Top Economists Urge Strong Journalism for Healthy Economies

On September 28, 2023, a group of eleven prominent economists, including two Nobel laureates, issued a powerful statement emphasizing the vital role of quality journalism in supporting healthy economies, democracies, and civil societies. Their message coincided with the observance of World News Day, highlighting the interconnectedness of informed public discourse and economic stability.

The economists, representing diverse fields and experiences, collectively argued that strong journalism is essential for transparency and accountability in governance. They underscored that communities benefit when journalists serve as watchdogs, investigating issues that matter to citizens and holding leaders accountable for their actions.

One of the Nobel laureates, Joseph Stiglitz, noted that “good journalism is crucial for an informed citizenry, which is necessary for effective democratic governance.” Stiglitz, along with his colleague, Angus Deaton, joined nine other distinguished economists in making the case that the erosion of trust in media poses a direct threat to economic health.

The economists pointed out that misinformation and sensationalism can undermine public confidence in institutions and disrupt social cohesion. According to their statement, “A vibrant media landscape that prioritizes accuracy and integrity is indispensable. It fosters informed decision-making and strengthens civil society.”

In their address, the economists called for increased support for independent journalism. They highlighted the financial challenges facing media organizations worldwide, particularly local news outlets that often struggle to survive in the digital age. This financial strain can lead to reduced reporting on critical issues like public health, economic policy, and environmental sustainability.

The statement also emphasized the role of responsible journalism in economic recovery efforts. As countries navigate the complexities of post-pandemic recovery, quality information will be vital for businesses and individuals making informed choices. The economists urged policymakers to recognize journalism as a public good and consider measures to support its sustainability.

With the rise of social media and digital platforms, the landscape of journalism has transformed significantly. The economists warned that while these platforms can amplify voices, they can also propagate falsehoods, making it harder for the public to discern fact from fiction.

The call to action from these leading economists is a timely reminder of the importance of investing in quality journalism. As global events continue to unfold, the need for robust media that informs and educates the public has never been more critical. In their concluding remarks, they asserted, “The health of our economies and democracies depends on the strength of our journalism. We must prioritize and protect it.”

This united stance from renowned economists underscores a growing recognition of the essential role that journalism plays in sustaining not just economies, but also the very fabric of democratic societies.