August 24, 2023

In economics and politics information has real-life consequences. Accurate information can help us make better choices. In the long run it allows us to improve our decision-making process and thus generate rules and procedures that make us better off. Incomplete information weakens the reliability of the decisions we make, and untrue information can lead to the wrong decision and cause a great deal of harm. Hence it is of paramount importance to determine the veracity and accuracy of the information we receive. The question is, how do we determine whether the information is accurate or not, and whether it is misinformation or disinformation. Before we engage in such a discussion it may be worthwhile to define what we mean by misinformation and disinformation. As we understand it, misinformation is defined as false information that is spread, regardless of intent to mislead. In contrast disinformation consists of the spread of deliberately misleading or biased information; manipulated narrative or facts; propaganda. While being only one letter apart, they are an ocean apart when it comes to intent.

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