The media always has a strong incentive to generate a narrative out of the collection of facts they obtain. Certain narratives are more popular than others. This makes the news a terrible indicator of what is going on unless they directly report statistics, which they also usually fuck up. Paying attention to the news seems to be of negative utility.
The media always has a strong incentive to generate a narrative out of the collection of facts they obtain. Certain narratives are more popular than others. This makes the news a terrible indicator of what is going on unless they directly report statistics, which they also usually fuck up. Paying attention to the news seems to be of negative utility.
http://econlog.econlib.org/archives/2011/03/the_case_agains_6.html