THE ROLE OF MEDIA ECONOMICS IN THE MODERN WORLD

Abstract

The availability of information is crucial for efficient decision-making by consumers. Nowadays this information can be received from various sources. This paper examines the place of the media in spreading facts and data across the world and shows how it affects national economies. The role of media economics is studied through an exploration of such topics as micro- and macroeconomics, communication channels, creative economy and creative industries. The first part of the research is designed to provide a framework of reference in the media and economics. It should enable the reader without a background in these areas to appreciate the conceptual content, relationship of media and economy and application of economics to the media. The second part of the paper analyses empirical data on media penetration and helps to understand how governments can affect citizens through the media. Media economics is challenging but necessary to study while the media is becoming today one of the most important factors of global economic development.