The hottest Economics Substack posts right now

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Government Science and the Prestige Economy

Richard Hanania's Newsletter • 1219 implied HN points • 14 Jun 25
🔬 Science Research Policy Innovation Economics History
  1. Government funding for science is important because there are some types of research that private companies won't invest in, even though they can benefit society. Basic research is valuable, even if it doesn't have immediate economic benefits.
  2. The idea of crowding out suggests that government funding may take talent away from private companies, but research shows that government support often leads to more innovation in the private sector as well.
  3. Prestige economies, which reward knowledge and research, can motivate scientists to do valuable work even if it doesn't yield direct financial gains. This is different from private sector jobs where profit is the main goal.

Chartbook 393: Whither China? - World Economy Now, June 2025 Edition

Chartbook • 1130 implied HN points • 22 Jun 25
💼 Business Economics Finance Global Trade Industrialization Market Dynamics
  1. China's economy plays a huge role in the global market, being the largest in terms of purchasing power parity. Changes in China's demand and trade affect many other countries, especially regarding exports.
  2. China's rapid growth over the last few decades has been extraordinary, as it has transformed from a very poor nation to one considered an upper-middle-income economy. This shift is significant for one-sixth of the world's population.
  3. Several challenges face China's economy today, such as high youth unemployment and potential deflation. These issues make it critical for China to find new ways to stimulate growth and address its changing economic landscape.

If AI Is So Great, Someone Should Tell GDP

The Algorithmic Bridge • 222 implied HN points • 05 Mar 25
🕹 Technology AI Economics Infrastructure Productivity Investment
  1. AI investments have been rising, but there's not much difference in overall economic growth or productivity. This makes us question if spending so much on AI is really worthwhile.
  2. Companies are unsure whether it's better to invest heavily in new AI technology or to optimize what they already have. It’s a tricky balance to strike.
  3. Despite the hype around AI, it hasn't significantly improved things like GDP or human well-being. It's clear that AI is still looking for its true role in boosting our economy.

Top Links 777 Standout productivity. China bottoms out. AIDS deaths & the "Californian Ideology"

Chartbook • 257 implied HN points • 22 Jun 25
💰 Finance Economics Investments Markets Policy Global Trade
  1. Standout productivity has been noted recently, showing impressive performance in various sectors.
  2. China's economy seems to have hit a low point, sparking discussions about its future trajectory.
  3. There are rising concerns over AIDS deaths, connected to the broader cultural ideas around the topic, often referred to as the 'Californian Ideology'.

​ GDP=C+G+I+NX

Points And Figures • 772 implied HN points • 04 Mar 25
💰 Finance Economics Investments Market Trends Government spending Inflation
  1. GDP is an important measure of how well an economy is doing. When GDP goes up, it usually means people are earning more and living better.
  2. Different economists have different views on government spending. Classical economists often see it as a negative thing for the economy, while Keynesians believe it can be beneficial.
  3. Current economic uncertainty affects business investment decisions, making it tough for the economy to grow. However, there are signs of recovery, like increased merger activity.
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An Ugly New Marketing Strategy Is Driving Me Nuts (and You Too)

The Honest Broker • 30453 implied HN points • 11 Jun 25
💼 Business Marketing Advertising Consumer behavior Digital Platforms Economics
  1. A new marketing trend encourages companies to annoy customers instead of trying to sell to them. This strategy makes people want to pay for premium services just to escape the annoying ads.
  2. Digital platforms now focus on grabbing user attention through irritating tactics. This creates an 'Annoyance Economy' where companies prioritize engagement over good customer experience.
  3. Customers are getting fed up with these annoying practices, and some are even choosing to walk away from brands altogether. Companies that ignore this feedback risk losing their customers in the long run.

The economic consequences of a war with Iran

Noahpinion • 19647 implied HN points • 22 Jun 25
🇺🇸 U.S. Politics Foreign Policy Economics Military International relations
  1. A war with Iran is unlikely to escalate into a large-scale conflict, especially since other countries like China and Russia are not likely to intervene. The situation seems to remain mostly under control.
  2. The economic impact of the conflict might mainly affect oil prices. If Iran reduces its oil exports or closes the Strait of Hormuz, it could hurt global oil supply, but the U.S. is somewhat protected from these disruptions.
  3. Many fears about the economic consequences of Trump's strikes on Iran might be exaggerated. The U.S. economy is more insulated from oil supply issues than other countries, so the overall risk may not be as serious as some think.

China's industrial policy has an unprofitability problem

Noahpinion • 22412 implied HN points • 20 Jun 25
💼 Business Economics Trade Industry Policy Manufacturing
  1. China's industrial policy is pushing many manufacturers to compete heavily for a limited domestic market. This competition is driving down profit margins as companies fight for customers.
  2. Despite heavy government support and subsidies, many Chinese manufacturers are struggling with profitability and facing price wars that could lead to bankruptcies. This creates a risk of economic instability.
  3. The focus on making more products instead of better ones can hurt innovation. Companies under financial pressure might not invest in long-term improvements and could rely on cheap prices to sell their goods.

加油比特币 Let's Go Bitcoin

Crypto Trader Digest • 2281 implied HN points • 28 Oct 24
🔮 Crypto Bitcoin Finance Economics Investment Market Trends
  1. Governments often inflate property bubbles to maintain public support, as owning property ties people's wealth to the state. If people feel secure about their homes, they're less likely to revolt.
  2. China is facing a property bubble crisis similar to those seen in other countries, and it might inject a lot of money into the economy to recover. This could lead to more yuan being traded for Bitcoin as people seek to protect their wealth.
  3. Even though the current stimulus might seem small, once people realize that money is being pumped into the economy, there could be a rush to buy Bitcoin. Historically, Bitcoin tends to rise sharply when significant money is printed.

Aenean Money

Contemplations on the Tree of Woe • 904 implied HN points • 13 Jun 25
🔮 Crypto Bitcoin Economics Finance Decentralization
  1. Money is a tool for exchange and social cooperation. It helps us trade goods and services efficiently, but it can also be corrupting.
  2. Aenean Money aims to blend the positive aspects of past monetary systems while avoiding their flaws. It should be a trustworthy and resilient form of money that everyone can use.
  3. Bitcoin is seen as a leading candidate for Aenean Money because it has unique features that might solve many current economic problems. It operates without central control and reflects real-world value through energy expended in its creation.

Japan and the Birth of Modern Shipbuilding

Construction Physics • 29020 implied HN points • 22 May 25
💼 Business Industry Manufacturing Economics Trade Innovation
  1. Japan learned from America's efficient shipbuilding methods used during WWII, which helped them build ships faster and cheaper after the war.
  2. Japanese shipbuilders improved their processes by incorporating prefabrication and aircraft manufacturing techniques, leading to more efficient construction.
  3. Government support and a strong desire to succeed were crucial for Japan's shipbuilding industry's growth, allowing it to become a world leader.

Economics Roundup #5

Don't Worry About the Vase • 1836 implied HN points • 25 Feb 25
💰 Finance Economics Taxation Investment Debt Trade
  1. Many people believe that average tax rates and structures are unfair or ineffective. This could mean that policies need to evolve to better meet people's needs without creating high penalties for earning more.
  2. Trade barriers impact economic growth negatively, as they create higher costs in trade and limit opportunity for development across regions, both domestically and internationally.
  3. Access to credit can significantly influence people's financial wellbeing. If restrictions are placed on credit availability, it can harm those who are already struggling financially.

Male Workplace Subordination Is the Behavioral Sink

72 Degrees North • 59 implied HN points • 01 Nov 24
🇺🇸 U.S. Politics Capitalism Society Gender Economics Labor
  1. Many people today feel overwhelmed by the pressure of competition in the workplace, leading to a sense of hopelessness. This competition affects their self-esteem and can cause them to feel unappealing and worthless.
  2. Some argue that men are suffering more under current economic systems, feeling subordinate and less attractive due to their work situations. This can lead to a broader crisis that affects relationships and family life.
  3. There is a belief that our society needs to change the way we view work and success. Instead of relying on old structures that don't support everyone, we should create a system where all individuals contribute to and support each other.

I’ve Visited 100 Countries. Here’s How to Vacation Right.

Common Sense with Bari Weiss • 811 implied HN points • 30 Jun 25
🏝 Travel Travel tips Adventure Culture Food Economics
  1. Traveling requires you to be adventurous and willing to step out of your comfort zone. Don't just stick to typical tourist spots; seek out hidden gems.
  2. Being open-minded can lead to unexpected experiences that enrich your travels, even if they get a little chaotic at times.
  3. To make the most of your vacation, prioritize finding unique local foods and cultural experiences that many tourists miss.

The Hidden Constraints on HOT Lanes

Bet On It • 105 implied HN points • 26 Jun 25
🇺🇸 U.S. Politics Public Policy Regulation Economics Infrastructure
  1. HOT lanes have strict rules to keep traffic moving, like needing to maintain a minimum speed. If the lanes are too slow, the company operating them can face financial penalties.
  2. The profit for companies managing HOT lanes can be limited because they have to share excess earnings with the government once they reach certain profit levels. This makes them less likely to take risks.
  3. Even though these lanes are better than regular roads, government rules still make them less efficient. There are many ideas for improvements that aren't being tried, like charging tolls during busy times.

The vibes are bad

Alex's Personal Blog • 65 implied HN points • 04 Mar 25
💼 Business Finance Tech Market Trends Investments Economics
  1. Okta and Gitlab had great stock performances today, showing positive earnings and growth. It's nice to see some companies thriving in a tough market.
  2. The stock market is struggling, with major indices like the DJIA and S&P500 dropping significantly. This could raise concerns about an upcoming recession.
  3. Despite the bad vibes in the market, there are still bright spots like new music releases making waves. It's important to find joy even when things seem uncertain.

The Bear Cave #278

The Bear Cave • 466 implied HN points • 15 Jun 25
💼 Business Finance Investing Markets Economics Stocks
  1. A new report revealed that Tenet Healthcare may have received overpayments from Medicare, suggesting possible financial troubles ahead.
  2. Several companies, including Avis Budget Group and Symbotic, are dealing with executive resignations amidst potential SEC investigations, indicating instability.
  3. Activist researchers are raising concerns about various companies, including Groupon and GRAIL, highlighting risks that could impact their future performance.

The great American gaslighting

Men Yell at Me • 307 implied HN points • 11 Jun 25
🇺🇸 U.S. Politics Capitalism Private Equity Media Economics Social justice
  1. Private equity firms often hurt the companies they buy instead of helping them. They can make money by cutting costs and stripping businesses rather than supporting them.
  2. The impact of private equity goes beyond businesses; it seriously affects people in communities. When companies shut down, it's not just a loss of jobs but also a loss of community support and services.
  3. Despite challenges in various industries, there are hopeful stories where businesses thrive by focusing on community needs and creativity instead of just profits. People can find better ways to support their industries and communities.

Coreweave is going public!

Alex's Personal Blog • 65 implied HN points • 04 Mar 25
💼 Business Economics Startups Investing Tech industry Market Trends
  1. Coreweave is going public and has seen impressive revenue growth, largely due to a specific focus on AI workloads. They claim that their services are specially built to handle the demands of AI, allowing for high efficiency.
  2. The company is heavily reliant on just a few big customers, with Microsoft providing a significant portion of its revenue. This raises concerns about sustainability if Microsoft decides to cut back on their services.
  3. While Coreweave's expenses are high from investing in infrastructure, they expect to break even on these investments fairly quickly. However, future demand for their services is crucial for their ongoing success.

Thesis Drift

MD&A • 118 implied HN points • 29 Jun 25
💰 Finance Investing Economics Behavioral Finance Market Analysis Public Policy
  1. Investing can be a fun and intellectually stimulating puzzle, similar to solving crosswords or watching movies. If you enjoy it, picking stocks can be a rewarding hobby even if it's not always financially beneficial.
  2. Thesis drift is when investors create new reasons to hold onto a stock after their original reasons have failed. Instead of admitting they were wrong and moving on, they keep justifying their position and often end up losing more money.
  3. In both investing and life, it's important to recognize when a strategy isn't working. Instead of sticking to failed ideas, we should be willing to change course and learn from our mistakes to find better paths.

Hard Money and Hard Men

Postcards From Barsoom • 3906 implied HN points • 13 Oct 24
🔮 Crypto Bitcoin Blockchain Finance Economics Philosophy
  1. To create good times, we need to focus on becoming great individuals first. It's not just about what you do, but about who you choose to be.
  2. In our current world, there's a lot of distraction and mediocrity. We must resist this and strive for excellence by not settling for average.
  3. History shows us the importance of strength and preparation. To appreciate peace, you must understand the value of being ready for conflict.

Lessons on birth rates: Japan and South Korea

Faster, Please! • 456 implied HN points • 27 Feb 25
🇺🇸 U.S. Politics Demographics Policy Economics Social Issues International relations
  1. South Korea's birth rate has slightly increased, from 0.72 to 0.75. This small rise gives some hope to policymakers about slowing the country's declining population.
  2. Japan faces a significant demographic challenge with low birth rates, which impacts its economy and society. This situation highlights the importance of addressing demographic decline.
  3. Both countries show that while it’s tough, there can be small improvements in birth rates. Understanding what works in one country may help others tackle similar issues.

Visualize Protectionist Luxembourg

Bet On It • 241 implied HN points • 23 Jun 25
💼 Business International Trade Economics Globalization Consumer behavior
  1. Luxembourg's economy relies heavily on international trade. A big part of what it buys and sells comes from other countries, which is very important for its success.
  2. If Luxembourg raised its tariffs significantly, residents would face high prices and a worse quality of life because they depend on imports for most goods.
  3. Luxembourg serves as a great example showing that trade is not a threat but an opportunity. The country demonstrates the importance of both imports and exports in keeping the economy strong.

Top Links 772 Private equity polarizes. South Africa's growth chances dim & the Holy Alliance as "steampunk Terminator".

Chartbook • 329 implied HN points • 17 Jun 25
💰 Finance Investments Markets Economics Corporate Private Equity
  1. Private equity is causing more division among investors. Some big firms are sticking to traditional methods, while others are trying out new strategies with insurance.
  2. South Africa's chance for economic growth is looking weaker. This raises concerns about the future for jobs and investments in the country.
  3. The topic of the 'Holy Alliance' compares it to a 'steampunk Terminator'. This likely reflects complex interactions between various powers in a rapidly changing world.

Finding Lost Hills: An ‘Our Towns’ Report.

Breaking the News • 1051 implied HN points • 10 Jun 25
🇺🇸 U.S. Politics Immigration Education Economics Community Sustainability
  1. Lost Hills is a small town in California's Central Valley that represents a mix of agriculture, immigration, and community challenges. It produces a significant amount of food but struggles with economic inequality.
  2. The town is seeing positive changes due to investments in community services, such as a pedestrian bridge and better housing options. Philanthropic efforts are helping to improve education and overall quality of life for residents.
  3. Local schools focus on building trust with families and adapting to their needs, providing a range of support services. This helps create a sense of community and fosters success for students from diverse backgrounds.

Are Economic Worries Overblown?

Spilled Coffee • 36 implied HN points • 05 Mar 25
💰 Finance Economics Investing Market Trends Home Sales Policy Impact
  1. The U.S. stock market is down, with the S&P 500 dropping 6% this year due to economic worries. Many people are feeling uncertain about the economy right now.
  2. Pending home sales in the U.S. have hit an all-time low, even worse than during the 2008 financial crisis and COVID-19. This is a significant sign of trouble in the housing market.
  3. There is a lot of volatility in the financial markets due to government changes and spending cuts, creating questions about whether current market conditions are a good buying opportunity.

LECTURE NOTES: Lash, Cash, & Cotton in the Imperial-Commercial & Early SteamPower Age

Brad DeLong's Grasping Reality • 299 implied HN points • 21 Jun 25
💾 History Slavery Capitalism Race Civil War Economics
  1. Slavery changed over time, especially after 1500, when it became more about race and capitalism. Before that, people could become slaves due to war or debt, but that changed.
  2. Wealthy societies benefited from slavery, with the middle class enjoying cheap goods thanks to the suffering of enslaved people. This created a system where profit came at a high human cost.
  3. The idea of race was used to justify slavery, making it seem like it was natural for certain groups to be enslaved. The American Civil War, while costly, was part of the struggle to end this brutal system.

GDP is a good measure. Don't mess with it for political reasons.

Economic Forces • 14 implied HN points • 03 Mar 25
🇺🇸 U.S. Politics Economics Government Public Policy Political Discourse
  1. GDP measures the total value of goods and services produced in a country, including government activities. It’s not just about private sector spending.
  2. Removing government spending from GDP calculations would create an incomplete picture of the economy and is unnecessary since we already have ways to measure private sector performance separately.
  3. Changing how we measure economic data for political reasons can harm the integrity of statistical agencies and lead to poor decision-making in the economy.

Talkin’ bout an AI Revolution: 3 scenarios

Faster, Please! • 365 implied HN points • 26 Feb 25
🕹 Technology AI Innovation Economics Forecasting Trends
  1. By 2030, we might still be at the start of a major AI development period. It's okay because this means we have a lot of exciting advancements ahead.
  2. More traditional institutions, like big banks, are now seriously talking about AI. This shows that AI is becoming a big deal in the mainstream world, not just in tech circles.
  3. Experts believe that as AI keeps getting better, the 2020s could see various new economic and technological changes. This could change how we live and work in many ways.

Why Are Some Of Our Most Successful Leaders Mentally Ill?

The Ruffian • 510 implied HN points • 22 Feb 25
🇺🇸 U.S. Politics Leadership Psychology Economics Political theory Mental health
  1. Some successful leaders, like Javier Milei and Elon Musk, show traits that could be seen as mentally ill or eccentric. This often helps them think outside the box and act decisively, even in the face of criticism.
  2. Having a lack of empathy can sometimes be a strength in leadership. When leaders don't try to please everyone, they can take bold actions that others may avoid.
  3. While unconventional behavior can lead to positive change, not all 'crazy' actions are beneficial. Sometimes it's just madness without any deeper logic.

Economists and Price/Rent Ratios

Erdmann Housing Tracker • 189 implied HN points • 26 Feb 25
💰 Finance Real Estate Economics Market Analysis Investment Housing policy
  1. Most economists think that price/rent ratios should stay the same over time. But actually, changes in rents are what mostly drive these ratios.
  2. A big reason the housing market is often misunderstood is because economists don’t factor in how much access to mortgages has changed since 2008.
  3. Rents have been rising faster than other costs, which affects home prices. This key point is often overlooked, meaning many people are missing out on important trading opportunities.

What happened in brand and agency: WPP struggles, Instagram & AdTech vs Sensitive Content and Fashion Week

The Social Juice • 22 implied HN points • 02 Mar 25
💼 Business Marketing Advertising Branding Economics Trends
  1. WPP is facing tough challenges, highlighting the pressures in the advertising industry. This might mean changes for many companies and advertisers in how they operate.
  2. Instagram recently dealt with backlash over graphic content on its platform. This shows the ongoing struggle between user experience and ad tech, as brands seek engagement without alienating users.
  3. Building a strong community around a brand is key. Companies should nurture their audiences, allowing them to engage and share value, making the community feel connected to the brand itself.

Top Links 767 The surge in global steel production that is not glutting global markets. Fiscal federalism in Nigeria and the MidEast AI play.

Chartbook • 529 implied HN points • 12 Jun 25
💼 Business Economics Market Trends Global Trade Policy Analysis
  1. Global steel production is currently rising without causing an oversupply in the market. This means that while more steel is being made, it's still being used effectively.
  2. The reduction in traded steel suggests that overcapacity issues are more about political decisions than actual economic needs. It's not just about making stuff; it's also about how countries manage their resources.
  3. Fiscal federalism in Nigeria and the role of AI in the Middle East are important topics worth exploring. They show how local and technological changes can impact economies.

Top Links 768 Here come the robots. Truck parking & Walt Whitman as "self-fashioning vector of the spirit of the age".

Chartbook • 429 implied HN points • 13 Jun 25
🇺🇸 U.S. Politics Policy Economics Labor Government Trade
  1. There are new ideas about robots taking over jobs, especially in trucking. This could change how we think about work and technology.
  2. Walt Whitman is being seen as a symbol of individual expression and identity in today's world. His ideas about self-fashioning relate to how people view themselves now.
  3. The impact of tariffs and factory jobs assumes there are enough workers to fill those roles. This might not be true, given current labor shortages.

Top Links 766 No tariffs on vintage. The turbine crisis. Hayek's bastards and Blue Jerusalem.

Chartbook • 543 implied HN points • 11 Jun 25
🇺🇸 U.S. Politics Economics Policy Trade History Current Events
  1. There are currently no tariffs on vintage items, making it easier to buy and sell them. This can benefit collectors and businesses alike.
  2. The turbine crisis is a significant issue, which may impact energy production and prices. It's important to stay informed about how this affects the economy.
  3. Hayek's ideas continue to provoke discussions, along with topics related to cities like Blue Jerusalem. Understanding these concepts can help in navigating modern economic debates.

How An Informed Minority Took Over The World’s Biggest Firms

High ROI Data Science • 119 implied HN points • 29 Oct 24
💼 Business Strategy Management Economics Consulting Information Systems
  1. Information asymmetry is when one group knows more than another. This can create unfair advantages in social systems and businesses.
  2. The Werewolf Game illustrates how a small, informed group can control the majority. This game teaches us about strategy and deception in group dynamics.
  3. To protect ourselves from manipulation, we need to build mental firewalls. Knowing about information asymmetry helps us fight back against unfair advantages.

Huawei Founder on US v China and Basic Research

ChinaTalk • 415 implied HN points • 11 Jun 25
🕹 Technology Research Innovation Policy Economics Development
  1. Basic research is crucial for long-term success. Without it, countries can't make significant advancements and keep up with other leading nations.
  2. There are many challenges in the tech industry, but rather than focusing on the negative, it's important to keep moving forward and adapt. China is making progress through collaboration among its numerous chip companies.
  3. Support for theoretical scientists and researchers is essential. Their work, though often misunderstood and slow to show results, is key to the future development and innovation of the country.

An Argument For Tariffs

Points And Figures • 746 implied HN points • 17 Feb 25
🇺🇸 U.S. Politics Economics Trade Policy Defense Industry
  1. Tariffs can hurt consumers because they end up paying higher prices. Even if some believe they help local businesses, they can actually make those businesses less competitive.
  2. In some cases, tariffs might be necessary to protect industries that are important for national security, like drone technology. This can help the country stay strong in a competitive world.
  3. Big companies can create advantages that make it hard for others to compete. If countries like China dominate certain industries, tariffs may be needed to keep a fair playing field.

Trigger Warning: Your Gig Platform is About to Get Ghosted

Gad’s Newsletter • 29 implied HN points • 03 Mar 25
💼 Business Economics Gig Economy Market Trends Startup
  1. Disintermediation is when users go around the platform to make deals directly, which can hurt the platform's business model. This often happens once users have established trust with workers.
  2. Platforms need to keep payments and information flowing through their systems to stay profitable and maintain trust. When users handle things off-platform, the platform loses its ability to manage quality and safety.
  3. Gig platforms like Protector must balance building trust and encouraging new connections to avoid losing customers. If users only hire familiar workers, they may skip using the app altogether.