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.

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.

When are tariffs good?

Noahpinion • 19353 implied HN points • 06 Feb 25
🇺🇸 U.S. Politics Trade policy Tariffs Economics National Security Manufacturing
  1. Tariffs can help protect national security by ensuring that the U.S. maintains essential manufacturing capabilities for military needs. Having domestic industries ready to switch to military production is crucial in case of conflicts.
  2. Targeted tariffs can support 'national champions,' which are big domestic companies that can thrive by limiting foreign competition. This helps the country's economy by allowing its firms to earn more profit and create jobs.
  3. The infant industry argument suggests that tariffs can help new industries grow by shielding them from foreign competition until they are strong enough to stand on their own. However, broad tariffs should be carefully considered as they might not apply well to every situation.

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.

Should economists read Marx?

Noahpinion • 37588 implied HN points • 13 Jan 25
🚌 Education Economics Philosophy History Theory Social Science
  1. Many economists don't need to read the original works of thinkers like Marx or Smith to understand economics. They usually study practical models and theories that help solve real-world economic problems.
  2. Modern economic education often emphasizes foundational papers by influential economists, which explain key concepts like market failures and public goods, rather than focusing on Marxist ideas.
  3. Reading Marx can be useful, but mainly as a cautionary tale about how economic theories, if misapplied, can lead to disastrous outcomes in real life. It reminds economists to approach their work with humility.

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.

No, Capitalism Did Not Make America the Richest Country

Erik Examines • 268 implied HN points • 25 Feb 25
🇺🇸 U.S. Politics Economics Socialism History Immigration Capitalism
  1. America's wealth didn't come solely from capitalism or hard work; other factors played big roles too. There are many things we often overlook when we talk about America's economic success.
  2. Many Europeans didn't come to America only to escape oppression. They actually had other options within Europe, and they were often seeking better land and opportunities instead.
  3. The U.S. had vast resources like fertile land and coal, which helped it industrialize faster than many European countries. These natural advantages were a key reason for America's economic power.

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.

Yes, Americans are much richer than Japanese people

Noahpinion • 28353 implied HN points • 24 Dec 24
💰 Finance Economics Wealth Income
  1. Americans generally have a higher standard of living compared to Japanese people, especially when you look at their salaries. Even though Japan has a strong economy, many people earn significantly less than their American counterparts, especially for starting jobs.
  2. Living standards in Japan might seem appealing due to factors like safety and good public transportation, but these benefits can be overshadowed by long working hours and less leisure time. While Japan is safe and has beautiful cities, many people still work hard and face economic struggles.
  3. While GDP can show how wealthy a country is, it doesn't capture everything about quality of life. Americans have access to more modern conveniences and have higher average salaries, but Japan offers a safer and healthier living environment, which makes comparing them more complicated.

How do we measure whether China's economy is "ahead" of America's?

Noahpinion • 20059 implied HN points • 04 Jan 25
💰 Finance Economics Trade GDP Currency Growth
  1. There are different ways to measure the size of economies, like using nominal GDP or purchasing power parity (PPP). Depending on the method, we can get very different perspectives on whether China's economy is ahead of America's.
  2. The exchange rate can change the perception of an economy's size, especially if a country's currency is weak. If China's yuan strengthens, it could suddenly appear larger than the U.S. economy in nominal terms.
  3. When comparing economies, it's important to consider local prices and living standards. For a more accurate view of how people live and what they can afford, using PPP is crucial despite its complexity and potential inaccuracies.

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.

Africa's Hustle Generation: Ambition, Innovation, Opportunity

Workforce Futurist by Andy Spence • 146 implied HN points • 26 Feb 25
💼 Business Economics Entrepreneurship Investment Workforce Innovation
  1. Africa has the youngest population in the world, with many young people entering the workforce. This could lead Africa to play a bigger role in global growth by 2030.
  2. There is a thriving start-up culture in Africa, especially in technology and finance. Companies are getting more funding and creating new job opportunities.
  3. As more people in Africa move to cities, the potential for innovation and entrepreneurship increases. Urban centers are becoming major hubs for new businesses and investments.

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.

How Paul Krugman changed the public face of economics

Noahpinion • 25647 implied HN points • 11 Dec 24
💼 Business Economics Macroeconomics Public Engagement
  1. Paul Krugman changed economics by making it more accessible and engaging. He believed that good ideas come from everyone, not just top experts.
  2. He played a key role in popularizing Keynesian economics, especially during the Great Recession. His work helped explain the importance of government spending to boost the economy.
  3. Krugman critiqued the academic hierarchy and encouraged open discussions. He showed that even big names in economics could be questioned, which opened the door for new ideas.

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.

Five possible reasons China's productivity slowed down

Noahpinion • 15529 implied HN points • 28 Dec 24
💼 Business Economics International Trade Productivity Corporate strategy Market Trends
  1. China's productivity growth has slowed down due to hitting natural limits in technology absorption and an aging population. As they reached the tech frontier, it became harder to improve productivity at the same pace.
  2. R&D productivity in China is low, especially in state-owned companies. The focus has shifted to quantity over quality in research, leading to many low-quality studies and less innovation.
  3. China's economy is heavily reliant on investment rather than consumption. Unlike the U.S., which benefits from high consumer spending, China may be missing out on productivity gains from a robust consumer market.

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 Japan opened itself up to immigration

Noahpinion • 13059 implied HN points • 31 Dec 24
🇺🇸 U.S. Politics Immigration Economics Policy International relations
  1. Japan used to be very strict about immigration for a long time, unlike many other rich countries. But starting around 2010, Japan began allowing more immigrants into the country.
  2. Despite not taking in many immigrants for years, Japan had a good quality of life during the 1990s and 2000s. However, the country faced issues like low wages and living standards, which led them to change their immigration policies.
  3. Many people think Japan is unique because of its racial homogeneity, but it's actually similar to other developed countries in how it deals with immigration. It's important not to create myths about Japan that could mislead other countries.

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.