Edward Conard

Top Ten New York Times Bestselling Author

  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
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Politics, Sex, and Sexuality: The Growing Gender Divide in American Life

AI Summary. College-educated women rose from 12% to 28% of the Democratic Party, while men without college degrees have increasingly identified as Republican. Men follow national politics closely at a higher rate than women, 70% versus 57%, though women are slightly more likely to vote.

Dana Popky American Enterprise Institute
Date Posted:
May 11, 2022
Is Database:
Database

College-educated women now make up 28% of the Democratic Party, up from 12% in 1998.

How are education and gender reshaping American party allegiance?

Core argument: College-educated women rose from 12% of the Democratic Party in 1998 to 28% in 2022, while men without college degrees increasingly identified as Republican, though to a lesser extent.

The share of college-educated women in the Democratic Party has risen significantly, from 12% in 1998 to 28% in 2022, highlighting a shift in political demographics. This trend contrasts with men without college education, who have increasingly identified as Republican, albeit to a lesser extent. Despite men showing greater interest in political discussions, women are slightly more likely to vote. Notably, 70% of men follow national politics closely compared to 57% of women. These shifts reflect broader societal changes, including evolving conceptions of sex and sexuality, with young women showing more fluidity in physical attraction. This demographic evolution within the Democratic Party may influence policy priorities and electoral strategies, as the growing presence of college-educated women could drive focus on issues such as education, healthcare, and gender equality.

Takeaways by Macro Roundup® AI

  1. College-educated women rose from 12% of the Democratic Party in 1998 to 28% in 2022, while men without college degrees increasingly identified as Republican, though to a lesser extent.
  2. Some 70% of men follow national politics closely compared with 57% of women, yet women are slightly more likely to vote.
  3. Conceptions of sex and sexuality are shifting alongside these political changes, with young women showing more fluidity in physical attraction.

Twenty-eight percent of Democrats are now college-educated women, an increase from 12 percent in 1998. Men without any college education have increasingly identified as Republican, but by a less substantial degree. Men consistently report greater interest in discussing and paying attention to politics, even if they are slightly less like to vote in elections than women are. Seven in 10 (70 percent) men say they follow news about national politics somewhat or very closely, compared to 57 percent of women. More than four in 10 (42 percent) women, including 60 percent of young women, report that they do not really follow news about national politics. conceptions of sex and sexuality have also undergone drastic changes in recent years. Young people express increasing fluidity in feelings of physical attraction, but these generational differences are much more prevalent among women. Women are more likely than men to report physical attraction to both genders. This is by far most evident among young women. Just over half (56 percent) of women ages 18 to 29 say they are attracted to only men, compared to 83 percent of women ages 65 and older. There are massive gender differences in the consumption of pornography. Men are four times more likely than women to report having watched pornography in the past month (44 percent vs. 11 percent). Men in their 30s and 40s report the most frequent use of pornography A majority (57 percent) of men age 30-49 report having watched pornography in the past month, and 42 percent say they have watched it in the past week. In contrast, 44 percent of young men and only 26 percent of senior men say they have watched pornography at some point during the past month

Daniel A. Cox,Dana Popky and Beatrice Lee, "Politics, Sex, and Sexuality: The Growing Gender Divide in American Life," American Enterprise Institute, May 4, 2022, https://www.aei.org/research-products/report/politics-sex-and-sexuality-the-growing-gender-divide-in-american-life/

  • Politics
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How Americans Voted in 2026

AI Summary. Estimates of US voter behavior combine interviews with 26,706 voters nationally, re-interviews with more than 7,000 voters after they cast ballots, precinct- and county-level results, validated turnout for 44% of voters, and state voter registration files.

Nate Cohn New York Times
Date Posted:
November 4, 2026
Is Database:
Database

Relative to the 2024 presidential vote, the NYT’s preliminary estimates show the 2026 House margin among white non-college voters (39% of the electorate) moving 14pp toward Democrats, and among nonwhite non-college voters (18%) moving 23pp. Among the main age, race, gender and education groups, the largest shift was among 18–29-year-olds (12% of voters), at 32pp.

How are estimates of voter behavior constructed?

Core argument: The New York Times’ Voter Trends estimates of how Americans voted in 2026 draw on interviews with 26,706 voters nationally conducted as part of The Times/Siena Poll, which forms the basis of its understanding of who voters backed.

Times Voter Trends relies on extensive, detailed data from the following sources. Our estimates will get even better as we get more data. Interviews with 26,706 voters nationally as part of The Times/Siena Poll. This data forms the basis of our understanding about who voters cast a ballot for. Re-interviews with more than 7,000 voters nationally after they cast their ballot. Recontacting poll respondents after they vote helps us better understand turnout and late shifts. Granular results from precincts and townships nationally. We collect the most detailed election results from as many states as possible to understand voting patterns in different communities. In areas without precinct-level results, we use precinct-level estimates from The Needle and county-level results from The Associated Press. Validated turnout for 44% of voters nationally. We will never know who everybody voted for, but knowing specifically who voted gives our estimates additional precision. Voter files for every state and district. The voter file is a list of all registered voters that is our starting point for The Times/Siena Poll and these estimates.

Takeaways by Macro Roundup® AI

  1. The New York Times’ Voter Trends estimates of how Americans voted in 2026 draw on interviews with 26,706 voters nationally conducted as part of The Times/Siena Poll, which forms the basis of its understanding of who voters backed.
  2. The Times re-interviewed more than 7,000 voters nationally after they cast ballots, which it says helps it better understand turnout and late shifts, and validated turnout for 44% of voters nationally to add precision to its estimates.
  3. The Times uses granular precinct and township results where available, and in areas without precinct-level results relies on precinct-level estimates from The Needle and county-level results from The Associated Press.

Related Articles:

  • The Fastest-Growing Metros Are Also Electoral Tossups — Classifying metropolitan areas by the vote margin between the two major presidential candidates, job growth is weakest on average in strongly Democratic-leaning metros and healthiest in closely divided "purple" metros. The authors caution that representation is determined by states and congressional districts rather than metro areas, and voters weigh more than economics.
  • The Great “Transfer”-mation — Government transfers rose from 8.2% of Americans' total personal income in 1970 to 17.6% in 2022, making them the third largest income source after work and investments. The share of U.S. counties drawing a quarter or more of personal income from transfers rose from under 1% in 1970 to 53% in 2022.
  • Do Voters Punish Inflation or Pay Cuts? Inflation and Real Wages in U.S. Elections — An analysis of U.S. counties estimates that where wages grew faster than prices, voters supported the incumbent party more, while counties with larger real wage losses than average shifted more toward the opposition. A one-standard-deviation larger real wage loss is associated with shifts of roughly 0.10 and 0.19 percentage points in vote share and margin.
  • Politics

Now You Can See Everything

AI Summary. Nearly every major local ballot measure opposing data centers won, putting an estimated 37.5 GW of planned capacity at risk of a pause and another 15 GW subject to conditions such as grid cost-sharing, water limits, and ended tax incentives. The 37 GW expected in 2027, 75% already under construction, is largely unaffected.

Michael Cembalest J.P. Morgan
Date Posted:
November 4, 2026
Is Database:
Database
Is Important:
Important

Before the election, 96 GW of data center capacity was expected to come online in 2028. Based on the positions of incoming governors, Cembalest estimates 37.5 GW may be subject to a “pause” and another 15 GW to “conditions,” together more than half of the total.

Are local ballot measures putting planned data center capacity at risk?

Core argument: Nearly every major local ballot measure opposing data centers won or is winning, with North Dakota the only exception, and based on those results 37.5 GW of planned capacity may face a “pause” and another 15 GW conditions.

The biggest market issue may be AI over the medium term; nearly every major local ballot measure opposing data centers won or is winning, with only exception in North Dakota. What we’re now watching: governor imposed constraints on new builds. This is not an issue for the 37 GW expected to be delivered in 2027, 75% of which is under construction. It’s more an issue for the 96 GW expected in 2028. Based on election results, 37.5 GW may be subject to a “pause” with another 15 GW subject to “conditions”. While pauses are the more impactful outcome, conditions can be onerous: requiring data centers to pay grid costs to protect ratepayers, ending tax incentives, imposing water limits, setting requirements for onsite backup power, mandating labor requirements and banning non-disclosure agreements during permitting (most of which seem sensible to me). If the data center buildout starts to slow at some point, upgrading to better NVIDIA chips might be the only way to generate more tokens.

Takeaways by Macro Roundup® AI

  1. Nearly every major local ballot measure opposing data centers won or is winning, with North Dakota the only exception, and based on those results 37.5 GW of planned capacity may face a “pause” and another 15 GW conditions.
  2. The 37 GW of data center capacity expected in 2027, 75% of which is under construction, is less exposed to local opposition than the 96 GW expected in 2028.
  3. Conditions imposed on data centers can include paying grid costs to protect ratepayers, ending tax incentives, water limits, onsite backup power requirements, labor mandates, and bans on non-disclosure agreements during permitting.

Related Articles:

  • Financing the AI Buildout — The authors estimate roughly 57 gigawatts of operating US data center capacity against a planned development pipeline of about 509 gigawatts, which is not a completion forecast since projects may be delayed, scaled back, or abandoned. Their central scenario has 182.8 gigawatts of added capacity becoming operational through 2032, 117.2 gigawatts completed later, and 226.9 gigawatts never completed.
  • Global Views: Downside Growth Risks — The growth boost from the artificial intelligence boom is projected to peak around late 2026 or early 2027, with AI investment as a share of GDP slowing and the estimated 0.4pp wealth-effect lift to US consumer spending fading. Across US nonmanufacturing industries, AI adoption shows a statistically significant negative correlation with employment growth and positive correlation with unemployment.
  • Change Is Accelerating Because It’s All Interconnected — The authors estimate that artificial intelligence equity valuations discount roughly 3.5% annual productivity growth and trend nominal output growth well above the recent past, while consensus forecasts and broader markets imply growth closer to recent experience. On that basis, either AI stocks or broader macro markets are meaningfully mispriced.
  • Politics
  • Productivity
    • Innovation/Research
    • Investment

Who Sees Themselves as Working Class?

AI Summary. Survey data indicate 60% of U.S. adults say the term "working class" describes them well, including half of those with a bachelor's degree and half of upper-income Americans. Identification is highest among blue-collar workers at 77%, versus 61% in other occupations, and ranges from 52% of Asian adults to 62% of White adults.

Steven Shepard, Hannah Hartig, Andy Cerda and Jocelyn Kiley Pew Research Center
Date Posted:
September 1, 2026
Is Database:
Database

60% of Americans say “working class” describes them “extremely” or “very” well. Republicans are more likely than Democrats to identify as working class – strikingly 61% of Republicans who have a family income of at least $155,600 identify as working class, compared to 38% of such Democrats.

Do most Americans identify as working class across income and education levels?

Core argument: 60% of U.S. adults say the term "working class" describes them well, an identity adopted across income and educational groups, including half of those with a bachelor's degree and half of upper-income Americans.

Most Americans think of themselves as “working class” today: Overall, 60% of U.S. adults say the term describes them well. And the identity is widely adopted by people across all income and educational groups – including half of both Americans who have a bachelor’s degree and those who are upper-income. Those working in blue-collar occupations are particularly likely to identify as working class (77%), [as are] a majority of those working in other occupations (61%). White adults are more likely than Black adults to identify as working class. About six-in-ten White (62%) and Hispanic adults (59%) overall view themselves as working class, as do roughly half of Black (54%) and Asian adults (52%).

Takeaways by Macro Roundup® AI

  1. 60% of U.S. adults say the term "working class" describes them well, an identity adopted across income and educational groups, including half of those with a bachelor's degree and half of upper-income Americans.
  2. Workers in blue-collar occupations identify as working class at a rate of 77%, compared with 61% of those in other occupations.
  3. About 62% of White and 59% of Hispanic adults view themselves as working class, as do roughly 54% of Black and 52% of Asian adults.

Related Articles:

  • America’s Support for Capitalism Has Declined Over Last Decade — Just under half of Americans say capitalism is working very or somewhat well, down from 60% about a decade ago, according to a Wall Street Journal-NORC survey. Only 12% say democracy is working very or extremely well, and 16% say average citizens have considerable influence on politics.
  • Political Representation Gaps and Populism — A study comparing survey responses of citizens and parliamentarians across 27 European countries finds that policymaking reflects voters' economic attitudes well, but the average parliamentarian is about one standard deviation more culturally liberal than the national mean voter. The author finds this cultural gap spans nearly all issues, countries, and established parties, and that right-wing populists fill it.
  • The DSA Sweet Spot: Highly Educated, Downwardly Mobile — US voters most likely to identify as "very liberal" hold postgraduate degrees but household incomes of $30,000–$60,000 a year, an unusual combination given that education and income are typically positively correlated. In the Democratic Socialists of America's most recent member survey, 80% of members aged 25 or older had bachelor's degrees while 45% reported household incomes below $60,000.
  • Politics
  • Workforce
    • Demographics
    • Inequality

The Rise of Anger: Emotions and Policy Views

AI Summary. An analysis of X (formerly Twitter) posts finds that the share of sentences expressing anger rose among both Democratic- and Republican-affiliated users, with Republicans starting from a higher baseline of about 38% versus 27% for Democrats and reaching roughly 50%. The increase was larger among Democrats, narrowing the partisan gap.

Eva Davoine, Stefanie Stantcheva, Thomas Renault and Yann Algan Harvard University
Date Posted:
August 20, 2026
Is Database:
Database

Davoine, et al. show that angry policy-related tweets among voters rose from 34% to 46% over 2013–2025. Angry posts got ~60% more retweets, and experiments that induced anger showed it can move views on trade, immigration, redistribution and climate.

Is anger rising among partisans on social media?

Core argument: Anger among Republican-affiliated X users reaches roughly 50% of sentences by 2025, up from about 38% at the start of the period, continuing to rise during Biden's presidency.

Figure 6 illustrates the monthly evolution of anger among Democratic- and Republican-affiliated X [Twitter] users. Each line reports the share of sentences classified as expressing anger within each political affiliation, and the plotted series are shown as six-month moving averages. It shows that Republican voters start with a higher baseline level of anger at the beginning of the period (about 38% compared to 27% for Democrats). Anger rises sharply for both groups after the 2016 election, but much more among Democrats. As a result, the initial partisan gap is much smaller by 2019. Both series then plateau from 2019 to 2022. Among Democratic partisans, anger declines slightly after Biden’s election but remains well above pre-2016 levels. Republican anger continues to rise during the Biden presidency, reaching approximately 50% by 2025.

Takeaways by Macro Roundup® AI

  1. Anger among Republican-affiliated X users reaches roughly 50% of sentences by 2025, up from about 38% at the start of the period, continuing to rise during Biden's presidency.
  2. Democratic-affiliated X users start with anger in about 27% of sentences, then rise sharply after the 2016 election by much more than Republicans, narrowing the partisan gap by 2019.
  3. Both partisan anger series plateau from 2019 to 2022, with Democratic anger declining slightly after Biden's election while remaining well above pre-2016 levels.

Related Articles:

  • Zero-Sum Thinking and the Roots of US Political Differences — The authors construct an index of "zero-sum thinking" — the belief that one group's economic gains come at another's expense across ethnic groups, citizens versus non-citizens, and countries in international trade. Among both moderate and strong Democrats, those in the top quartile of zero-sum thinking voted for Donald Trump at a disproportionately high rate.
  • Life Under Two: Debt, Deficits, and the AI Discontinuity — The United States averaged annual GDP growth above 3% for decades, but 2% or less is now more likely. Over ten years, the author estimates that gap amounts to a $3.36tn larger economy, $3.7tn more tax revenue, and 6m more jobs, shifting public psychology from abundance toward scarcity.
  • The DSA Sweet Spot: Highly Educated, Downwardly Mobile — US voters most likely to identify as "very liberal" hold postgraduate degrees but household incomes of $30,000–$60,000 a year, an unusual combination given that education and income are typically positively correlated. In the Democratic Socialists of America's most recent member survey, 80% of members aged 25 or older had bachelor's degrees while 45% reported household incomes below $60,000.
  • Politics

The DSA Sweet Spot: Highly Educated, Downwardly Mobile

AI Summary. US voters most likely to identify as "very liberal" hold postgraduate degrees but household incomes of $30,000–$60,000 a year, an unusual combination given that education and income are typically positively correlated. In the Democratic Socialists of America's most recent member survey, 80% of members aged 25 or older had bachelor's degrees while 45% reported household incomes below $60,000.

Nate Silver Silver Bulletin
Date Posted:
July 22, 2026
Is Database:
Database
Is Important:
Important

Silver finds that the most liberal voters are highly educated and lower-income. Only 19% of Americans with a college degree had a household income of $60,000 or less, but responders to a DSA survey were ~ twice as likely to fall into that category.

Do highly educated, lower-income voters identify as very liberal?

Core argument: In the Democratic Socialists of America's 2021 member survey, 80% of members aged 25 or older held bachelor's degrees while 45% reported household incomes below $60,000 per year.

The US voters most likely to identify as “very liberal” are those with postgraduate degrees but lower-to-middle household incomes of $30K to $60K per year. This is very much also the sweet spot for the DSA. In the DSA’s most recent member survey in 2021, 80% of members aged 25 or older had bachelor’s degrees, but 45% had household incomes below $60,000 per year. This is unusual because education and income are usually substantially positively correlated. In the composite CES data, only 19% of Americans with bachelor’s degrees or higher had household incomes of $60K or below, while respondents to the most recent DSA survey [were twice as likely to fall into this category].

Takeaways by Macro Roundup® AI

  1. In the Democratic Socialists of America's 2021 member survey, 80% of members aged 25 or older held bachelor's degrees while 45% reported household incomes below $60,000 per year.
  2. Composite CES data show only 19% of Americans with bachelor's degrees or higher had household incomes of $60,000 or below, while DSA survey respondents were twice as likely to fall into that category.
  3. US voters most likely to identify as "very liberal" are those with postgraduate degrees and household incomes of $30,000 to $60,000 per year, an unusual pairing since education and income are usually substantially positively correlated.

Related Articles:

  • America’s Support for Capitalism Has Declined Over Last Decade — Just under half of Americans say capitalism is working very or somewhat well, down from 60% about a decade ago, according to a Wall Street Journal-NORC survey. Only 12% say democracy is working very or extremely well, and 16% say average citizens have considerable influence on politics.
  • Zero-Sum Thinking and the Roots of US Political Differences — The authors construct an index of "zero-sum thinking" — the belief that one group's economic gains come at another's expense across ethnic groups, citizens versus non-citizens, and countries in international trade. Among both moderate and strong Democrats, those in the top quartile of zero-sum thinking voted for Donald Trump at a disproportionately high rate.
  • Political Representation Gaps and Populism — A study comparing survey responses of citizens and parliamentarians across 27 European countries finds that policymaking reflects voters' economic attitudes well, but the average parliamentarian is about one standard deviation more culturally liberal than the national mean voter. The author finds this cultural gap spans nearly all issues, countries, and established parties, and that right-wing populists fill it.
  • Politics

America’s Support for Capitalism Has Declined Over Last Decade

AI Summary. Just under half of Americans say capitalism is working very or somewhat well, down from 60% about a decade ago, according to a Wall Street Journal-NORC survey. Only 12% say democracy is working very or extremely well, and 16% say average citizens have considerable influence on politics.

Aaron Zitner Wall Street Journal
Date Posted:
July 9, 2026
Is Database:
Database

A new WSJ poll finds only 35% of Americans think the assertion that “if you work hard, you’ll get ahead” still holds. Only 42% of respondents aged 18–34 think capitalism is working very or somewhat well, relative to 56% of those 65 or older.

Has American confidence in capitalism and democracy declined?

Core argument: Just under half of Americans say capitalism is working very or somewhat well, down from 60% about a decade ago, according to a Wall Street Journal-NORC survey.

Americans are losing confidence in two main pillars of society: capitalism and democracy. Just under half of Americans say capitalism is working very well or even somewhat well, down from 60% who said so about a decade ago, according to a new Wall Street Journal-NORC survey. Only 35% are even fairly sure that the nation offers people the ability to get good jobs and achieve the American dream. Confidence in the nation’s system of government is even lower. Only 12% say democracy is working very well or extremely well, and a mere 16% say average citizens have considerable influence on politics. Two-thirds of Republicans said they were very proud of American history, three times the share of Democrats who said so. And Republicans in the survey stood apart in their belief in American exceptionalism, the long-held idea that the U.S. is unique or superior among nations. Nearly half of Republicans said that America stands above all other countries in the world, compared with only 8% of Democrats and 13% of independents.

Takeaways by Macro Roundup® AI

  1. Just under half of Americans say capitalism is working very or somewhat well, down from 60% about a decade ago, according to a Wall Street Journal-NORC survey.
  2. Only 12% of Americans say democracy is working very or extremely well, 16% say average citizens have considerable influence on politics, and 35% are fairly sure the nation offers good jobs and the American dream.
  3. Two-thirds of Republicans said they were very proud of American history, three times the Democratic share, and nearly half said America stands above all other countries, compared with 8% of Democrats and 13% of independents.

Related Articles:

  • Life Under Two: Debt, Deficits, and the AI Discontinuity — The United States averaged annual GDP growth above 3% for decades, but 2% or less is now more likely. Over ten years, the author estimates that gap amounts to a $3.36tn larger economy, $3.7tn more tax revenue, and 6m more jobs, shifting public psychology from abundance toward scarcity.
  • Zero-Sum Thinking and the Roots of US Political Differences — The authors construct an index of "zero-sum thinking" — the belief that one group's economic gains come at another's expense across ethnic groups, citizens versus non-citizens, and countries in international trade. Among both moderate and strong Democrats, those in the top quartile of zero-sum thinking voted for Donald Trump at a disproportionately high rate.
  • Political Representation Gaps and Populism — A study comparing survey responses of citizens and parliamentarians across 27 European countries finds that policymaking reflects voters' economic attitudes well, but the average parliamentarian is about one standard deviation more culturally liberal than the national mean voter. The author finds this cultural gap spans nearly all issues, countries, and established parties, and that right-wing populists fill it.
  • Politics
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