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Journalism Issues and Theories Recommendations
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Mass Communication Theory An IntroductionMass Communication Theory An Introduction by Dr. Denis McQuail
Buy used from: $3.64
One of the better overview texts on mass communication theory
Mediating the Message: Theories of Influence on Mass Media Content (2nd Edition)Mediating the Message: Theories of Influence on Mass Media Content (2nd Edition) by Pamela J. Shoemaker
Buy used from: $0.01
An overview of the theories dealing more specifically with journalism practice
Public OpinionPublic Opinion by Walter Lippman
Buy new: $15.82 / Used from: $11.00
Not theory, in a traditional sense, but one of the foundational works
The Invasion from Mars: A Study in the Psychology of PanicThe Invasion from Mars: A Study in the Psychology of Panic by Hadley Cantril
Buy new: $22.36 / Used from: $19.95
One of the first big applications of social science theory to media effects. A ground-breaking study that set the course for media theory & research for decades
Personal Influence: The Part Played by People in the Flow of Mass CommunicationsPersonal Influence: The Part Played by People in the Flow of Mass Communications by Elihu Katz
Buy new: $25.60 / Used from: $23.46
Another early large scale testing of theory - a foundational study.
The Bias of Communication, Second EditionThe Bias of Communication, Second Edition by Harold A. Innis
Buy new: $29.95 / Used from: $38.40
An interesting look at how structures can influence media content and effects.
Effects of Mass CommunicationEffects of Mass Communication by Joseph T. Klapper
Buy used from: $9.71
Early summary of the social psychological theories and research as applied to the effects of media and news.
Deciding What's News: A Study of CBS Evening News, NBC Nightly News, Newsweek, and Time (Medill Visions of the American Press)Deciding What's News: A Study of CBS Evening News, NBC Nightly News, Newsweek, and Time (Medill Visions of the American Press) by Herbert J. Gans
Buy new: $17.95 / Used from: $10.00
Perhaps the best early work on how news is selected and framed.
Understanding Media: The Extensions of Man : Critical EditionUnderstanding Media: The Extensions of Man : Critical Edition by Marshall McLuhan
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McLuhan's seminal work.
Canonic Texts in Media Research: Are There Any  Should There Be How About TheseCanonic Texts in Media Research: Are There Any Should There Be How About These
Buy new: $28.95 / Used from: $17.36
Actually haven't read this yet, but looks to be a good collection of excerpts.
Mass Media and National Development the Role of InfoMass Media and National Development the Role of Info by Wilbur Lang Schramm
Buy used from: $17.16
Wilbur Schramm was one of the early media scholars, and an excellent writer. He wrote the early classic work in several different areas.
The Story of Human Communication: Cave Painting to MicrochipThe Story of Human Communication: Cave Painting to Microchip by Wilbur Schramm
Buy used from: $1.03
My favorite for a short history of communication.
Four Theories of the Press: The Authoritarian, Libertarian, Social Responsibility and Soviet Communist Concepts of What the Press Should Be and Do (Illini Books)Four Theories of the Press: The Authoritarian, Libertarian, Social Responsibility and Soviet Communist Concepts of What the Press Should Be and Do (Illini Books) by Fred S. Siebert
Buy new: $18.07 / Used from: $1.48
Classic study of the role and functions of the press in societys (Cold War version)