Who stands to loose from a green transition? The biggest beneficiaries of fossil fuel profits, the richest of the rich. 50% of profits go to top 1% of wealth owners. My co-author @GregorSemieniuk will present our paper and more at the @LSEEI on March 3, 6.30 PM. Go if you can!

Germany is in crisis. GDP is down 10% from the pre-COVID trend, real wages are below 2019. Economic decline has fueled the rise of the extreme right threatening democracy. Change is overdue. But the new Chancellor‘s trickle-down economics won’t do the trick. New @ForeignAffairs

„wird den veränderten Realitäten nicht gerecht“ - ziemlich harte Kritik am Bericht des Beratergremiums um @GrimmVeronika durch Michael Hüther und Bert Rürup open.spotify.com/episode/7ca…

The wonderful Catherine DeVries has a substack about writing and how all sorts of things are at work to destroy it. She interviews writers about what and how they write. I'm up this week: catherineeunicedevries.subst…

Did a pod with the Drilled folks on carbon dominance as what unites US domestic and foreign policy: drilled.media/news/anti-rene…

BOOK NEWS Innovation for the Masses is now available in paperback, should you need a copy for travel or something waterstones.com/book/innovat…

This semester, we'll organize a PhD reading group on Industrial policy at @columbia_econ, with CBS, SIPA, and CPE, with @luchi_casal and Filip Milos (both postdocs at CBS) We'll cover recent advances in IP at the intersection of macro, growth, firm dynamics, trade-spatial, public finance, IO, etc. Find the full syllabus here: thomasbourany.github.io/file…

How does giving the gov't a 10% stake actually fix Intel's core problem of struggling to find customers for its chips and foundry business? nytimes.com/2025/08/18/techn…

Seit wenigen Wochen hat Markus Marterbauer einen Nachfolger in der @Arbeiterkammer. Der neue Chefökonom ist @matschnetzer. Wie denkt er? Wann hält er Preiseingriffe für berechtigt? profil.at/wirtschaft/arbeite…

Important point. Been banging on about this in the European debate. The distinction a lot of economists draw, advocating Europe should go for high-tech and abandon others sectors doesn’t do justice to clustering. Truism but unfortunately it really is more complicated.

New paper: "What Does Consulting Do?" w/ Gert Bijnens, @simon_jaeger Consulting is a storied but opaque industry. Our VAT-based B2B data permit the 1st comprehensive study: Which firms buy consulting? What happens when they do? nber.org/papers/w34072 eml.berkeley.edu/~schoefer/s…

"The dominance of neoclassical economics in our university curricula has created a world where we are told there is no alternative. Economics today resembles Catholic theology in medieval Europe: a rigid doctrine guarded by a modern priesthood" ft.com/content/9aabb4a9-d896… via @FT

“We Warned About the First China Shock. The Next One Will Be Worse.” Very important essay in the NYT by MITs David Autor and Harvard’s Gordon Hanson, who did a lot of the groundbreaking research on the first China shock (with Dorn in Zurich). nytimes.com/2025/07/14/opini…

How it started A heterodox economist & her PhD student argue for buffer stocks in essentials for inflation preparedness in an age of overlapping emergencies. How it’s going New EU Stockpile Strategy suggests stockpiles in essentials like food for inflation prevention.

#Europe’s single market runs on two gears: #cities in pole position, hinterlands idling. As @MartinaPardy and I show in Growth & Change, intra-#EU #trade widens regional gaps; global exports don’t. Openness needs inclusion, or the economic engine grinds. doi.org/10.1111/grow.70036

I've written about the Savings and Investment Union, new @Lagarde @ecb @EU_Commission plan to pay for Draghi's transformative ambitions. It wants Europeans to save/invest like Americans. But if we do that, we'll have to live like them too. ft.com/content/052e4794-915c…

The times of "one instrument, one goal" are well and truly over...#ECB #strategyassessment @jvtklooster

Rutte - the same man who championed austerity in the EU for over a decade. Pathetic. Spineless.

The Iran-Israel confrontation has been telgraphed and feared for so long that we are in danger of losing sight of just how radical it is in military terms. Incoming from out of space: The geo-military radicalism of Iran v. Israel 2025. Chartbook 391 drop tinyurl.com/326evynm

NEW PAPER: The 2022 fossil fuel price jumps caused an oil and gas profit explosion. We show the US reaped the largest profit increase (USD 275bn) of any country. Big Oil claims this benefits the American people. In fact, 51% went to the richest 1%, only 1% to the bottom 50%. A 🧵