This book, inspired partly by journalism's failure to raise early warning flags in the run up to financial crises and by the rise of (economic) populism in recent years, puts forward a framework for economic journalism. It argues that that independent quality economic journalism is essential to the functioning of both the market and democracy but is under threat, and explores questions raised by the decline of media trust: what is the value of economic journalism? And how can journalists change their practices to counter this decline? The book takes a global approach with one chapter focusing on European integration and concludes with an outlook on the future of economic journalism, and the financing of journalism more widely.
Author(s): Henrik Müller
Publisher: Palgrave Macmillan
Year: 2023
Language: English
Pages: 306
City: London
Contents
About the Author
List of Figures
List of Tables
Chapter 1: The Loss of Certainty: Journalism vs. the Economy
1.1 On Truth, Reality and Bullshit
1.2 Of Minds and Markets
1.3 Problems, Priorities and Uncertainty
1.4 Overview of the Book
References
Chapter 2: Peculiar Products: The Business of Economic News
2.1 An Executive Must-Have: The Evolution of News
Newspapers in the Dutch Golden Age
England and the Continent
Branching Out from Business
2.2 Why Bother? Properties of News as a Product
Positive Externalities
Cognitive Disadvantages
Asymmetric Information
Economies of Scale (and Scope)
Digitalization and Its Discontents
2.3 Business First, Politics Fast: On the Economics of Economic News
A Taxonomy of Economic Journalism
Market Size and Readers’ Motivations
Bundling and Competition Laws
“Alternative” News Media
2.4 Solutions: Tackling Quality Uncertainty and the Erosion of Trust
Branding
Media Accountability
Professionalization and Licensing Practices
2.5 Conclusion
Notes
References
Chapter 3: Good, Bad or Ugly: On the Quality of Economic Journalism
3.1 Basic Quality Requirements
3.2 The Challenge of De-materialization: The Complex Nature of the Economy
Intangibles
Complex Trade-Offs
News Values
Attention Cycles
Agenda Setting
3.3 The Challenge of Forward-Orientation: Economic Journalism’s Watchdog Role
Risks and Side-Effects
The Financial Crisis and the Euro Crisis
3.4 The Challenge of Voice: Why Not All Interests Are Equally Loud
Rent Seeking
Collective Action
Agenda Setting and Social Media
3.5 Who’s Got the Power? Independence Versus Influence
Independence
Hierarchies of Influences
“Radical” Critique
Transparency and Accountability
Independent Framing and Editorial Leaning
3.6 The ESSF Formula: News Values for Economic Journalism
Values and Conflicts
3.7 Conclusion
Notes
References
Chapter 4: Making Sense: Narratives, Journalism and the Economy
4.1 Infectious Stories and Their Effects: Narrative Economics
4.2 Beliefs and Convictions: Types of Social Narratives
Dominant vs. Hegemonic Narratives
Meta-Narratives
Economic Policy Narratives
Corporate Narratives
4.3 Gauging the Future: Narratives and Expectations
“Radical Uncertainty”
“Rational Expectations” as Narrative-Based Social Conventions
4.4 Blind Spots and Fads: The Problems with Narratives
Outdated Facts
Narrow Vision
False Causation
Intriguing Persuasion
4.5 Getting Real: Narratives and Journalism
Narrative Formation—Bottom-Up, Top-Down, or Mediated?
Journalists as Narrative Economists
4.6 Leaning Against the Wind: Journalism Versus Common Beliefs
Reining in Exuberance
Escaping Depression
4.7 Conclusion
Notes
References
Chapter 5: Media Coverage and Animal Spirits: The Interplay Between Economic Journalism and the Economy
5.1 Sphinx and Spectres: Central Bankers as Storytellers
5.2 Of Money, Words and the Media: Journalistic Content as a Source of Data
A Brief Review of the Literature
Economists’ Hubris
5.3 Humans in the Loop: Measuring the News
Leading and Following Media
Composing a Corpus
The Mainstream and the Edges
“Distant Reading”
5.4 Riding the Trend: Are Narratives Quantifiable?
Limited Progress, Failed Attempts
Modelling Collective Memory
The Uncertainty Perception Indicator (UPI)
The Inflation Perception Indicator (IPI)
5.5 Conclusion
Notes
References
Chapter 6: Here, There and Everywhere: Economic Globalization and National Media
6.1 Of Flows, Stereotypes, and Domestication: A Brief Review of the Literature
News Flows
Domestication
Stereotyping
6.2 Globalization in Retreat: Two Case Studies
Covering China
Covering the World Trade Organization (WTO)
6.3 Populists vs. “Globalists”: A Tale of Two Media Spheres
Globalization as a Populist Issue
An Emerging Global Business Media Sphere
6.4 The Perils of Ignorance: Some Normative Considerations
GDP and Beyond
The ESSF Formula Revisited
Ignoring the Right Stuff
6.5 Conclusion
Notes
References
Chapter 7: The Case of Europe: A Common Currency Without a Common Public Sphere
7.1 The State of the European Union: Some Basics
Questions of Identity
Money and Democracy
No Redistribution Without Representation
7.2 Missing Links: The Debate About a European Public Sphere
Dimensions of Europeanization
The Euro Crisis in the Press
Framing Draghi
Reforming Europe
7.3 Anything But ESSF? Missing Public Scrutiny of EU Transfers
Economics: Findings on Cohesion Policy
Media Coverage of Cohesion Policies
7.4 Splitting Up Is Too Hard to Do: Some Normative Considerations
7.5 Conclusion
Notes
References
Chapter 8: From Gate Keeping to Scouting: the Changing Role of Journalism
8.1 Uncharted Landscapes: Media and Politics After the Digital Revolution
8.2 Is Journalism Dispensable? The Unique Role of Independent Reporting
8.3 Attention Deficits: Altered Working Conditions
8.4 Credibility on the Line: Journalism as a Profession
8.5 Knowhow vs. Knowledge: Some Thoughts on Journalism Education
8.6 Conclusion
References
Chapter 9: What to Cover: Topic Selection and Research
9.1 Pressing Questions: Editorial Routines and Information Seeking
Routines: From the Idea to the Printing Press
Research as a Precondition for Journalistic Independence
Seven Stages of Research
Sources
Personal Networks
9.2 Shouting at the Wolves: Where Ideas Come From
News Values Revisited
Issue Attention Cycles
New Data and Their Interpretations
Challenging Narratives
Consonance
Other Strategies
9.3 People, Power, Gas, and Cash: Four Long-Term Trends to Watch
Demographics
Geopolitics and Globalization
Climate Change and Energy
The Future of Money
9.4 Conclusion
Notes
References
Chapter 10: What’s at Stake: An Outlook for Economic Journalism
10.1 A Scenario for the Not-So Distant Future
10.2 The Rise of Western Oligarchs
10.3 Economic News as Market Failure
10.4 A Public-Service Supply of Economic and Business News?
Journalism Can’t Go It Alone
Notes
References
References
Index
