Blogging is a major new social, political, and economic phenomenon. It is a fresh and striking exemplification of Friedrich Hayek’s thesis that knowledge is widely distributed among people and that the challenge to society is to create mechanisms for pooling that knowledge. The powerful mechanism that was the focus of Hayek’s work, as as of economists generally, is the price system (the market). The newest mechanism is the “blogosphere.” There are 4 million blogs. The internet enables the instantaneous pooling (and hence correction, refinement, and amplification) of the ideas and opinions, facts and images, reportage and scholarship, generated by bloggers.
It looks like the blog will have comments, and for now they plan on posting once per week, on Mondays. (According to Technorati the 4 million figure may be a low estimate, the number of blogs tracked is closer to 5 million as of today.)
One issue that keeps coming up regarding academic blogs (that is, blogs by academics) is whether there is any peer review involved. I think the above comment again suggests that there can be valuable post-publication peer review on blogs either through comments or response posts on others’ blogs.