That’s the title of an opinion piece I wrote for The Daily Caller which you can read in its entirety here.
…in the market for political representation, the powerful thrive on market failure. Economics teaches us that (near-) perfect information is a prerequisite for well functioning markets. Thus, in the market for political representation, the press plays the critical role of finding and relaying information to the public it otherwise would not have, of correcting an information asymmetry. When the press cannot (or does not) do its job, or when the government will not allow it to do so, the government enjoys surplus political capital (support, votes, power) at the expense of the governed.
It is deeply troubling that reporters have succumbed so far to this paradigm of failure that an incident like Friday’s [kerfuffle between The Daily Caller’s Neil Munro and President Obama] shocked the status quo such that a veteran Washington reporter found himself castigated openly by his colleagues.
I hope you’ll read the rest, and share with your friends!