Nassim Nicholas Taleb on Media and Skin in the Game: The Truth About Journalism and the Public

„The fact that there is a gap between journalists and the public is shown above all by the fact that the former are much more interested in the opinion of their colleagues than in the judgment of their readers. Compare this with a healthy system, for example that of restaurants. As we [...] have seen, restaurant owners care about the opinions of their diners, not those of other restaurant owners, which keeps restaurant owners doing what their job is; it prevents the industry as a whole from moving away from diners' interests. In addition, skin in the game creates diversity, and monoculture is prevented. Economic uncertainty exacerbates the situation. Journalists currently work in the most insecure profession imaginable: the majority live hand-to-mouth, and ostracism by colleagues would be fatal. This makes them easy victims for manipulative lobbyists, as has been seen in connection with genetically modified organisms (GMOs), the wars in Syria, and more. In this profession, if you say something unpopular about Brexit, GMOs, or Putin, you're toast. It's the exact opposite of professions where being a follower is punished.“

Nassim Nicholas TalebNassim Nicholas Taleb reveals why journalists value colleagues’ opinions over readers’ and how "skin in the game" creates diversity and accountability.
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Nassim Nicholas Taleb is a Lebanese-American mathematician, philosopher, and essayist, known for his work on uncertainty, risk assessment, and randomness.

Taleb vividly highlights how economic insecurity and peer pressure threaten journalistic integrity and emphasizes the importance of having "skin in the game" to ensure diversity and accountability.


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Literature on press

Quote by Nassim Nicholas Taleb on journalism, public trust, and media dynamics

Nassim Nicholas Taleb is a Lebanese-American mathematician, philosopher, essayist, and former trader who gained worldwide recognition for his books on chance, randomness, and uncertainty, especially the "Incerto" series. He specializes in the role of extreme events and non-linearities in complex systems and critiques conventional approaches in economics and statistics.

Quote by Walter Lippmann on the influence of aligned media on public opinionCopyright © yoice.net – Quote Artwork
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""...a drifting apart of public opinion and published opinion when the selection rules of the journalists who have been brought into line largely coincide. This creates a consonance of reporting that acts like a confirmation to the audience (everyone says it, so it has to be right) and installs a stereotype-supported pseudo-environment"" Walter Lippmann
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Quote by Frank-Walter Steinmeier on the pressure to conform in German mediaCopyright © yoice.net – Quote Artwork
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"When I sometimes leaf through my company's press review in the morning, I get the feeling that the range of opinion used to be broader. There is an astonishing homogeneity in German editorial offices when it comes to weighing up and classifying information. The pressure to conform in the minds of journalists seems to me to be quite high." Frank-Walter Steinmeier
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Quote by Thomas Sowell about journalists betraying public trust when suppressing informationCopyright © yoice.net – Quote Artwork
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"Journalists cannot serve two masters. To the extent that they take on the task of suppressing information or biting their tongue for the sake of some political agenda, they are betraying the trust of the public and corrupting their own profession." Thomas Sowell
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Quote by Alexander Solschenizyn about the power and influence of the press in Western countriesCopyright © yoice.net – Quote Artwork
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"Hastiness and superficiality are the psychic disease of the 20th century and more than anywhere else this disease is reflected in the press. Such as it is, however, the press has become the greatest power within the Western countries, more powerful than the legislative power, the executive, and the judiciary. And one would then like to ask: By what law has it been elected and to whom is it responsible? In the communist East a journalist is frankly appointed as a state official. But who has granted Western journalists their power, for how long a time, and with what prerogatives?" Alexander Solschenizyn
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Quote on media distortion and partial truths by Ignazio SiloneCopyright © yoice.net – Quote Artwork
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"Not a day goes by without the mainstream media reporting on some war, epidemic, or other problem in the world. The problem is that this type of reporting, as we find it, is sheer madness. Information is distorted or not mentioned at all. It is the partial truths that make the press so dangerous. Wars are sold as “humanitarian interventions,” diseases are pushed to play into the hands of the pharmaceutical industry. There are always two sides to every coin, but we are only shown one side, which is supposed to be the “truth.” They show us what they want us to see and leave out what does not fit into their desired worldview. At this point, we should ask ourselves whether we want to continue consuming this filth and supporting it financially by buying certain tabloids such as Bild, Spiegel & Co. “Either you rebel, or you become complicit.”" Ignazio Silone
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Quote about freedom of the press by Paul SetheCopyright © yoice.net – Quote Artwork
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""Freedom of the press is the freedom of two hundred rich people to spread their opinions. As the production of newspapers and magazines requires ever greater capital, the circle of people who publish press organs is becoming smaller and smaller. This makes our dependence ever greater and ever more dangerous. There are oases in the German press where the air of freedom still blows, but how many of my colleagues can say the same? Those who are rich are free. That's not from Karl Marx, but from Paul Sethe. Since journalists are not rich, they are not free either."" Paul Sethe
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