A coalition of 11 leading economists, including Nobel laureates Joseph Stiglitz and Daron Acemoğlu, has issued a stark warning that the collapse of independent journalism poses a direct threat to global economic prosperity.
Their new report, The Economic Imperative of Investing in Public Interest Media, published by the High-Level Panel on Public Interest Media convened by the Forum on Information and Democracy, argues that quality journalism is as vital to economies as central banks are to financial systems.
“Public interest media play an essential role in guaranteeing this information supply and ensuring its quality. They are like the central banks of the informational economy: providing the confidence in the system that is necessary for it to function,” the authors write.
The signatories include some of the world’s most prominent economic thinkers: Stiglitz (Nobel 2001), Acemoğlu (Nobel 2024), Philippe Aghion, Sir Tim Besley, Francesca Bria, Diane Coyle, Obiageli Ezekwesili, Mariana Mazzucato, Atif Mian, Andrea Prat, and Vera Songwe.
They warn that while governments are pouring billions into artificial intelligence to drive innovation and growth, they are failing to invest in the information systems that underpin markets and democracy. “Information is a public good that market forces alone will never supply at the level our modern society demands,” the panel states.
The report highlights how authoritarian regimes such as Russia spend multiples more on disinformation campaigns than democracies invest in supporting independent media. In 2024, at least 90 countries were targeted by foreign-funded information manipulation, a trend the authors say is being turbocharged by generative AI.
The economists recommend two urgent policy responses:
- Public investment in innovative models that safeguard free and independent journalism, potentially funded through mechanisms such as a digital services tax.
- New “information industrial policies” to regulate markets in ways that promote pluralism and reward truth over falsehood.
They also point to the upcoming International High-Level Conference on Information Integrity and Independent Media, co-organised by the Forum on Information and Democracy and the International Fund for Public Interest Media in October, as a chance for governments to commit concrete resources.
“It is high time that the true value of public interest media be recognised and that the full range of economic policies that governments have at their disposal be used to stop their decline,” the economists write.
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is fresh, with the earliest known publication date being September 23, 2025. The report was issued on the same date, indicating timely coverage. No evidence of recycled content or republishing across low-quality sites was found. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified.
Quotes check
Score:
10
Notes:
Direct quotes from the report were not found in earlier material, suggesting potential originality. The report includes statements from Nobel laureates Joseph Stiglitz and Daron Acemoglu, which appear to be exclusive to this release.
Source reliability
Score:
10
Notes:
The narrative originates from a reputable organisation, the Forum on Information and Democracy, formed by Reporters Without Borders and the French state. The inclusion of Nobel laureates Joseph Stiglitz and Daron Acemoglu adds credibility to the report.
Plausability check
Score:
10
Notes:
The claims made in the report are plausible and align with current discussions on the impact of AI on journalism. The report’s findings are consistent with concerns raised by other reputable sources about the challenges facing public interest media in the age of AI. The language and tone are appropriate for the subject matter, and the report provides specific factual anchors, including names, institutions, and dates.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative passes all checks with high confidence. It presents fresh, original content from a reputable source, with plausible claims supported by specific details.
