Social media is a problem for economists. They don’t know how to value it. It has long been argued that it ought to be in the national accounts as part of gross domestic product. One 2019 study estimated Facebook alone is worth US$40 to US$50 per month for consumers in the United States. But that’s not what we pay. Social media isn’t charged for, and the national accounts measure only the things we pay for, no matter how significant they are in our lives and how many hours per day we spend using them. As the Australian Senate prepares to Read More
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