I am looking for empirical studies on the relationship between Economic Development and Media. How mass media functions and how media concepts are related to economic impact. Which are the best data sets to be used for this purpose?
This was the great question of the 60s and 70s. A number of communication theorist has developed the idea that communication is a precondition to development and the world bank had funded a number of nations on the basis of the assumptions therein. One good proponent of such was Ithiel de Sola Pool. Obviously the theorists involved rewrote some amendments to their original exposition.
A current book on the issue may be Communications Policy for National Development
edited by Majid Tehranian, Farhad Hakimzadeh, Marcello L. Vidale. Hope this helps
You can look up modernization theory of media as stated by Daniel Lerner. The theory basically states economic development and media access goes together, and media access often pave the way for a free market based economic development. Lerner has been heavily criticized by many other scholars, and the theory is very old too.
You may glean something from this work which is also here (ResearchGate). I am collaborating with an Economics scholar on Media Intervention and Human Capital Formation in Nigeria, which I will make available to you immediately it is completed. Shalom!
Potentials of the Television in Reinventing the Nigerian Tourism
Industry.” Ekpoma Journal of Theatre and Media Arts, 3 (1&2): 115-128. Available at http://www.aauekpoma.edu.ng/index.php?option=com_content&view=category&id=66&Itemid=232