Do Social Networks improve Well-Being? Justification by Economic Theory

Abstract

In a world marked by a constant increase in the number of users of social networks, which constantly impact all dimensions of social life, it is important to ask, how do these networks impact users' well-being. The aim of this article is to provide an adequate answer to this question through a conceptual analysis, drawing on two fundamental approaches to well-being: the Easterlin paradox and Sen's capability approach. When applied to the context of social networks, these two approaches yield two different results. Easterlin’s perspective suggests a negative impact of social networks on well-being through the social comparisons they generate, coupled with the strengthening of material aspirations. Regarding Sen's approach, it assumes a favorable effect of social networks on well-being, conveyed by the opportunities and freedom of choice that these platforms provide, which can be translated into functionings and capabilities. The originality of this article lies in the fact that this subject has not been widely investigated, and it is the first article to apply the Easterlin paradox and Sen's approach to the context of social networks. We conclude that both perspectives are relevant for the analysis of the impact of social networks on well-being. Therefore, we consider that particular importance must be given by government authorities to establish necessary technological infrastructures to the fight against the digital divide, in order to ensure equal access to the opportunities that social networks offer. These measures must be accompanied by awareness-raising initiatives regarding the risks posed by these social platforms.

JEL Classification: I31 - 033

Paper type: Theoretical Research