Twitter: Global Village or Recessionista?

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Twitter, it seems, is making mainstream headlines daily these days. Yesterday, the IHT featured on page 2, an article “A truth renewed online: It still takes a village,” which begins: “Twitter and Facebook are, OMG, so last millennium”. The article, written by Anand Giridharadas, actually suggests that today’s social media are a modern representation of the old-fashioned [Indian] village, providing “ambient love.” Giridharadas writes that social media “maintain not your 10 key relationships, but your hundred semi-key mini-relationships. They are not about understanding or soul-baring, but about being simply, ambiently present…”. It is a well expressed point of view. In today’s ice cold economic climate, the ambient warmth of a Twitter or Facebook poke or birthday wishes are a welcome reprieve.

And, on another level, speaking of the economy, I read yesterday how Mr. Martin Schmeldon, a Harvard professor, correlated the rise in twittering to the fall in the stock market and, in a case of brazen marketing, said that Twitter was at fault for the current economic crisis. Read here: http://www.gaebler.com/Economist-Blames-Twitter-for-Down-Economy.htm.

As the article goes on later to say, however, the validity of Schmeldon’s research is a little curious. Pat Sooshisif, an associate professor of public policy at the Yale School of Management is quoted as saying, “I think an informed reader of this research paper should be able to determine that Schmeldon wasn’t engaging in serious statistical analysis of this data.” [From March 2009 issue of The Journal of Economic Perspective and Analysis.]

If you listen to MSM (mainstream media not to be mixed up with MSN!), you might be excused for concluding that the global village — via Twitter’s 7 million unique visitors a month — is running, if not ruining the world.

I maintain that Twitter’s ascension is reflective of a society that is in search of itself: a community that is communicating, without having found a greater meaning or sense of purpose (akin to the general chatter one can hear in the Indian village). It is certainly not a society that is creating value. However, even if 65% of twittering is happening at the workplace, Schmeldon may yet find a better field of research in measuring the twitterers and the performance of the companies for which they work. He might potentially be surprised to find these companies doing rather well, for being more online, more open minded and, potentially more plugged in to social trends. That is a mere supposition, but likely more plausible than pointing to Twitter as the fallguy for the current recession.


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