Sharing Economy Essay

574 words - 3 pages

The past decade has seen a rise in what is called a sharing economy. A sharing economy is an economic model where individuals are able to borrow or rent out assets that belong to another person. Though this seems like the regular model used by businesses such as hotels and car rentals, a sharing economy is different because it allows individuals to share their own personal assets with others, typically for a fee, without having to be identified as a business. A sharing economy allows people to capitalize on their under used assets and grants individuals access to products and services that are typically available at a much higher price when sought out from more typical businesses. The sharing economy model has become prominent because of two reasons. Firstly because of the ever-steady increase in the price of goods and services, and secondly because of the internet.

The internet has allowed people to connect with one another so much easier, and in parallel, has allowed those who are in need of a service to find those who have that service to spare. The process has become as easy as going online or downloading an app, finding the service you're looking for at the price you're looking for, and booking it.

Prime examples of platforms that have emerged during the sharing economy boom are Airbnb, Uber, and Turo. Airbnb has revolutionized the way individuals find temporary accommodation. All one has to do is log on online or on the app, pick the date and place they would like to find housing, and almost instantly book it. Though this may not seem much different than booking a normal hotel, people have been flocking towards using Airbnb because...

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