Externalizing Cost
This, admittedly biased site, details the top ten stories by the media that slandered various businesses. While viewing this one can’t help but think that the news organization’s profits from these stories should be returned to the company they slander. Its the same principle as forcing companies that externalize the cost of pollution to pay for that cost. I’m pretty sure these companies have legal redress, however, much like the Environmental Protection Agency, shouldn’t there be a federal agency that protects business from unscrupulous news organizations attempting to maximize profit while minimizing cost by publishing outrageous but false stories about large companies. If we are going to federally regulate externalizing cost of pollution, then shouldn’t we also federally regulate externalizing cost of slander?
Or is the right to free speech more important than the right to private property?
April 22nd, 2008 at 6:50 pm
There shouldn;t be a redress if they’re telling teh truth, there already is a regress if they’re lieing (I’m pretty sure).
But I wouldn’t worry about it; since the free market is made up of nothing but omniscient, perfectly rational consumers, everyone will know that those news organizations were lieing to them and they will go out of business soon. Just like corporations with bad overseas human-rights practices.
April 22nd, 2008 at 10:30 pm
“the free market is made up of nothing but omniscient, perfectly rational consumers”
It’s not currently, but it will be if we remove enough regulation. Over the long run, the ignorant consumers would disproportionately die off from consumption of hazardous products.
April 23rd, 2008 at 12:23 am
…. yeah, if our economic system is relying on natural selection, I think we’ve probably got some problems.