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Essays about Europe, economics, innovation, and growth

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Latest Issues

What do consultants get paid for?

A consultant I had lunch with recently is redesigning the loyalty program of a large airline. His team finished the analysis in two weeks. Months later the program still does not exist. This is because the purpose of the assignment is not t...

11 days ago
109
15

How to avoid being held up by the labs

Luis Garicano and Jesús Saa-Requejo*

On June 12, the US used export controls to cut foreign access to Anthropic’s newest models, ostensibly in response to reports of jailbreaks and cybersecurity risks. The episode represents the strongest...

a month ago
41
7

Nineteen thoughts on AI and Europe

A rendering of what will soon be Europe’s largest data center, located in Sines, Portugal.

After the events of last weekend, here are some thoughts on where Europe is with AI. This post is coauthored with my colleague Simon Grimm. You can...

2 months ago
119
26

The Mismeasurement of European Productivity (Revised)

By Philippe Aghion, Antonin Bergeaud, and Luis Garicano* (with a postscript responding to Krugman’s answer)

In a recent series of Substack posts, Paul Krugman made a counterintuitive argument to support the view that Europe is not sufferin...

2 months ago
57
9

Three theses on AI value capture

Luis Garicano and Jesús Saa-Requejo1

The leading AI labs and their investors are spending hundreds of billions of dollars on one main bet: that whoever holds the most capable model captures the value the technology creates. Almost ever...

3 months ago
75
16

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Authors

The writers behind this newsletter.

  • Pieter Garicano

    Editor at Works in Progress, a magazine of new and underrated ideas to improve the world.

  • Luis Garicano

    Professor of Public Policy @LSE. Research on tech and labour markets, innovation and growth in Europe. Author with Li and Wu of "Messy Jobs: the Work that AI Cannot Reach" (AMZN:https://www.amazon.com/dp/B0H42PP3BC).

  • Simon Grimm

    AI, Europe, and Growth.

  • Per Stromberg

    Professor of finance at the Stockholm School of Economics. Doing research on private equity, financing innovation, corporate governance, and climate policy. https://www.hhs.se/sv/houseoffinance/about/people/people-container/per-stromberg/

  • Ulrike Malmendier

    I am a Professor of economics and finance at the University of California, Berkeley, and Founding Director of the O'Donnell Center for Behavioral Economics. From 2021-2025 I served on the German Council of Economic Experts.

  • Olivier Kooi

    Postdoctoral researcher in economics at the London School of Economics

  • Antonin Bergeaud

    Economist at HEC Paris

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