Question

Today social media platforms such as Facebook, Twitter, WhatsApp, Instagram, YouTube, Google+, Pinterest, as well as blogs, podcasts, and websites have become interwoven into our everyday lives as well as the culture of our nation. Please write one or two paragraphs commenting on the presence of externalities (positive, negative, or both) as it relates to the use of social media and how or should the government intervene in order to improve market outcomes.

Answer 1

Ans:

The negative externality associated with social media:

• Students are getting addicted to these social websites and loosing their interest in studies.
• Destroying natural human relationships and interactions.
• A study at UCLA found "decreased sensitivity to emotional cues".
• The negative news or hateful news/rumors can be easily spread through it which can result into riots and violence like situation.

The positive externality associated with social media:

• People can stay connected with their friends and families in every part of the world.
• Some people who are using social media as a profession, they are earning through these websites by creating blog, pages and channel. They can sell their products and services.
• We can easily share the information to the large network in few minutes. It can be easily spread.

The role of the government:

• The government can intervene and control the social media to stop the rumors/news regarding hateful speech or negative news which would cause a problem in the society.
• The government can monitor the activity of the individual spent on social media, that can decrease the chances of fake news being spread on social media.
• The government can inform the people to not to use social media and show their harmful effects on the brains.
• The government can restrict or stop the use of social media for school children.