to educate or to amuse?

In the 19th century there was a rhyme that went around Fleet Street in London, heart of England's newspaper industry. It's quoted by journalist Matthew Engel in his recent history of popular journalism in Britain. It went:

Tickle the public, make 'em grin,

The more you tickle, the more you'll win;

Teach the public, you'll never get rich,

You'll live like a beggar and die in a ditch.

Do you agree?