A Century ago, economic discussion was limited to the confines of lecture halls and academic journals. Certainly, one would have been hard pressed to find a member of the public who could engage in some degree of literacy with you on the economic state of the country. Today, there has been a shift where these debates occur in real time across social media platforms, dinner tables, and even casual chats down the local pub, although you might be guided to the exit pretty rapidly. Importantly, the once exclusive realm of economics has expanded into the public sphere, where everyone from celebrity influencers to your neighbour have their opinions on GDP, inflation, and interest rates. So how, then, did economics escape the constraints of academia to become a staple of mainstream discourse, and what does this mean for our understanding of economic realities?  

Economics, in its origins, was never solely intended as an academic pursuit. Adam Smith’s The Wealth of Nationsis widely considered the birth of modern economics as an individual discipline; indeed, that was about wealth and capital generation. The etymology of ‘Economics’ is derived from a 4^thcentury BC publication on household management, Oeconomicus, by Ancient Greek philosopher, Xenophon. Fundamentally, economics is about people, self-interest, and an innate care for one’s own wellbeing and the wellbeing of their immediate surroundings. By its very nature, it is inescapably public and personal. This underscores a core tenet in economic theory: rationality. People care deeply about economics not necessarily due to abstract fascination, but because it tangibly affects their lives: their homes, jobs, savings, and futures. 

Paradoxically, as economics evolved into a rigorous academic discipline, it increasingly became cloistered within institutions of policy-making and higher education. Technical jargon, advanced mathematical models, and abstract theorisation distanced it from everyday concerns and language. Economics became less about household management and personal prosperity, and more about policy debates behind closed doors. This shift created a barrier, thus alienating the public’s daily financial realities which the discipline had originally meant to explain. Today’s resurgence of popular economic discourse through social media journalism and public debate is less a novelty than a return to the personal and public roots of economics. In tracing this resurgence, major economic upheavals have tended to exhibit the return of economics towards greater public understanding the most. In the twentieth century, this thrusted public intellectuals, essayists, and commentators into the limelight; in the instance of John Maynard Keynes, the Great Depression drew much attention to his work. He was among the first economists to recognise the power of popular media, regularly contributing to newspapers and radio broadcasts, and directly addressing the public rather than purely scholarly audiences. Keynes’ essays and media appearances helped to popularise the idea that the economy was not only important but deeply personal and worthy of public understanding.  

Following World War II, media advances expanded this trend. Television transformed economics from abstract theories into compelling stories. Economists such as Milton Friedman leveraged media powerfully, taking complex ideas about free markets directly into people’s homes through the likes of engaging television series such as “Free to Choose”. Newspapers and magazines soon followed suit, consistently featuring columns and op-eds aimed at breaking down complex economic phenomena for their readers. And yet, it was the digital revolution which took economic journalism even further. Online media sources such as Vox, Planet Money, and FiveThirtyEight emerged to simplify economic narratives without sacrificing depth. Unlike traditional academic journals such as the Oxford Quarterly Journal of Economics which can often remain too specialised and inaccessible to the public, these digital platforms emphasised accessibility, helping complex phenomena like quantitative easing during the 2008 financial crisis or the debt crises in Europe become topics discussed by everyday readers. 

However, the true tipping point has been social media. Platforms like X, TikTok, and Reddit have democratised accounts like never before. Today, anyone with an internet connection can become a self-styled economist. Economic memes and short explainer videos regularly reach millions of views, shaping public opinion and policy debates in unprecedented ways. Yet this democratisation brings with it a significant risk. As economic discourse expands beyond trained economists, the space fills with simplifications, misconceptions and even outright misinformation. Social media economics has created a fascinating dichotomy. On one hand, more people than ever understand basic economic concepts such as inflation and unemployment rates. This was particularly evident during the COVID-19 pandemic in which economic debates permeated consistently throughout public discourse. On the other, misinformation can and has easily gained traction. The viral nature of social media platforms means that catchy and oversimplified ideas often overshadow the necessary and more nuanced discussions. During periods of economic stress, such as the recent inflation spike following international supply chain disruptions, or even the instalment of Trump’s tariffs, this becomes particularly problematic, as public misunderstandings can exert pressure on policymakers to adopt misguided or counterproductive measures.  

Yet despite these pitfalls, the benefits of this democratisation remain significant. Economic journalism and online content have undeniably made citizens more engaged with economic issues. People who previously ignored the subject now demand accountability from their leaders and debate the merits and shortcomings of fiscal policy in everyday life. Economic fluency has become essential civic literacy in a rapidly changing world. Navigating this landscape requires careful attention. While we celebrate the democratisation of economic discourse, we must also promote media literacy and critical thinking skills to separate insightful analysis from sensationalism. Public engagement with economics, if approached thoughtfully, can foster a healthier democracy which is grounded in informed debate and nuanced understanding.  

At the end, Keynes himself might have appreciated the irony: his hope for economic ideas to inform public consciousness has become reality, albeit a fair bit messier and louder than he might have anticipated. The modern reality of economics, debated in tweets, explained in TikToks, and argued fervently in comment sections, reflects precisely the kind of democratic participation that Keynes believed to be crucial. Whether this vibrant discourse enhances or distorts our public economic understanding depends largely on how we critically engage with it. In the comment sections and on social media, Keynes’ vision of public economic debate has been noisily realised: economics belongs to everyone now.