The gig economy!
. . . it ends up being a solid look at what gig means, an etymological discussion, and an analysis of the economics of the gigger in the economy.
Mish discovers, "In essence, virtually the entire increase in employment since 2010 was in the “gig” economy!"
Growth, they name is gig!
You really should also click through and read the very good Wall Street Journal article:
Contract Workforce Outpaces Growth in Silicon-Valley Style ‘Gig’ Jobs
The Journal finds that businesses are generally willing to re-evaluate the non-core functions within the business, and turn to giggers to obtain those services.
The definition of "core" is not set, expect it to continue to grow and morph. This change allows businesses, and individuals to adopt the employment changes they want and need.
Expect the antiquated Boomer progressives to fight this change tooth and nail. This change will limit governments control over either the individual or business. Progressives will be apoplectic about this.
On the other hand, the Millennials will be fighting for these changes tooth and nail. Millennials want more flexible employment, and more control.
While it is hard to tell which way this will swing right now, the following article seems to indicate that Boomers are slowly losing some of their power in the market.
Tough Markets Catch Up With 1956 Ferrari
High end cars are a Boomer investment. There are a few Millennials who like cars enough to invest in them. The GenX'ers are half in half out with the older half of the cohort looking more like Boomers, while the younger half looks more like Millennials. Also, it is the oldest half of the Boomers who are car crazy, The same group that brought us American Graffiti.
Expect the car investment craze to lose steam over the next decade, and then begin to fail more rapidly thereafter.
This may show us that the swing discussed above may move more rapidly towards the Millennials from now on out. I fully expect the Millennials to continue to move forcefully into the gig economy, making the world the Boomers understand that much smaller.