Discussion about this post

User's avatar
Jeffrey Wernick's avatar

Fischer Black described the same structure in finance. Noise. Noise trading is what makes markets possible, and it is also what makes them imperfect. Without noise there is no one to trade against. With it, price departs from value, and nobody can distinguish noise from information when it matters.

The marketplace of ideas works the same way. The so-called social media platforms, a propaganda name, are attention markets. They are the most democratic markets for ideas ever built, which means the most liquid, which means the most noise. Some writers move to thinner markets like Substack, smaller audiences where a signal has a better chance of being priced. The noise follows because the competition for attention follows.

More access. More choice. More noise. Trade-offs are inescapable.

The answer was never to restore the gatekeepers. They were noise with a monopoly. Keep entry open and let readers build their own filters.

No posts

Ready for more?