Economists Urge Strong Journalism for Healthy Economies

In a powerful declaration on September 30, 2023, a group of eleven prominent economists, including two Nobel laureates, emphasized the vital link between robust journalism and the health of economies and democracies worldwide. Their message comes as part of World News Day, an initiative aimed at celebrating the importance of journalism in fostering informed societies.

The economists highlighted that quality journalism plays an essential role in ensuring transparency, accountability, and informed citizenry. They argued that without strong media, the foundations of civil society could be undermined, leading to weakened democracies and unstable economic environments.

Importance of Journalism in Economic Stability

Joseph Stiglitz and Paul Krugman, both Nobel Prize winners, were among the economists who voiced their concerns. They noted that in many countries, the rise of misinformation and declining trust in the media threaten the public’s ability to make informed decisions. This situation could lead to the erosion of democratic institutions and negatively impact economic growth.

The statement was released during a panel discussion at the World Economic Forum, where experts gathered to address pressing global challenges. The economists urged governments, businesses, and civil society to support independent journalism as a means of safeguarding democratic processes and fostering economic resilience.

The economists also pointed to specific examples where the decline of journalism has had tangible effects on economies. In regions where media freedom has been restricted, citizens often lack access to crucial information regarding government policies, economic opportunities, and public health issues. This lack of information can foster a climate of uncertainty and fear, which is detrimental to both individual and collective prosperity.

Call to Action for Global Support

The group’s message urges stakeholders to recognize the critical role journalism plays in shaping public discourse and policy. They called for initiatives that promote media literacy and support for investigative reporting, particularly in areas where journalism is under threat.

According to the statement, “Good journalism is not a luxury; it is a necessity for a well-functioning democracy and a healthy economy.” This sentiment underscores the need for a collective commitment to uphold the values of a free press in an era marked by rapid technological change and misinformation.

The economists concluded with a call to action, inviting individuals and organizations to support local and international journalism initiatives. By investing in media, they argued, societies can strengthen their democratic frameworks and foster more sustainable economic growth.

As the world grapples with significant challenges, including the ongoing impacts of the COVID-19 pandemic and geopolitical tensions, the message of these leading economists serves as a reminder of the indispensable role that journalism plays in safeguarding democratic principles and promoting economic vitality.