Persuasion in economic speeches: between influence and ethics

Abstract

Persuasion is a fundamental tool in economic speeches, used to influence public perceptions, particularly in times of crisis. Political and economic leaders strategically employ persuasive techniques to convey messages of confidence and stability. A compelling example is an economic speech delivered during a severe financial downturn, aiming to restore a nation’s optimism. Bayesian persuasion plays a crucial role in this context, as it allows the selective presentation of information to shape public perceptions effectively. Central bankers use this approach to emphasize economic resilience and mitigate panic, while European leaders have applied similar strategies during crises, such as the COVID-19 pandemic, to maintain public trust through clear communication and calls for solidarity. Moreover, persuasion is widely used by financial institutions and companies to attract investors and influence consumer behavior. Banks, for instance, apply persuasive techniques to promote savings accounts as beneficial financial products. However, the misuse of persuasion, such as manipulation or the distortion of information, can lead to public distrust and financial instability. Thus, persuasion remains a key element in economic communication, shaping trust and guiding public behavior. When used ethically, it can support economic stability and inspire confidence, but excessive manipulation can result in negative consequences. Therefore, maintaining a balance between influence and transparency is essential for ethical and effective economic discourse, fostering a long-term vision for sustainable development.