The Under-Covered News

Truly something to be ecstatic about, via Nicholas Kristof of the NYT:

We journalists are a bit like vultures, feasting on war, scandal and disaster. Turn on the news, and you see Syrian refugees, Volkswagen corruption, dysfunctional government.

Yet that reflects a selection bias in how we report the news: We cover planes that crash, not planes that take off. Indeed, maybe the most important thing happening in the world today is something that we almost never cover: a stunning decline in poverty, illiteracy and disease.

Huh? You’re wondering what I’ve been smoking! Everybody knows about the spread of war, the rise of AIDS and other diseases, the hopeless intractability of poverty.

One survey found that two-thirds of Americans believed that the proportion of the world population living in extreme poverty has almost doubled over the last 20 years. Another 29 percent believed that the proportion had remained roughly the same.

That’s 95 percent of Americans — who are utterly wrong. In fact, the proportion of the world’s population living in extreme poverty hasn’t doubled or remained the same. It has fallen by more than half, from 35 percent in 1993 to 14 percent in 2011 (the most recent year for which figures are available from the World Bank).

Consumers of news would be well served to remember this reality—the news only tells part of the story and it is the part of the story that generally makes people depressed and think that the world is coming to an end.  From an investment perspective, the headlines of the day are very likely to lead an investor to do exactly the wrong thing at the wrong time.

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