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Sunday, July 31, 2005

A collective enterprise

Richard Posner writes in the New York Times about the blogosphere:
The model is Friedrich Hayek's classic analysis of how the economic market pools enormous quantities of information efficiently despite its decentralized character, its lack of a master coordinator or regulator, and the very limited knowledge possessed by each of its participants.

In effect, the blogosphere is a collective enterprise - not 12 million separate enterprises, but one enterprise with 12 million reporters, feature writers and editorialists, yet with almost no costs. It's as if The Associated Press or Reuters had millions of reporters, many of them experts, all working with no salary for free newspapers that carried no advertising.
Read the full piece, which examines, among other things, the perceived threat that blogs pose to the mainstream media. Posner, by and by, blogs at The Becker-Posner Blog with economist Gary Becker. It is well worth your while.

(Article link via Instapundit.)
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