Externalities of “Breaking News”

In the financial realm, Investopedia defines an externality as a cost or benefit incurred or received by a producer, not financially accounted for by that producer. These externalities, positive or negative, can emerge from the production or consumption of goods and services, affecting individuals, organizations, and society as a whole.

However, in the context of this discussion, the cost identified is “hope.”

On another note, “Breaking news” denotes recently acquired information about a noteworthy event currently unfolding. It’s a product of news agencies, newspapers, blogs, social media influencers, and media houses, with all media agencies acting as producers. The public, as consumers of “breaking news,” is impacted in terms of perceptions, attitudes, and beliefs about themselves, society, leaders, and the nation at large. These perceptions can be positively (benefit) or negatively (cost) influenced by the production of breaking news.

Manufacturing breaking news solely for business sustainability, at the expense of the information consumers, is a concern. While profit motives are understandable for private firms, the adverse consequences often outweigh the benefits, potentially costing the public and the nation. On the positive side, well-articulated “Breaking News” can foster resilience and patriotism among citizens.

News, like wildfire, spreads rapidly and unchecked, can be destructive. Breaking news has the power to break barriers or ties, ceilings or hearts. It can alter perceptions positively, but also instill fear and hopelessness. The cost of losing hope is more significant than any financial expense. A society devoid of hope won’t strive for a better future but leave things to chance, a perilous situation.

Considering national development, human capital growth relies on a sound mindset, focus, patriotism, and hope. The media, wielding immense power, can shape perceptions and foster the mindset crucial for societal success or failure.

The media should not refrain from addressing wrongs but should equally highlight the positive to inspire the young and instill hope in the old. News should inspire positive change, encouraging active participation in societal development and discouraging anarchy.

Media outlets should align with national development goals, inform, educate, encourage, and expose areas requiring attention. Repeated messages become accepted as reality, influencing societal behavior. Our society’s addiction to bad news fuels social degradation, unpatriotic behavior, and economic decline.

It’s time for headlines to accentuate the positive, drive a narrative of homegrown development, and share success stories. While acknowledging systemic challenges, it is equally vital to showcase individuals of integrity making a positive impact.

Let’s amplify the positive, inspiring our youth that change is possible. Our media should narrate our story, emphasizing our worth, capabilities, and achievements. In this land, we have brilliant minds contributing globally in various fields. It’s time to shift the narrative and use the media to benefit society, build the economy, and foster national development.