Canadian Economist, Frances Woolley sketched a diagram to estimate the possible value of unmediated information from economists to the general public. That is, why reading an explanation of economic analysis from an Economist is better than reading a journalist’s explanation.
I honestly think that most journalists wouldn’t know what this diagram means. Would they realize that Woolley’s diagram indicates that the average college graduate understands more about economics than an average journalist? (I don’t think so.) Is that a good assumption by Woolley? (I think so.) What does that say about business and economics journalist that are not Economists? (There are probably a lot of bad ones.) What does this imply about economic reports in popular media? (It is probably under reported and often poorly explained or incorrect.)
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