Monday, November 26, 2007

Nationalistic news coverage

Tyler Cowen and Paul Krugman can't figure out why the European media is less optimistic about the U.S. economy than the domestic media. Here's an excerpt from Marginal Revolution:

Paul Krugman points this out, for instance read today's FT article, titled in the print edition "Investors Fear New Turmoil: Credit markets Expect Recession in US." InTrade gives about a fifty percent chance of recession in the U.S., so you could argue the case for optimism or pessimism either way.

Does the greater pessimism of Europeans produce more disciplined and respectful children? Or just more pessimistic newspapers? I believe the "America is due for a comeuppance" view remains very popular across the Atlantic.

Addendum: Here is one optimistic account, from Oklahoma.

--To me it's pretty obvious that this is simply because Europeans much more reading about economic problem in the United States than do Americans. The inverse doesn't seem to be true unless you are talking about France, Americans love to read about things that are screwed up in France. Here's the link to the MR post

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