Media Bias and Accuracy

True in most cases if we take natural sciences etc where there is a positivist/realist view. In other word, reality is objective and exists no matter who views it.

However in my field of social sciences, there are aspects which are deeply interpretivist - that is, reality is defined by the viewer. For example, if you take the example of a "company", it can be objectively defined in terms of ACNs, org structure, and various "artefacts", but it does not explain the way people feel about companies, where the psychological boundaries of a company exist eg The org structure is merely representative of the reality, and the true meaning of it is embedded in the way each individual interprets it.

This was the basis for my quip about "fake news" above.

Firstly - does it exist? This is a pun on the terminology, as if it is fake, does it exist? What if the sources talking about fake news is fake too? As one famous Roman dude allegedly said "Indeed, what is truth?"

Secondly, if the fake is believed and becomes entrenched as "truth", then in the minds of those believing it, it has become "their reality". Thus is born urban legends and myths - BUT how much of our own history is built on fake news? We haven't got time machines - even in recent history we can only conjecture on the accuracy of various potentially subjective observations. Each individual focuses on different things - the characteristics of reflexivity.

In the world of investing, we constantly work with the intepretivist realities - we see it all time:
- Mindset - You can do it! Self belief, confidence
- The glass is half full
- How to define wealth
- You make your own luck

(You can tell I am working on the philosophical aspects in the methodology section of my thesis....)

The Y-man

 

It poses the question: "Is reality subjective or objective?"

The Y-man

 

There is an interesting difference in the definition of "science"

For example:
SCIENCE | meaning in the Cambridge English Dictionary
Definition of SCIENCE

Your understanding would be that defined in the cambridge dicitonary.
Merriam Webster takes a wider perspective.

Social Sciences covers aspects of society that today includes business, management, law, economics, history, politics..... areas that are very closely related to investing!

An old but interesting piece of work by Lewin:
http://lchc.ucsd.edu/MCA/Mail/xmcamail.2013_07.dir/pdfeF83xvxgaM.pdf

The Y-man

 

So applied sciences are ones maintaining social distancing?

 

Sorry, an attempt at humour which went flat.

If 'Applied Science' is to exclude social science, it should keep a distance, hence social distance, a common phrase these days.

 

...too deep......

The Y-man

 

What I've posted in the thread about media bias and accuracy were my comments as a private citizen, not as a mod.

I was called out initially for quoting from CNN - fair enough.



But then a number of articles from the Daily Mail were posted, one in particular which pointed to Germany's big increases in infection rates. The source was rated by mediabiasfactcheck as being quite inaccurate and very right leaning.


The facts in the article were strictly correct, but based on an increase due probably more from a weekly cycle than an overall increase. (Subsequent reports from other sources stated that there was an increase in other towns, which had then decided to close down again). Much smaller numbers overall overemphasized percentage increases caused by the lower weekend reporting. While the numbers in the story were strictly accurate, the interpretation given by selective use of statistics was not. (Remember "lies, damned lies and statistics").

Other more reputable agencies have been reporting an increase, but at least, some of them state that results are subject to error, and that care should be taken in interpreting statistics
Infection rate rises in Germany as lockdown eases

I'm going to be careful to try not to quote from CNN in future. I may well, as a private citizen and not as a mod, choose to call out dubious sources, especially where they report on matters of opinion or facts subject to bias.