Why Do We Really Follow the News? (Rebroadcast)

Podcast Summary

• News Consumption Driven by Thrill of New Information: People consume news not just for practical benefits but also for the thrill of being informed about new and surprising events

  While young people may believe they follow the news to broaden their perspectives and make informed decisions, economists argue that entertainment value plays a significant role in news consumption. In this episode of Freakonomics Radio, the hosts discuss a paper titled "Suspense and Surprise" by Alex Frankel, Jeff Ealy, and Amir Kamanetsa. They suggest that people are economically wired to seek out news for the thrill of being informed about new and surprising events, rather than for the practical benefits. This perspective challenges the common assumption that people primarily engage with news to improve their decision-making abilities. The podcast features interviews with students discussing their motivations for reading current events in school and raises questions about the true reasons behind our news consumption habits.

• The Value of Surprise and Suspense in News Consumption: Economists argue that surprise and suspense in news keep us engaged and motivated to seek out more info, but the impact on a more informed populace is unclear.

  Our consumption of news and information, including suspenseful media like mystery novels and suspenseful news broadcasts, is driven by more than just a desire for knowledge. Economists argue that surprise and suspense are valuable components, as they keep us engaged and motivated to seek out more information. This is particularly true for news, where entertainment value can help make complex issues more accessible and engaging to the public. However, there is a lack of research on the extent to which entertainment value contributes to a more informed populace. The idea that news has become too entertainment-focused and detrimental to civic society is a common critique, but it may be more accurate to question the public's interest in news when it's not entertaining. Ultimately, understanding the role of entertainment in news consumption and its impact on informed decision-making is an important area for further research.

• Engaging with politics, even for entertainment, can lead to a more informed populace: Consuming political news increases the likelihood of voting and contributes to a more informed society

  While some people may view politics as entertainment, the importance of being informed about political policies and making informed voting decisions has positive externalities for society as a whole. The entertainment value of politics and the ethical duty to be informed are separate matters. Economists have found that the more people consume news, especially political news, the more likely they are to vote. Therefore, engaging with politics, even for entertainment purposes, can lead to a more informed populace and ultimately benefit the world.

• Historically, new media led to increased voter turnout: Access to political information fosters engagement and connection, leading to increased voter turnout

  People are more likely to vote and engage in politics when they feel strongly about the outcome and have access to sufficient political information. The introduction of new media, such as newspapers and radio, has historically led to increased voter turnout due to the dissemination of political information. However, the introduction of TV had a different effect, as it often replaced other sources of political information, leading to decreased engagement. Psychologically, people follow news events to make sense of their own lives and define themselves as characters in their personal narratives. Access to political information is crucial in fostering this sense of connection and engagement.

• The Desire to Stay Informed: A Fundamental Aspect of Human Nature: People consume news for various reasons including practicality, entertainment, and curiosity, reflecting an innate human need to be informed

  Humans have an innate curiosity to know what's happening around them, which can be traced back to survival needs in prehistoric times. Today, this itch to be informed expresses itself in various forms of news consumption, including tabloids, television shows, and online media. While some argue that news serves practical purposes, others see it as a form of entertainment and a way to make sense of the world. Some individuals, like Steve Levitt, consume news only when they're bored or have spare time. Regardless of the reasons, the desire to stay informed remains a fundamental aspect of human nature.

• Why People Consume News: Personal Utility or Action Necessity?: Some consume news for enjoyment and appearance, while others focus on important events for necessary action.

  Some people consume news extensively because they find personal utility and enjoyment in it, while others prioritize knowing about important events to determine if action is necessary. Jill Abramson, a former executive editor of The New York Times, openly admits to enjoying her media diet, which includes reading various newspapers, magazines, and even her horoscope daily. She argues that reading newspapers makes one appear smart and informed, and there's no shame in acknowledging the fun aspect of being a news consumer. Conversely, others, like the speaker in the conversation, prefer to focus on significant events and take action accordingly. Ultimately, the motivation for consuming news varies greatly from person to person.

• Journalism: Informing the Public and Holding Power Accountable: Journalism plays a vital role in informing the public, holding power accountable, and maintaining a free and informed society.

  The role of journalism, as argued by Mariane Abramson, is to inform the public and hold power accountable, a responsibility enshrined in the First Amendment. This function has grown increasingly important in today's society, where corporate power and influence are significant, and the resources required for investigative journalism are immense. Despite the challenges and discouragements, such as the lack of immediate results or the failure of the political system to act, Abramson emphasizes the value of raising public awareness and creating a culture of accountability. However, it's important to consider that some people may consume news to morally assuage themselves, believing they're doing the right thing by staying informed, even if it doesn't directly impact their lives. Ultimately, journalism serves as a crucial check on power and an essential tool for maintaining a free and informed society.

• Questionable value of news in shaping informed decisions: News consumption may appear informative but its impact on shaping informed decisions and promoting diverse perspectives is questionable. Siloed news landscapes can increase cultural polarization.

  While consuming news may provide some practical benefits, such as appearing informed in social situations, its real value in shaping informed decisions and promoting a well-rounded understanding of issues is questionable. The news landscape is increasingly siloed, with people seeking out information that aligns with their pre-existing beliefs. As individuals become more knowledgeable, cultural polarization can actually increase, making it harder for people to be exposed to diverse perspectives. For those creating news content, catering to audience biases may make the news more appealing but also more predictable, potentially limiting the potential for surprise or suspense.

• The President as Co-Pilot: The President has some influence but many decisions and actions are already set in motion by various institutions and systems, making the role more complex than it seems.

  The speaker likens the President to someone sitting in the co-pilot seat of a plane that's already on autopilot. This means that while the President has some influence, many decisions and actions are already set in motion by various institutions and systems. It's a complex issue that the show plans to explore further in the next episode. Freakonomics Radio is a podcast produced by WNYC Studios and Dubner Productions. Each episode explores the hidden side of everyday life through the lens of economics and storytelling. This particular episode was produced by Christopher Worth and mixed by Andrew Dunn, with contributions from Irva Gunga, Jay Kallet, Greg Rosalski, Allison Hockenberry, Jalenta Greenberg, and Caroline English. You can listen to all previous episodes and subscribe to the podcast on iTunes or wherever you get your podcasts. Stay tuned for more insights on the intricacies of our world.