Friday, June 17, 2016

Is Crowd Capitalism Coming?

I recently had the pleasure of reading the article As On-Demand Economy Grows, Professor Sees New Kind of Capitalism Emerging about Professor Arun Sundararajan from New York University's Stern School of Business. In agreement with him I believe that fundamental changes in our economy will occur that relate to how we are paid. However, I would like to add that we will also be networking resources, people, and information to a higher degree for economic growth.

I like to think of the next era as the Information Age and have conducted some of my own research on it. It will be a time where technology creates greater efficiencies in the market. We will be developing and growing faster through the use of shared resources and information. Our world will get much smaller and our economies more integrated.

Changes in technology will influence employment. It is also a time that will influence the traditional "job". The standard 9 to 5 job will disappear and people will need to be much more self-motivated to earn a solid living in the new economy. Hours will only be method of calculating pay.

There will also be emerging opportunities for people who may have previously been blocked from being independent. It will be easier to be your own boss and choose which projects you want to take. Higher skilled and educated people will opt for higher paid projects with more benefits while lower skilled and lower educated people will be forced into lower paying projects.

Some will find it easier to move up in income while others will find it more difficult. A truer form of capitalism will emerge where data and use will determine necessity. Transparency will become greater and people will have more choice over their working conditions. Many will work from home and throw off the traditional office job.

It isn't an easy transition nor is it one that is set in stone. There will be the traditional and the non-traditional running alongside of each other. Some will enjoy the comfort of salaried employment while others will seek to be more entrepreneurial in their work. There will be job boards for those who want steady pay and there will be project exchanges where people can buy and sell their skills and projects for those who don't.

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