An Overview of Platform Economy and Its Algorithms: Strengths, Weaknesses and Regulatory Initiatives
Yuqi Zhou · BCP Business & Management · 2022
Algorithm-based Platform Economy is growing rapidly, with digital capitalism as its core. Its advantage of accurately matching supply with demand has attracted an enormous amount of capital. However, the monopolistic nature of platform and the intelligent algorithms are constantly violating the bottom line of consumer privacy, making digital economy a weapon for capital to exploit the laboring people. Therefore, they should be strictly regulated, which is the only way for platform economy to deliver real benefits to working people.