<em>The Economist</em> Named AdAge's Magazine Of The Year

NEW YORK (AdAge.com) -- Five years ago, The Economist published an article headlined "House of Cards," surveying rising home prices from Washington to Sydney. Doesn't this heated market, the article asked, look just a bit dangerous?

A bursting housing bubble wouldn't just sap the value of your home, The Economist warned. "Worse," it said, "there is a risk that house prices will take such a tumble that they take whole economies with them."

This year, with the U.S. financial markets in their worst turmoil since 2001, the big newsweeklies still dominate.

But some important things have changed along the way. The internet challenged the purpose of weekly news magazines. U.S. News, partly as a result, has decided to publish every other week, plus special issues, starting next year. Time and Newsweek, the most massive news magazines, have deliberately reduced their circulations to save money. And The Economist has amplified its erudite voice with no loss of fidelity.It's perhaps too bad then that readers in the U.S. favored Time, Newsweek and U.S. News & World Report so heavily. Five years ago, their combined paid circulations topped 9 million. The Economist's North American edition was selling fewer than 500,000.

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