The role of media in economic development

The increasing growth of the media and television networks in recent decades has made the mutual interaction between the media and economic development more prominent than ever. Due to the significant role of media in a country’s economic development, this specific domain has received much attention recently.

The way how the television programs affect economic development, the shortcomings of current Iranian TV programs in this respect, and finally the characteristics of a suitable and effective business programme are to be discussed in the following lines. 

First of all, what is meant by “business programs” are those television productions that try to convey a particular economic message in the form of news items, reports, or even entertaining productions such as movies and TV series.

Business programs generally aim to convey an economic idea or message; therefore, they need to have a full understanding of what they mean to deliver. If not, they will not be able to get across the idea in question as accurately as possible. Moreover, they should bear in mind that introducing empirical researches is just as important as complicated theoretical aspects for the audience.

The role that a researcher could play in this regard has been paid less attention in Iran than in developed countries. If the researchers of television programs, who are responsible for developing the original theoretical ideas into a practical model, do their job properly, the intended idea will be conveyed far more effectively.

The best and most effective business media is one that possesses a good knowledge of the national and local economic system of a country, has theoretical and procedural stability in its pursuit of national goals, and utilises a logical scientific method in its analyses. There’s no doubt that there are quite a lot of solutions to economic problems but introducing these solutions is a burden shouldered by the mass media. As such, the Iranian national media is required to follow a certain economic path, one that is comprised of the overall framework of the domestic economy as well as that of the Islamic methodology and ethical values.

a) Overemphasis on the demand side rather than the supply side of the market

It is a fact that in many cases the Islamic Republic of Iran Broadcasting (IRIB) has adversely affected the supply side of the Iranian economy as it stimulated demands in the market. A good example is the extensive media coverage which focused on a shortage of some agricultural products in the market in the last winter which made the headlines in the newspapers. This is while such products usually face a supply-demand gap in some periods during the course of the year. If the media can inform people of this phenomenon, it will be possible for consumers to keep up with these seasonal fluctuations and there will be no pressure on consumer markets.

By improving the supply side of the economy as well as organizing demands, the macroeconomic balance will be achieved much more easily. For example, improving the business environment and increasing exports are among the most important issues to focus on in this respect

b) Ignoring the taste of audience

The issue of audience studies is one of the major principles in production of TV programmes that will help absorb larger audience and exert stronger influence on them. The mass media with their multifarious functions in the society are always in constant interaction with their surrounding environment. Today there’s fierce competition between the media giants to absorb a greater audience. The methods employed by the media outlets to keep their audience satisfied with regard to their needs and demands are quite substantial and among key success factors in the business that, when ignored, might work to the advantage of the rival media outlets. We have to take note that the audience is an entity with miscellaneous preferences and dispositions that only gives value to that which is compatible with its needs and demands.

c) Ignoring the educational aspects

Educating the human resources is a key factor in the process of development. Educated labour force will certainly have a better performance and this will obviously benefit the domestic economy. One of the most crucial tasks of the media (television in particular) that exerts a dramatic influence over the society’s development process is educating people and promoting their knowledge; a task that is carried out either directly or indirectly. The direct (explicit) education is a voluntary practice with obvious manifestations in the behavior and performance of the individuals.