Social media and false information

America is suffering from the wide dissemination of misinformation.  The advent of social media on the Internet, such as Facebook, has introduced new means for the rapid and widespread dissemination of potentially deadly lies. Most of us retweeting or “sharing” lies believe them to be true. The motives of those who invent them are another matter.

Determining what information to trust has always been a bit of a challenge but social media has certainly upped the game. “What to do with social media”   “New tools require new rules”

A great deal of attention has focused on Facebook. What should it do to protect us from misinformation and who should set the rules? Facebook is a private platform on which we post our thoughts and pictures or repost information supplied by others. It does not provide content of its own. Facebook’s business model is to attract as many users/viewers as possible and to keep them happy in order to connect them with advertisers selling products that might interest them.

Some have claimed that the Facebook “like” button and other reaction indicators has enabled Facebook to direct posts that are liked or that create a strong reaction to the reacting users, thus creating echo chambers (bubbles) in which people increasingly only hear what they already agree with. If they are viewing misinformation, it risks going unchallenged.   “Must Read on Facebook”  

Without delving (again) into how well or poorly Facebook is doing its job of bringing useful information to its users, I want to address (again) the question of who should be responsible for rejecting and filtering out false information. “Facebook covid misinformation” 

Should it be the government (the Xi, Putin model only with Trump or Biden at the helm), social media themselves (the charming Mark Zuckerberg), or its users (us)?

Anyone who has read more than one of my blogs knows where I stand. America’s greatness derives from the fact that sovereignty in America resides in each individual (us) and we delegate rule making upward (to our family and friends, then our clubs and villages, then our cities and states, then to the Federal government, and finally, on a very limited basis, to the world community) as needed to protect ourselves and our property and to facilitate cooperation and commerce among us. In short, while Facebook and other social media platforms should continue to work at improving their game, the choice of what to believe should rest with each of us.

We should learn from our parents and schools how best to evaluate information and where to look for trustworthy information. The success of American democracy will depend, in part, on how well we each perform this duty. I recommend that you start with the new book by Jonathan Rauch: The Constitution of Knowledge: a defense of truth“Trust”

Author: wcoats

I specialize in advising central banks on monetary policy and the development of the capacity to formulate and implement monetary policy.  I joined the International Monetary Fund in 1975 from which I retired in 2003 as Assistant Director of the Monetary and Financial Systems Department. While at the IMF I led or participated in missions to the central banks of over twenty countries (including Afghanistan, Bosnia, Croatia, Egypt, Iraq, Israel, Kazakhstan, Kenya, Kosovo, Kyrgystan, Moldova, Serbia, Turkey, West Bank and Gaza Strip, and Zimbabwe) and was seconded as a visiting economist to the Board of Governors of the Federal Reserve System (1979-80), and to the World Bank's World Development Report team in 1989.  After retirement from the IMF I was a member of the Board of the Cayman Islands Monetary Authority from 2003-10 and of the editorial board of the Cayman Financial Review from 2010-2017.  Prior to joining the IMF I was Assistant Prof of Economics at UVa from 1970-75.  I am currently a fellow of Johns Hopkins Krieger School of Arts and Sciences, Institute for Applied Economics, Global Health, and the Study of Business Enterprise.  In March 2019 Central Banking Journal awarded me for my “Outstanding Contribution for Capacity Building.”  My most recent book is One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina. I have a BA in Economics from the UC Berkeley and a PhD in Economics from the University of Chicago. My dissertation committee was chaired by Milton Friedman and included Robert J. Gordon.

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