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.
Noah Smith: Raises concern about AI wiping out bank or brokerage accounts
Noah Smith, a columnist and economist, questioned the potential for artificial intelligence to wipe out people's bank or brokerage accounts. His comment highlights an emerging concern about the ...
AI earns more and debt grows for data centers, Noah Smith notes
AI companies are earning more money than last year, but the construction of data centers is being financed with increased debt. Noah Smith, a columnist and economist at Bloomberg Opinion, ...
Noah Smith: This year's Econ Nobel recognizes New Keynesian macroeconomics
Noah Smith, a columnist and economist with Bloomberg Opinion, described this year's Nobel Prize in Economics as a long overdue recognition of the success of New Keynesian ...
AI clones Adobe suite for free as software stocks peak, Noah Smith notes
Noah Smith, columnist and economist at Bloomberg Opinion, highlights that artificial intelligence has replicated all of Adobe's applications at no cost, while software stocks are reaching all-time ...
Noah Smith: Uber market capitalization lower than Facebook at 2012 IPO
Noah Smith, columnist / economist at Bloomberg Opinion, observes that Uber's current inflation-adjusted market capitalization is lower than Facebook's at its 2012 initial public offering. Smith ...
Rent is becoming more affordable across America, Noah Smith notes
Noah Smith, columnist / economist at Bloomberg Opinion, observes that rent in America is becoming more affordable. This marks a shift in housing trends, with lower housing costs potentially ...
Noah Smith: Data center boom is supporting U.S. economy amid political challenges
Noah Smith, columnist / economist at Bloomberg Opinion, argues that those seeking a nationwide ban on data centers are risking serious consequences. He states that the ongoing boom in data ...
Rising economic growth broadens access to nicer homes, Noah Smith notes
Noah Smith, columnist / economist at Bloomberg Opinion, observes that economic growth allows working class individuals to afford homes that were once accessible only to the upper middle class. ...
Noah Smith: Rising asset prices challenge young people building wealth
Noah Smith, columnist / economist at Bloomberg Opinion, discusses how rising stock and housing prices may make it more difficult for young people to attain the same wealth levels as existing asset ...
Wiping out all bank accounts globally to start over, Noah Smith argues
Noah Smith, columnist and economist at Bloomberg Opinion, proposes that once Chinese open-source artificial intelligence models are advanced enough, they should be instructed to zero out every ...
Noah Smith: U.K. stagnation linked to 2008 crisis and Brexit
Noah Smith, columnist / economist at Bloomberg Opinion, highlights concerns about the U.K.'s economic stagnation. Smith identifies the 2008 financial crisis and Brexit in 2016 as key turning ...
Japan's debt poses significant risks, Noah Smith warns
Noah Smith, columnist / economist at Bloomberg Opinion, argues that Japan's debt is a growing problem as interest payments surge, the yen depreciates, and long-term bond rates increase. Smith ...
Noah Smith: China faced severe unemployment and slowed growth in recent crash
Noah Smith, columnist / economist at Bloomberg Opinion, challenges the perception that China did not experience an economic crash. Smith highlights that China's unemployment rate surged and ...
U.S. per capita GDP gap widens from $10,000 to $20,000, Noah Smith notes
Noah Smith, columnist and economist at Bloomberg Opinion, compares U.S. and Anglosphere per capita GDP since the 2008 crisis, referencing Paul Krugman's preferred use of current purchasing power ...
Noah Smith: Chinese subsidies often involve below-market bank loans to companies
Noah Smith, columnist / economist at Bloomberg Opinion, observes that most Chinese subsidies come in the form of below-market bank loans. He explains that these loan arrangements create ...
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 ...
