Media Economics and the Political Economy of Information

Abstract

Abstract The supply of information through commercial media has increased rapidly over the past decades. Commercial mass media has become the key information broker in our society, and it is where most people obtain their information. Mass media has become an important factor in influencing public opinion. Yet the media is criticized as being sensationalistic and biased in its reporting, giving demonstrators prime time coverage and ignoring careful analyses. This article reviews the emerging literature on the economics of the media and its implications for business and government.