The hottest Economics Substack posts right now

And their main takeaways
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New Capitalism in America

Global Inequality and More 3.0 • 2400 implied HN points • 23 Jul 25
🇺🇸 U.S. Politics Economics
  1. The richest people today often earn their wealth from both high salaries and investments. This means some of the top workers are also among the top capitalists.
  2. There's a growing group of very wealthy individuals who consistently benefit from both labor income and capital income, which is changing the traditional class structure.
  3. This new elite class feels they deserve their high incomes because of their education and hard work, but this also creates a division between them and the rest of society.

Top Links 940 China's export surge. Baby Lenin, involution & Accenture the mega consultancy.

Chartbook • 557 implied HN points • 02 Dec 25
đź’Ľ Business Economics
  1. Chinese exports have increased significantly since the COVID-19 pandemic, but imports have stalled. This change shows a big split in how China is trading with the world now.
  2. The coal industry in China is shrinking, which is a positive step for global climate goals. Many jobs in coal mining have been cut already.
  3. Accenture, a major consultancy, has seen big changes since the pandemic, growing to about 800,000 employees. However, its value has dropped as the demand for consulting services slows down.

Everything Looks Like A Nail

Where's Your Ed At • 25075 implied HN points • 19 Oct 23
đź’Ľ Business Economics
  1. Marc Andreessen wants to portray himself as a victim despite his immense success and wealth.
  2. Andreessen promotes a vision of continuous technological advancement, but his actions and investments often prioritize maintaining the status quo.
  3. Andreessen's manifesto is filled with contradictions and hypocrisy, advocating libertarian economic thinking while benefiting from government intervention.

Top Links 934 Trade war snapshot. The price of fossil fuels. Pentagon capitalism. Voting for torture.

Chartbook • 600 implied HN points • 27 Nov 25
🇺🇸 U.S. Politics Economics
  1. The trade war is currently marked by confusing tariffs and policies that affect global markets.
  2. Fossil fuel prices are fluctuating, impacting both economies and the environment significantly.
  3. There are concerns about how military funding influences political decisions, especially regarding human rights.

Chartbook 403 Trump as a Gulliver ... with no clothes.

Chartbook • 2088 implied HN points • 08 Aug 25
🇺🇸 U.S. Politics Economics
  1. Trump's view on trade seems disjointed and doesn't align with traditional ideas. His approach to tariffs lacks a clear and logical strategy.
  2. He perceives the U.S. as a powerful giant that has been manipulated by smaller nations, wishing to restore balance in international trade.
  3. Negotiations with other countries may prioritize showmanship over practicality, leading to deals that sound good but may not have real economic logic behind them.
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Niall Ferguson: Milei’s Manmade Miracle

Common Sense with Bari Weiss • 2457 implied HN points • 22 Jul 25
🇺🇸 U.S. Politics Economics
  1. Argentina's president, Javier Milei, is working to fix a deeply troubled economy, which struggled for many years. His efforts are showing promise and could lead to real change.
  2. Milei has made significant progress in just over a year, turning around the country's financial situation, which had been in decline for over a decade. His leadership is inspiring hope among economists and politicians.
  3. Despite his unusual personality and style, Milei's bold strategies resonate with those who believe in free-market principles. His approach stands out in a world where many leaders take a different path.

Enough

benn.substack • 2020 implied HN points • 08 Aug 25
đź’Ľ Business Economics
  1. We often compare our wealth to others, which can make us feel unsatisfied. Even if a machine gives us everything, we'll still wonder if it's enough compared to what others have.
  2. In today's tech world, massive amounts of money are being raised and spent, and it's hard to keep track of it all. This creates a sense of normalcy around these huge financial changes.
  3. While many in tech claim to focus on building great things for humanity, money often becomes a main focus, with people quietly calculating their worth and comparing themselves to others.

What's Wrong With College Sports?

Points And Figures • 532 implied HN points • 11 Dec 25
🎾 Sports Economics
  1. The messy controversies in college sports are largely the free market playing out, not a failure caused by NIL, and a lightly regulated market will likely produce better outcomes over time.
  2. Treating players like professionals with enforceable contracts, agents, and insurance gives them real choice and financial safety nets, and it fixes many problems of the old scholarship system where coaches could lock or cut players.
  3. Dismantling centralized NCAA control in favor of conference- and sport-specific market solutions will let schools and TV demand shape schedules and playoff systems, preserving rivalries and creating formats fans actually want.

The good, the bad, and the open data of the Budget

Odds and Ends of History • 670 implied HN points • 27 Nov 25
🇺🇸 U.S. Politics Economics
  1. The Budget outlines the government's economic strategy and priorities for the country. It's a critical event that influences the political landscape.
  2. There are both positive and negative aspects to the Budget, reflecting a mix of good and bad policy decisions. This is similar to how we see different stories unfold in a TV show.
  3. The discussion around the Budget also hints at its impact on individual political careers, particularly for certain politicians.

Top Links 963 European divergence. Stablecoin flows. Southern Air Transport. Hamas explained.

Chartbook • 329 implied HN points • 26 Dec 25
🌍 World Politics Economics
  1. Europe and the US are shown to be diverging in their economic and political paths, with different policy choices producing different outcomes.
  2. The collection covers a mix of topics—stablecoin flows, a historical look at Southern Air Transport, and a clear explainer of Hamas—linking finance, history, and geopolitics.
  3. This is a curated, image-rich roundup of top links and readings meant to give readers high-quality sources and context across those subjects.

30 Days, 8 Cities, 1 Question: Where Did American Prosperity Go?

Kyla’s Newsletter • 656 implied HN points • 13 Nov 25
🇺🇸 U.S. Politics Economics
  1. Many people feel that the economic system isn't working for them, even though wealth exists in places like stock portfolios and data centers. This creates a disconnect between visible decay in everyday life and invisible prosperity.
  2. Younger generations are struggling with job security, high debt, and an uncertain future due to AI and automation. This affects their ability to buy homes and start families, leading to feelings of helplessness.
  3. There’s a growing desire for change, including unionization and support for reforms that make work more meaningful and equitable. People are looking for ways to rebuild and trust their communities again.

Hot take on an AI catfight

Marcus on AI • 6165 implied HN points • 22 Jan 25
đź•ą Technology Economics
  1. OpenAI is launching a big project called The Stargate Project, which plans to invest $500 billion to improve AI infrastructure in the U.S. Over the next four years, they hope this will help the country's economy and national security.
  2. Elon Musk is skeptical about the funding and the true financial health of OpenAI. He suggests that previous promises may not hold true and questions whether this project will really benefit the American people.
  3. There are several uncertainties about this project, like whether developing AI will actually be profitable and how it might impact jobs. People worry if the profits will help everyone or just the rich, and if the U.S. can truly keep up with China's advancements in AI.

Top Links 947 Safe assets. Robots in China. Powering Africa. Fascism in the body.

Chartbook • 443 implied HN points • 10 Dec 25
đź’° Finance Economics
  1. The production of safe assets around the world is mostly due to US dollar investments. This shows how important the dollar is in global finance.
  2. There are advancements in robotics in China that are changing various industries. This suggests that technology is rapidly evolving and impacting economies.
  3. There are discussions about the energy needs of Africa and how to power it efficiently. It's a critical topic for the continent's development.

Top Links 952 Tracking google to call the peak. Getting Europeans to love finance & how Sargent fell out of love with portrait-painting.

Chartbook • 400 implied HN points • 15 Dec 25
đź’° Finance Economics
  1. Spikes in Google searches can help identify when investing fads are peaking, so tracking search trends is a useful signal for market attention.
  2. There are ongoing efforts to get Europeans more engaged with finance, which could change how they save, invest, and view markets.
  3. Sargent moved away from portrait painting later in his career, showing how an artist’s interests and style can shift over time.

Subscrive Drive 2025 + Free Unlocked Posts

Astral Codex Ten • 6400 implied HN points • 14 Jan 25
đź’Ľ Business Economics
  1. You can subscribe to Astral Codex Ten for paid access, which includes extra articles and special threads for subscribers. It's a chance to support the blog and get more content.
  2. The blog had strong subscriber growth at first but has seen a drop in recent years. The author encourages financial support but understands if people cannot afford it.
  3. Several subscriber-only posts offer unique insights, covering topics like historical figures and personal reflections. When you subscribe, you can access a lot of great content.

We need to get rid of weekends

The Novelleist • 629 implied HN points • 10 Nov 25
đź’Ľ Business Economics
  1. We all tend to work and play at the same time, which causes congestion. If people worked different hours or days, it could ease traffic and make things less crowded.
  2. Flexible work hours have shown to be beneficial. By shifting our work schedules, local businesses like restaurants and parks could thrive on weekdays instead of just weekends.
  3. Companies can change the traditional workweek model. If more businesses adopt flexible schedules, it might solve congestion issues without spending millions on new roads.

A dying industry dies a bit more

Material World • 2647 implied HN points • 25 Jun 25
đź’Ľ Business Economics
  1. The Wilton chemical plant that once thrived has become unsustainable due to factors like decreased oil supply and increased competition from Asia. It’s a sad story of change in the industry.
  2. The decline of the plant reflects a larger trend in the UK chemicals industry, highlighting how smaller job losses at various plants can go unnoticed compared to bigger closures like British Steel.
  3. As the UK loses its chemical production capacity, it becomes more reliant on imports, which could have serious implications for important products in everyday life.

Elon Musk, Innovator

Where's Your Ed At • 21662 implied HN points • 09 Oct 23
đź•ą Technology Economics
  1. Companies fail when they lack awareness of market needs and resist changing with the times.
  2. Elon Musk's decisions with Twitter are making the platform less reliable and damaging its value.
  3. Musk's incompetent management of Twitter, high debt, and declining user trust may lead to significant financial challenges.

o3, AGI, the art of the demo, and what you can expect in 2025

Marcus on AI • 6481 implied HN points • 21 Dec 24
đź•ą Technology Economics
  1. OpenAI's new model, o3, was shown in a demo, but we can't be sure yet if it truly represents advanced AI or AGI. The demo only highlighted what OpenAI wanted to show and didn't allow public testing.
  2. The cost of using o3 is really high, potentially making it impractical compared to human workers. Even if it gets cheaper, there are concerns about how effective it would be across different tasks.
  3. Many claims about reaching AGI might pop up in 2025, but those claims need to be taken with caution. True advances in AI should involve solving more foundational problems rather than just impressive demos.

Top Links 945 Why the US feels so expensive. The electrotech solution space. The history of degrowth & the most remote village in China.

Chartbook • 414 implied HN points • 08 Dec 25
đź’° Finance Economics
  1. People are feeling like living in the US is getting more expensive because the income needed for a comfortable life keeps rising.
  2. The topic of degrowth looks at how reducing consumption can be beneficial for the environment and society.
  3. There are fascinating insights about remote places, like the most isolated village in China, showing how different lifestyles exist around the world.

“We Are Not as Wealthy as We Thought We Were”: Postscript 1

Erdmann Housing Tracker • 273 implied HN points • 05 Jan 26
đź’Ľ Business Economics
  1. Rents have risen a lot and in a regressive way, with the cheapest neighborhoods hit hardest and lowest-income renters effectively losing about 15% of their incomes to higher rents—effects that common national statistics miss.
  2. The problem is a shortage and a lack of easy substitutes: constrained construction capacity and tighter mortgage access have created a paid premium for “nothing” (scarcity tied to location), so this isn’t mainly about agglomeration demand.
  3. The solution is a very large increase in housing supply across many locations—not just building smaller "affordable" units or blocking luxury projects—so millions of homes or billions of square feet must be added to eliminate the "nothing" premium.

The Consulting Crash Is Coming

Common Sense with Bari Weiss • 2170 implied HN points • 10 Jul 25
đź’Ľ Business Economics
  1. Consulting firms, once seen as valuable, might be facing a decline because they are becoming less relevant and more bloated.
  2. Many believe that the work done by consultants often benefits their own profits rather than helping their clients effectively.
  3. With advancements in AI and changes in business needs, the future of consulting is uncertain, and some experts are advising against investing in the industry.

Far From GrĂĽven

Doomberg • 7157 implied HN points • 01 Nov 24
đź’Ľ Business Economics
  1. Germany's automotive industry is struggling due to poor energy policies and reliance on expensive energy sources. This could lead to factory closures and job losses.
  2. China is effectively using its energy resources to boost its production and economic strength, while European countries are facing the consequences of their energy choices.
  3. Volkswagen's recent financial troubles highlight the bigger issues facing Germany's heavy industry, and there are urgent changes needed to avoid further decline.

Top Links 927 Concentration risk. The middle technology trap. C5+1 & "synchronous world".

Chartbook • 515 implied HN points • 20 Nov 25
đź’Ľ Business Economics
  1. Concentration risk is a big issue to watch in the current tech landscape. A few companies hold a lot of power, which can create instability.
  2. The tech industry might be stuck in a middle technology trap. This means that, while there are advancements, we may not be progressing as quickly as expected.
  3. The concept of a synchronous world highlights how interconnected today's global systems are. Events in one part of the world can have immediate effects elsewhere.

Top Links 955 A bunker of rare earths. No more Lightning. Pandemic security. Jakarta's growth.

Chartbook • 314 implied HN points • 18 Dec 25
🌍 World Politics Economics
  1. People are focusing on building secure stockpiles of rare earth metals to protect supply chains and national security.
  2. The era of Lightning is ending, signaling a shift in device connectors and a big change for accessories and hardware standards.
  3. There’s renewed attention to pandemic security and Jakarta’s rapid growth, highlighting public health preparedness and the challenges of fast urban expansion.

New capitalism III: Capital

Global Inequality and More 3.0 • 1691 implied HN points • 27 Jul 25
đź’° Finance Economics
  1. Capital income is different from labor income. You earn labor income by working hard, but capital income comes from simply having money to invest.
  2. Income from capital is very unequal. Most people don't receive any capital income at all, making it highly concentrated among the wealthy.
  3. A large portion of the world's population has no income from capital. Up to 85% of people may not earn anything from their investments, leading to a significant divide in wealth.

Top Links 939 Global Agg. China's energy storage boom. The collapse in FDI to China. The legacy of Ungern-Sternberg.

Chartbook • 414 implied HN points • 02 Dec 25
đź’° Finance Economics
  1. China is experiencing a big boom in energy storage, which could impact energy management globally.
  2. Foreign Direct Investment (FDI) into China has significantly collapsed, signaling potential economic concerns.
  3. The legacy of Ungern-Sternberg is being reflected in current global challenges and discussions.

Some Mortgage Payment Arithmetic

In My Tribe • 486 implied HN points • 18 Nov 25
đź’° Finance Economics
  1. A 30-year mortgage has higher monthly payments but lets you pay off your principal faster compared to a 50-year mortgage, which has lower payments but keeps you in debt longer.
  2. Gimmicks like 50-year mortgages can seem appealing because of lower payments, but they slow down how quickly you build equity in your home.
  3. When deciding whether to pay off your mortgage early, consider how much you could earn by investing that money elsewhere versus the interest you're saving.

Are We at War with Grocery Stores Now?

Economic Forces • 10 implied HN points • 12 Mar 26
đź’Ľ Business Economics
  1. Blaming grocery stores for post‑pandemic inflation misunderstands prices: higher prices together with higher profit margins point to broad demand increases (like monetary or fiscal stimulus), not just supply‑side cost gouging.
  2. Store entry and exit decisions hinge on large, sunk costs and the option value of waiting, so policies that raise operating or exit costs (stricter regulation, eminent domain threats, or tolerance of shoplifting) make marginal stores more likely to close and deter new entrants.
  3. Replacing market pricing with publicly run stores or price controls ignores the information‑and‑coordination role of prices and often worsens outcomes: taxpayers may subsidize lower sticker prices while overall costs, inefficiencies, and access problems rise.

Turnover is vanity, profit is sanity

Off to Lunch • 2103 implied HN points • 18 Jan 24
đź’Ľ Business Economics
  1. In business, profit is more important than turnover.
  2. Retailers may boost sales through price cuts but it doesn't always mean more profit.
  3. Interpreting financial metrics like like-for-like sales can be complex and impact comparisons between retailers.

Political Economy Links, 12/08/2025

In My Tribe • 334 implied HN points • 08 Dec 25
🇺🇸 U.S. Politics Economics
  1. Textile manufacturing has played a crucial role in economic progress by turning agricultural resources into industrial growth. It's tied to how societies can develop through demand and productivity.
  2. Using 'we' in political discussions can create a false sense of unity and responsibility. It’s important to focus on individual action instead of a vague collective identity.
  3. Changes in military technology shape society and require new ways of organizing. Countries must adapt quickly to survive, especially with emerging technologies like drones.

Top Links 943 Walmart's business model. The Houthi financial crisis. How the cat came to Europe & military panorama painting.

Chartbook • 371 implied HN points • 06 Dec 25
đź’Ľ Business Economics
  1. Walmart's business model relies on operating with very small profit margins, which helps them offer lower prices. This can make them very competitive in the retail market.
  2. The Houthi financial crisis highlights ongoing economic struggles and its broader implications on the region. Understanding this crisis can give insight into regional stability.
  3. The history of how cats came to Europe is fascinating and shows the connection between humans and animals over time. It also hints at how cultural exchanges have shaped societies.

Winning iPhone Orders is no Longer Victory

Tim Culpan’s Position • 39 implied HN points • 11 Sep 24
đź’Ľ Business Economics
  1. Luxshare and Foxconn are both working on assembling iPhones, but Luxshare's recent orders don't seem to bring in much more money for the company. Their iPhone assembly success hasn't led to significant revenue growth.
  2. Apple is a big client for both companies, but they are overly dependent on it. Luxshare's reliance on Apple for 75% of its revenue is worrying for investors, especially as Apple's overall sales have been slowing.
  3. To succeed, Luxshare might need to expand into new areas like AI servers rather than just focusing on iPhones. However, they face challenges in doing this and need to be cautious about their future strategies.

December 2025 Residential Home Sales

Erdmann Housing Tracker • 42 implied HN points • 23 Feb 26
đź’° Finance Economics
  1. Home sales have been mostly flat through December but are starting to show signs of picking up.
  2. Inventory has been falling since the summer, which suggests supply is beginning to tighten.
  3. Months-of-inventory remains above seven months, so there is still ample supply and many willing counterparties in the market.

Top Links 935 What hedge funds are shorting. The electrotech revolution. Monroe Doctrine 2.0 & how Napoleonic mathematicians brought the blackboard to America.

Chartbook • 414 implied HN points • 28 Nov 25
đź’° Finance Economics
  1. Hedge funds are increasingly betting against utility companies, which shows a rise in their short interest. This may indicate that investors are worried about the future of these companies.
  2. There's a significant focus on the electrotech revolution, suggesting big changes and advancements in technology are on the horizon.
  3. The concept of 'Monroe Doctrine 2.0' ties into historical mathematics and its influence on America's educational landscape, highlighting the ongoing impact of past ideas on modern society.

Pakistan needs a plan

Noahpinion • 13588 implied HN points • 17 Feb 24
🌍 World Politics Economics
  1. Pakistan needs stability, privatization, education, foreign investment, and peace to improve its economic situation.
  2. The country is facing a significant debt crisis due to borrowing from organizations like the International Monetary Fund, resulting in a continuous increase in foreign debt.
  3. To escape the debt trap, Pakistan should focus on investing more, especially through privatization, attracting foreign direct investment, enhancing education, and seeking peace and economic cooperation with India.