Do social media add any competitiveness to a nation? Mastering how to get people to click ads is good for Wall Street and investors, but is that really great? For a nation’s competitiveness, does it add any value? That you have mastered all those algorithms to get hits on the right ads may not be helping man. Sure?
What technology cycle will come after social media? The PC passed computing power to the masses. The web gave us connectivity. What is social media giving us when they finally make way for another cycle? Organizing our best photos so that our kids will not do their home works?
This is very interesting because social media like Internet companies do not create much jobs– no manufacturing and no special design investment. They cramp equations that make computers do what thousands of industrial age engineers can do and find patterns to get ads to the right person.
But remember that the skills picked from social media can be used for biotech where data mining is vital. DNA sequencing could pick a lot from social media since they are about crunching numbers and understanding relationships. The next tech cycle is on the way and may be figured out by a 5 year old kid. Irrespective of anything, we need to ensure that social media cycle passes core value to the next one.