I understand Brad DeLong’s frustrations with journalists failing to get complicated stories about economics and economic policy right. I don’t know anything about the specific cases in which he feels some reporters at the Washington Post weren’t trying to get it right. But as a broad response, I would have to say: for most of us, the level of detailed and scrupulous reportage which he expects on every story entails an amount of work that almost no journalistic institution in the world will pay us enough to do, anymore.
This isn’t really a complaint; it’s more of an observation. The quality of reportage, both financial and otherwise, is going to keep going down. And it’s going to keep going down because there isn’t a market for quality reportage. It doesn’t pay any more to interview 10 sources for an article than it does to interview 5 of them. And it doesn’t pay any more to come up with an interesting or accurate way to tell a complex story than it does to resort to a well-worn format such as “there’s a heated debate over”, present one side, present the other side, come back to somebody saying there’s a heated debate, ends.
It’s not so much that the answer to the question “why oh why can’t we have a better press corps” is “because no one will pay for one.” I’d say that the question should be “why oh why can’t we have better reporting”, and the answer is “because no one will pay for it”.
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