Posts Tagged ‘creative destruction’

Alternative Journalistic Models

John writes, “Technology has so dramatically decreased the lag-time between one person knowing something and everyone knowing it (Brown himself has a joke about re-tweets counting as plagiarism), that I wonder if ‘breaking a story’ is eventually going to be one of those outdated achievements….”  This is an interesting question, but I think just as interesting of a question is if the net amount of journalistic information available will decrease as the result of aggregation, blogging, and other technological developments. We already are seeing newspapers, magazines, and other news organizations cutting back on foreign correspondents and new hires. But, this doesn’t necessarily indicate that, in the long-run, less information will be available. It may simply be provided through a different means. The journalistic model will change. Here are four possible alternatives to the current model for information gathering*:
Continue reading

Thoughts on Creating Your Own Economy

Tyler Cowen refers us to his fascinating preview article of his upcoming book, Create Your Own Economy. In the article, he makes the following arguments:

  1. The economic concept of “production” has changed: More and more production is occurring internally, inside one’s mind, rather than in factories. The combination of one’s entries and work on different social networking tools (e.g. Twitter, Facebook, MySpace) results in production of internal “joy, emotion and suspense.” Accordingly, GDP tells us less about human well-being than it previously did.
  2. Since many of these productive web activities are free, they don’t generate jobs and appear to hurt the traditional economy. The fact that only 50 people work for Twitter is an example of this.
  3. Despite this, there is a bright side. Individuals get what Cowen calls a “human capital dividend” by reallocating time in the “free sector” and freeing former manufacturers and intermediaries to do more productive work.
  4. The other part of the “human capital dividend” is that people are A) becoming more socially connected with diverse groups of people and B) better able to keep track of long-term interests and stories because of the ease and low-cost of keeping track with the resources of the Internet. Rather than the Internet causing us to become increasingly impatient, it causes us to develop and maintain long-term interests and connections.

Continue reading