The Ramifications of the Media Focus on the Immediate

ACADEME BLOG

Our media has conditioned us to focus on the moment, on the immediate situation. It is very seldom that the media encourages us to take a longer perspective. And in those few instances in which a longer view is attempted, very often the immediate situation is simply projected outward–multiplied as if the current conditions will not change, when in fact the premise should be that they will almost certainly change and most likely will do so quite dramatically.

So when we are in a period of rapid economic growth, the media can be counted on to ignore the sometimes obvious evidence that another “bubble” is swelling toward the point at which it will inevitably burst. In that type of cycle, the media is afraid to be characterized as alarmist. And yet, over the past thirty years, the most predictable feature of our economy has, ironically, been the series of “bubbles”…

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