{"id":2271,"date":"2016-10-01T12:00:00","date_gmt":"2016-10-01T10:00:00","guid":{"rendered":"https:\/\/www.oikonomia.it\/?post_type=articolo&p=2271"},"modified":"2026-04-12T22:38:24","modified_gmt":"2026-04-12T20:38:24","slug":"well-being-indicators-as-a-reference-for-economic-journalism","status":"publish","type":"articolo","link":"https:\/\/www.oikonomia.it\/en\/2016\/ottobre\/well-being-indicators-as-a-reference-for-economic-journalism\/","title":{"rendered":"Well-being indicators as a reference for Economic Journalism"},"content":{"rendered":"

\u201cHow can it be that it is not a news item when an elderly homeless person dies of exposure, but it is news when the stock market loses two points?\u201d That strong question raised by Pope Francis (Evangelii Gaudium<\/em>: 53) has the obvious intention of criticizing injustices in the economy. But it is also about the media, or, more specifically, about economic journalism. Why does this kind of specialized journalism follow so little some economic dimensions of life that affect our well-being?<\/p>\n

To measure how well an economy is doing, Gross Domestic Product (GDP) has become the most important guide since the 1930\u2019s. GDP is about economic growth, but it has never totally fulfilled the mission of measuring well-being. GDP is the total dollar value of all goods and services produced by a country in a specific time-frame. It is used to measure the size of an economy, to determine its vigor and to quantify prosperity at the same time.
\nHowever, many countries have developed new indices to measure prosperity, well-being, or, ultimately, happiness. They realize it is impossible to gather in one number all of the objective and subjective dimensions of human life. Yet, for the most part, GDP is still the only prosperity indicator that economic journalists watch carefully.<\/p>\n

In our information economy, journalism has a crucial role. Newswires distribute data to traders and investors worldwide every second. This essay notes that economic journalism follows mostly a quantitative and financial approach to the economy\u2014to which GDP responds better\u2014giving little attention to newer prosperity indicators. Our goal is to encourage journalists to watch indicators more carefully that describe the economy from a human perspective.<\/p>\n

1) The role of economic journalism<\/strong><\/p>\n

It might be necessary to define \u201ceconomic journalism\u201d as opposed to \u201cfinancial journalism\u201d or \u201cbusiness journalism\u201d. \u201cEconomic journalism\u201d implies a more inclusive formulation to what journalism can do for the economy than these other terms, although, some authors use these similar expressions in a broad sense too.<\/p>\n

As used today, the term\u00a0business journalism<\/em>\u00a0refers to all reporting and writing that is written not only about businesses but also about the economy. In addition, it commonly includes other elements such as labor, workplace, technology, personal finance, investment, and consumer reporting, in addition to investigative reporting focusing on these topics. Some consider business reporting to be all reporting about business, even though the story may not have a strict business angle (Roush 2011: 8)<\/p>\n

Roush provides a helpful summary of the history of economic journalism. In the Paleolithic age, humans communicated about economic achievements with cave drawings. The creation of numerical and writing systems had economic roots as well. The first economic newsletters appeared in 1568, created by the Fugger family, who loaned money to the nobility all over Europe. The Fuggers sent out correspondents to report on business conditions, prices and services in different cities, starting a \u00abcomplex system of providing information about business and the economy in an almost instantaneous way\u00bb (Roush 2011: 14).<\/p>\n

But the concept of commerce appeared only in 17th and 18th centuries. Accordingly, the first newspapers were directly connected to economic issues. When the bourgeoisie was born, in the 1700s, newspapers carried news on commerce and business (Roush 2011:14-20).<\/p>\n

The first investigative journalists emerged in early 20th century, the so-called \u201cmuckrakers\u201d, who investigated social problems and corruption in politics and corporations, \u00abtaking hold of public opinion\u00bb (Roush 2011: 39).
\nStill, the 1990s were decisive for economic journalism. The \u201cneoliberal turn\u201d in the 1970s-1980s made free market ideas become dominant. The neoliberal agenda took control. Journalism that was focused on finance became more attractive and necessary.<\/p>\n

Boosted by the decade-long rise in the stock market, the rapid development of the Internet as both a tool for business to sell products and services and for the media to distribute news and information almost instantaneously, and the resulting hoards of overnight millionaires, business reporting became caught up in the hysteria and went along for the ride (Roush 2011: 152).<\/p>\n

That approach still prevails. \u201cThe market\u201d represents one of the most imperative economic institutions in contemporary society and it has become a key word in political discourse all over the world (Swedberg 1994: 255). But absolute free market ideals associated to finance challenge economic journalists with some ethical questions.<\/p>\n

Tambini analyzes certain issues that are part of a \u201cfinancial journalism\u00a0ethos<\/em>\u201d. He assumes all kinds of journalism are based on a \u201csocial compact\u201d of rights and responsibilities. Society gives several \u201cimmunities\u201d and privileges to journalists, in recognition of the social benefits that they can provide. The access to sources, events and data is given to economic journalists under the prerogative of using that information for the benefit of the public.<\/p>\n

Still, Tambini questions: to which \u201cpublic\u201d do economic journalists respond? Some professionals believe their main commitment is to their readers, the financial community. Others say their first boss is the company that pays their salaries. A third group sees journalism as a public service or an instrument to improve society. They believe economic journalism can be a sort of civic journalism (Tambini 2008:10).<\/p>\n

In this context, three aspects challenge economic journalists, according to Tambini. The first two are\u00a0speed<\/em>\u00a0and\u00a0productivity<\/em>, where pressure has led journalists to write more stories in less time, damaging accuracy and discernment. Journalists must rely more on public relations agencies, who influence the selection, verification and presentation of news. A third factor is\u00a0complexity<\/em>. Economic stories are more complex and specialized than before. Sometimes, the lack of skills among journalists adds to their reliance on intermediaries in interpreting the facts (Tambini 2008: 19-21).<\/p>\n

2) Journalism and well-being indicators<\/strong><\/p>\n

Speed, productivity and complexity do not help journalists to look at alternative prosperity indicators. While GDP is composed of one single number, other indices comprise a complex multidimensional approach to human life. For instance, the Italian BES (Benessere Equo e Sostenibile<\/em>) involves 12 dimensions: Health; Education and Training; Work and Life Balance; Economic Well-being; Social Relationships; Politics and Institutions; Security; Subjective well-being; Landscape and Cultural Heritage; Environment; Research and Innovation; and Quality of Services. Most journalistic stories about BES in the Italian media underline its most obvious \u201cEconomic Well-being\u201d aspect, almost ignoring all the others (Amato 2015; Colombo 2015; Corriere della Sera 2015).<\/p>\n

One of the reasons why GDP prevails, according to Anderson (1991: 47), is related to transformations in society in the 18th and 19th centuries, when a \u201cquantitative economics\u201d took over. An emphasis was put on explanations about\u00a0what happens<\/em>, not on evaluating what happens with moral criteria. In the 20th century, the process held its breath. If one calls \u201cprogress\u201d only growth, he ignores three other issues: a) human economics; b) natural economics; c) the economy as a moral issue.<\/p>\n

In this sense, Layard asserts that progress should be measured in a way that can guide policy, because \u00abpolicy is the one that leads to the greatest progress\u00bb (2009: 1). Policy is about a \u201ccombination of outcomes\u201d, and that is why \u201chappiness\u201d is the best measure of well-being (Layard 2009:4). It can be measured through the same variables usually observed by policy-makers\u2014as exemplified above in BES.<\/p>\n

Relating that to journalism, Puliti (2013:43) says that \u201ctechnical rationality\u201d is one of the reasons why the neoliberal discourse has been so easily accepted by the media. Neoliberalism promotes rationality and neutrality attached to values like freedom and individual rights. Most sources of economic news are private banks, traders, fund administrators, former government ministers and heads of central banks trained in the neoliberal school.<\/p>\n

In the same direction, Kucinski says neoliberalism and finance contradict the promotion of the common good through economic journalism: only a few elitist liberal publications guide economic media tendencies\u2014The New York Times, Washington Post, Le Monde, The Guardian, Financial Times, Wall Street Journal, Times\u00a0<\/em>and\u00a0The Economist<\/em>, together with newswires. They have defended free enterprise and promoted liberal democracies, highlighting the largest economic groups (Kucinski 2007: 184-185).<\/p>\n

Among the permanent traits of ideology in economic journalism are the choice of capital and its accumulation process \u2013 not man \u2013 as the main object of concern, news optimism and indifference to structural issues. The choice of capital and not of man as a subject in their stories and as an object of their concern stems from the free market ideology in its various manifestations, from marginalism to neoliberalism. (\u2026) For similar reasons, economic journalism is careless in dealing with structural and chronic problems such as hunger, unemployment, lack of housing and transportation, global inequality, international monetary disorder (Kucinski 2007: 188-189).<\/p>\n

 <\/p>\n

Conclusion<\/strong><\/p>\n

We do not need to eliminate or ignore GDP and its crucial role for economic agents and journalists. However, we must question its dominance as\u00a0the only<\/em>\u00a0reference for measuring prosperity. Economic journalists should be the ones doing that. Their public role is about contributing to policy-making and well-being indicators are quite accurate for that mission.<\/p>\n

Becchetti\u2019s comments on the BES can be applied to most alternative well-being indicators. They help us to analyze multifaceted issues. \u00abWe have to change the glasses with which we judge our socio-economic reality. When we drive a car or decide to buy a house, we base our assessment not only on the speed of the first or the price of the second, but on a much more complex set of factors\u00bb (Becchetti 2015).<\/p>\n

By following those indicators, \u00abwe leave the slothful debate on the decimal number of the \u201czero point\u201d of our growth to address the crucial issue of the quality of our life.\u00bb<\/p>\n

 <\/p>\n

 <\/p>\n

Bibliography<\/strong><\/p>\n

Amato, R. 2015. \u201cAumenta il benessere ma giovani e Sud sempre pi\u00f9 esclusi.\u201d\u00a0La Repubblica<\/em>. 03 December.
\nAnderson, V. 1991.\u00a0Alternative Economic Indicators (Routledge Revivals)<\/em>. New York: Routledge.
\nBecchetti, L. 2015. \u201cIl Benessere e le scelte giuste.\u201d\u00a0Avvenire.it.<\/em>\u00a0Access: 03.12.2015.\u00a0www.avvenire.it\/<\/a>).
\nColombo, D. 2015. \u201cUna Mini-Ripresa Trainata Dai Consumi.\u201d\u00a0Il Sole 24 ORE<\/em>. Access: 04.12.2015. (www.ilsole24ore.com<\/a>).
\nCorriere della Sera. 2015. \u201cIstat, migliora situazione economica ma non per tutti: pi\u00f9 difficolt\u00e0 al Sud.\u201d Access: 04.12.2015.\u00a0(www.corriere.it\/<\/a>).
\nFrancis. 2013.\u00a0Evangelii Gaudium<\/em>. Vatican City: Libreria Editrice Vaticana. Access: 03.08.2016. (www.vatican.va\/<\/a>)
\nKucinski, B. 2007.\u00a0Jornalismo econ\u00f4mico<\/em>. S\u00e3o Paulo: EdUSP.
\nLayard, R. 2009. \u201cWhy subjective well-being should be the measure of progress\u201d. In:\u00a0OECD world forum: charting progress, building visions, improving life<\/em>, 27-30 Oct 2009, Busan, Korea. Access: 25.11.2015. (eprints.lse.ac.uk\/47424)
\nPuliti, P. 2013.\u00a0O juro da not\u00edcia: Jornalismo econ\u00f4mico pautado pelo capital financeiro<\/em>. Florian\u00f3polis: Editora Insular.
\nRoush, C. 2011.\u00a0Profits and Losses: Business Journalism and Its Role in Society<\/em>. Portland: Marion Street Press.
\nSwedberg, R. 1994. \u201cMarkets and social structures\u201d. Pp 255-282.\u00a0The Handbook of Economic Sociology<\/em>. 2005. Smelser, N. J. and R. Swedberg, edited by. New Jersey: Princeton University Press.
\nTambini, D. 2008.\u00a0What is Financial Journalism for? Ethics and responsibility in a time of crisis and change<\/em>. London: Polis LSE.<\/p>","protected":false},"template":"","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":""},"autori":[871],"fascicolo":[241],"class_list":["post-2271","articolo","type-articolo","status-publish","hentry","autori-filipe-domingues","fascicolo-ottobre-2016"],"acf":[],"yoast_head":"\nOikonomia - Well-being indicators as a reference for Economic Journalism<\/title>\n<meta name=\"description\" content=\"Leggi l'articolo a cura di Filipe Domingues, pubblicato nel numero di Ottobre 2016. 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