Opinion ruined journalism and Facebook killed truth—but there's a way to make it right.
- The marketplace of ideas is a better metaphor than it's intended to be, notes Eli Pariser. As any good economist will tell you, the best product doesn't always rise to the top.
- The institutional gatekeepers and experts who once kept checks and balances on the marketplace of ideas have been replaced by social media algorithms that reward emotion and outrage over expertise and truth.
- How can media institutions like Facebook make this right? By reevaluating the business model that serves advertisers instead of readers, and by clearly stating their values—even if that means losing some of those 2 billion users.
The Charles Koch Foundation is committed to understanding what drives intolerance and the best ways to cure it. The foundation supports interdisciplinary research to overcome intolerance, new models for peaceful interactions, and experiments that can heal fractured communities. For more information, visit charleskochfoundation.org/courageous-collaborations. The opinions expressed in this video do not necessarily reflect the views of the Charles Koch Foundation, which encourages the expression of diverse viewpoints within a culture of civil discourse and mutual respect.
Just because a company does incredibly well financially doesn't mean that it does any good for the people. How can we change that?
- Huge corporations are often built upon the backs of very cheap labor. So while the stock prices go up, the lives of the workers goes down.
- Corporate taxes could offset the harm that these behemoth companies do. But there's a lot of opposition to raising taxes.
- Another option would be to classify companies entirely differently than we do now.
The so-called FAANG companies have lost more than $700 billion in market value since October.
- The shares of major tech companies were performing exceptionally well earlier this year, but those gains got nearly erased on Monday.
- Overvaluation, the U.S.-China trade war and recent privacy concerns surrounding tech companies are among the reasons for the drops.
- Apple and Facebook have been hit the hardest in recent weeks, thanks in part to a few major reports from news outlets.
Sure we know it would be bad, but what do all of these scary numbers really mean?
- At the press time, the value was $21.7 trillion dollars.
- Lots of people know that a default would be bad, but not everybody seems to get how horrible it would be.
- While the risk is low, knowing what would happen if a default did occur is important information for all voters.
Could this be the long-awaited solution to economic inequality?
Under capitalism, the argument goes, it's every man for himself. Through the relentless pursuit of self-interest, everyone benefits, as if an invisible hand were guiding each of us toward the common good. Everyone should accordingly try to get as much as they can, not only for their goods but also for their labour. Whatever the market price is is, in turn, what the buyer should pay. Just like the idea that there should be a minimum wage, the idea that there should be a maximum wage seems to undermine the very freedom that the free market is supposed to guarantee.
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