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Economics (3rd edition): Making sense of the Modern Economy by Saugato Datta

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4 Microeconomics: the economics of everything

A biased market

Skewed news reporting is taken as a sign of a dysfunctional media. In fact, it may be a sign of healthy competition

BARACK OBAMA told a writer for the New York Times Magazine that he was convinced he might be two or three percentage points better off in the polls for the 2008 American presidential election if Fox News, a right-leaning television station, did not exist. Sarah Palin, the Republican nominee for vice-president, made hay railing against the bias of the “liberal media”. Allegations of partial news reporting are common in American politics. But few stop to ask what leads to differences in the way the news is reported.

Bias can be thought of as a supply-side phenomenon that ...

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