Yeah does anyone that fully understands it care to explain? I'm still having trouble getting my head around it. This wasn't even mentioned in my class this year. I'm guessing it's for Media Influence...?
If I had to interpret what was written on the website from before, I'd say that the political economy model is where organisations such as in the field of politics and sectors in the economy utilise the media to spread around messages. Models are only meant to suggest the relationship between the audience and the media. In this case, the institutions simply use the media.
For more information, there's a small paragraph in the Nelson Media textbook page 388.
I'd like to hear what everyone else thinks this model is about because I would not say that my definition is 100% accurate.