The “Hierarchy of Credibility” among Economic Experts: Journalists’ Perceptions of Experts with Varying Institutional Affiliations

Abstract

Economic journalism is dependent on journalists working closely with expert sources to produce factual and nonpartisan news and analyses about economic policy. Thus, the experts routinely used in economic journalism wield power when defining the economic reality and the possibilities for policy-making. Building on 19 semi-structured interviews with Finnish economic and political journalists and a questionnaire survey conducted among journalists (N = 42), this article contributes to the existing literature on journalism practice and economic expertise by analysing how journalists perceive the credibility of various economic experts. The article draws from literature on the “hierarchy of credibility” concept and argues that journalists regard experts working for government authorities and research institutes as more credible than economic experts employed by, for example, private banks. The article argues that while a “hierarchy of credibility” exists among economic expert groups, it is difficult to make clear-cut demarcations between objective expertise and advocacy in economic journalism. Such results highlight the need for nuanced analyses on the role of economic expertise in journalism practice and in public life.