Social Media, key to economic development HAPPINESS CULTURE~
Culture, loosely define is the social attribute that make up a society such as religion, tradition, politics, norms, shared attitudes, arts, values, goals and pretty much anything that unites a population. In economics, culture plays a significant role in micro and macro economic development. With this said, in the social media new normal world of economic development or what I call faceconomics, culture is being utilized by governments, business, social movements, and religious organizations in order to influence economic development and trends in social behavior.
With this said, we can compare how social media economic development, or known as faceconomics, due to the psychological nature of economics, is being utilized in countries that are developing versus in countries that are already developed. The models and strategies are significant to address due to market dynamics and localization of products, brand and services in various countries. The extrinsic value of social media is based on personal psychology attributed to the use of the platform and intrinsic benefits of the platform to personal growth, professional outlook and community awareness.
In my observation, emerging and frontier markets have significantly mis-interpreted the context of economic development strategy in utilizing the reach of social media. In my opinion they have promoted the same archaic business and social models that kept them from growing to begin with. Their view of social and business adaptation, if based on what they would like for the world to follow, instead of creating a model that is well structured and relevant in market development dynamics. I believe this sort of miscalculations is more pronounced in developing countries, because they have envisioned relevance and appreciation in the world community without knowing that they are miscalculating their economic growth structure. Furthermore, the political apparatus in countries that are developing have also, stump the free market or open market concept vital to economic growth in emerging markets. I also, believe that the elite and well off population in those countries are preventing an equal playing field in social media and have confused the platform with personal gains.
Whereas, developed countries have utilized social media, in order to collectively bring all economic boats within their society on the socioeconomic surface, the rising of all boats concept. I believe that with this approach, the significant multiplier effect will manifest itself by doubling or even gradually increasing economic development within their market. The key to economic growth potential is personal and professional contentment of a society. The main ingredient to economic development is a society that is in tune and willing to contribute. A happy society tend to equal a more robust economic future and new opportunity development generated by a population who see a vibrant future ahead. Psychology builds markets and social media, is becoming an increasing source of that positive attitude among users in developed countries.
I also, believe that the negative effects of social media in developing and developed countries should be used as an economic indicator of what’s to come. As a calculation, developed countries are able to managed social unrest and individual discontentment via, social media. However, this is not the case in developing countries around the world. Social media is increasingly being used by their citizens to vent discontentment in how they are govern and at a significantly higher rate than that of developed countries. The cultural influences have and will continue to play a vital role in social and economic development around the world and social media if used correctly will deliver people in a much greater economic future ahead. Faceconomics, is the new economic development normal in a social media world.