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New research on economics from Harvard Business School faculty on issues including economic theory, economic slowdown and stagnation, economic growth, and economic sectors.
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How Politics Drives Business Decisions in a Polarized Nation

by Jay Fitzgerald

As the US heads toward a presidential election, political polarization is influencing personal relationships, living choices, and even corporate decision-making. Research by Elisabeth Kempf reveals how partisan divides are shaping businesses, with significant implications for investment returns, credit ratings, and economic growth.

Charting 'Cheapflation': How Budget Brands Got So Pricey

by Ana Elena Azpúrua

Rising prices prompted many consumers to shift to lower-cost goods from premium brands. However, an analysis of millions of products by Alberto Cavallo shows how inflation hit budget products harder in many countries, a phenomenon called “cheapflation.”

How the US Government Is Innovating in Its Efforts to Fund Semiconductor Manufacturing

Re: Mitchell B. Weiss

In February 2023, US Commerce Secretary Gina Raimondo was deciding whether or not to sign off on a Notice of Funding Opportunity (NOFO) for $39 billion in direct semiconductor manufacturing incentives. But this NOFO had several unconventional provisions: a pre-application (pre-app) to the actual application, upside sharing provisions to align incentives, and funding milestones so that only awardees making progress would receive additional funds. The funding had been made available through the US Department of Commerce by the CHIPS (Creating Helpful Incentives to Produce Semiconductors) and Science Act passed a few months earlier. Raimondo’s team had proposed additional measures that would help the US regain technological leadership while protecting taxpayer funds. Should Raimondo move forward with the “innovative” NOFO, despite the risks? Harvard Business School professor Mitch Weiss explores the issue of risk-taking and innovation in government in his case, “The CHIPs Program Office.”

Shoot for the Stars: What to Know About the Space Economy

by Kara Baskin

Outer space has come a long way since the 1960s. Matthew Weinzierl explains the current state of the space economy, highlighting the various opportunities for businesses hidden among the stars.

Reading the Financial Crisis Warning Signs: Credit Markets and the 'Red-Zone'

by Rachel Layne

While fears about slowing economic growth have roiled stock markets in recent weeks, credit markets remain stable and bullish, and a recession hasn't materialized as some analysts predicted. Robin Greenwood discusses the market conditions that are buoying the economy—and risk signals to watch.

Watching for the Next Economic Downturn? Follow Corporate Debt

by Rachel Layne

Rising household debt alone isn't enough to predict looming economic crises. Research by Victoria Ivashina examines the role of corporate debt in fiscal crashes since 1940.

Forgiving Medical Debt Won't Make Everyone Happier

by Rachel Layne

Medical debt not only hurts credit access, it can also harm one's mental health. But a study by Raymond Kluender finds that forgiving people's bills—even $170 million of debt—doesn't necessarily reduce stress, financial or otherwise.

The New Rules of Trade with China: Navigating Tariffs, Turmoil, and Opportunities

by Rachel Layne

Trade tensions between the US and China have continued well beyond the Trump Administration's tariffs. Harvard Business School faculty offer insights for leaders managing the complexities of doing business with the world's second-largest economy.

Central Banks Missed Inflation Red Flags. This Pricing Model Could Help.

by Rachel Layne

The steep inflation that plagued the economy after the COVID-19 pandemic took many economists by surprise. But research by Alberto Cavallo suggests that a different method of tracking prices—a real-time model—could predict future surges better.

Job Search Advice for a Tough Market: Think Broadly and Stay Flexible

by Rachel Layne

Some employers have pared staff and reduced hiring amid mixed economic signals. What does it mean for job seekers? Paul Gompers, Letian Zhang, and David Fubini offer advice for overcoming search challenges to score that all-important offer.

What the Rise of Far-Right Politics Says About the Economy in an Election Year

by Rachel Layne

With voters taking to the polls in dozens of countries this year, could election outcomes lean conservative? Paula Rettl says a lack of social mobility and a sense of economic insecurity are some of the factors fueling far-right movements around the world.

Why Progress on Immigration Might Soften Labor Pains

by Rachel Layne

Long-term labor shortages continue to stoke debates about immigration policy in the United States. We asked Harvard Business School faculty members to discuss what's at stake for companies facing talent needs, and the potential scenarios on the horizon.

Navigating the Mood of Customers Weary of Price Hikes

by Rachel Layne

Price increases might be tempering after historic surges, but companies continue to wrestle with pinched consumers. Alexander MacKay, Chiara Farronato, and Emily Williams make sense of the economic whiplash of inflation and offer insights for business leaders trying to find equilibrium.

Do Disasters Rally Support for Climate Action? It's Complicated.

by Rachel Layne

Reactions to devastating wildfires in the Amazon show the contrasting realities for people living in areas vulnerable to climate change. Research by Paula Rettl illustrates the political ramifications that arise as people weigh the economic tradeoffs of natural disasters.

Technology and COVID Upended Tipping Norms. Will Consumers Keep Paying?

by Anna Lamb, Harvard Gazette

When COVID pushed service-based businesses to the brink, tipping became a way for customers to show their appreciation. Now that the pandemic is over, new technologies have enabled companies to maintain and expand the use of digital payment nudges, says Jill Avery.

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

by Ben Rand

Bitcoin might seem like the preferred tender of conspiracy theorists and criminals, but everyday investors are increasingly embracing crypto. A study of 59 million consumers by Marco Di Maggio and colleagues paints a shockingly ordinary picture of today's cryptocurrency buyer. What do they stand to gain?

Why Giving to Others Makes Us Happy

by Michael Blanding

Giving to others is also good for the giver. A research paper by Ashley Whillans and colleagues identifies three circumstances in which spending money on other people can boost happiness.

What Would It Take to Unlock Microfinance's Full Potential?

by Jen McFarland Flint

Microfinance has been seen as a vehicle for economic mobility in developing countries, but the results have been mixed. Research by Natalia Rigol and Ben Roth probes how different lending approaches might serve entrepreneurs better.

After High-Profile Failures, Can Investors Still Trust Credit Ratings?

by Ben Rand

Rating agencies, such as Standard & Poor’s and Moody's, have been criticized for not warning investors of risks that led to major financial catastrophes. But an analysis of thousands of ratings by Anywhere Sikochi and colleagues suggests that agencies have learned from past mistakes.

How Much More Would Holiday Shoppers Pay to Wear Something Rare?

by Michael Blanding

Economic worries will make pricing strategy even more critical this holiday season. Research by Chiara Farronato reveals the value that hip consumers see in hard-to-find products. Are companies simply making too many goods?