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I believe (as I argue in my book The Soulful Science) that economics offers a uniquely powerful way of thinking about society, and how individuals make choices in their social context. Other approaches, those of the other social sciences, or history or literature and music, are valid too - I feel no need to dismiss them. But only economics with its choice-based models emphasises the opportunity costs and trade-offs that inevitably arise from the social and physical realities of our existence.

New forms of communication would provide new outlets to by-pass the increasingly shrill tenor of the traditional media. In fact, the new forms can be even more pernicious, less balanced, more intent on the latest conspiracy theory multiplied by five.

But here is also the opportunity. At present, we are all being dragged down by the way media and public life interact. Trust in journalists is not much above that in politicians. There is a market in providing serious, balanced news. There is a desire for impartiality. The way that people get their news may be changing; but the thirst for the news being real news is not.

It is sometimes said that the media is accountable daily through the choice of readers and viewers. That is true up to a point. But the reality is that the viewers or readers have no objective yardstick to measure what they are being told. In every other walk of life in our society that exercises power, there are external forms of accountability, not least through the media itself. So it is true politicians are accountable through the ballot box every few years. But they are also profoundly accountable, daily, through the media, which is why a free press is so important.

Why communications companies should escape surveillance lawsuitsBy John D. Rockefeller IVArticle Launched: 11/01/2007 01:36:23 AM PDT var requestedWidth = 0; if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } In the immediate aftermath of Sept. 11, the Bush administration had a choice: aggressively pursue potential terrorists using existing laws or devise new, secret intelligence programs in uncharted legal waters.

Consider the evidence uncovered by Paul Oyer, a Stanford Business School economist, in his recent paper, "The Making of an Investment Banker: Macroeconomic Shocks, Career Choice and Lifetime Income" (National Bureau of Economic Research Working Paper 12059, February 2006). Dr. Oyer tracked the careers of Stanford Business School graduates in the classes of 1960 to 1997.He found that the performance of the stock market in the two years the students were in business school played a major role in whether they took an investment banking job upon graduating and, because such jobs pay extremely well, upon the average salary of the class. That is no surprise. The startling thing about the data was his finding that the relative income differences among classes remained, even as much as 20 years later.