Two Myths About the Future of the Economy

Abstract

There are two common myths regarding platform economies. First, the idea that Uber’s business model will serve as a model for the rest of the economy is too simplistic. In that sense, both the promise and the threat of ‘platform capitalism’ to jobs can be overstated. Secondly, while AI does pose a threat to the economy, this is not because of automation but because it further encourages the tendency towards monopoly that already exists in the platform economy. Scholarly and media analysis of platform economies have overlooked their most important impact: the concentration of power in a handful of global companies.