Daniel_Burfoot comments on Economy gossip open thread - Less Wrong

22 Post author: John_Maxwell_IV 28 October 2012 04:10AM

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Comment author: Daniel_Burfoot 29 October 2012 12:34:31AM *  -1 points [-]

I feel like I see warning signs of incipient economic decline every time I read a news article. Here are some random example titles, you can find them with a Google search:

  • "Why air travel has become so expensive, annoying, and cramped"
  • "Spain Recoils as Its Hungry Forage Trash Bins for a Next Meal"
  • "A Part-Time Life, as Hours Shrink and Shift"
  • "‘Fiscal cliff’ already hampering U.S. economy, report says"
Comment author: fubarobfusco 29 October 2012 01:10:14AM 7 points [-]

If the world were improving, what ratio of "good news" to "bad news" articles would you expect to see — given the incentives on journalists, news publishers, and news readers? If the world were worsening, what ratio would you expect to see?

Comment author: Daniel_Burfoot 29 October 2012 01:59:27PM 2 points [-]

There was lots of good economic news in the late 90s.

The media probably has the ability to distort our perception of certain things, like the risk of terrorism or serial murder. But trends like unemployment, tax increases, the fiscal cliff and the EU crisis seem hard to distort.

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