CMN 1160 : Week 10 Media Ownership and Media Economics - Student version.docx

• School: University of Ottawa
• Department: Communication
• Course: CMN 1160
• Professor: All

Document Summary

Constant tension between economic welfare and social welfare. Defines how people in enterprises interact, and that resources should be privately owned, and everything should be for profit. Perfect information about all inputs of production, and all outputs as well. In reality, scarcity of resources, information is main issue. Many would argue scarcity is basis of profit making. Tied with adam smith, the individual rational self , and how goods flow amongst individuals and economies will be met. In canada, how effective is the invisible hand to benefit cult. In media, 2 types of value: exchange value. What is item worth to you, materialy: use value. How much is stored of you in the item, ie files in your laptop, contacts on your cell phone. This split in value defines what commodities mean to us. Monopoly generally seen as not competitive, and bad for free markets. Free markets introduced in telecoms, but what we have now is oligarchy.