The chapter explores how social pressures and the fear of missing out influence users to continue using social media despite being aware of its negative impacts. It also discusses how algorithms are strategically designed to increase engagement and minimize the cost of not being on the platform, leading to addictive behaviors. The conversation includes insights on improving platforms, user awareness, parallels with addiction markets, the impact on kids, and the comparison between social media addiction and cigarettes.
Economists have discovered an odd phenomenon: many people who use social media (even you, maybe?) wish it didn’t exist. But that doesn’t mean they can escape.
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