The editorial cost of TIME today (not counting paper, printing, distribution, etc.) is $1.48 a word. In 1923 many newspapers had an average editorial cost of a cent a word; their average is still well under a dime. TIME'S $1.48 is spent (sometimes in vain) in looking for significant facts that make the story "come alive"; in checking up on other news media, and on itself; in finding the event's right place in the procession of events.
Why all this elaborate and expensive effort? In times past, news has been adequately conveyed for far less than $1.48 a word. When the...
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