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The Political Economy of Mass Media

The Political Economy of mass Media Andrea PratLondon School of EconomicsDavid Str mbergStockholm UniversityNovember 26, 2013 AbstractWe review the burgeoning Political Economy literature on the in uence of mass mediaon politics and policy. This survey, which covers both theory and empirics, is organizedalong four main themes: transparency, capture, informative coverage, and ideologicalbias. We distill some general lessons and identify some open IntroductionOver the last decade, a sizeable number of economists have begun to study the behavior andpolitical e ects of mass Media . In this survey, we propose a way of organizing this bodyof research, we attempt to summarize the key insights that have been learnt so far, and wesuggest some potentially important open have structured the discussion into sections covering background, transparency, cap-ture, informative coverage and ideological bias.

1Our focus on the political economy of the media leaves out an important body of research in industrial organization and public economics that deals with the media industry, mostly without any direct reference to the political system (e.g. Anderson and Coate, 2005). This literature is in⁄uential in shaping competition

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