What "gig economy" means in finance

The gig economy refers to a labor market characterized by the prevalence of short-term contracts or freelance work as opposed to permanent jobs. In this type of economy, individuals typically work as independent contractors, often taking on multiple projects or gigs simultaneously. The gig economy has been fueled by the rise of online platforms that allow individuals to connect with potential employers and clients, such as Uber, Airbnb, and Upwork. While the gig economy offers flexibility and the potential for higher earnings, it also lacks the stability and benefits of traditional employment.