Opportunity cost is the cost of choosing an option over another and is measured by the value of the option not chosen. But what happens if the only other option has a negative value for us? We then get a negative opportunity cost, which is actually a net benefit. For example, having good microbes in our gut is vastly preferable to having harmful ones. This is an example of a negative opportunity cost because there is no positive or zero-value alternative: one can’t have a sterile gut. Read full article here
Research
Improving media literacy could boost trust towards the news, IMPRESS report suggests
The UK media is regulated by the likes of IPSO and Ofcom. The report by press regulator IMPRESS highlights the link between low levels of media literacy and trust in the news. The study found that three quarters of those who did not know if journalists were regulated did not trust the news. It suggests that improving media literacy is one way to stem the erosion of trust, and shows that audiences have an appetite for information on news processes. Stakeholders need to collaborate in order to rebuild trust in the news, and independent media is well placed to do this. Read full article here
Merv
February 1, 2023
