How We Get News and Information

Economist Tyler Cowen author of the book Create Your Own Economy says the Internet will not completely replace old media. For instance, when Michael Jackson died, people flocked to radio and television.

People wanted to see his image on the larger screen - they turned on the TV. They wanted to be watching it with others in a particular way. So old media will not disappear - radio will not go away, the New York Times will keep on publishing. But a lot of old media wasn't actually that good. And if it goes away because there is stronger competition, I argue that's a good thing.

What technology has really done well, says Tyler, is change the way we communicate.

Take Facebook. It's about staying in touch with your high school friends. Or telling your mother what you're doing everyday without always having to make a phone call. It's about organizing a party or maybe meeting a new boyfriend or girlfriend. Those are very universal, time-tested desires and we have a new way of doing it - it's very powerful.

So if you are not "tweeting" on Twitter or "friending" on Facebook, get started.

Well, I tell people start with one or two things and master them before you move on. But if your goal is to stay in touch with you kids, I would say start with Twitter.

To listen to the complete unedited interview, click here