Supply and Demand

Vin Crosbie writes that the decline of American newspapers is largely due to the basic economic principle of supply and demand. And if you only have time to read one article today, this is the one to read.

Crosbie makes a very compelling argument the the problem facing newspapers is that they are simply not supplying what people want. And when you look at many of the issues in this discussion through this lens, they all fall into place.

He says readers are moving online because they want the freedom of choice available there, in spite of the fact they say they would rather be reading newspapers. They don't want a product half filled with information that doesn't interest them. And they do want to ask a question and get the answer from the person best placed to give them a response, not the company which happens to be delivering their newspaper (in print, or online).

"The industry's problem isn't its ownership, the Internet, or lacks of multimedia or interactivity" says Crosbie. "The problem is its general-interest product has become obsolete."

Don't miss it.

What strikes me as odd about this article, one of three in a series on Transforming American Newspapers, is that it wasn't written years ago. The argument is grounded in the first and most basic law of economics. It's simple, logical, and I can't help thinking, irrefutable.