Sharing Economy

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Peer Reviewed

Sharing Economy

This is a peer-reviewed entry published in Encyclopedia Journal, full entry can be found at 10.3390/encyclopedia2030088

Sharing economy is a new type of economic performance with its main characteristic being the sharing among peers. This can be regarded as a new economical approach with the individuals sharing their remainder resources. In this way, there is less need for the possession of resources leading to a decrease in redundant production. However, many implications arise from this type of economy.

sharing economy COVID-19 impact global economy

Sharing economy (SE) is a relatively new field of economics, gaining more and more attention from academia and industry, as well. It has many applications, for instance in materials, hospitality, transportation, sharing of information and knowledge, and is related to many economic and environmental aspects, e.g., circularity, sustainability, environmentally friendly practices, less production, and more responsible use of resources. The sharing economy is linked with sustainability, and it is regarded as an economic opportunity, a more sustainable form of consumption, and a pathway to an equitable and sustainable economy ^[1]^[2].

It is also regarded that it can bring people closer, uniting communities, also affecting the relationship among many people. In this context, since big-town life has been characterized as a destroyer of community, SE has been seen by many individuals that utilizes its properties as a romantic return to small-town or even village life ^[3].

SE can also be regarded as a “social revolution” because it allows the transfer of power from a few large firms to many connected actors ^[4]. The former financial crisis made many people seek alternative sources of employment and income. In this way, the sharing economy enabled those interested to make money on their assets that were previously in an idle condition ^[4].

However, even though the sharing economy is an innovative practice, the principle of sharing resources is not new ^[5]. More precisely, it had been known for many years in business-to-business domain, for instance, in the sharing of machinery in forestry and agriculture. Furthermore, another domain that utilized the sharing practices is the business-to-consumer, for instance, video rental, self-service laundries, car rental, public libraries, and even pools. Recently the sharing practices increased in the consumer-to-consumer transactions ^[5].

However, sharing economy is not only related to positive benefits for the society and environment, since it has many implications and negative aspects, or can be dysfunctional during periods of specific crises, for instance, the COVID-19 pandemic, during which the sharing practices decreased, or were even abandoned, due to the fear of the virus spread.

The present entry provides a literature review of the main findings regarding sharing economy and the implications that emerge from its practices. Moreover, the entry describes the effect of COVID-19 on the sharing economy practices, and, finally, concludes with comments regarding its nature and its evolution, also proposing better utilization of its capabilities.

References

Martin, C.J. The sharing economy: A pathway to sustainability or a nightmarish form of neoliberal capitalism? Ecol. Econ. 2016, 121, 149–159.
Boar, A. Sustainability and Sharing Economy, Economics. Scholarly Community Encyclopedia. 2020. Available online: https://encyclopedia.pub/2502 (accessed on 4 July 2022).
Ravenelle, J.A. Hustle and Gig, Struggling and Surviving in the Sharing Economy; University of California Press: Oakland, CA, USA, 2019.
Felländer, A.; Ingram, C.; Teigland, R. Sharing Economy, Embracing Change with Caution; Enterprenörskaps Forum: Online, 2015.
Puschmann, T.; Alt, R. Sharing Economy. Bus. Inf. Syst. Eng. 2016, 58, 93–99.

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THEODOROS DAGLIS

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Online Date: 07 Jul 2022

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