The field of economics should be expanded to include serious quantitative study of changing popular narratives. To my knowledge, there has been no controlled experiment to prove the importance of changing narratives in causing economic fluctuations. We cannot easily prove that any association between changing narratives and economic outcomes is not all reverse causality, from the outcomes to the narratives.
By analogy, the reason that writers pull quotes, especially paragraph-length quotes, and display them as I have just done is often to convey a narrative, to give the reader a historical sense of a past narrative that had impact and might again have impact on the reader if it is repeated just as it was perfectly worded.
-Robert J. Shiller ‘Narrative economics‘ Cowles Foundation for Research in Economics, Yale University
The press is a political institution in the sense that it cannot do its job unless people trust it.
Doing journalism is different than doing politics. And when you are doing politics you’re goal is to win. … And winning power is different than telling people what’s going on.
-Jay Rosen Recode Media