Edward Conard

Top Ten New York Times Bestselling Author

  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “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
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  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “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
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  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
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Younger Teens Are Now Much Less Likely To Say They Are Lesbian, Gay, or Bisexual

AI Summary. U.S. survey data on high school students show the share of 9th graders identifying as lesbian, gay, or bisexual fell from 17% to 11% over two years, compared with a decline from 18% to 16% among 12th graders. The drop was concentrated among girls, from 27% to 22%, versus 9% to 7% among boys.

Jean Twenge Generation Tech
Date Posted:
September 29, 2026
Is Database:
Database

Among US high-school students, the LGB share fell btw 2023 to 2025 by 5pp for girls (27% to 22%), and 2pp for boys (9% to 7%). The preceding rise was likewise larger for girls: +128% from 2015 to 2021, versus +99% for boys to 2023.

Are younger teens less likely to identify as lesbian, gay, or bisexual?

Core argument: The share of U.S. 9th graders identifying as lesbian, gay, or bisexual fell from 17% in 2023 to 11% in 2025 in the CDC’s Youth Risk Behavior Survey, while 12th graders declined from 18% to 16%.

[New data from the Youth Risk Survey of U.S. 9th to 12th graders from the CDC shows] for 12th graders, 17 and 18 years old, identifying as LGB declines only a few percentage points between 2023 and 2025 (from 18% to 16%). But the headline result is for 9th graders (14 and 15 years old): Identifying as LGB absolutely plummets between 2023 and 2025, from 17% to 11%. That really does look like a free fall. The decline appears to be driven almost entirely by girls. Identifying as LGB dropped from 27% in 2023 to 22% in 2025 among girls, and from 9% to 7% among boys. [In terms of the share of high school students reporting engaging in same-sex activity] most high school students are not sexually active, so this is only a subsample of the larger group. For boys, there’s been a fairly steady rise in same-sex partners, not too different from the pattern of identifying as LGB among boys. The story is different for girls, where having non-heterosexual sex peaked in 2021 and then fell steeply.

Takeaways by Macro Roundup® AI

  1. The share of U.S. 9th graders identifying as lesbian, gay, or bisexual fell from 17% in 2023 to 11% in 2025 in the CDC’s Youth Risk Behavior Survey, while 12th graders declined from 18% to 16%.
  2. The decline appears driven almost entirely by girls, whose LGB identification fell from 27% in 2023 to 22% in 2025, compared with a drop from 9% to 7% among boys.
  3. Among sexually active teens, the share of boys reporting at least one same-sex partner has risen fairly steadily, while for girls it peaked in 2021 and then fell steeply.

Related Articles:

  • Is There Really a Generational Difference in Identifying as Lesbian, Gay, or Bisexual? — General Social Survey data show that increases among young American adults appear in same-sex sexual behavior as well as in identification, with 20% reporting a same-sex partner versus 18.5% identifying as lesbian, gay, or bisexual. The increases are larger among 27- to 41-year-olds.
  • Teens Used To Be Happier. What Changed? — The share of US high school seniors describing themselves as "very happy" peaked at 24.8% and remained around 24.4% before falling to 11.4% at its low, recovering only to 12.7%, well below the 17.9% recorded before the pandemic. The decline coincided with smartphones and social media becoming pervasive.
  • US College Students’ Well-Being — A study of US college students finds moderate-to-severe depression reported by 26% of students at one elite institution, 22% reporting moderate-to-severe anxiety and 10% contemplating suicide. Poorer mental health is associated with being female, little exercise, low grades, and financial aid; financial stress is associated with higher suicidal thoughts.
  • Family/Marriage
  • Politics
  • Workforce
    • Demographics
Previous articleSeptember 29, 2026US 30-Year Treasury Yield Rises to Highest Level Since 2002The US 30-year Treasury yield hit 5.61%, its highest level since 2002. The US 10-year Treasury yield rose to 5.281%.Next articleSeptember 29, 2026See How the U.S. Is Attacking China’s Control of Critical MineralsCRU, a UK commodities-data provider, projects China will lose market share in many of the elements and minerals it has most tightly controlled by 2030, with the exception of cobalt.
Showing 41 database articles primarily about Family/Marriage

America's Demoralized Men, Part II: Lost Pathways, Greater Struggles

AI Summary. A survey finds more than half of young men gamble, with 23% doing so daily, and 43% watch pornography daily or several times a week. 42% say the statement "I am inclined to think that I am a failure" describes them very or somewhat well, a view more common among daily gamblers (66%) and daily pornography viewers (63%).

Joseph Davis, Michael Toscano and Ken Burchfiel Institute For Family Studies
Date Posted:
August 27, 2026
Is Database:
Database
Is Important:
Important

An ISF survey of 2,000 American men aged 18–29 found 23% reported gambling daily and 27% watch pornography daily. 66% of the men who gambled daily reported feeling like a failure, as well as 63% of the men who watch pornography daily.

Do daily gambling and pornography use correlate with young men's self-perceived failure?

Core argument: More than half of young men surveyed gamble, with 23% gambling daily, 12% more than several times a week, and 21% at least some of the time.

More than half of young men in our survey are now gamblers. Nearly 1 in 4 (23%) report that they gamble daily, plus 12% doing so more than several times a week, and a further 21% at least some of the time. 43% of young men say they watch pornography daily (27%) or several times a week (16%), with another 26% about weekly or less. More than 4 in 10 young men (42%) believe that the statement “all in all, I am inclined to think that I am a failure” describes them “very well” (15%) or “somewhat well” (27%). Those who view pornography (63%) and gamble (66%) every day—along with day trading and playing fantasy sports—are significantly more inclined to see themselves as a failure.

Takeaways by Macro Roundup® AI

  1. More than half of young men surveyed gamble, with 23% gambling daily, 12% more than several times a week, and 21% at least some of the time.
  2. 43% of young men report watching pornography daily (27%) or several times a week (16%), and daily pornography viewers (63%) and daily gamblers (66%) are significantly more inclined to see themselves as failures.

Related Articles:

  • The Case for Prohibiting Vice — A record 62m Americans used marijuana in a single year, 17m of them daily or near daily, while half of American men now hold sports-betting accounts, up from almost zero seven years earlier. The author argues vice and addiction undermine citizens' capacity for free action, justifying state regulation beyond individual-harm criteria.
  • Americans Increasingly See Legal Sports Betting As A Bad Thing For Society and Sports — Survey data show 43% of U.S. adults say legalized sports betting is a bad thing for society, up from 34% three years earlier, and 40% say it is bad for sports, up from 33%. The largest shift came among men under 30, 47% of whom now call it bad for society versus 22% earlier.
  • 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.
  • Family/Marriage
  • Politics
  • Workforce
    • Unemployment/Participation

The Child Cost Index

AI Summary. Using new price indexes for child- and adult-specific goods, the authors estimate that real spending per child and per parent each rose by about half from 1990 to 2023, indicating a broad rise in household consumption rather than a child-specific one. The share of household spending going to children was stable, near 30% for one child and 40% for two.

Christina Patterson and Heather Sarsons National Bureau of Economic Research
Date Posted:
July 28, 2026
Is Database:
Database

A Child Cost Index newly created by Patters and Sarsons finds little rise in costs per child relative to adult consumption (not counting parental leisure time). Higher child costs are thus unlikely to be the main explanation for falling fertility.

Has spending on children risen faster than spending on parents?

Core argument: Real spending per child and real spending per parent each rose by roughly one-half between 1990 and 2023, deflated by the authors' new child and adult cost indices, and moved closely together over the medium run.

Figure 6 shows that real spending on children has increased substantially. Panel (a) plots real spending per child, deflated [by the authors’ new] child cost index, together with real spending per parent, deflated by [their adult cost index.] Both series rise by roughly one-half between 1990 and 2023 and move closely together over the medium run. Thus, households devote more real resources to children today than in 1990, but this increase appears to be part of a broader rise in household consumption rather than a child-specific expansion in required market inputs. Panel (b) reinforces this interpretation by plotting the share of total household spending allocated to children, separately by family size. Children absorb a large share of household resources in every year of the sample, but that share is strikingly stable over time within family size. Households with one child allocate just under 30% of total spending to that child in both 1990 and 2023. The sacrifice of adult consumption associated with children is therefore large, but it is not a recent development. Panel (b) also reveals clear economies of scale in child-rearing. Moving from one to two children raises the child share of household spending from roughly 30% to roughly 40%, far less than a doubling, and the incremental spending share falls further for larger families.

Takeaways by Macro Roundup® AI

  1. Real spending per child and real spending per parent each rose by roughly one-half between 1990 and 2023, deflated by the authors' new child and adult cost indices, and moved closely together over the medium run.
  2. Households with one child allocated just under 30% of total spending to that child in both 1990 and 2023, a share that is stable over time within family size.
  3. Moving from one child to two raises the child share of household spending from roughly 30% to roughly 40%, far less than a doubling, with the incremental share falling further for larger families.

Related Articles:

  • America’s Big Cities Are Rapidly Losing Kids — An analysis of census data found the number of children under 18 in large U.S. cities fell 6% over a decade, versus 1% nationwide, with children under 5 down 15% in big cities versus 7% nationally. The number of children declined in about two-thirds of the 38 U.S. cities with more than 500,000 residents, including some cities gaining population overall.
  • City Parenting Has Become A Financial Flex — Census data show the under-18 population fell 22% in Chicago, 23% in Los Angeles and 12% in New York between 2010 and 2024, while wealthier white families defy the trend in central neighborhoods of the densest, richest cities. Brooklyn's white child population grew 13% over that period, rising from a third to more than two-fifths of the total.
  • The Demographic Outlook: 2026 to 2056 — The Congressional Budget Office projects the US population rises from 349m to 364m between 2026 and 2056, with annual growth slowing from 0.3% over the next decade to 0.1% thereafter before reaching zero and then shrinking. Declining fertility is projected to push deaths above births starting in 2030, increasingly offsetting net immigration.
  • Family/Marriage
  • Workforce

GLP-1–Induced Weight Loss and the Female Obesity Penalty

AI Summary. Women starting GLP-1 weight-loss treatment lose 1.4–2.5 BMI points, rising to 2.7–4.2 points after 1.5 years or more, and those who are single increase their probability of being married or cohabiting by 18.3 percentage points, with no change for women already partnered. Women not employed at the outset raise their employment rate by 13 percentage points.

Rebecca Diamond Harvard University
Date Posted:
June 23, 2026
Is Database:
Database

Women who began treatment with GLP-1 drugs when not currently married or partnered saw an increased probability of marriage or cohabitation of ~29pp after 6 quarters. Those not initially employed were 27pp more likely to be working after 6 quarters.

Does weight-loss medication improve women's marriage and employment outcomes?

Core argument: Women who were single when starting GLP-1 treatment raised their probability of being married or cohabiting by 18.3 pp overall and 28.6 pp (s.e. 7.1) at six or more quarters, building gradually as they lost weight.

BMI is flat before women start [GLP-1 treatment] and then falls (Figure 2, Panel A). All groups lose between 1.4 and 2.5 BMI points in the post period. These effects grow to between 2.7 and 4.2 BMI points at 1.5+ years after initiation. The largest magnitude change is in the marriage market. Women who are single when they start (Figure 2, Panel B) increase their probability of being married or living with a partner by 18.3 pp overall and 28.6pp (s.e. 7.1) at six or more quarters, building gradually as they lose weight. Partnered women’s relationships, by contrast, are stable. Their partnership probability barely moves (0.1 points, s.e. 1.8), and there is no excess relationship dissolution (0.0, s.e. 1.7). The marriage-market response is the making of new matches, not the breaking or remaking of old ones. In contrast, single women’s weight loss seems to dramatically affect first impressions of potential partners, leading to a large increase in marriage and cohabitation. This is consistent with prior work on the obesity penalty negatively affecting women in the marriage market. Figure 2, panels C and D show that women not employed at baseline move into work: their employment rate rises 13pp overall and 27pp after six or more quarters, and their weekly hours rise by nearly ten hours at the longer horizon.

Takeaways by Macro Roundup® AI

  1. Women who were single when starting GLP-1 treatment raised their probability of being married or cohabiting by 18.3 pp overall and 28.6 pp (s.e. 7.1) at six or more quarters, building gradually as they lost weight.
  2. Partnered women's relationships remained stable after GLP-1 initiation, with partnership probability moving 0.1 points (s.e. 1.8) and no excess dissolution (0.0, s.e. 1.7).
  3. Women not employed at baseline moved into work after GLP-1 initiation, with employment rates rising 13 pp overall and 27 pp after six or more quarters and weekly hours up nearly ten at the longer horizon.

Related Articles:

  • Victoria’s Secret Hits Record High as Bra Strategy Resonates — Victoria's Secret shares hit a record high after the lingerie retailer beat earnings estimates and raised its annual net sales guidance to as much as $7.13bn. The company has posted four consecutive quarters of annual revenue growth, with its bras gaining market share among 18- to 44-year-olds and growth in both the under-$50,000 and over-$200,000 income categories.
  • Today’s Most Important Technology — The share of patients taking semaglutide for weight control rather than type 2 diabetes rose from under 10% in 2019 to 41.7%. Obesity and overweight, affecting 1 in 8 people worldwide, cost the global economy $2tn — nearly 70 cents on the dollar from premature mortality and lost productivity — an impact projected to double by 2035 absent intervention.
  • National-Level and State-Level Prevalence of Overweight and Obesity Among Children, Adolescents, and Adults in the USA — An estimated 15.1m US children aged 5–14, 21.4m older adolescents aged 15–24, and 172m adults aged 25 and over had overweight or obesity, with adult prevalence highest in North Dakota for males (80.6%) and Mississippi for females (79.9%). Obesity prevalence among adolescents rose roughly 158–186% over three decades.
  • Family/Marriage
  • Healthcare/Seniors
  • Politics
  • Workforce
    • Unemployment/Participation

The Collapse of Teen Fertility in the Digital Era

AI Summary. Teen fertility fell in countries with very different healthcare systems, welfare regimes, abortion laws, and religious traditions within roughly the same window, pointing to a global cause. Between 2007 and 2024 the US birth rate fell 71% among women 15–19 and 43% among those 20–24, while rising 9% among those 35–39.

Nathan Hudson and Hernan Moscoso Boedo University of Cincinnati
Date Posted:
May 18, 2026
Is Database:
Database

US birth rates over 2007–2024 were down 71% for women 15–19, 43% for those 20–24, and 23% for those 25–29, but up 9% for women 35–39. Hudson and Moscoso-Boedo argue that this monotone age gradient is the signature of a smartphone shock.

Does the worldwide drop in teen fertility share one cause?

Core argument: Between 2007 and 2024, the birth rate among women 15–19 fell 71 percent, 20–24 fell 43 percent, and 25–29 fell 23 percent, while the rate among women 35–39 rose 9 percent.

Teen fertility collapsed almost everywhere in the world starting around 2007. This is a striking fact. Countries with very different healthcare systems, welfare regimes, abortion laws, religious traditions, recessions, and demographic trends all saw similar breaks in the same window. Whatever caused it was something global—something that arrived in roughly the same form in all of these places at roughly the same time… between 2007 and 2024, the birth rate among women 15–19 fell by 71 percent, 20–24 by 43 percent, 25–29 by 23 percent, 30–34 by 1 percent, and 35–39 rose by 9 percent… U.S. teens reduced in-person socializing from 68 minutes per day in 2003 to 38 in 2019 while computer-leisure rose from 22 to 96 minutes… Under-18 conception rates accelerated from −1.3 percent per year pre-2007 to −8.9 percent post-2007, a 6.8x acceleration that nearly matches the U.S. 5.6x acceleration.

Takeaways by Macro Roundup® AI

  1. Between 2007 and 2024, the birth rate among women 15–19 fell 71 percent, 20–24 fell 43 percent, and 25–29 fell 23 percent, while the rate among women 35–39 rose 9 percent.
  2. Teen fertility broke downward around 2007 in countries with very different healthcare systems, welfare regimes, abortion laws, religious traditions, recessions, and demographic trends, indicating a cause that arrived globally in roughly the same form at roughly the same time.
  3. U.S. teens cut in-person socializing from 68 minutes per day in 2003 to 38 in 2019 while computer leisure rose from 22 to 96 minutes, and under-18 conception rates moved from −1.3 percent per year before 2007 to −8.9 percent after.

Related Articles:

  • The Happiness Crash of 2020 — Survey data show that after 2020 self-reported happiness fell across groups, compressing pre-existing differences — the black-white gap narrowed from 14 points to 6 — while the marital happiness premium of more than 30 points survived intact. Confidence in major public and private institutions declined nearly across the board, with double-digit drops common and losses spanning all parties and ideologies.
  • Why U.S. Test Scores Are in a ‘Generation-Long Decline’ — District-level test score data from the Educational Opportunity Project at Stanford show reading scores down over the past decade in 83% of districts with available data and math scores down in 70%, with declines spanning rich and poor districts and racial and geographic lines. Education experts attribute the declines to no single cause.
  • US College Students’ Well-Being — A study of US college students finds moderate-to-severe depression reported by 26% of students at one elite institution, 22% reporting moderate-to-severe anxiety and 10% contemplating suicide. Poorer mental health is associated with being female, little exercise, low grades, and financial aid; financial stress is associated with higher suicidal thoughts.
  • Family/Marriage
  • Politics
  • Workforce
    • Demographics

Why Birth Rates Are Falling Everywhere All At Once

AI Summary. Birth rates among teens and young adults in countries across the Americas, Europe, Africa and Asia began falling at different times, and each inflection point coincided with mass smartphone adoption in that market as measured by Google searches for mobile apps. The declines were most pronounced in the youngest age groups, mirroring smartphone usage patterns.

John Burn-Murdoch Financial Times
Date Posted:
May 18, 2026
Is Database:
Database

The most striking finding in the global birth-rate collapse is that if one re-centers each country’s data by the year smartphones took off, every decline looks identical (US/UK 2007, France 2009, Mexico/Indonesia 2012, Nigeria/Senegal 2013–2015).

Do falling birth rates worldwide coincide with mass smartphone adoption?

Core argument: Birth rates for teens and young adults in the US, Britain and Australia were broadly flat in the early 2000s but fell markedly from 2007, with the same slide starting in France and Poland around 2009 and in Mexico, Morocco and Indonesia around 2012.

US, British and Australian birth rates for teens and young adults were broadly flat during the early 2000s but began to fall markedly from 2007. The same slide began in France and Poland around 2009, and in Mexico, Morocco and Indonesia around 2012. What had been steady declines in fertility in Ghana, Nigeria and Senegal became precipitous drops between 2013 and 2015. All of these inflection points coincided with the mass adoption of smartphones in local markets — as measured by Google searches for mobile apps. In country after country the birth rate plunged after the introduction of smartphones, no matter what the previous trend was. The younger the age group, the more pronounced the downturn — a mirror image of smartphone usage patterns.

Takeaways by Macro Roundup® AI

  1. Birth rates for teens and young adults in the US, Britain and Australia were broadly flat in the early 2000s but fell markedly from 2007, with the same slide starting in France and Poland around 2009 and in Mexico, Morocco and Indonesia around 2012.
  2. Steady fertility declines in Ghana, Nigeria and Senegal turned into precipitous drops between 2013 and 2015, and these inflection points coincided with mass smartphone adoption as measured by Google searches for mobile apps.
  3. Birth rates fell after smartphones were introduced regardless of the prior trend, with the downturn more pronounced in younger age groups, mirroring smartphone usage patterns.

Related Articles:

  • The Demographic Future of Humanity: Facts and Consequences — The authors estimate the world total fertility rate is around 2.17, below the global replacement rate of roughly 2.21, meaning humanity is already below replacement, with fertility and births falling faster than anticipated. They project middle-income countries' fertility may fall below that of rich countries outside East Asia, with emigration compounding population decline.
  • Depopulation Globally and in the Asia-Pacific: The Shape of Things to Come — Population aging and fertility below replacement levels are connected to a revolution in family structure in which families grow smaller, fewer people marry, and voluntary childlessness becomes common across countries. As a result, families become less able to bear the demands that may be placed on them.
  • The Collapse of Teen Fertility in the Digital Era — Teen fertility fell in countries with very different healthcare systems, welfare regimes, abortion laws, and religious traditions within roughly the same window, pointing to a global cause. Between 2007 and 2024 the US birth rate fell 71% among women 15–19 and 43% among those 20–24, while rising 9% among those 35–39.
  • Family/Marriage
  • Politics
  • Workforce
    • Demographics

Record High Number of 18-Year-Olds in the US Today

AI Summary. The number of 18-year-olds in the US is peaking at a record high and is projected to fall 14% over the next decade.

Torsten Sløk Apollo
Date Posted:
May 11, 2026
Is Database:
Database

The number of American 18-year-olds will peak this year and fall 14% over the next decade.

Is the number of 18-year-olds in the US peaking?

Core argument: The number of 18-year-olds in the United States is projected to peak this year at a record high and then fall 14% over the coming decade.

America is at peak 18, and the number of 18-year-olds will fall 14% over the coming decade.

Takeaways by Macro Roundup® AI

  1. The number of 18-year-olds in the United States is projected to peak this year at a record high and then fall 14% over the coming decade.

Related Articles:

  • Can A Depopulating America Still Flourish? — US labor force participation among women aged 25-54 has reached all-time highs, exceeding its previous 1999 peak, yet remains over 4 points below Europe's level and nearly 6 points below Japan's. About 3.5m prime-age American women are neither working nor looking for work, without children at home or husbands, compared with roughly 7m such men.
  • The Happiness Crash of 2020 — Survey data show that after 2020 self-reported happiness fell across groups, compressing pre-existing differences — the black-white gap narrowed from 14 points to 6 — while the marital happiness premium of more than 30 points survived intact. Confidence in major public and private institutions declined nearly across the board, with double-digit drops common and losses spanning all parties and ideologies.
  • The Demographic Outlook: 2026 to 2056 — The Congressional Budget Office projects the US population rises from 349m to 364m between 2026 and 2056, with annual growth slowing from 0.3% over the next decade to 0.1% thereafter before reaching zero and then shrinking. Declining fertility is projected to push deaths above births starting in 2030, increasingly offsetting net immigration.
  • Family/Marriage
  • Politics
  • Workforce
    • Demographics
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