Journalism is a public good.
Yes, journalism is a public good. Journalism plays a crucial role in informing the public, promoting transparency and accountability, and shaping public opinion. It is a fundamental pillar of democracy, as it gives citizens access to the information they need to make informed decisions about their lives and communities.
Journalism serves the public interest by gathering and disseminating information about government policies, social issues, and events that affect people’s lives. This information is critical to ensuring that individuals can make informed decisions and participate fully in the democratic process.
Moreover, journalism can hold powerful institutions and individuals accountable by investigating and exposing wrongdoing and corruption. This helps to ensure that those in power are held responsible for their actions and that the public is aware of any misconduct.
However, despite its importance, journalism is facing significant challenges, including declining revenues, shrinking newsrooms, and the spread of disinformation. It is essential that society recognizes the value of journalism as a public good and supports efforts to sustain and strengthen it.
“When Economists pronounce the term public good they mean something with a marginal cost, that the price is very low and when you produce it everybody can benefit from it.
And in that sense Journalism is a public good. We all benefit from having accurate truthful reporting, and investigative reporting.
But journalism is a public good in the second sense. It supports the basic functioning of our Society. It supports the basic functioning of our democracy. It creates a Kind of shared space without which you cannot have a well functioning Society. “Joseph Stiglitz, Nobel laureate in Economic Sciences, 2010