“People do things for their reasons – not yours.”
-Harlen “Butch” Cotter
Ownership Economy – a system where power and economic rewards are distributed between participants as opposed to concentrated at the top.
The concept of the “ownership economy” is not new. The concept comes from the idea that we need a more participatory – a non-woke, more inclusive, zero political – capitalist system.
The ownership economy has become more of a possibility in some people’s minds because of the “creator economy.” This is an independent, creative individual empowered to make aliving from their passions.
Examples….
YouTubers, Twitchers, Instagrammers, Tiktokers, to list a few. There are plenty of health professionals that have been become “internet famous.” (Some are even making some money at it.)
But it’s not just the “creator economy.”
In the early part of the 21st Century there developed a “gig economy.”
While the “gig economy” technically started in the early 2000s because of the onset of the internet and the digital transformation of the overall economy, it wasn’t until after the Financial Crisis of 2007-2008 where the “gig economy” really started to take off.
After the Financial Crisis of 2007-2008, an interesting transformation began to take place. A lot of workers were looking for work, but most companies were not hiring employees, but these companies were willing to hire for short-term projects. People started competing for these projects, or “gigs,” from their homes and coffee shops.
(When free markets are allowed to work, they do.)
Coupled with the online social media platforms, independent websites and apps emerged to help these gig workers.
Workers’ payments are linked to the gigs they perform, which could be deliveries, rentals, or other services such as writing, coding, and, in the health space, the emerging field of “telehealth.”
These are all examples of the ownership economy. But what makes the ownership economy special is that workers own their own time and work.
How did we get here?
The second half of the 20thcentury was an anomaly relative to all of human history. The idea that everyone could have one job for their entire lifetime, get a pension and gold watch, and ride off into the sunset was a farce. Both economically and logically.
(This is neither the place northe platform to discuss the economic and logical farce of the second half ofthe 20th century. But I welcome having this discussion over dinner when you attend the Impact Workshop & Retreat.)
And as people began to realize that pensions were not enough and they wanted “more,” companies began offering “profit sharing” or “stock” or “stock options.”
The reality is that laws changed to benefit big corporations and these companies began to get certain tax benefits by offering these, and other, “benefits.”
Yet, it matters not, because the end result was that workers began to perceive – and like – their “ownership” in the companies for which they were working. This was an overall positive for workers, whether the ownership came in the form of 401k contributions, ESOP plans, RVUs, or direct ownership.
The most recent concept of “ownership” comes from the technology world. With the onset of somethingcalled “Web3” (or Web 3.0), many in the technology world who are trying tocreate the future are focusing on blockchain-based companies that make it soindividuals can earn “capital” with crypto-tokens that can be converted to cash. Not abad concept, but the practicality of this is, at least, a few years off, if not more than 5 years into the future (from the original publication in 2022 and maybe 1 to 3 years from 2025).
The concept of the “ownership economy,” however, is not solely “owned” by the technology world.
The real key to the ownership economy is for the workers to actually own their own time and work. This could be done through gigs, creative endeavors such as online courses, or micro businesses. (A micro business has 9 or fewer employees.)
This is one of the many reasons why Horizontal Integration is so important. (You’ll learn about Horizontal Integration in the next post – “Get H” – How Horizontal Integration is Shaping the New Health Economy.)
It’s not only what is best for– and provides the most benefit for – companies and large organizations, but it is best for individuals who may be creative – or simply want to own their own time and work.
How does this relate toHealth Professionals?
Very few health professionals, if any, in the current Matrix of Modern Medicine – doctors, nurses, PAs, NPs, chiropractors, “concierge” practitioners, physical therapists, and others – actually own their own time and work.
The vast majority of these individuals or groups are owned by the Vertically Integrated, American medical system, that tells them how to get paid, when they get paid, and how much.
The New Health Economy, however, is a horizontally-integrated ownership economy that allows individuals to be free to innovate, as the individual sees fit, or at least compete in a free market, profit-seeking system.
There is no more “command and control,” five-year plans, where someone – or some vertically integrated, dying system – demands fealty to the feudal lord.
The New Health Economy is a self-regulating economy because true, free-market capitalism and the irresistible forces of market competition require individuals and individually owned companies to operate on their best behavior, or people choose not to work with them.
For a deeper discussion on why Capitalism, coupled with the Irresistible Force of Market Competition, is the only way forward in the New Health Economy, you can
- Download the Book (pdf or audio) Navigating the New Health Economy
- Click the link below to learn more about how you can be part of