The Press and the Financial Crisis: A Review of the Literature

Abstract

Abstract In recent years, a growing amount of scholarly interest has focused on the nature of the business/financial press and how it covers key economic events. Some of the literature examines the failings of the business press and its focus on narrow, short‐term events instead of analytical writing that educates the public about macroeconomics, including long‐term trends. Other studies have looked at how these tendencies affected press coverage before and during the 2008 financial crisis. As would be expected, the crisis caused an increase in writing about the business/financial press. Initially, the scholarship examined whether the media should have seen the crisis coming and questioned why journalists hadn't done a better job covering it. Other scholars, however, looked at the nature of the coverage itself vis‐à‐vis a larger discussion of how economic issues are framed. Much of the debate mirrored points made in previous analyses on the shortcomings of the business and financial press. They argue that more – or more accurate – information necessarily changes outcomes and tend to make normative judgements about the quality of journalism coverage studied.

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