Media Economics: Concepts and Issues

Author: Robert G. Picard, Ying Zhao
Publisher:
Publish Date: 2005-08-01
Features: This book combines relevant theories of economics with the special phenomena of the media market. While analyzing the decision-making behavior of market entities—producers, consumers, and the government—it also incorporates media cases to explain media economic phenomena. The book examines the forces driving the media market, such as market competition, labor demand, producer decisions, and the market performance of media products, providing a deeper analysis of the economic phenomena behind the media. The book consists of 18 chapters. Chapter 1 introduces the general principles of a market economy, including needs and wants, distribution, the development of the market economy and its key principles, as well as media and the market. Chapter 2 explores the uniqueness of the media market, related issues, internal competition, intermedia competition, market structure, and market power. Chapter 3 primarily discusses utility methods in consumer choice and market response, including utility and price, indifference methods, consumer demand, and several related issues. Chapter 4 focuses on producer choice and market response, mainly covering cost, profit, and product supply in circulation and distribution economics, as well as the convergence of producers and consumers and the supply issues of media products. Chapter 5 primarily introduces the relevant issues of market behavior and media behavior under different market structures. Chapter 6 explores the connection between media performance and capital markets. Chapter 7 discusses related issues by incorporating government factors while considering the operation of the media economy. Chapter 8 primarily discusses the supply and demand of labor markets and the prices closely related to the media market. The readership of this book is very broad, suitable for undergraduate and graduate students, as well as MBA students in media management programs at journalism and communication schools and business schools across various regions. The content not only helps economic professionals enhance their understanding of media development and operations but also enables media practitioners to re-examine the media from an economic perspective. Additionally, it can serve as a reference book for self-taught social learners interested in media development.