Economics and Policy Commentary by Noah Smith
Noah Smith is a U.S.-based economist and former assistant professor of finance at Stony Brook University. He earned his PhD in economics from the University of Michigan and holds a bachelor’s degree in physics from Stanford University. Smith’s Substack newsletter Noahpinion ranks among the most read business-focused platforms globally, with more than 397,000 subscribers as of mid-2025. He previously wrote opinion columns for Bloomberg and maintains a highly active presence on X, where he shares macroeconomic commentary with his audience of over 343,000 followers.
Smith has commented on crypto from a macro perspective since 2021. In May 2025, he published an essay titled “The Future Is Fiat”, which received over 125,000 views within the first 48 hours. The article dissected the long-term economic viability of Bitcoin compared to fiat-backed digital systems and sparked widespread discussion among economists and blockchain advocates. He appeared on the Bankless podcast that month to discuss monetary stability in decentralized systems versus central banking frameworks. While skeptical of hyperbitcoinization claims, Smith acknowledges the importance of crypto for cross-border transactions and asset innovation.
Canadian supermarkets make almost no profit, Noah Smith argues
Noah Smith, columnist / economist at Bloomberg Opinion, challenges claims about Canadian supermarket profitability. Smith states that, based on his own experience living in Canada, supermarkets ...
Noah Smith: Liquidating global assets would erase much of world money
Noah Smith, columnist and economist at Bloomberg Opinion, explains that if all assets worldwide were liquidated at once, there would not be enough buyers. As a result, most of the "money" in ...
China high-tech export boom fails to cover GDP gap left by real estate, Noah Smith notes
Noah Smith, columnist / economist at Bloomberg Opinion, observes that while China has seen a surge in high-tech exports, this growth is not sufficient to make up for the economic gap left by the ...
Noah Smith: Xi Jinping prioritizes national strength over public economic benefit
Noah Smith, columnist / economist at Bloomberg Opinion, suggests that Xi Jinping's economic strategy is not designed for the welfare of ordinary Chinese citizens. According to Smith, the primary ...
Corporate token expenditures may lack effectiveness, Noah Smith argues
Noah Smith, columnist and economist at Bloomberg Opinion, observes that corporations are actively spending tokens but questions the value they are receiving in return. Smith suggests that ...
Noah Smith: Companies spending on AI tokens is temporary experimentation
Noah Smith, columnist / economist at Bloomberg Opinion, comments on the current spending trends related to AI tokens. According to Smith, unlike the dotcom era, companies are investing funds in ...
Airbnb stock trades under debut closing price, Noah Smith notes
Noah Smith, columnist and economist at Bloomberg Opinion, observes that Airbnb's stock is currently trading below its first-day closing price, even before factoring in inflation. This highlights ...
Noah Smith: U.S. GDP and productivity outpace Europe’s levels
Noah Smith, columnist / economist at Bloomberg Opinion, highlights that in terms of GDP, disposable income, and consumption, the U.S. is well ahead of Europe. Smith also points out that U.S. ...
Output per hour booming since 2023, Noah Smith points out
Noah Smith, columnist / economist at Bloomberg Opinion, highlights that productivity, measured as output per hour, has been increasing at rates similar to the late 1990s since 2023. Smith adds ...
Noah Smith: Labor force participation rate does not show labor market strength
Noah Smith, columnist / economist at Bloomberg Opinion, criticizes the use of labor force participation rate as an indicator of labor market strength. Smith notes that changes in this metric are ...
Millionaires also need to be taxed for adequate funding, Noah Smith argues
Noah Smith, columnist / economist at Bloomberg Opinion, argues that the U.S. cannot sustain a welfare state or public spending by placing the tax burden solely on billionaires. Smith asserts ...
Noah Smith: American Airlines should be absorbed by rivals as its time is over
Noah Smith has voiced a strong opinion that American Airlines should cease to exist as an independent company. He argues that the airline is the least desirable in the U.S. market and its ongoing ...
Tech professionals focus on future relationships, Noah Smith argues
Noah Smith contrasts the approach of tech professionals and finance quants in workplace interactions. According to Smith, tech workers are typically more considerate because they anticipate ...
Noah Smith: Moving a bank account offline remains a challenge in digital banking
Noah Smith raises a question about the practicality of removing a bank account from online access. He highlights that bank accounts are managed through cloud-based infrastructure, making it ...
Allowing land and houses to be sold separately makes land tax straightforward, Noah Smith notes
Noah Smith proposes that separating the sale of land and houses, as practiced in Japan, can simplify land taxation. Smith points out that this approach not only separates ownership but also ...
Noah Smith: U.S. GDP growth revised down for Q4 2025 as AI data center capex drives economy
U.S. GDP growth for Q4 2025 was recently revised downward, according to Noah Smith. Smith states that the much-discussed "AI productivity boom" is no longer evident, at least for the moment. He ...
Noah Smith flags potential shrinkage in Russian economy
Noah Smith highlights concerns regarding the actual state of the Russian economy. According to independent estimates, the economy has been shrinking over the past two years due to an inflation ...
Noah Smith flags oil shock influence on economies
Noah Smith draws attention to the significant impact of the oil shock that occurred in the late 2000s and early 2010s. This event, which is not frequently discussed, played a crucial role in ...
Noah Smith questions impact of Dogecoin on key US institutions
Economic commentator Noah Smith has raised eyebrows with a tweet suggesting that Dogecoin, the popular cryptocurrency, might have destabilized two major U.S. entities, USAID and Tesla. The tweet ...
Noah Smith: India set for high-income status by 2040 at 8 percent growth
India's economic trajectory could reach a significant milestone by 2040, according to Noah Smith. At a growth rate of 8 percent, the country is on track to achieve high-income status as defined by ...
Noah Smith urges deeper understanding of economics critics miss key concepts
Economist Noah Smith appeals to critics of economics to gain a better understanding of foundational concepts. He highlights a common misinterpretation of Baumol's cost disease, which suggests ...
