing economy. Workers have more employment possibilities and flexible work schedules under the shared labor paradigm. However, there are also obstacles to the sharing economy's growth, such as ambiguous legal obligations and social security problems. In the future, the sharing economy must support social rights and interests and work with the government, businesses, and labor to further the sharing economy's sustainable growth.