Harvard International Journal of Press/Politics

It is well established that political information shares the characteristics of a public good (Downs 1957; Popkin 1991). People won’t acquire the socially optimal amount of political information because they can’t reap the full benefit of their investment. Recognizing that a well-informed populace is essential to a healthy democracy, the government grants major media substantial public subsidies and special legal protections (Cook 1998). In return, the media take on the costs of monitoring the government that individual members of the public are unwilling and unable to bear.