PoliTechs Ramblings

Friday, September 17, 2004

Why 3,872,561 "guys in their pajamas" are better at sorting the truth than big media

Tech Central Station has a great article which briefly touches on why the "blogosphere" was able to have such a seemingly large impact on the recent CBS controversy. In Hayek Smiled: Why Blogging Works TCS explains the phenomenon by relating the blogging community to the theories of the Nobel Prize winning economist F.A Hayek.

Hayek theorized that markets worked better primarily because of their ability to facilitate the use of 'on the spot' knowledge, knowledge that is very unique to a particular person or place. Steve Jobs knows more about making iPods than George Bush. Everyone has something he knows more about than just about anyone else, even if that something is as basic as his own car. A command system requires the person with the knowledge to wait on the guy without it. A market system gives the person with knowledge the freedom and power to act on it.

I think most bloggers, and readers of blogs, recognize that when it comes to the media, the most thorough understanding can come from a combination of the market (blogs) and command (big media) systems.


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