In this age of digitization, the workplace culture and people’s interests are undergoing rapid transformation. Nowadays, individuals across diverse work profiles are more focused on working independently, taking risks, and starting new ventures to test their entrepreneurial skillset. However, there are many state policies and laws like California’s controversial AB5 that restrict freelance employment, citing adverse economic impact.
In this article at Forbes, Gregory Ferenstein contradicts this economic impact of self-employment ventures. Rather, he thinks self-employment can promote financial benefits and reduce economic downturns.
The author shares his personal experience, where freelancing helped him survive many odd situations right from teenage till now. He even quotes some research done by Stephan Goetz, an economics professor, that states regions with high rates of self-employment fared better while facing the adverse effect of trade issues.
Ferenstein clarifies that self-employment is good for financial stability as well. JP Morgan researched that people with the opportunity to general additional income had less volatility in their savings bank account.
The author also ran an experimental jobs training program. His program was based on some previous studies that indicate people holding multiple jobs are in a way training themselves for higher-paying jobs. So, apart from providing additional income, freelancing tasks also provide valuable training to people who are willing to climb the managerial ladder.
To read the original article in detail, click on the following link: https://www.forbes.com/sites/gregoryferenstein/2019/10/30/why-self-employment-is-good-for-workers-and-the-economy/#69ad136c26dd