A good economics lesson

Charles Arthur looks at the paparazzi explosion and finds an economics lesson:

So here’s what digitisation has done to professional photography: driven down the cost of entry; driven down the value you get from the product you produce; increased the number of potential outlets; and created an entirely new field, in this case of “celebrity abuse”, of essentially looking behind the curtain at what’s seen.

Now we get the same process happening with words: the price of entry is really, really low. There’s more product, though the quality.. well, it’s variable: the really good stuff is fantastic, and there’s a lot of simply good stuff. But the range is enormous. Has the median gone up or down? I’d leave others to judge.

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