Elisa Xi Chen

@elisaxchen.bsky.social

Artist cursed to be a female economist in this life. PhD student @Harvard. Building a Roman Empire: Labor, AI, Education, Development, Gender https://elisaxchen.github.io/

And if you want to know how this will likely affect American citizens: force international students into STEM by making other majors impossible, you increase competition for STEM jobs and reduce your wage. Policies have consequences even when they do not target you personally.

Whenever a new hostile immigration policy comes out, there are always people saying, “It’s not that bad. Here’s why.” I’m an economist. I study policies at the margin. A policy may or may not affect you personally, but it will affect people whose lives hinge on that margin.

My new theory paper (early draft) A new reason why concentrated wealth destroys democracy: common ownership A standalone media owner maximizes profit. A common owner like Musk (who owns X + SpaceX) will run the media firm at a loss to increase the $ of his total portfolio tinyurl.com/mcekr7cd

Wealth Concentration and Democratic Erosion:
A Theory of Media and Common Ownership*
Jacob M. Grumbach„
June 18, 2026
Abstract
I develop a model of how extreme wealth concentration harms democracy through
a common ownership problem. A standalone profit-seeking media firm will maximize advertising revenue and audience size, producing content that is orthogonal
to democracy. In contrast, an owner who controls both a media firm and other
large firms can use the media firm to produce anti-democratic content, which
reduces the profitability of the media firm but maximizes the profitability of the
overall business portfolio through greater rents from an authoritarian leader (e.g.,
preferential regulatory treatment or public contracts). Anti-democratic content
grows in the owner’s wealth and in the authoritarian premium, the differential
value of concentrated capital under authoritarian governance. I theorize three
extensions: an oligopolistic setting in which reduced democratic content is a common pool resource; an endogenous authoritarian premium based in the authoritarian’s targeting problem; and owners that vary in proactively or reluctantly
supporting the authoritarian.
Jake Grumbach@jakemgrumbach.bsky.social · 2mo ago

Wealth concentration was already way off the rails before Musk became a trillionaire. The wealthiest megabillionaires in the country have basically been doubling their wealth annually in recent years. Feels near impossible to maintain a liberal democracy in this kind of situation.

🧵1/4 African folktales were once passed down through generations as community treasures. Today, many survive only through preservation efforts and digital access. 🌍 Laura Gibbs & Helen Nde fight to preserve African folktales before more cultural memory disappears 🕳️ 🔗 archive.org/details/vani...

Teal graphic quoting Helen Nde, African folklore scholar, for the Vanishing Culture series. Headline: "Why is it important to preserve African folktales?" with the quote "That's a culture that has either completely vanished or is vanishing."

I come from an immigrant community where so many of my friends’ families own ethnic diners and pubs. Many of them are struggling now, and NJ Senator Paul Moriarty’s SODA POP Act will help them survive. Support small homes for culture, memory, and community bonds. SIGN!!

NJ.com@nj.com · 3mo ago

Family-owned diners like Cherry Hill Diner and Collingswood Diner have closed permanently, prompting lawmakers to advance the Saving Our Diners and Preserving Our Past Act through committee.

Through #SINNERS, Ryan Coogler is giving us a masterclass in creating a legacy that outlasts you. Setting new precedents for Black directors, employing Black women and women of color, giving new and old generations opportunities to shine. May his cup runneth over for as long as he lives. #Oscars

Anna Gifty chatted with me about PhD programs when I was an anxious little predoc at UChicago in 2024. Her audacity is quite contagious, and I’ve been living my unabashedly audacious, beautiful life ever since.

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