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Socialnomics: How Social Media Transforms the Way We Live and Do Business, Revised and Updated by Erik Qualman

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SOCIALNOMICS SUMMARY

It's about the economy, stupid. No, it's about a people-driven economy, stupid. Whether you are a businessperson or a high school student, social media transforms the way you live and do business.

As an individual, you need to live your life as if your mother is watching, because she probably is via social media. Individuals behaving appropriately is a good thing for society. But is it beneficial for the individual? If we can no longer have split personalities (Work William versus Weekend Warrior William) providing necessary stress relief, will more and more individuals experience nervous breakdowns? On the other hand, individuals being able to constantly update their status and micro-blogs allows them to take real-time inventory of their collective lives. It also allows us to be connected with the ones we love like never before.

Because of this, there may be no looking back on a wasted youth. Social media is not a waste of time; it actually makes people more productive. We no longer look for the news or things of interest—they find us. If a person is updating his status or micro-blogs with "watching reruns of Saved by the Bell," that certainly isn't quite as cool as "learning how to kayak white-water rapids." Reality TV has been replaced by reality social media—it's all about my friends and my own reality.

And that is what social media does—it rewards first-class behavior and punishes improper behavior (what happens in Vegas stays on YouTube). Time will tell if ...

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