How the Media Influences our Perceptions

Paper Summary:

This paper examines how the media shapes the public's perception of economic terms, theories, and concepts. The author also includes the outline of the film "The Corporation", which offers a simplistic view of a "market equilibrium." In conclusion, the writer states that much of the popular media is failing its readership and until this situation is rectified, the public will not receive the education in economics it deserves.

From the Paper:

"The film, The Corporation, is not unlike many other forms or types of media when it comes to explicating (or not explicating, as the case may be) the precise nature of economics. Specifically, economics is a complicated science that befuddles most people; therefore, in the process of "dumbing down" or making more accessible economics to the layperson, the media (be it the print media or television) will often play upon popular perceptions about economics and about business dealings in general. For example, the concept of supply and demand is one that is fairly understandable to most people. However, most of us are not familiar with (or congenial to) the idea of "market equilibrium" - that is to say, the idea that a properly-functioning free market will permit a situation wherein the amount of a product or service being produced is equal to the amount of the product or service being sought after by consumers (for an interesting discussion on this phenomenon, please see Bryant & Kasper, 230-245). Obviously, if consumer demand for certain services or items plummet, then prices will drop - and production will be cut back sharply."

Sample of Sources Used:

• Bryant, William D., and Hirschel Kasper. "Conditions for the Existence of Market Equilibrium." Journal of Economic Education, 28.3 (1997): 230-254.
• The Corporation. Dir. Jennifer Abbott and Mark Achbar. Big Picture Media Corporation, 2003.
• "Finance and investment terms: marginal cost." Answers.com. 2007. Answers Corporation. 21 Mar. 2007 <http://www.answers.com/topic/marginal-costs>

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