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Week 10 Media Ownership and Media Economics - Student version.docx

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MediaownershipandeconomicsoffinalIapologizeifthesenotesdontmakesenseItrytogettheflowofthelectureasitisandnotleaveoutexamplesNoteherushedattheendsoforsafepracticehavetheslidesupnexttothisdocumentConstant tension between economic welfare and social welfareSocial welfare def fluctuatesEconomic welfare more solid defbut how to access economic welfarehow much private and state intervention is rightCapitalismDefines 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 issuemany would argue scarcity is basis of profit makingTied with adam smith the individual rational selfand how goods flow amongst individuals and economies will be met the invisible handIn Canada how effective is the invisible hand to benefit cult InterestsSplit in VALUEIn media 2 types of value1 exchange value How much are you willing to payexchange for an item or commoditywhat is item worth to you materialy2 use valueHow much value is the use of the item How good at doing what it is suppsed to dowhat is sentimental value How much is stored of YOU in the item ie files in your laptop contacts on your cell phone
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