Gifts for a Time of Inflation and Supply Bottlenecks

I’ve never been great at gifts, and don’t have much in the way of specific ideas now. But I’ve been thinking about what the macroeconomic environment means for gift-giving.

First, as you’ve probably heard by now from us or elsewhere, if you want to get any physical gift I’d order it now, since shipping is a mess and prices are only going up. I’d especially recommend this for complex electronics that could become hard to find- its part of why I got my wife an iPad for her birthday this summer. Foreign food and drink that can be stockpiled is always a good idea, but perhaps especially now; think wine, Scotch, or Beirao liqueur (a Portuguese drink that was my favorite discovery this year). Wine and liquor make good stores of value in an time of inflation.

Alternatively, you could avoid the scarcity of physical goods by turning to the digital realm. If your economistic heart yearns to give cash, consider giving some your favorite stock or cryptocurrency instead- its both more personalized and less subject to inflation. Or if you think you can judge the recipient’s taste well enough, subscribe them to one of your favorite Substacks or podcasts. My recommendations:

Unsupervised Learning, Razib Khan– Genomics and History

The Diff, Byrne Hobart– Finance and Strategy

Astral Codex Ten, Scott Alexander– Rationality, Psychiatry, Everything

The Readers Karamazov– Funny podcast on literature and philosophy (now seems entirely free though)

Or if you really have money to burn, go for the Bloomberg subscription. I always run out of free reads on the Tyler Cowen articles and so can’t read Matt Levine, even though he has the magic ability to teach you finance while making you laugh. But the subscription is expensive and Mike Bloomberg doesn’t need the money, while the Substacks are relatively cheap and enable talented writers to spend a lot more time writing instead of needing to focus on a real job.