The hottest Economics Substack posts right now

And their main takeaways
Category
Top Business Topics

What the Heck is Welfare?

Economic Forces • 4 implied HN points • 17 Jul 25
💼 Business Economics
  1. Welfare analysis looks at how different markets affect people's well-being. It's all about comparing situations to see if consumers are better or worse off.
  2. Changes in demand don't always mean a decline in overall consumer welfare. We need to understand why demand shifts to know the real impact.
  3. In multiple markets, the total welfare isn't just the sum of individual market welfare. Changes in one market can affect others, so we have to consider the bigger picture.

Lawler: Rent Trends at some Large Holders of Multifamily Properties

CalculatedRisk Newsletter • 28 implied HN points • 11 Mar 24
💼 Business Economics
  1. Rent growth has slowed sharply at large holders of multifamily properties like MAA, Equity Residential, and Avalon Bay Communities in the past year.
  2. Despite overall rent growth slowdown, year-over-year growth in rent renewals remained in the 4.5% - 5% range in January, showing a different trend.
  3. There is a lesson to be learned from the 1994-1995 Fed tightening episode where the Federal Reserve raised the policy rate significantly without triggering a recession, providing valuable insights for current monetary policymaking.

Freddie Mac House Price Index Increased in September; Up 3.6% Year-over-year

CalculatedRisk Newsletter • 14 implied HN points • 31 Oct 24
💰 Finance Economics
  1. The Freddie Mac House Price Index went up by 3.6% compared to last year. This shows that house prices are on the rise.
  2. Many cities in Florida are struggling with real estate; 17 out of the 30 worst performing cities are located there.
  3. The Freddie Mac index is based on specific loans and includes sales data to track house prices accurately.

Financial Free Speech

QTR’s Fringe Finance • 38 implied HN points • 16 Oct 23
💰 Finance Economics
  1. Discussion and free speech in economics and finance are crucial today
  2. Protecting speech we disagree with is essential, especially in finance
  3. Financial free speech is increasingly important as economic uncertainties grow
Get a weekly roundup of the best Substack posts, by hacker news affinity:

People act. Markets clear. Everything else is commentary.

Economic Forces • 10 implied HN points • 23 Jan 25
💼 Business Economics
  1. Economic models have two main parts: how people behave and how those behaviors interact in the market. Understanding both helps clarify how markets operate.
  2. Equilibrium in economics doesn't mean everything is still. It's about finding a way to make individual choices work together, even in changing situations.
  3. Critiques of economics often focus on rationality, but understanding the constraints, like budgets, is more important in predicting market outcomes.

Business strategy is a game

A Bit Gamey • 13 implied HN points • 17 Nov 24
💼 Business Economics
  1. Business strategy can be viewed as a game, with players, rules, and outcomes. Understanding this can help you make better decisions.
  2. In life, we are often in serious games where our actions affect outcomes. Recognizing that can help you navigate challenges more effectively.
  3. Winning in business isn't just about competing; sometimes it's about helping others succeed and choosing the right game to play.

Trump's Banks

Net Interest • 13 implied HN points • 08 Nov 24
💰 Finance Economics
  1. Trump has had a complex and fluctuating relationship with Wall Street, relying on banks for significant funding throughout his career. His ventures often led to defaults and bankruptcies, causing lenders to hesitate to work with him later.
  2. Deutsche Bank played a crucial role in Trump's financing, lending him over $2 billion despite his previous financial troubles. This close relationship also implicated the bank in legal issues related to Trump's financial practices.
  3. Trump has shifted his main banking relationships over time, now primarily working with a smaller bank called Axos Financial. Following his election win, his creditworthiness improved, benefiting both him and the bank.

Pesky Inflation

The Transcript • 19 implied HN points • 27 Feb 23
💰 Finance Economics
  1. Inflation is showing resilience similar to consumers, creating challenges for the Fed.
  2. This poses a problem for the Fed's goal of reaching 2% inflation.
  3. The capital markets are affected as they expected the end of tighter monetary policies.

On The Candlemaker's Petition

Marc Andreessen Substack • 55 HN points • 05 Mar 23
📚 Literature Economics
  1. The text discusses a petition from candlemakers in France, complaining about competition from the sun and arguing for protectionist measures.
  2. The candlemakers argue that by blocking out natural light, there will be a boost in industries related to artificial lighting, benefiting various sectors of the economy.
  3. The text challenges the idea of protecting industries from competition, highlighting that free trade and technological advancements lead to increased standards of living and overall economic growth.

Alchemy of Money

Neckar’s Notes • 9 implied HN points • 30 Jan 25
💰 Finance Economics
  1. Investing takes patience and energy management, with only rare moments of excitement. It's important to think deeply about the opportunities in the market.
  2. Successful investors analyze their feelings about money, as these beliefs can impact their financial decisions. Inner work on money beliefs is essential for success.
  3. Life with money presents constant tests about what kind of world we want and what sacrifices we're willing to make. Careful choices in financial matters are crucial.

Lindy Bank

Net Interest • 12 implied HN points • 15 Nov 24
💰 Finance Economics
  1. European governments are selling off their stakes in banks after a period of crisis, with billions of dollars worth of shares being returned to private ownership.
  2. Monte dei Paschi di Siena, the world's oldest bank, is showing signs of recovery and profitability after facing multiple near-failures over its long history.
  3. Management changes and a new business plan at Monte dei Paschi di Siena suggest the bank is optimistic about future growth and possibilities of mergers and acquisitions.

Is Inflation In 2024 Fueled By Supply Or Demand?

QTR’s Fringe Finance • 11 implied HN points • 13 Dec 24
💰 Finance Economics
  1. Inflation in 2024 could be caused by supply issues, like hurricanes and strikes, which disrupt the availability of goods and services.
  2. Much of the high inflation seen after the pandemic was actually driven by demand rather than just supply problems.
  3. As supply conditions improve, inflation rates might decrease, but currently, tighter monetary policy and slowed spending suggest that inflation could remain high.

'Brink of Catastrophe' As Federal Interest Payments Reach $750 Billion

QTR’s Fringe Finance • 27 implied HN points • 14 Feb 24
💰 Finance Economics
  1. The Federal interest payments reaching $750 billion are a significant concern and a sign of a fiscal danger zone.
  2. Peter Schiff emphasizes the immediate threat of the national debt crisis, warning that the problem is not in the distant future but happening right now.
  3. It's crucial to shift the mindset from fixating on ideal dollar exit points to viewing gold as a form of genuine wealth preservation regardless of the dollar value.

China Forecasts and AI

The Good blog • 26 implied HN points • 25 Feb 24
🌍 World Politics Economics
  1. China's ability to advance in AI is limited without significant political reforms, but democratic reforms may not be necessary for competitiveness.
  2. Historically, most countries that transition from low-income to middle-income status only need to get a few key factors right, like urbanization and rule of law.
  3. China faces challenges in sustaining economic growth due to factors like rising wages, an aging population, and the need to transition to developing frontier technologies.

Links for Friday, March 15

God's Spies by Thomas Neuburger • 25 implied HN points • 15 Mar 24
🌍 World Politics Economics
  1. Julius Caesar's death shows the delicate balance between democracy and dictatorship in leadership roles.
  2. A significant percentage of US parents are financially supporting their adult children, with variations in support based on generational groups.
  3. Climate Reanalyzer is a useful site for climate data and graphics, highlighting concerning trends like continuous record-breaking high ocean temperatures.

We interrupt this service for an important message

Klement on Investing • 3 implied HN points • 02 Aug 25
💰 Finance Economics
  1. It's important for investors to have accurate data about the economy. Wrong data can lead to bad investment decisions and uncertainty.
  2. Recent actions, like firing a labor statistics chief over disappointing data, can threaten the integrity of economic information. This has historical examples that show negative outcomes.
  3. Advocating for the reinstatement of trusted data sources is crucial to maintain the reliability of economic measurements for everyone concerned.

#168 – Tariffs, Tai Chi, and T-Shirts

Below the Line from Kevin LaBuz • 4 implied HN points • 22 Jun 25
💼 Business Economics
  1. E-commerce is stabilizing after a rocky period, showing steady growth despite some challenges. Companies are focusing on maintaining balance without significant booming or breaking.
  2. Consumer spending is still strong but cautious, with people opting for smaller purchases rather than big-ticket items. Shoppers are looking for value, especially in areas like secondhand goods.
  3. AI technology is increasingly being used by companies, leading to small but meaningful improvements in operations. Firms are careful with spending, moving towards smarter investment strategies to boost growth.

Check, Please

Net Interest • 10 implied HN points • 20 Dec 24
💼 Business Economics
  1. A restaurant payment system started when Frank McNamara created the Diners Club after running out of cash in a restaurant. This invention allowed people to pay by card instead of cash.
  2. Today, companies like Toast and Edenred are leading the market by providing technology and meal voucher services to restaurants. They are crucial in shaping how payments are made in dining establishments.
  3. Despite the rise of technology, many diners still prefer using cash for their meals, showing that tradition still plays a role in the way we pay.

✅ Monday briefing: Media warning, housing fail, Treasury trolled, cost of living, strategic value of PR, levelling up skills, PR and management, COP out, and more...

Wadds Inc. newsletter • 19 implied HN points • 21 Nov 22
💼 Business Economics
  1. Big tech companies like Apple and Facebook are hurting news media by controlling what people see online. Most people don’t realize how much these companies influence the news.
  2. A recent coroner's report revealed a tragic case where a toddler died due to mold in his home, leading to serious questions about housing conditions and landlord responsibilities.
  3. Many people in public relations are struggling with the rising cost of living and are looking for raises or even second jobs to make ends meet. This shows how the financial situation really affects workers in this industry.

VCs sell money

Sunday Letters • 19 implied HN points • 20 Nov 22
💼 Business Economics
  1. Venture capitalists (VCs) primarily sell money to companies, and their main goal is to find good companies to invest in. It's a sales role, and they often have to compete to get the best opportunities.
  2. Most VC returns come from a few big successes, while many investments may only give back what was initially put in or fail completely. This means that if your startup doesn't do well, it's a bigger deal for you than for the VC.
  3. Understanding the different motivations and incentives between you and your VC is crucial. Even if both of you want the company to succeed, you may want success for different reasons and might make different decisions along the way.

The Masters in Finance Arts Department

Malt Liquidity • 8 implied HN points • 11 Feb 25
💰 Finance Economics
  1. Writing often reflects personal experiences, but it can also be a form of storytelling that adds depth to facts. The best writing connects readers and creates an emotional response.
  2. Financial analysis is more about crafting a compelling narrative than it is about pure data. Understanding market trends and personal intuition can often be as important as mathematical models.
  3. In the future, traditional finance degrees may become less relevant, and skills like effective communication and critical thinking will be key. Learning how to sift through information and make sense of it is going to be very valuable.

Paper Bitcoin Summer

Economic Forces • 3 implied HN points • 31 Jul 25
💰 Finance Economics
  1. Bitcoin treasury companies are becoming popular on Wall Street as a way for investors to gain exposure to Bitcoin without directly buying it. These companies aim to exploit regulatory loopholes that prevent some investors from buying Bitcoin directly.
  2. MicroStrategy has set a precedent by buying large amounts of Bitcoin, which has influenced its stock price and attracted other companies to follow suit. This creates a cycle where each purchase of Bitcoin supports the stock's value.
  3. The success of these treasury companies depends on Bitcoin's future value and the stability of market regulations. If Bitcoin becomes more integrated into the global system, these companies could become key players in the financial market.

ServiceTitan: Benchmarking the S1 Data

Clouded Judgement • 11 implied HN points • 18 Nov 24
💼 Business Economics
  1. ServiceTitan is a platform designed for trades industries, like plumbing and HVAC. It helps businesses manage things like scheduling, customer service, and payments.
  2. The company has a big market opportunity, aiming to capture a larger share of the $1.5 trillion spent on trades services annually in the U.S. and Canada.
  3. ServiceTitan has shown strong revenue growth at 26% over the last year and has a focus on improving its financial metrics, including gross and operating margins.

Our Economic Arrogance Will Be Our Undoing

QTR’s Fringe Finance • 42 implied HN points • 16 May 23
💰 Finance Economics
  1. Economic arrogance, like wrong predictions about inflation, can lead to detrimental consequences.
  2. Signs indicate a looming recession, especially with rising interest rates and slowing debt growth.
  3. The stock market may not accurately reflect the true economic indicators, potentially leading to a future market crash.

A New Atlantis

Model Thinking • 2 HN points • 01 Apr 24
💼 Business Economics
  1. Housing in Britain is currently unaffordable due to bloated planning restrictions, costing residents in terms of space, age of homes, and financial burden.
  2. The proposal to reclaim land from Dogger Bank for housing development comes with an estimated cost of £97.5bn, with potential present value benefits of £622bn, showing a promising cost-benefit ratio.
  3. The development of a new city on Dogger Bank has the potential to significantly impact economic activity, urban infrastructure, land prices, and GDP gains, making it a complex but potentially beneficial endeavor.

Champions League: The Economics Behind the European Cup

Original Football • 1 HN point • 01 Jun 24
🎾 Sports Economics
  1. The UEFA Champions League generates massive prize money for clubs involved, with the 2023-2024 season seeing a total of €2.03 billion in prize money distributed.
  2. Television broadcasting rights play a crucial role in the revenue stream of the Champions League, with UEFA securing contracts worth around €3.2 billion for the 2021-2024 cycle.
  3. The Champions League offers clubs the opportunity to boost commercial revenues through sponsorships and advertising, with top global brands like PepsiCo, Heineken, and Mastercard actively involved as sponsors.

Quant Letter: May 2025, Week-4

The Parlour • 4 implied HN points • 30 May 25
💰 Finance Economics
  1. Using machine learning can help build models to categorize investors based on their behavior. This method faces challenges in being validated and understood.
  2. Research is exploring how to optimize portfolios over a longer time frame. This could help in making better financial decisions.
  3. Synthetic data created by agent-based models can provide valuable insights for testing and understanding trading strategies.

From Charlie Munger to ChatGPT - The 'productivity gains' paradox

Platforms, AI, and the Economics of BigTech • 9 implied HN points • 08 Dec 24
💼 Business Economics
  1. When companies see big productivity gains, it could mean they're losing their competitive edge in the long run. This happens because the benefits aren't always kept by the business, similar to how new technology can hurt original owners.
  2. It's important to figure out where productivity gains are coming from. If they're from the main product, the company might end up losing control and value, especially if they rely on outside suppliers.
  3. To stay ahead, businesses should focus on creating unique advantages with technology rather than just using it to improve what they already do. This way, they can keep more control over pricing and profits.

Illumina Sanctions

ASeq Newsletter • 7 implied HN points • 05 Feb 25
💼 Business Economics
  1. Illumina might face sanctions in China due to trade tensions. This situation is unusual for a company focused on genetic technology.
  2. Their revenue in China was only 7% of their total, which is about $75 million. It's important to note that this revenue has been decreasing since 2022.
  3. Even with these potential sanctions, the overall impact on Illumina is expected to be minor. Their business in China isn't as significant as it may seem.

Can we all just agree that it's weird and dumb that we still have girl jobs and boy jobs?

Sex and the State • 10 implied HN points • 25 Oct 24
🎭️ Culture Economics
  1. It's strange that we still categorize jobs as 'girl jobs' and 'boy jobs.' This doesn't reflect our modern society.
  2. Gender roles in jobs can lead to unfair treatment and inequality in the workplace. It's important to question these stereotypes.
  3. We should focus on people's skills and interests rather than their gender when it comes to jobs. Everyone deserves equal opportunities.

Mailbag Request

SatPost by Trung Phan • 21 implied HN points • 09 Feb 24
💼 Business Economics
  1. A new sports app by ESPN, Fox, and Warner Bros. Discovery is aiming to attract a younger audience through streaming without cannibalizing traditional cable bundles.
  2. A consulting firm charging exorbitant fees for Ivy League admission consulting highlights the extreme lengths wealthy parents go to secure college acceptance for their children.
  3. Vail Resorts' success with the Epic Pass showcases how offering a membership with access to ski mountains can generate significant revenue, similar to gyms with unused memberships.

What is a "Moat" and why does it matter?

Equal Ventures • 19 implied HN points • 28 Feb 22
💼 Business Economics
  1. In the startup world, having 'moats' or durable competitive advantages is crucial for long-term success.
  2. Moats are defined by being proven, perpetuating, and permanent, providing economic leverage and sustainable margin growth.
  3. Investing in building strong moats early on can help businesses sustain value over time and outperform competitors in the long run.

[P] HSY: Applying Governance Molds

Nongaap Investing • 7 implied HN points • 19 Jan 25
💰 Finance Economics
  1. Governance molds help organizations shape their operations effectively. This can lead to better decision-making and overall success.
  2. Investors should consider how governance practices can impact a company's performance. Good governance can mean higher returns.
  3. Applying these governance molds requires careful planning and understanding of a company's needs. It's important to tailor approaches to fit specific situations.