There is a bigger market for lies than the truth, because lies are so much less constrained.
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When the truth is boring, lies can be exciting. When the truth contradicts your beliefs, lies can confirm them.
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But while spreading more lies by introducing more market forces into journalism, the internet has also made it easier to find the truth.
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The result will be increasing knowledge inequality. The deluded and the well-informed will both become more so.
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The search for truth is time-consuming. The leisure it demands is increasingly a luxury good. And this is by no means entirely accidental.
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Markets work for truth. If you pay for truth, the market will give it to you. Hedge funds and other gamblers pay for and receive truth. 1/
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Markets work for tribal cheerleading and comforting lies also. Consumers want this and pay with attention. Journalists serve this market. 2/
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A better way to phrase it is "mainstream doesn't demand truth." Which is true, and a problem with mainstream culture. Very diff problem. 3/3
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it's not a market. Both truth and lies are free.
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Blockchains can change that ;)
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what constitutes as "truth" defined in transparent protocol similar to bitcoin... something like
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Adam Smith taught ethics semester b4 wealth of nations at oxford b/c markets need trust to work. Lies corrupt that trust & w/o markets fail
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This isn't strictly true. Prediction markets align incentives to produce truthful information. The costly part is contract writing/verifying
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I recommend that you check out the
@factmata project. A great step forward in my opinion.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@paulg facts are undifferentiated commodity on internet, and bias to free. Opinion is differentiated, can extract profits, and does.Thanks. Twitter will use this to make your timeline better. UndoUndo
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