Hustling in the New Economy

Hustling in the New Economy

During the third quarter of 2020, the freelance/gig marketplace Fiverr reported a 48 percent year-over-year increase in the number of U.S. freelancers registering on its website. That people have been attempting to find freelance or gig economy work during the pandemic is not surprising given that, as of October 2020, the number of U.S. jobs overall had declined 6.6 percent from pre-pandemic levels. However, Fiverr’s measure of freelance and gig work tells only part of the story of how an increasing number of people are seeking alternate means to earn money in what we have called the New Economy. On StockX, the secondary marketplace for sneakers, apparel and other coveted items, “Business is better than ever,” according to Joe West, a 19-year-old college dropout who has been reselling since he was 15; and indeed, this past May and June were the biggest months ever for sales on the site. Hustling, or working outside the traditional labor market, to earn a primary or secondary income by selling on marketplaces, by becoming a creator or by making money from money, either via the stock market or gambling, have increasingly become popular ways of earning extra money in the New Economy. The global pandemic and what we have called the resulting Economic Pandemic have made hustling more widespread, but it is the New Economy that made it necessary.

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