Rise of shadow entrepreneurship
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Without regulation, the situation could spiral out of control
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Without regulation, the situation could spiral out of control
Recently, a professor at a business school allegedly misused his faculty position to provide fake certificates to students whom he had compelled to attend an online course that he taught. He essentially took advantage of India’s rising pre-pandemic gig economy in education. When authorities at the institution discovered the racket, they suspended him. This is a cautionary tale for the global rise of shadow entrepreneurship, not just in education but other sectors such as finance (for easy loans), the betting economy (online games) and healthcare (e-pharmacies). Given the potential perverse consequences of shadow entrepreneurship in the long run for consumer welfare, regulation is needed to monitor quality of services.