The Market for Accountability Journalism
This is an advance summary of a forthcoming article in the Oxford Research Encyclopedia of Politics. Please check back later for the full article.
If most voters remain rationally ignorant about the details of public policy, how can politicians be held accountable for their actions? Information markets offer an unprecedented amount of data today to help people in their roles as consumers, workers, and audience members. Yet the stories that help voters hold politicians accountable face a number of hurdles in the market place. Investigative work about public affairs topics is expensive, uncertain, and not always highly demanded. Attempts by candidates to convey ideas through the media faces a conflict between what approaches motivate the marginal voter and what topics are of interest to the marginal viewer. Research in media economics offers evidence on what types of political information gets produced, what the impact of accountability journalism is on the functioning of government, and where market failures exist in the coverage of politics and policy.