Journal of Applied Economic Research
ISSN 2712-7435
Effects of Social Media in the Digital Economy
Popov E.V., Simonova V.L., Komarova O.V.
Abstract
The purpose of this study is to systematize the economic effects of the use of social media under the conditions of the formation of digital society. Social media has been identified as the subject of research, the subject matter of the research is economic relations that are emerging in the digital economy using social media. To analyze the theoretical and methodological approaches to the analysis of social media in the system of economic relations, we used the content analysis of scientific research in domestic and foreign literature, logical and comparative analyzes. The definition of social media as a platform for information communications aimed at creating social networks of different content is given. Individual directions of the use of social media in economic relations have been analyzed. The authors present a typology of social media which highlights global and national social networks (Facebook, LinkedIn, Classmates, VKontakte, Qzone, Mixi, Copains d'avant), creative exchange sites (YouTube, Instagram, Douban, Flickr), sharing sites ( Wikipedia), instant messengers (Skype, WhatsApp, WeChat, Telegram), blogging platforms and microblogs (Twitter, LiveJournal, Sina Weibo, Ameba, Plurk). The economic effects of using social media are highlighted. Both positive and negative effects on the subjects of economic relations are identified. For example, at a mini-economic level, the use of social media reduces the operating costs of the company, but on the other hand, it requires additional financial and human resources to create an internal corporate network. At a microeconomic level, the use of social media expands markets for products, on the other hand, competition between firms is increasing. The formation of networks at a mesoeconomic level is a positive effect, but, at the same time, there is a change in the sectoral proportions in the economy towards the prevalence of the service sector. And finally, at the macroeconomic level, the use of social media stimulates the development of the domestic market, but at the same time the costs of control and maintenance of economic institutions increase. It was determined that the author’s concept of econotronics is an adequate tool for analyzing social media from the standpoint of institutional economic theory.
Keywords
economic effects; social media; social networks; websites, messengers; blog platforms; microblogs; mini-economics; microeconomics; macroeconomics; economic institutions
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About Authors
Popov Evgeny Vasilievich – Corresponding Member of RAS, Doctor of Economics, Professor, Head of Economical Theory Centre, Institute of Economics, The Ural Branch of Russian Academy of Sciences, Ekaterinburg, Russia (620014, Ekaterinburg, Moskovskaya street, 29); e-mail: epopov@mail.ru.
Simonova Victoria Lvovna – Candidate of Economic Sciences, Senior Researcher, Economical Theory Centre, Institute of Economics, The Ural Branch of Russian Academy of Sciences, Ekaterinburg, Russia (620014, Ekaterinburg, Moskovskaya street, 29); Associate Professor, Department of Political Economy, Ural State University of Economics (620144, Ekaterinburg, 8 March street, 62); e-mail: vlsimonova1409@gmail.com.
Komarova Oksana Viktorovna – Candidate of Economic Sciences, Associate Professor, Department of Political Economy, Ural State University of Economics, Ekaterinburg, Russia (620144, Ekaterinburg, 8 March street, 62); Senior Researcher, Economical Theory Centre, Institute of Economics, The Ural Branch of Russian Academy of Sciences (620014, Ekaterinburg, Moskovskaya street, 29); e-mail: okkomarova@yandex.ru
For citation
Popov E.V., Simonova V.L., Komarova O.V. Effects of Social Media in the Digital Economy. Bulletin of Ural Federal University. Series Economics and Management, 2019, Vol. 18, No. 2, 168-185. DOI: 10.15826/vestnik.2019.18.2.009
Article info
Received March 20, 2019; Accepted April 9, 2019.
DOI: http://dx.doi.org/10.15826/vestnik.2019.18.2.009
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