truth-telling, truth-discovering, and truth-verification institutions evolved, and we owe to them much of the success of our economy and our democracy.21 Central among them is an active media. Like all institutions, it is fallible; but its investigations are part of our society's overall system of checks and balances, providing an important public good.
In Joseph E. Stiglitz's "People, Power, and Profits," the author emphasizes the significant role of truth-telling, truth-discovering, and truth-verification institutions in shaping a successful economy and democracy. Among these institutions, an active media is highlighted as central to the process of maintaining transparency and accountability within society. While media is not infallible, its investigative efforts contribute to a system of checks and balances that is essential for public welfare.
Stiglitz points out that the effectiveness of democracy and economic prosperity is closely linked to the function of these institutions. By promoting truth and engaging in investigative reporting, the media serves a crucial public good, ensuring that the voices of citizens are heard and that power is held accountable. This evolution of truth-centered institutions underscores their importance in fostering a fair and just society.
