December 31, 2022

The mainstream news media have mutated from providing useful information into multi-biased, overbearing, omnipresent purveyors of false, useless information that is critical for them to report and useless for us to receive. This must stop.

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In the past, the metaphorical 100 pounds of available fact-based news (as opposed to opinion pieces) was reported through news distribution with a roughly 100-pound news distribution capacity. That is, there was relative equilibrium between “what news you needed to hear” and “what news was reported.” The components of this historical news distribution were:

  • Three television stations. Each had about two-and-a-half hours of local news and only a half-hour of national news daily. A handful of weekend news shows (Meet the Press, 60 Minutes, etc.). Also, a few clearly marked “opinion” shows, such as Edward R. Murrow, Eric Sevareid, and others. So, let’s add an hour a day for that.
  • Newspapers. You spent maybe one hour leafing through for “news,” along with classifieds, comics, and advertising.
  • Magazines. Maybe 70% pictures, 20% advertising, and 10% informative reporting
  • Radio. Maybe on your way to and from work for 15 minutes of news a day.
  • No internet, no cable channels, no UHF channels, no “social” media, etc.

So, you probably received less than five hours or less of news daily, and that’s if you watched it all. More importantly, few people seemed to be “news starved.”

Journalists practiced journalism. They vetted information and corrected mistakes with full intent to inform. Was there media bias? Some. Were there reporting mistakes? Some.

Image: Family watching television, 1958. Public domain.

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For a deeper dive into how news delivery in America has changed, this article is helpful.

So, what happened from then till now?

Maybe Alvin Toffler nailed it in his 1970 book Future Shock:

People of the future may suffer not from an absence of choice but from a paralyzing surfeit of it. They may turn out to be victims of that peculiarly super-industrial dilemma: over choice.

Now, in addition to the five hours of news per day we used to have, we have the following additional “over choices”:

  • 24-hour cable news services (MSNBC, CNN, Fox, Newsmax, BBC, etc.).
  • Endless online news sites.
  • Social media sites that purvey news.

So, using basic economic theory, we can figure out the value of today’s news with a simple calculation: Price (value) = Demand/Supply