You say if you want good information, pay good money for it. The Silicon Valley adage is information wants to be free, and to some extent the online newspaper industry has followed that. Is that wise?
The idea of free information is extremely dangerous when it comes to the news industry. If there’s so much free information out there, how do you get people’s attention? This becomes the real commodity. At present there is an incentive in order to get your attention – and then sell it to advertisers and politicians and so forth – to create more and more sensational stories, irrespective of truth or relevance. Some of the fake news comes from manipulation by Russian hackers but much of it is simply because of the wrong incentive structure. There is no penalty for creating a sensational story that is not true. We’re willing to pay for high quality food and clothes and cars, so why not high quality information?
Actually, there ARE penalties for publishing fake news, or there used to be. Fraud used to be a punishable crime but prosecutors have stopped even attempting to uphold such laws. Even so, there is no guarantee that paying for something equates to high quality. That is an incredibly naive misunderstanding of human nature. Since human beings created newspapers they have published sensational, untrue stories. Harari (a historian???) needs to google "yellow journalism" for a start.
Wednesday, August 08, 2018
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