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Essays about Europe, economics, innovation, and growth

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Latest Issues

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...

14 days ago
107
29

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...

a month ago
55
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...

a month ago
69
16

European stagnation is real

Paul Krugman wrote two posts this week arguing that Europe is broadly not falling behind the United States. He argues that the change measured by the Draghi report is mostly due to growth in the technology industry, which has distorted GDP...

2 months ago
625
245

The two Europes

(I coauthored this post with Olivier Kooi who is a postdoc at the LSE.)

While we have spent a decade complaining about Europe’s stagnation, a real positive convergence story has been unfolding at the eastern edge of the continent. Poland e...

2 months ago
131
9

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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. PhD in Economics from UChicago. Ex-Member of the European Parliament, in charge of Economic Affairs for Renew Europe (2019-2022). Scholar Profile: https://scholar.google.com/citations?user=rjnKsr8AAAAJ&hl=en

  • 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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