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In real terms, I have no idea if this is a good move or a bad one. We'll know more in five years once the Aussie nerds can publish on the effects. I can't think of a compelling reason not to try it though.
Social media use is bad for everyone. Tech companies have spent billions of dollars refining and optimizing their platforms to maximize engagement and usage at the expense of all other considerations.
I've been researching the mental health effects of social media for an unrelated project I am working on. From an incomplete read of the research, social media use has a strong correlation with mental health issues. I haven't encountered anything peer reviewed that proposes a specific relationship between the two, but my personal (somewhat well informed) guess is that someone will find a link eventually. That's just where the research I've read seems to be headed.
I'd guess they probably have a symbiotic relationship. (Certain kinds of) Mentally ill folks use social media more than others, why or if that is anything more than a red herring is still to be determined, but I have read coverage of other research that suggests that social media might be destroying attention spans (though I haven't read that research myself yet).
Getting the political system involved in this effort is probably undesirable simply because elected officials seem to have entirely abandoned any pretense of using science to inform policy and are basically puppets for the oligarchy. Voting against the interests of their donors is unlikely.
I don't understand. Are you honestly claiming that you don't see any possible value in social media for teenagers? We could talk about people with eating disorders. We could talk about marginalized minorities who can find support in distant communities because where they live is ultra-conservative. We don't have to work hard to think of those examples, they're well documented, they're very real.
Of course you could argue that the harms outweigh the benefits, but to pretend that there are no benefits is just mind boggling.
What I'm saying is that we don't know the full scope of how social media affects developing minds. The harm might outweigh the benefits or not, we just don't know yet. I will be very interested to see the academic research on the effects the ban in Australia has on Australian children.
Social media has benefits for adults and children, but the ways in which these platforms influence thought and behavior creates significant problems. As an example consider Elon Musk's purchase of twitter and the subsequent effects it had on the American election and culture. On the one hand that is the reality we all live in and learning to adapt and compensate is a critical skill to teach our children, on the other there is no reason that things must be the way they are now.
If I could speak to a policy maker I would encourage them not to ban social media use for kids, for no other reason than bans (usually) don't work to address the problem they set out to solve and are easily circumvented online by motivated individuals. If lawmakers were interested in addressing the safety of children online, regulating social platforms would be a better starting point. Unfortunately though, tech companies have a lot more money to lobby against those kinds of initiatives than teenagers and the adults interested in protecting them.
Platforms could address the issues that lead to harm and create a beneficial tool for it's users, however there is little incentive for them to do so because the current system exists as the result of their efforts to maximize profit and furthers other agendas. (I don't mean that in a cynical anti-capitalist way, just that it is the nature of the way social media companies are structured and funded.) The research suggests that we might need to reevaluate how we integrate social media into our lives and build these platforms.
If nothing else barring children from using social media will present us an opportunity to get a better understanding of how social media effects them.