Does Social Media Have the Power to Deteriorate the Economy?

More than half of office workers use sites like Twitter and Facebook for personal use during the working day, and admit wasting an average of 40 minutes a week each.

One in three of the 1,460 office workers surveyed also said they had seen sensitive company information posted on social networking sites, leading to fears about how workers use the internet.” ~ according to The Telegraph (article linked to below)

If Twitter ‘costs British economy £1.38bn’, then how much is the total economic cost of using social media in other countries worldwide? Consequently, in the long run, does social media have the power to deteriorate the economy in general? And is social media to blame for information leakage and lack of privacy?

World Economy

World Economy

I Told You So! Or Did I?

In recent posts, I have discussed the power of social media both positively and negatively. May it be in terms of its privacy concerns, the personal safety threats it represents or its ability to motivate us to waste time, social media has been blamed for almost every mishap in our lives since Web 2.0.

However, when it comes to actual facts, figures and numbers, I highly doubt that it is a true statement that social media does have the ability to actually hurt the economy! Here is why:

  1. There WAS technology before Web 2.0 & social media; we were not living in the dark ages! Whether we used to spend hours sending e-mails, making phone calls or just sending messages via our mobile phones, there has always been a reason or a way to waste time! Before the mobile phone, there were landlines, before those, there was the television and so on so forth!

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  2. Sometimes, more is less! The number of hours one works does not directly correlate with her/his productivity! Someone could stare at the laptop screen for hours without getting anything done while someone else might do some tweeting for half an hour yet spend the rest of the day dedicate to work only! Remember, our attention span is rather divided onto separate time intervals!
  3. There are many other elements involved! Social media is the weakest link when it comes to political and economical issues and it is easy to place it at arms way and blame it for everything that goes wrong! This is not fair! Social media did actually provide us with more access to potential international and local customers in a faster and more cheaper method. It also provided us with a variety of ways to conduct marketing campaigns that actually helped increase sales!

Moderation is key!

Regardless of the truth behind social media’s ability or inability  to deteriorate the economy, we have to always remember that moderation is key!

Therefore, for my final words, I’d like to ask you the following: How many hours per day do you use social media? Do those hours negatively influence your productivity? And do you really think that social media can help bring about another economic recession???

Looking forward to your comments below!

Comments and Reactions

2 responses to “Does Social Media Have the Power to Deteriorate the Economy?”

  1. Amer Kawar says:

    Well, I agree to a certain extent. People should and will socialise, it's in our DNA. But, if you're overwhelmed with work to be handed in 48 hours and find yourself chitchatting on Twitter or playing social games on Facebook, then you've got a problem and need to put an end to it.

    So, no way that social media is making countries and economies lose billions, as the same time talking around social media sites could be spent talking next to the water cooler.

    My 2 cents :)

  2. tommylinsley says:

    The recent rise of web 2.0 social media can't be blamed for the modern world's woes. I've been online for about 13 years. Remember web 1.0? Chatrooms used to be all the rage.

    Social media is nothing new. It has been around for quite some time, during good and bad economic times. Social media can't be blamed for economic turmoil. As you've said, people will waste time at work anyway they can just as they have in the past. The need for Social interaction is hardwired into us all, so as commented, people can just as easily waste work time around the water cooler.

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