The Gig Economy is Changing the World
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Time Stamps Below:

00:00 – Intro
What’s up you guys, today we are going to be breaking down the current state of the economy and how the Gig Economy is changing everything we know about economic policy.

00:45 – What is the Gig Economy?
The Gig Economy is the idea of idea of doing contract or per-project work outside of a traditional 9-5, it is a way for people to diversify their income, create multiple revenue streams and also increase your overall income as well.

02:19 – The Phillips Curve
The Phillips Curve is an economic metric used to help the federal reserve dictate where to put interest rates – basically, in a really simple explanation, the Phillips curve is the idea that unemployment and inflation have an inverse relationship. As unemployment goes up, inflation goes down and vice versa.

03:06 – How The Gig Economy is Affecting the U.S. Economy
But, in recent years studies have shown that the Gig Economy is actually having a pretty significant impact on the US economy, specifically the Phillips Curve – because of the gig economy, fewer people are reporting themselves as unemployed, but these same workers are oftentimes also earning less in the gig economy. This is throwing off the economic data as a whole.

05:26 – Conclusion
The rise of the gig economy is affecting what economists have historically used to guide economic policy – this is in part due to more people becoming self-employed while simultaneously earning less.

07:59 – Closing
I hope you guys enjoyed this video, make sure to hit the like, subscribe, and the notification bell and I will see you guys in the next video.


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