Aaron De Smet [Archive.org URL]

Transaction costs are now low enough that you can have a gig economy. We can create technology-enabled platforms that allow us to have collaboration at scale through nonemployees or quasi employees.

Now there were some economists who said that when transaction costs fall enough, the large employed workforces will go away. That was the prediction. I never agreed with it, because another reason why people work for a company is the relationships. It’s because of the sense of belonging. It’s because of culture, what the company stands for, and a sense of shared identity.

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