From the Economist of all places:

Good, thorough investigative reporting is a non-excludable public good. If a good reporter digs up a major corruption scandal at City Hall, everyone under the purview of the city government benefits, even though far fewer will actually shell out to read the coverage. There’s good reason to think, then, that investigative reporting is undersupplied, particularly in small markets.

I’m content to let many of the nation’s newspapers go belly up, but I’m nervous about a world where many cities are entirely without a few seasoned reporters, who make it their business to ask hard questions and keep an eye on those in need of accountability. Some public support for investigative journalism is likely warranted.

Let’s hope that becomes the consensus.