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 Taleb

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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