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The Crumbling Hidden Wall: towards an Economic Theory of Journalism

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  • Susanne Fengler
  • Stephan Russ-Mohl
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    Abstract

    While economic theory has been applied to fields such diverse as religion, arts, law and crime in past years, journalism has until recently remained a blind spot of economic analysis. Media economists may have described media markets, but few economists so far have studied self-interested journalists as actors in information-attention markets. Frequently, it is still assumed that journalists serve the public, strive for objectivity in their news products, and seek to act as a 'fourth estate' in democracy. We consider this a 'nirvana approach' to journalism, and we seek to demonstrate instead that media content is severely influenced by rational journalists' and other communication professionals' self interests. Copyright 2008 The Authors. Journal compilation 2008 Blackwell Publishing Ltd.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Kyklos.

    Volume (Year): 61 (2008)
    Issue (Month): 4 (November)
    Pages: 520-542

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    Handle: RePEc:bla:kyklos:v:61:y:2008:i:4:p:520-542

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