The hottest Economics Substack posts right now

And their main takeaways
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Top Links 931 Calling for a purge. Is "collective leadership" making a come back? Publicity right. The "death bump" & Flecktarn.

Chartbook • 271 implied HN points • 24 Nov 25
💰 Finance Economics
  1. Some people think that a downturn in the economy can actually help it stay strong in the long run.
  2. There's a debate about whether leaders should work together more and share responsibility.
  3. The idea of a 'purge' suggests that sometimes it's necessary to clear out old systems to make way for new growth.

We don't need to just make up fantasy stories

Economic Forces • 21 implied HN points • 26 Feb 26
💼 Business Economics
  1. GDP accounting means output turned into income never just disappears; if automation shifts income from workers to capital owners, that money gets spent or saved and fuels other parts of the economy.
  2. Prices provide a natural brake: cheaper AI-driven supply pushes prices down, which tends to raise demand or shift consumption and prevents an endless negative spiral unless a specific blocking mechanism exists.
  3. You can’t extrapolate from a few firms to the whole economy — comparative advantage and new consumer demand lead people and firms to reallocate into new roles, so automation changes jobs and wages but doesn’t automatically cause total collapse.

The 49-Year Unicorn Backlog🦄, AI has a gross margin problem🤖, The Path to CFO📚

The VC Corner • 379 implied HN points • 26 May 24
💼 Business Economics
  1. There is a significant backlog of unicorn startups that have yet to go public. This may impact the market's dynamics.
  2. Artificial Intelligence is facing challenges with its gross margins. Companies need to find ways to improve profitability as costs rise.
  3. There are clear steps and paths for finance professionals aiming to become CFOs. Understanding the necessary skills and experiences is crucial for career advancement.
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Atlas Won’t Shrug

Doomberg • 7754 implied HN points • 20 Feb 24
💰 Finance Economics
  1. The human need for energy continues to grow despite various historical crises and catastrophes.
  2. Energy is not just an input into the economy but is actually the foundation of the economy itself.
  3. The idea of peak cheap oil being a crisis is challenged, with the belief that humanity would adapt swiftly to any temporary constraints in energy availability.

Do you ever wonder? Podcast

Erdmann Housing Tracker • 42 implied HN points • 12 Feb 26
💼 Business Economics
  1. A podcast interview explains the main forces shaping today’s housing market in a clear, approachable way.
  2. The conversation is concise—under an hour—so it’s a quick way to get up to speed on key ideas.
  3. It serves as an accessible introduction to the speaker’s perspective on housing, useful for newcomers and busy listeners.

🚀 FP! Week In Review, Briefly #11

Faster, Please! • 365 implied HN points • 08 Nov 25
🕹 Technology Economics
  1. AI could do all the work for us, which might lead to less human labor but could also mean more time for art and creativity. Even if jobs shrink, people might still earn more overall.
  2. The space race is heating up, with China and the US competing fiercely. China might reach the moon first, and American companies like SpaceX are changing the game with frequent launches.
  3. There are talks about the US government supporting companies like OpenAI to ensure AI benefits everyone. This could help distribute the rewards of technology more fairly.

Tinned Soup and Tariffs

Material World • 1280 implied HN points • 20 Jun 25
🇺🇸 U.S. Politics Economics
  1. Making tin cans is more complex than it seems. The steel used in cans needs to be very high quality and made in a specific way to ensure it is safe and effective.
  2. Trade wars and tariffs can affect everyday products like Campbell's Soup. Higher tariffs can lead to increased prices for consumers, especially if companies have to pay more for imported materials.
  3. Changes in steel production, like moving from blast furnaces to electric arc furnaces, can have big impacts on industries and trade deals. This can make it hard for companies to get the materials they need without higher costs.

The Miracle Man of Suez

Kvetch • 43 implied HN points • 07 Feb 26
💾 History Economics
  1. A single leader's stubborn, relentless will can push an audacious engineering project past political and technical barriers.
  2. Monumental success required new machines, massive labor, and clever engineering, but it came at a terrible human cost and nearly bankrupted local authorities.
  3. Selling shares to thousands of small investors can raise huge sums and build public support. But relying on that and on personal confidence while downplaying engineering and financial risks can lead to ruin.

"Climate Change is Showing its Claws"

The Honest Broker Newsletter • 2718 implied HN points • 12 Jan 25
🌞 Climate & Environment Economics
  1. In 2024, global weather-related disaster losses reached $298 billion, with a significant portion occurring in the U.S., mainly due to hurricanes. This shows that while climate change impacts us, other factors like economic growth also play a big role.
  2. Today, disaster losses as a percentage of global GDP are less than they were 30 years ago. This suggests that despite increasing losses in dollars, extreme weather is not as devastating to the economy as it used to be.
  3. The rising insured losses are largely driven by construction in risky areas and inflation, rather than just climate change. It's important to consider these factors when looking at why disaster losses are increasing.

On the OpenAI Economic Blueprint

Don't Worry About the Vase • 2732 implied HN points • 15 Jan 25
🕹 Technology Economics
  1. OpenAI's Economic Blueprint emphasizes the need for collaboration between AI companies and the government to share resources and set standards. This can help ensure AI development benefits everyone.
  2. There are various proposals to make AI safer and more helpful, like creating better training for AI developers and working with law enforcement to prevent misuse of technology.
  3. The document also reveals a strong desire from OpenAI to avoid strict regulations on their practices, while seeking more government funding and support for their initiatives.

How Biden Screwed the Steelworkers

Common Sense with Bari Weiss • 2833 implied HN points • 03 Jan 25
🇺🇸 U.S. Politics Economics
  1. Biden blocked Nippon Steel's $14.9 million purchase of U.S. Steel, claiming it was for national security reasons. This decision upset many steelworkers who supported the deal.
  2. While Biden aimed to keep the steel industry American-owned, his action might actually harm the industry and cost jobs.
  3. The motivation behind blocking the sale seems to blend political strategy with a nostalgic view of unions, but it risks hurting union workers and the local economy.

Lawler: Early Read on Existing Home Sales in January

CalculatedRisk Newsletter • 38 implied HN points • 11 Feb 26
💼 Business Economics
  1. Existing home sales likely ran at about a 4.0 million seasonally adjusted annual rate in January, down roughly 8% from December and slightly below last January.
  2. Adverse late‑January weather and fewer business days probably reduced closed sales, so the unadjusted year‑over‑year decline should look larger.
  3. Median single‑family home prices were about 1% higher year over year, and the consensus NAR estimate for January sales (around 4.25M) may be too high given limited local data and upcoming revised seasonal factors.

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

Chartbook • 1130 implied HN points • 22 Jun 25
💼 Business Economics
  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.

A Missing Textbook Diagram

Bet On It • 166 implied HN points • 17 Dec 25
🚌 Education Economics
  1. A simple diagram that maps benefits against costs would be a handy teaching tool for intro and intermediate economics and public policy classes. It makes tradeoffs easy to see at a glance.
  2. Adding extreme categories like “Sky High” benefits and “Rock Bottom” costs shows why some policies remain sensible even when critics point to large costs — very large benefits can outweigh high costs.
  3. The idea is intuitive and practical and, despite parallels in business teaching, feels like a fresh, useful addition that textbooks should include.

Is This Anything?

Spilled Coffee • 32 implied HN points • 18 Feb 26
💰 Finance Economics
  1. Stock market technicals and economic indicators are both flashing bearish signals at the same time.
  2. New data since the prior update has strengthened the bearish case and drawn closer attention.
  3. That simultaneous bearishness is unusual, so it’s worth carefully analyzing what might happen next.

Principles of Economics Made Clear (Part 3)

Photon-Lines Substack • 278 implied HN points • 20 Nov 25
💰 Finance Economics
  1. Information often isn't shared equally among people, which can lead to problems like moral hazards, where someone takes more risks because they are not fully responsible for the outcome, and adverse selection, where buyers end up with worse options because they can't tell the good from the bad.
  2. The economy's total production and income is measured by GDP, but while it's a useful tool to see how well a nation is doing, it doesn't capture things like happiness or well-being, which are also important.
  3. Inflation occurs when too much money is printed without a corresponding increase in goods, making each dollar less valuable, and this can create real hardships, like eroding savings and distorting economic decisions.

Government Science and the Prestige Economy

Richard Hanania's Newsletter • 1219 implied HN points • 14 Jun 25
🔬 Science Economics
  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.

Factory Asia & Trustability Bankruptcy: A Table Suggesting the Race to Be "The Furnace Where the Future is Forged" for the World in the 2000s Is Nearly Over

Brad DeLong's Grasping Reality • 146 implied HN points • 19 Dec 25
🌍 World Politics Economics
  1. Global supply chains are tightly agglomerated: big clusters and specialized intermediates lock in advantages so that countries can look self‑sufficient overall while still being vulnerable to single choke points, and China sits at the hub of many of those inputs.
  2. Unpredictable, weaponized tariffs erode trust and allied coordination, pushing partners toward precautionary stockpiles or alternative suppliers instead of collective solutions, which deepens fragmentation and weakens coalitions.
  3. Agglomeration economics and China’s dominant supplier role mean the outcome of the race to be the world’s manufacturing “furnace” is likely set by where clusters already exist, not by slogans about decoupling, and self‑inflicted frictions like Brexit make regions less resilient.

👶📉 3 long-shot ways to solve the global baby bust

Faster, Please! • 1096 implied HN points • 25 Jun 25
🇺🇸 U.S. Politics Economics
  1. Governments can't just pay people to have babies. Cultural views on family size have changed, making it hard to encourage larger families this way.
  2. A shrinking workforce doesn't mean a bad economy. In Japan, fewer workers have led to higher wages and better productivity, showing there can be benefits.
  3. For future generations, three ideas could spark more births: a revival of religious communities that encourage larger families, AI making family life easier, and the excitement of space exploration that needs more people.

"Don't Be a Feminist"

Heterodox STEM • 234 implied HN points • 25 Nov 25
🎭️ Culture Economics
  1. Feminism, as commonly used, is the view that society treats men more fairly than women, and the label can be ambiguous because many people who reject the label still support gender equality.
  2. Many measurable gender gaps—especially the earnings gap—often reflect different choices, preferences, or job mixes rather than simple discrimination; for example, the pay gap narrows for single, childless workers and men take more high-pay but unpleasant or risky jobs.
  3. Men also suffer serious harms like riskier work, higher imprisonment and suicide rates, and conscription, and society tends to prioritize protecting women, so both sides have legitimate complaints that are often overstated.

Does it matter where immigrants come from?

ideassleepfuriously • 982 implied HN points • 23 Jan 24
🌍 World Politics Economics
  1. Immigrants' success and impact vary based on their country of origin and culture
  2. European and some Asian immigrants tend to be disproportionately successful in terms of wealth creation and professional achievement
  3. Uncontrolled immigration from non-Western countries can have negative cultural and economic implications

How the Product Bubble Burst

Cold Water • 20 HN points • 10 Sep 24
💼 Business Economics
  1. The Product Management bubble is bursting because the real economy and asset economy are becoming more disconnected. Investors were putting money into tech stories that weren't delivering real value.
  2. After years of inflated asset prices, investors now require proof of value rather than just potential. This shift is leading to a tougher environment for tech and startups.
  3. The rise of interest rates means tech companies can no longer just rely on good narratives without tangible results. Many jobs in the tech sector are at risk because of this change.

Media Notes

The Lens • 982 implied HN points • 22 Jan 24
💰 Finance Economics
  1. Stephanie Kelton discusses alternative ways to handle inflationary pressures globally
  2. Central banks turning to rate hikes may not be the most effective solution for managing inflation
  3. Raising interest rates can have unintended consequences and may not always lead to desired outcomes

Trump’s Tariffs at the Supreme Court

David Friedman’s Substack • 278 implied HN points • 14 Nov 25
🇺🇸 U.S. Politics Economics
  1. Trump's tariffs might not deliver the economic benefits he claims and could actually make people poorer. The reasons supporting the tariffs don't fully grasp trade economics.
  2. Congress, not the president, has the power to impose tariffs, and Trump’s emergency claims for them don't seem to meet legal standards. A long-term trade deficit isn't really an unusual threat.
  3. The court may rule against Trump because the tariffs he imposed likely aren’t allowed under the International Emergency Economic Powers Act. They don't fit the definition of emergencies stated in the law.

Finding Lost Hills: An ‘Our Towns’ Report.

Breaking the News • 1051 implied HN points • 10 Jun 25
🇺🇸 U.S. Politics Economics
  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.

Sacred Cows

The Lens • 904 implied HN points • 27 Jan 24
🇺🇸 U.S. Politics Economics
  1. Economists, market participants, pundits, and policymakers got some big things wrong in recent years, like the transitory nature of inflation.
  2. The public perception of elites may be that they often know nothing, even elites admit to being wrong on significant matters.
  3. There was a discussion on the impact of rate hikes on inflation, challenging the traditional narrative and the idea that monetary policy has no effect.

Economists and Dentists

In My Tribe • 789 implied HN points • 18 Jul 25
🇺🇸 U.S. Politics Economics
  1. Experts can be grouped into three types: practitioners, analysts, and activists. Practitioners solve real-life problems, like dentists fixing teeth.
  2. Analysts, like economists, use models and data to understand complex issues but don't deal directly with physical reality. Their insights can vary depending on how they view the world.
  3. Activists often push personal beliefs under the guise of analysis. It's important to differentiate them from honest analysts to maintain trust in expert opinions.

How Has U.S. Manufacturing Been Going Over the Past Generation?

Brad DeLong's Grasping Reality • 176 implied HN points • 03 Dec 25
💼 Business Economics
  1. Official measures understate manufacturing productivity because producer deflators miss big quality improvements. Using consumer-facing hedonic adjustments pushed through input–output tables raises measured TFP a lot, especially in computers and electronics.
  2. Even after correcting for mismeasurement, manufacturing shows a clear slowdown after the 2007–2009 financial crisis; the strong gains are concentrated in a few ICT subindustries while much of manufacturing has essentially stagnated.
  3. If quality growth has been undercounted, manufacturing matters more for growth and policy than official data imply, so researchers should dig into why ICT dominates the gains and test robustness to margins, globalization, and measurement choices.

Scenes from Warwick

The Lens • 825 implied HN points • 04 Feb 24
🚌 Education Economics
  1. Many students were inspired to study economics after reading 'The Deficit Myth' by Stephanie Kelton.
  2. Students at the Warwick Economics Summit showed interest in integrating MMT and ecological economics.
  3. Torrens University offers online postgraduate courses in Modern Monetary Theory and Ecological Economics.

Sports Betting And The Zero-Sum Trap

QTR’s Fringe Finance • 25 implied HN points • 17 Feb 26
🎾 Sports Economics
  1. Sports betting is financially bad for typical bettors because the house takes a cut and the game becomes negative-sum, so most participants lose money over time.
  2. Market efficiency and information asymmetry mean insiders and professional bettors usually have an edge, so average people are unlikely to win consistently.
  3. Modern prediction markets and short-term trading on retail apps blur investing with gambling, encouraging churn and engagement that benefits intermediaries rather than long-term wealth creation.

Economics Roundup #5

Don't Worry About the Vase • 1836 implied HN points • 25 Feb 25
💰 Finance Economics
  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.

Government Overreach Always Happens

Points And Figures • 772 implied HN points • 23 Jul 25
🇺🇸 U.S. Politics Economics
  1. Government often tends to grow beyond its original limits. Once established, many agencies want to expand their budgets and influence.
  2. The Federal Reserve has strayed from its main goals and is getting involved in political issues, which is not its intended role.
  3. There is a need to trim down government departments and agencies that are unnecessary, as many functions could be privatized or integrated into existing structures.

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

Common Sense with Bari Weiss • 871 implied HN points • 30 Jun 25
🏝 Travel 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.

SVB

Market Sentiment • 1552 implied HN points • 12 Mar 23
💼 Business Economics
  1. Understanding the different sides of risk is crucial - the likelihood of getting hit, the average impact, and the extreme consequences.
  2. Banks operate by lending out deposits at higher rates to make profits, but this system poses the risk of bank runs.
  3. SVB's rapid collapse was triggered by increased stress, a market sell-off, and a loss of customer confidence due to poor communication.

Winner Takes All

Doomberg • 5270 implied HN points • 17 Mar 24
💰 Finance Economics
  1. In the stock market, rapid swings in market value can be astonishing, such as Nvidia's $270 billion intraday swing – highlighting the unpredictable nature of markets.
  2. Rampant speculation in assets like Bitcoin can be a sign of impending currency devaluation, drawing parallels to historical financial crises like the Weimar Hyperinflation.
  3. Michael Saylor's aggressive strategy of leveraging debt to buy Bitcoin with MicroStrategy serves as a unique case study of riding high in the volatile crypto market, showcasing the power of 'pumpamentals.'

Aenean Money

Contemplations on the Tree of Woe • 904 implied HN points • 13 Jun 25
🔮 Crypto Economics
  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.