The hottest Economics Substack posts right now

And their main takeaways
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Beijing's Bubble Bursts Part 1

Diane Francis • 779 implied HN points • 01 Feb 24
💰 Finance Economics
  1. Taiwan's recent election saw a victory for William Lai, which was not welcomed by Beijing and highlighted tensions between the two regions.
  2. China's stock exchanges have dropped significantly, with mainland markets falling by 6-7% and Hong Kong by 12%, signaling economic struggles.
  3. The financial issues with Evergrande Group, a major property developer, have led to a court-ordered liquidation, exposing the dangers of China's real estate bubble.

Why "Sharding Splits Security" Is a Mid-Curve Argument

Dan Hughes • 159 implied HN points • 27 Jun 24
🔮 Crypto Economics
  1. Sharding can actually enhance economic security instead of weakening it. When networks split into shards, they can manage more transactions, which can lead to higher security overall.
  2. The economic activity in a network is crucial for its value and security. More transactions and smart contracts boost the token's value, which in turn helps protect the network from attacks.
  3. Unlike traditional networks, sharding allows for greater decentralization. More validators can participate, making it much harder for bad actors to take control, which helps keep the network safe.

My Stationary Bandit Podcast

Bet On It • 55 implied HN points • 21 Jan 26
🎙 Podcasts Economics
  1. The post highlights pioneering podcast episodes, noting an early show with Dwarkesh and a recent one with Isaac LaGrand.
  2. The latest conversation explores fresh, largely novel questions about state capacity, monoculture, and related topics.
  3. Listeners are invited to enjoy the episode, subscribe, and hope for more engaging conversations in the future.

talking sense on housing affordability

bad cattitude • 203 implied HN points • 14 Nov 25
💰 Finance Economics
  1. Housing prices have increased recently, but they were quite affordable before 2021. It's important to understand this context when discussing affordability.
  2. Interest rates play a big role in housing costs, and rising rates can make homes much more expensive over time.
  3. To truly improve housing affordability, we need to increase the supply of homes and make construction easier, rather than just adding subsidies.
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The Bear Cave #283

The Bear Cave • 676 implied HN points • 20 Jul 25
💼 Business Economics
  1. Recent reports show that some companies like Enovis and Vedanta Resources are facing serious challenges, with accusations of misleading practices and poor performance.
  2. There have been notable executive resignations in several companies, suggesting instability in leadership across different sectors.
  3. The trend towards lab-grown diamonds is growing, with many consumers favoring them over mined diamonds, which may affect traditional diamond prices.

An Appreciation of Joe Stiglitz

Something to Consider • 139 implied HN points • 03 Jul 24
💼 Business Economics
  1. Markets work best when everyone has the same information, but that's rarely the case in reality. Stiglitz shows us how imperfect information affects economic decisions.
  2. Share-cropping has its own risks and benefits. It allows landlords to provide safety nets for tenants, but it can also limit tenants' work incentives.
  3. When companies pay higher wages, they can improve worker effort and reduce turnover. This is known as the efficiency wage theory, which explains why some businesses might choose to hire fewer employees at higher salaries.

Don't update too much on money-happiness correlations

inexactscience • 79 implied HN points • 30 Jul 24
💰 Finance Economics
  1. Money doesn't always equal happiness. Many studies show mixed results, suggesting other factors play a big role.
  2. People have different values around work and leisure. This means that income may not always reflect happiness for everyone.
  3. Surveys on money and happiness can be tricky. The way they ask questions may not capture the real relationship between income and how people feel.

The AP1000 Loan Debacle

Gordian Knot News • 227 implied HN points • 14 Nov 25
🇺🇸 U.S. Politics Economics
  1. The loan to Westinghouse for nuclear plants could harm competition and make it harder for other companies to survive in the market. Taxpayer money is being used to support a major competitor, which is unfair to newcomers.
  2. The real issue in US nuclear power is a confusing and strict regulatory system that doesn't help the industry. Instead of fixing the regulations, the government is just making things worse by giving public money to Westinghouse.
  3. Standardizing nuclear plant designs might sound good, but the focus should really be on making regulations better. The AP1000 design isn't the best, and relying on it will create more problems for the nuclear industry.

Top Links 825 Central bank independence in historical context. Where the robots are. Carbon technocracy & the psychoanalytic view of the good life.

Chartbook • 572 implied HN points • 10 Aug 25
💰 Finance Economics
  1. Central bank independence has a rich history and context, showing how it evolved over time.
  2. There are significant discussions about technology and automation, especially regarding how robots impact jobs and society.
  3. The conversation around carbon management and our understanding of a good life reflects deeper psychoanalytic views on our values.

Issue 22: Why Europe doesn’t have a Tesla

The Works in Progress Newsletter • 18 implied HN points • 19 Feb 26
🎭️ Culture Economics
  1. Rigid employment rules in many European countries make firing very costly and discourage firms from taking big, risky bets. That reduces the chance of breakthrough companies emerging, though some countries manage to balance worker protections with flexibility.
  2. Vaccine science has advanced enormously — we can now see microbes at atomic detail and build vaccines in new ways — so we’re in a golden age of vaccine development. Future breakthroughs will depend on continued investment and support.
  3. Market-style reforms in communist countries usually failed because they didn’t create quick, broad winners and threatened inflation and instability. Without reforms that build fast coalitions of beneficiaries, changes were often watered down or reversed.

How Millennials Grew Up and Got Old

Culture Study • 6861 implied HN points • 15 Oct 23
🎭️ Culture Economics
  1. Millennials are experiencing a shift in societal focus as they move from being the future to the middle generation.
  2. The pandemic has impacted millennials in various ways, from financial challenges to changing perspectives on owning homes.
  3. Millennials are navigating feelings of age and exhaustion, dealing with societal issues and personal milestones.

Is Taxidermy—Yes, Taxidermy—Europe’s Warning Signal?

Common Sense with Bari Weiss • 704 implied HN points • 15 Jul 25
🌍 World Politics Economics
  1. Europe is facing a big demographic issue because of low birth rates and people leaving for better opportunities. This problem could hurt the economy and societal stability.
  2. The craft of taxidermy in Italy is struggling to survive, with only a few aspiring taxidermists compared to the past. This reflects the larger struggles many traditional professions are experiencing.
  3. Rural communities in Europe are feeling the effects of this crisis the most. They're worried about losing their cultures and ways of life as demographic changes continue.

Scary economists and bad news

Stay-At-Home Macro (SAHM) • 1375 implied HN points • 16 Apr 23
💰 Finance Economics
  1. The news about the economy is often grim but does not always reflect the actual economic conditions.
  2. People tend to focus more on bad news about the labor market, even when the conditions are objectively good.
  3. Negative news about the economy can have a significant impact on consumer behavior and economic recovery.

The Great Reallocation

Renewable Revolution • 799 implied HN points • 12 Jan 24
🌞 Climate & Environment Economics
  1. Renewable energy doesn't actually need a huge increase in investment compared to fossil fuels. As fossil fuel spending goes down, the overall increase in spending is only about 2% a year.
  2. Investing in renewables is expected to grow significantly, doubling in the coming years while fossil fuel investments will decline. This shift is possible because renewable technology costs are dropping.
  3. The transition to a cleaner energy system is doable without needing massive funds. The main challenge is making sure that investments focus on developing the right infrastructure and policies.

Delayed Pain

Points And Figures • 692 implied HN points • 17 Jul 25
🇺🇸 U.S. Politics Economics
  1. Tariffs might not be causing the inflation that some experts predicted. In fact, they can act like a tax, which might actually lower prices instead of raising them.
  2. The economy reacts slowly to changes like interest rate adjustments or tariffs. People and businesses need time to adapt and this can affect their sales and planning.
  3. Watching how middle-class consumers spend their money can give clues about the economy's health. If they're cutting back on luxury items, it could signal trouble ahead.

The cocoa question

Asian Century Stocks • 805 implied HN points • 10 Jan 24
💰 Finance Economics
  1. Cocoa prices have spiked due to poor crops in West Africa, leading to challenges for chocolate producers.
  2. The tightness in the cocoa market is expected to persist, but historically, markets tend to return to balance within three years.
  3. High cocoa prices impact processors and chocolate manufacturers, who eventually pass on costs to consumers over approximately two years.

Why Doesn’t Anyone Want to Make French Wine Anymore?

Common Sense with Bari Weiss • 612 implied HN points • 28 Jul 25
🍲 Food & Drink Economics
  1. Many French winemakers are nearing retirement, and there aren't enough young people interested in taking over their businesses. This could lead to a loss of a long-standing tradition in winemaking.
  2. One case highlights a family vineyard with generations of history, but the current generation decided against continuing the tradition. They found it too complicated and not profitable enough.
  3. The future of French wine is uncertain, and without new interest and investment from younger generations, this aspect of cultural heritage may decline.

Top Links 822 The US economy: no longer growing nicely. Reinterpreting the GFC and where Haiti's gangs get their guns.

Chartbook • 543 implied HN points • 07 Aug 25
💰 Finance Economics
  1. The US economy is not growing like it used to. Recent changes have made growth less stable and predictable.
  2. Before COVID-19, the US and other advanced economies had different growth patterns, and COVID made these differences even bigger.
  3. Understanding where gangs in Haiti get their guns can help explain some of the deeper issues in that region.

Turchin vs. Zeihan on China

In My Tribe • 546 implied HN points • 30 Jul 25
🌍 World Politics Economics
  1. China is currently seen as a major player in global affairs, with some believing it could become the next leading power. However, other experts warn that its growth might not meet expectations.
  2. There are differing opinions on China's stability: some focus on material vulnerabilities, while others believe its social cohesion makes it relatively stable compared to the West.
  3. Leadership and policy in China, particularly under Xi Jinping, may limit its potential for innovation and cultural development, affecting the country's overall progress.

🚀 FP! Week In Review, Briefly #13

Faster, Please! • 182 implied HN points • 22 Nov 25
🕹 Technology Economics
  1. AI anxiety could slow down progress in technology and innovation. It's important to manage these fears to move forward.
  2. California has a unique opportunity to lead in certain areas but there are challenges that need to be addressed.
  3. Using AI to automate research and development can boost economic growth and enhance productivity significantly.

FOMC Day

Points And Figures • 586 implied HN points • 30 Jul 25
💰 Finance Economics
  1. Markets may not have much action until the Federal Open Market Committee (FOMC) makes its announcement. Things could get interesting once they speak.
  2. Tariffs and other economic policies under the current administration seem to be showing positive results, with inflation and gas prices down. Many initial concerns have not materialized.
  3. There are questions about whether the Federal Reserve will keep interest rates steady. Some believe that lowering them could be beneficial for the economy and taxpayers.

Pride and Poverty? Lizzy Bennet's financial prospects.

The Common Reader • 1452 implied HN points • 10 Feb 25
📚 Literature Economics
  1. Lizzy Bennet's family has a good income, so she's not in danger of starving or facing true poverty. Even if she stays single, her situation is better than what some people think.
  2. The idea that Austen's characters face extreme poverty is overstated. Rather, their concerns are about losing status and a comfortable lifestyle, not about basic survival.
  3. When discussing genteel poverty, it's important to remember that Lizzy's financial prospects are still well above average for her time, making her situation more about class than actual financial distress.

Books of the Year - 2025

Comment is Freed • 123 implied HN points • 13 Dec 25
📚 Literature Economics
  1. Modern political radicalism and conspiracism grew out of older currents — 1990s populist campaigns, libertarian ideas and new online subcultures helped create the terrain for Trumpism and the alt‑right.
  2. Deep historical accounts of postwar Europe, the collapse of communism, and the 2008 financial crash show how major economic and political shocks reshape institutions and help explain today’s global tensions.
  3. Cultural forces matter: Japan’s pop exports and global fandoms transformed world culture and online spaces in ways that sometimes fed radicalisation, while science fiction shapes how technologists imagine and justify powerful projects.

The Rise of Western Individualism

Rob Henderson's Newsletter • 4431 implied HN points • 17 Mar 24
🎭️ Culture Economics
  1. Western individualism stems from historical factors like the power of the Western Church and its unique taboos on family structures.
  2. WEIRD societies have distinct characteristics: hyper-individualism, focus on intentions, patience for delayed gratification, and a willingness to adhere to rules even without enforcement.
  3. The rise of Western individualism influenced laws, innovation, and economic prosperity, with key factors like belief in moralizing gods, influence of formal institutions, and the impact of impersonal markets.

Top Links 827 Liquid gold. Anti-vax in America. Baltic bloom & The Fable of the Bees.

Chartbook • 486 implied HN points • 12 Aug 25
💰 Finance Economics
  1. Gold is a very liquid asset, which means it can be easily bought and sold. This makes it a popular choice for investors.
  2. There is a significant focus on anti-vaccine sentiments in America, indicating a divide in public opinion about vaccines.
  3. The concept of the 'Baltic bloom' and the story of 'The Fable of the Bees' are important topics worth exploring to understand economic and social themes.

Why I don’t believe in Google Zero

Simon Owens's Media Newsletter • 523 implied HN points • 01 Aug 25
💼 Business Economics
  1. AI summaries might not hurt content creators in the long run. People still want in-depth articles and original thoughts, not just quick answers.
  2. Emma Tucker is doing a great job as the editor of the Wall Street Journal, focusing on longform storytelling, which shows that engaging content can help grow a media brand.
  3. HGTV is losing viewers to cheaper DIY content on platforms like YouTube. The Creator Economy is changing how media is made and consumed, making it tough for big networks to keep up.

Top Links 816 How the "Big Beautiful Bill" will cost lives. Dysprosium from the warlords of Myanmar. Factories in space. Popular archaeology and China's Great Wall.

Chartbook • 529 implied HN points • 01 Aug 25
🇺🇸 U.S. Politics Economics
  1. The highest income earners in America have been spending more than the rising cost of living since 2019. This means they are better off than most people when it comes to their purchasing power.
  2. Dysprosium, a rare earth element, is connected to conflicts and power struggles in Myanmar, showing how resources can often come with a dark side.
  3. The idea of factories in space is becoming a possibility, hinting at new frontiers for manufacturing and technology beyond Earth.

Creative Destruction

In My Tribe • 592 implied HN points • 13 Jul 25
💼 Business Economics
  1. Innovation has played a key role in improving living standards over the last 250 years. Before that, economic growth was very slow and not shared widely.
  2. Differences in income between countries are often influenced by their institutions and systems. Countries with better setups can help their citizens earn more and live better lives.
  3. The modern economy relies more on intangible factors like skills and innovation rather than just physical goods. This change has led to progress, but it can also disrupt existing jobs.

DIY vs. Specialization and Trade

In My Tribe • 561 implied HN points • 20 Jul 25
💼 Business Economics
  1. Doing things ourselves, like mowing the lawn, can sometimes be a waste of time because we could earn more money working instead. It's important to think about what activities really bring us the most value.
  2. Many people take pride in DIY tasks. This pride can be a strong reason for doing things ourselves, even if it may not be the most efficient choice.
  3. Outsourcing tasks, like hiring someone to do chores, often makes more economic sense. If it frees up time for more rewarding activities, it can be a better choice overall.

Top Links 829 Underbuilt housing. How China is beating out the USA. Putin & anti-mimesis & pastoralist homes.

Chartbook • 472 implied HN points • 14 Aug 25
🇺🇸 U.S. Politics Economics
  1. There is a problem with underbuilt housing in many areas. This means not enough homes are available for people to live in.
  2. China is making significant advancements and outpacing the USA in certain areas. This highlights shifts in global power dynamics.
  3. The discussion touches on Putin and themes like anti-mimesis, which probably involves deep philosophical ideas about representation and culture. It shows how complex issues can connect with art and architecture.

U.S. helped Pakistan cancel elections with a controversial IMF bailout--funded by a secret Ukraine weapons program

Bad News • 1218 implied HN points • 18 Sep 23
🌍 World Politics Economics
  1. The U.S. helped Pakistan cancel elections by providing an IMF bailout funded by a secret Ukraine weapons program.
  2. The IMF bailout demanded harsh structural policy reforms in Pakistan, leading to protests against soaring gas and electricity prices.
  3. The arms sales from Pakistan to the U.S. for Ukraine played a critical role in securing the IMF loan that allowed Pakistan to delay elections and deepen a crackdown on dissenters.

Money! Money! Money...?

Seven Senses • 1318 implied HN points • 30 Aug 23
💰 Finance Economics
  1. Money plays a huge role in our lives, but many people avoid discussing it. Ignoring money can make it control us even more.
  2. Creatives often feel pressured to work without proper compensation, believing art should be 'pure.' This leads to undervaluing their work and struggling financially.
  3. Money can reflect our values and desires when used intentionally. It’s important to see it as a tool for expressing what matters most to us instead of something evil.

EAs should probably focus on recruiting the ultra-wealthy

Something to Consider • 99 implied HN points • 11 Jul 24
📖 Philosophy Economics
  1. Effective Altruism should prioritize recruiting wealthy individuals because a big donation can have a much larger impact than many small ones. It's more beneficial to convince one billionaire to give a large amount than to have thousands give small amounts.
  2. The reputation issues from past events, like the collapse of Sam Bankman-Fried's companies, shouldn't discourage efforts to recruit wealthy donors. The potential benefits of their donations greatly outweigh these concerns.
  3. Investing resources in programs that can attract wealthy individuals is seen as a very cost-effective strategy for Effective Altruism, as the benefits can be significantly greater.

The Inference Economy

Generating Conversation • 210 implied HN points • 06 Nov 25
🕹 Technology Economics
  1. The costs of using AI models are not dropping as quickly as before, which means businesses need to be more careful about managing their expenses. Companies might have to focus on their profit margins and find ways to optimize expenses.
  2. Choosing the right AI model is becoming more important because they are getting more specialized. Users need to think carefully about which models to use for specific tasks to get the best performance and cost-effectiveness.
  3. AI service usage can be unpredictable, so companies will need to adapt to changing demand patterns for resources. This may involve new pricing strategies to better reflect the complexity of different tasks and ensure efficiency.

Split the Bitcoin Baby

DeFi Education • 1199 implied HN points • 27 Sep 23
🔮 Crypto Economics
  1. Bitcoin halving happens every four years, cutting miners' rewards in half. This can make mining less profitable for some, but it might also lead to higher Bitcoin prices in the future.
  2. Historically, each Bitcoin halving has led to a price increase, as fewer new Bitcoins are created and demand usually stays the same or increases. This basic economic principle suggests prices could go up when supply decreases.
  3. Several factors, like investor trust and regulatory changes, affect how the next halving might impact Bitcoin and the broader crypto market. Positive developments could lead to a crypto boom.