Group items tagged

In every group chat, no matter the size, participants fall into informal roles. There is usually a leader—a person whose posting frequency drives the group or sets the agenda. Often, there are lurkers who rarely chime in

Larger group chats are not immune to the more toxic dynamics of social media, where competition for attention and herd behavior cause infighting, splintering, and back-channeling.

It’s enough to make one think, as the writer Max Read argued, that “venture-capitalist group chats are a threat to the global economy.” Now you might also say they are a threat to national security.

thanks to the private nature of the group chats, this information largely stayed out of the public eye. As Bloomberg reported, “By the time most people figured out that a bank run was a possibility … it was already well underway.”

The investor panic that led to the swift collapse of Silicon Valley Bank in March was effectively caused by runaway group-chat dynamics. “It wasn’t phone calls; it wasn’t social media,” a start-up founder told Bloomberg in March. “It was private chat rooms and message groups.

Unlike traditional social media or even forums and message boards, group chats are nearly impossible to monitor.

as our digital social lives start to splinter off from feeds and large audiences and into siloed areas, a different kind of unpredictability and chaos awaits. Where social networks create a context collapse—a process by which information meant for one group moves into unfamiliar networks and is interpreted by outsiders—group chats seem to be context amplifiers

group chats provide strong relationship dynamics, and create in-jokes and lore. For decades, researchers have warned of the polarizing effects of echo chambers across social networks; group chats realize this dynamic fully.

Weird things happen in echo chambers. Constant reinforcement of beliefs or ideas might lead to group polarization or radicalization. It may trigger irrational herd behavior such as, say, attempting to purchase a copy of the Constitution through a decentralized autonomous organization

Obsession with in-group dynamics might cause people to lose touch with the reality outside the walls of a particular community; the private-seeming nature of a closed group might also lull participants into a false sense of security, as it did with Teixiera.

the age of the group chat appears to be at least as unpredictable, swapping a very public form of volatility for a more siloed, incalculable version

That’s because real people — and yes, even professional economists — tend to process the parallel rise of prices and wages in quite different ways.

In brief, researchers have found that we tend to internalize the gains due to inflation and externalize the losses. These different processes yield different emotional responses.

Let’s start with higher prices. Sticker shock hurts. Even as someone who closely studies the inflation statistics, I’m still often surprised by higher prices. They feel unfair. They undermine my spending power, and my sense of control and order.

in reality, higher prices are only the first act of the inflationary play. It’s a play that economists have seen before. In episode after episode, surges in prices have led to — or been preceded by — a proportional surge in wages.

Even though wages tend to rise hand-in-hand with prices, we tell ourselves a different story, in which the wage rises we get have nothing to do with price rises that cause them.

But then my economist brain took over, and slowly it sunk in that my raise wasn’t a reward for hard work, but rather a cost-of-living adjustment

Internalizing the gain and externalizing the cost of inflation protects you from this deflating realization. But it also distorts your sense of reality.

The reason so many Americans feel that inflation is stealing their purchasing power is that they give themselves unearned credit for the offsetting wage rises that actually restore it.

younger folks — anyone under 60 — had never experienced sustained inflation rates greater than 5 percent in their adult lives. And I think this explains why they’re so angry about today’s inflation.

While older Americans understood that the pain of inflation is transitory, younger folks aren’t so sure. Inflation is a lot scarier when you fear that today’s price rises will permanently undermine your ability to make ends meet.

Perhaps this explains why the recent moderate burst of inflation has created seemingly more anxiety than previous inflationary episodes.

More generally, being an economist makes me an optimist. Social media is awash with (false) claims that we’re in a “silent depression,” and those who want to make American great again are certain it was once so much better.

in reality, our economy this year is larger, more productive and will yield higher average incomes than in any prior year on record in American history

And because the United States is the world’s richest major economy, we can now say that we are almost certainly part of the richest large society in its richest year in the history of humanity.

The income of the average American will double approximately every 39 years. And so when my kids are my age, average income will be roughly double what it is today. Far from being fearful for my kids, I’m envious of the extraordinary riches their generation will enjoy.

Psychologists describe anxiety disorders as occurring when the panic you feel is out of proportion to the danger you face. By this definition, we’re in the midst of a macroeconomic anxiety attack.

One calculation performed by an audience demographics firm found 32 million connections to male followers among the 5,000 accounts examined by The Times.

Interacting with the men opens the door to abuse. Some flatter, bully and blackmail girls and their parents to get racier and racier images. The Times monitored separate exchanges on Telegram, the messaging app, where men openly fantasize about sexually abusing the children they follow on Instagram and extol the platform for making the images so readily available.

The so-called creator economy surpasses $250 billion worldwide, according to Goldman Sachs, with U.S. brands spending more than $5 billion a year on influencers.

The troubling interactions on Instagram come as social media companies increasingly dominate the cultural landscape and the internet is seen as a career path of its own.

Nearly one in three preteens lists influencing as a career goal, and 11 percent of those born in Generation Z, between 1997 and 2012, describe themselves as influencers.

“It’s like a candy store

Health and technology experts have recently cautioned that social media presents a “profound risk of harm” for girls. Constant comparisons to their peers and face-altering filters are driving negative feelings of self-worth and promoting objectification of their bodies, researchers found.

he pursuit of online fame, particularly through Instagram, has supercharged the often toxic phenomenon, The Times found, encouraging parents to commodify their children’s images. Some of the child influencers earn six-figure incomes, according to interviews.