Media as a Mechanism of Institutional Change and Reinforcement | Mercatus Center: F. A. Hayek Program

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F. A. Hayek Program

Journal Articles

March 1, 2009

Media as a Mechanism of Institutional Change and Reinforcement

Peter Leeson
Senior Fellow, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics
Christopher Coyne
Associate Director, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics

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This paper argues that mass media is a mechanism of institutional evolution and identify three important effects media has on institutions. The “gradual effect” involves media contributing to marginal changes in existing institutions. The “punctuation effect” involves media catalyzing rapid institutional overhaul. The “reinforcement effect” involves media contributing to the durability and sustainability of punctuated institutional equilibria.

Read this article at Wiley Online Library.

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