Article by Martin Wolf: “The creation, communication and exploitation of knowledge are the defining abilities of human beings as social animals. These capacities, more than anything else, made them masters of the planet. This makes our tools of communication — from language to writing, printing, telecommunications, radio, television and now the internet — the defining technologies of their eras. Their invention and use have shaped not just what we can do at any time, but who we are.
New technologies of communication transform society. As the late Jürgen Habermas argued, liberal democracy, now in peril, was the child of the book, the pamphlet and the newspaper. The digital technologies of our time are similarly transformative. Unfortunately, along with many gains, they bring huge potential harms that today threaten the health of our societies. These harms are not theoretical; they are all too visible.
Knowledge is in the language of economics, a “public good”. This means that, if it is publicly available, it will be potentially available to everybody and also that everybody can have it without anybody being deprived of it: technically, it is “non-excludable” and “non-rival”. Knowledge, as is sometimes said, “wants to be free”. Indeed, given today’s technology the marginal cost of disseminating information is essentially zero.
Yet creating true information is not free at all. This creates a huge market failure: the creation and dissemination of reliable information is at an economic disadvantage relative to the creation and dissemination of fabrications. The public good of knowledge can readily turn into the public bad of confident ignorance or, worse, raging prejudice.
Thus, just like rivers or the air, the knowledge society shares and uses can become polluted. Worse, this can be a very profitable business. It is not hard to think of contemporary examples. Above all, if there is a market failure, competition alone will not cure it. Free speech is an important attribute of a free society. But, on its own, it does not guarantee reliable truth. Rivers of cheap lies can all too easily drown the costly truth…(More)”.
