Platform Economy: a Pivotal Element for Economic Transformation - Cases of the platform economy

This article attempts to discuss the contributions of platform companies, along with their positive and negative impacts on the labour market, and to explore preliminarily the social responsibility of platform companies and the roles regulators can play. [...] Achieving a trilateral balance: a test of wisdom Why is the income of gig workers so low? In the opinion of many economists, the primary reason is the powerful monopsony of employers (platform companies in this case) in the labour market, which makes it almost impossible for gig workers to have any bargaining power. [...] The platforms, on the other hand, are the classic case of monopsony power in the labour market. [...] Meanwhile, policymakers and regulators should also take an active part in this and explore ways to strike a balance between safeguarding the development of the new economic format and protecting the rights of workers. [...] On the other hand, the basic rights of some workers should not be the price to pay for the string of benefits that come with fresh opportunities and new innovations.