Is this a new golden age of journalism? It all depends on who’s getting the gold.

For consumers of news, these are the best of times. Thanks to the Internet, we are awash in quality journalism, from longstanding bastions of excellence such as The New York Times and The Guardian to start-ups that are rising above their disreputable roots such as BuzzFeed and Vice News.

For producers of news, though, the challenge is to find new ways of paying for journalism at a time when advertising appears to be in terminal decline.

The optimistic and pessimistic views got an airing recently in a pair of point/counterpoint posts. Writing in Wired, Frank Rose gave the new smartphone-driven media ecosystem a thumbs up, arguing that mobile — rather than leading to shorter attention spans — has actually helped foster long-form journalism and more minutes spent reading in-depth articles. Rose continued:

Little wonder that for every fledgling enterprise like Circa, which generates slick digests of other people’s journalism on the theory that that’s what mobile readers want, you have formerly short-attention-span sites like BuzzFeed and Politico retooling themselves to offer serious, in-depth reporting.

That Rose-colored assessment brought a withering retort from Andrew Leonard of Salon, who complained that Rose never even mentioned the difficulties of paying for all that wonderful journalism.

“The strangest thing about Rose’s piece is that there isn’t a single sentence that discusses the economics of the journalism business,” Leonard wrote, adding: “If you are lucky, you might be able to command a freelance pay rate that hasn’t budged in 30 years. But more people than ever work for nothing.”

To support his argument, Leonard linked to a recent essay on the self-publishing platform Medium by Clay Shirky, a New York University professor who writes about Internet culture. Shirky, author of the influential 2009 blog post “Newspapers and Thinking the Unthinkable” as well as books such as “Here Comes Everybody” and “Cognitive Surplus,” predicted that advertising in print newspapers is about to enter its final death spiral. That’s because Sunday inserts are about to follow classified ads and many types of display ads into the digital-only world, where retailers will be able to reach their customers in a cheaper, more targeted way. Here’s how Shirky put it:

It’s tempting to try to find a moral dimension to newspapers’ collapse, but there isn’t one. All that’s happened is advertisers are leaving, classifieds first, inserts last. Business is business; the advertisers never had a stake in keeping the newsroom open in the first place.

There’s no question that print will eventually go away, though it may survive for a few more years as a high-priced specialty product for people who are willing to pay for it. The dilemma of how to pay for journalism, though, is not going away.

Free online news supported solely by advertising has not proven to be a reliable business model, although there are exceptions, including a few well-managed hyperlocals, like The Batavian in western New York, and sites that draw enormous audiences while employing very few people, like The Huffington Post.

Digital paywalls that require users to pay up after reading a certain number of articles have helped bolster the bottom lines of many newspapers, including The Boston Globe. But very few have been able to generate a significant amount of revenue from paywalls, with The New York Times being a notable exception.

It may turn out that the most reliable path for journalism in the digital age is the nonprofit model, with foundations, wealthy individuals and small donors picking up the tab. It’s a model that has worked well for public television and radio, and that is currently supporting online news organizations both large (ProPublica) and small (the New Haven Independent). But nonprofits are hardly a panacea. The pool of nonprofit money available for journalism is finite, and in any case the IRS has made it difficult for news organizations to take advantage of nonprofit status, as I wrote for The Huffington Post in 2013.

Journalism has never been free. Someone has always paid for it, whether it was department stores taking out ads in the Sunday paper or employers buying up pages and pages of help-wanted ads in the classifieds. Today, the most pressing question for journalists isn’t whether we are living in another golden age. Rather it’s something much blunter: Who will pay?