The Phoenix Economy: Work, Life, and Money in the New Not Normal – An Essential Analysis of Business, Economics, and Pandemic Transformation

by Felix Salmon

An award-winning journalist presents a tour-de-force analysis—drawing from history, economics, sociology, and popular culture—of the profound and transformative years of the early 2020s, both for individuals and for the global economy. We are living in a strange world — Salmon calls it “the New Not Normal.” The Phoenix Economy explores the ramifications of the pandemic years, many of which are surprisingly positive. In doing so, Salmon makes sense of one of the most disorienting and devastating events of our lifetimes. He examines the critical aspects of our lives that have been transformed in three Time and Space, Mind and Body, and Business and Pleasure. Salmon’s keen observations, on everything from meme stocks to lobster rolls, are backed by a deep understanding of financial markets and the quirks of human behavior. His clear-eyed perspective on human and economic events, combined with his considerable analytical and observational skills, make The Phoenix Economy an insightful, fast-paced read. This book is essential for anyone wanting a better understanding of the near- and long-term effects of this new era and what they portend for our lives. It’s a penetrating insight into what happened—and, more important, what lies ahead.

Genres: Nonfiction, Business, Economics, Audiobook, Finance

352 pages, Hardcover

Published May 9, 2023

Reviews

[Daniel · Rating 4 out of 5]

Felix Salmon is an interesting figure; he's practically an embodiment of a certain sort of globalist noblesse oblige, in that he's absurdly privleged, knows it, compensates for it as much as he can, and still has blind spots bigger than the sun.

That said, he also knows a lot, and is quick to intuitions that may or may not be correct, but that make one carefully evaluate one's own priors should one's conclusions diverge from his.

So I get a lot out of listening to him on the Slate Money podcast, sometimes, and I got some stuff out of listening to this. To the point, there aren't too many people making the counter-intuitive case that the pandemic might be a net-positive long term, right at this time[1]. If that sort of optimism sounds appealing, then this might be what you are looking for.
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[1] I'm sure in a decade, books making that case retrospectively will number in the hundreds.

[Michael · Rating 5 out of 5]

Really good, up to the minute ideas about the new normal “after” Covid. Thoughtful without being ponderous. If you only read one chapter, you’re missing out on the rest, but Chapter 3 is the one.

[Barry · Rating 4 out of 5]

I haven't seen a book that dealt with the political and social (as well as economic) ramifications of the pandemic other than this one.

Get the audiobook. Felix is a delight to listen to!

[katie · Rating 3 out of 5]

Articulates a lot of pandemic truths as I experienced them better than I’ve seen elsewhere even if maybe we’re too in the middle of this to be sure if these takeaways will still feel true in five years.

[Nora · Rating 3 out of 5]

Feeling bad I DNF before returning to the library but it may have been a little econ-y for me anyway

[Spencer Cuvelier · Rating 4 out of 5]

Great in-depth analysis of the effects of Covid and how it precipitated people’s psychology and perception of money to change. Narrow sited political view in the closing chapters.

[Zee · Rating 2 out of 5]

I followed Axios’s finance newsletter by the author and was looking forward to this but it may already turn out to be the disappointment of the year, as it is basically a prolonged statement of the obvious that could have been written by anyone who was paying attention during the pandemic or is well-read in general. It is sort of a book version of ‘scholarly’ commentary/discussion articles that don’t offer anything new but somehow get published and pass themselves off as new or important, and sort of encapsulates one issue with journos getting book deals in general.

I always try to learn something even from ehh books, and I suppose this serves as a cohesive summary of changes that the pandemic catalyzed, but its lack of originality or contribution makes it almost unworthy of a read because most interested in the topic would have already read nearly all of its information elsewhere. The entire first third/half/all? of the book is a basic rundown of pandemic happenings with some humor and insights thrown in, though most of the insights here and throughout are passed off as deeper or less obvious than they really are. Far too much time is spent on personal anecdotes and meme stocks. Most disappointing might be the unmet potential of a book like this and with this title to prescribe deep solutions, predict the future, and/or explain deeper roots and trends, especially since it’s coming from a finance and econ writer. Other reviews seem to miss out on the amount of mediocre, anyone-could-have-written-this and you-should-already-know-this-ness of the info, but again, if you want an okay account of pandemic craziness, this is a good choice.

[Don Carlo · Rating 4 out of 5]

This is the first book on covid, at least that I have noticed, that comprehensively deals with the economic, social and political ramifications of the disease.

The book is an easy read and has some information that I did not know. However, oftentimes, what is presented as fact is often closer to opinion. This book is full of Salmon's points of view. Although it tries to be somewhat encyclopedic in its breadth, I feel it shortchanges covid's effect on education. I also suspect some eyebrows were raised when he talks about the babysitting aspects of teaching.

[erforscherin · Rating 3 out of 5]

If you follow the news, there might not be much new here for you, but Salmon does an admirable job summarizing what-the-heck-just-happened into something more digestible.

I did like his observation that the surge of interest in NFTs, crypto, and other wacky investments can be attributed to Millennials’ “trampoline” mindset: Since the traditional career ladder was kicked away for many, they were looking for a ‘trampoline’ to ‘jump’ them to what would normally be the top of the career ladder. I will be thinking on this for a bit.

[matt · Rating 3 out of 5]

3.5/5 — Basically a replay of the pandemic but in book form with some The Economist/The New Yorker content mixed in, and authored by a walking thesaurus. Don’t so much care to relive that period and won’t feel compelled to reread this one.

[Mike · Rating 4 out of 5]

A friend recommended the book, as I’m always interested in economics and how behaviors change across generational lines. I’ve found in both fiction and non-fiction books, there are those that are clearly before COVID and those that are after. Reading a fiction book published in 2019 in 2021 was weird, as no one wore masks & hospitals were not over run with patients. Same with economics books, as 2019 seemed to be a nieve time where things would only continue to improve. Yet, the next year the whole world stopped.

The author takes a stab at drawing a line from before COVID, through the pandemic to now to determine what the new “normal” is. If there is a new normal, as COVID was a huge shock to every corner of the economy. I didn’t get much out of where we are going, but I found the generational discussion to be enlightening.

The chapter “From Ladders to Trampolines” illustrates correctly the difference between boomer, Gen X and Gen Z thinking. Boomers were super happy to pick stocks, as there was a lot of upside. Gen X, us slacker types, go for index funds, thinking (in my opinion correctly) let the S&P500 average out the winners/losers. Gen Z finds their prospects for growth to be greatly limited, so they put their cash into high risk, high reward vehicles. Think crypto & NFT’s. For the current young person cohort, the stock market doesn’t have any bearing as to their future prospects to being well off & eventually retiring.

This is the money chapter. The Gen Z’s and beyond do not see their socio-economic stations rising above their parents. Instead they see everything as bleak. Saving isn’t interesting, obtaining experiences is. Gen X types may be able to eek out a retirement on the coattails of their boomer parents, only as long as the old people move their assets in such a way to keep the markets from plummeting. The generations after that? They don’t have anything to aspire to, just worry stacked upon worry.

The employer-employee relationship has a long way to go in the USA. The book is hopeful that employers will realize that having happy employees is key. But I don’t see that yet. As I read recently, why to employees give two weeks notice when employers can fire at will? With remote work, there can be a weaker sense of community among employees. Think stickiness of groups. We find company leaders demanding employees return to the office, but most don’t want to. Who wants to commute to sit in a fabric covered box?

I sure hope a better economy rises from the ashes of the post-COVID world (post as in vaccine, not that the virus has been eradicated). Globalization is falling apart, returning us to regionalism. While not as efficient, it is more resilient. Global warming is the great disruptor that is already upon us. A new way forward to harness the labor & innovation of the world is required. Hopefully the phoenix that forms helps us all.

[RWAR_Rani · Rating 3 out of 5]

Life after COVID-19....

This book offers a sharp, reflective look at how COVID-19 reshaped the world—not just medically or economically, but psychologically, socially, and culturally. Spanning from March 2020 to February 2022, the pandemic dominated every aspect of life. It killed over 6 million people worldwide (1 million in the U.S.), upended routines, blurred time, and left behind a lingering fog of uncertainty.

There was no clear beginning or end. Lockdowns happened fast, without preparation. Mask mandates ended unevenly. And through it all, time became elastic—it wasn’t a moment in history so much as a stretch that warped everything around it.

Key themes explored in the book include:
-Shifting priorities: Younger generations, already skeptical of a system that doesn’t benefit them, are leaning toward short-term enjoyment and risk-taking. Why follow outdated rules when the system is no longer reliable?
-Workplace transformation: Remote work proved that companies could adapt rapidly. Workers gained more control over their time and location, breaking old power structures.
-Global to local: Countries focused inward, supply chains broke down, and local economies emerged as essential for resilience.
-Polarization and fatigue: People are more impatient, angrier, and less willing to tolerate inconvenience. The mental strain of prolonged crisis frayed social norms and amplified every stressor.
-Collectivism vs. individualism: Regions with prior experience managing disease leaned toward collective action, while others resisted mandates out of fear or mistrust.
-New freedom: The pandemic hit reset on expectations. Many now feel freer to make bold moves—career changes, relocations, lifestyle shifts.

This book doesn’t try to offer a neat conclusion—because there isn’t one. Instead, it captures the messy in-between and helps make sense of how we’ve changed. If you're looking to process what just happened and what it might mean moving forward, this is a thoughtful and sobering read.

Favorite Quote:
“Things we expect to happen don’t, and the things we never dreamed could happen might upend our lives tomorrow.”

Personal Note: I now find the word "unprecedented" very triggering. Just want to live in precedented times. Please.

[David · Rating 4 out of 5]

This is a very interesting and engaging optimistic take on pandemic and post-pandemic economics.

The book is divided into 3 parts:

Part 1: Time and Space - how the dimensions of our lives were fractured and its consequences
- The New Not Normal: the way time broke during the pandemic, rites of passage, the uncomfortable nature of liminality and the shift from risk to uncertainty
- The Great Acceleration: corporate America’s fast-twitch response to the crisis
- From Ladders to Trampolines: how individual investing changed in profound and generational ways
- Lol nothing matters: NFTs and other speculative bubbles
- Workspace: the transformed physical dimensions of work and how that has upended relations between employers and employees
- The Post-Global World: what happens when globalization ends

Part 2: Mind and Body - mental and physical health
- Arm’s-Length Relationships: what happened to physical proximity and what that might mean for the fight against climate change
- Building Compassion- mental health

Part 3: Business and Pleasure -the broader economy and its most important drivers
- The Two-Headed Risk Eagle: the simultaneous rise and fall of risk appetite during the pandemic
- Shaking the Etch-a-Sketch: how the pandemic laid the groundwork for a happier, more productive workforce
- The Armies of the Public Fisc: the way the US government reacted to the crisis and what it means for the future
- Consider the Lobster Roll: inflation
- New Money: what has happened to the dollar
- Inequality: downsides and upsides

If you've been paying attention during the pandemic, some of the things covered are nothing new. However, I particularly enjoyed chapters 3 and 4 for his perspective on the meme stock and crypto/NFT craze. Also, there is a good unpacking of how governments have dealt with and will deal with crisis in the future especially with lessons from the pandemic.

[Chris Powers · Rating 4 out of 5]

This book touches on a number of interesting themes but it was hard to draw a single through line that tied them all together. Of course, the pandemic is what led to changes in how we work and live, and this book does a great job running through a litany of counterintuitive responses to the pandemic with remote work being the most obvious. It also dives deep into how monetary policy and finance changed. From stimulus checks to massive Fed interventions in bond markets to the crypto and memecoin frenzy, people have a new conception of money. It is a great recap of how major events over the last three years played out in finance and media worlds.

As I was listening to the book, I kept looking for a more central theme, outside of "these are all things that interest Felix". It kind of emerges in the epilogue:

People, from low-income service workers to billionaires, are more risk adverse and more willing to shift their behavior to things that benefit themselves _now_ rather than focusing on things that will improve their situation in 5-10 years time, or as many people have called it, the yolo economy. This seems similar but different from the phoenix metaphor the title evokes, ie the things that emerge from ashes.

I'm a regular listener of the Slate Money podcast, which Felix has hosted for almost a decade. This book is a more polished version of the takes Felix slings every week on tech, media and finance. It is not the definitive book on how the pandemic affected our lives, but it is the first one I've read with the perspective and distance of how we will look back on the pandemic in the future, rather than just getting through it.

[Andrew Bullers · Rating 2 out of 5]

A very opinionated opus from Felix Salmon. If you, dear reader, decide to partake in this book, allow me to give you a few heads up notes. First, Salmon stops just short of blaming Donald Trump for the whole pandemic. Many criticisms are thrown at Trump's handling of the COVID outbreak and stimulus. While the criticisms are frequent and many, there are not many explanations of what could have been done differently. One belief of Mr. Salmon was that Hillary Clinton would have handled COVID better if elected as she would have forged a closer relationship with China. You can't make this stuff up. Page 278 to be exact.

Salmon is also a big believer in masks. Nothing wrong with that, but if you weren't a believer in masking up (possibly to this day) then you are part of the problem.

There is also a lot of criticism of the rich. Salmon dedicated much time discussing Jeff Bezos and his spaceship. Not sure what this has to do with COVID other than a potshot at the rich for indulging.

And finally I will point out a bit of hypocrisy as the author calls out traveling and how difficult it was during COVID. Salmon's complaints regarding being herded into rooms directly off flights into the country was in fact before COVID became a traveling no-no in 2020. Salmon then admits to traveling to Ireland for three months to write this book.

I would suggest this book for you if you are entirely left-leaning, "eat the rich" minded, or otherwise just want a reminder of COVID. Otherwise I would recommend skipping this altogether and going out to eat mask-free.

[Tim Black · Rating 3 out of 5]

This is a well-written summary of the COVID cascade of craziness between March 2020 and Spring 2022. It's only been a year and a half and I already forgot how many profound societal shifts occurred in those couple of years. 


But because I spent the pandemic very much online,  there’s not much new to chew on, and the book felt like a collection of Atlantic and NYT articles strung together. It will be more valuable to older generations that weren't so online during this time and future generations that will curious about what this unique period was like.


Felix’s humanity and optimism elevates the book considerably and makes it a joy to read. As others have mentioned, Chapter 3 is the best - apparently his podcast co-host Emily Peck deserves some credit for that. 

[Julie Bock · Rating 4 out of 5]

I am not an economist nor a political scientist. But this book weaves together (sometimes spoon-feeding in a respectful way) economic, political, business, and social science history and impacts from COVID. It’s the first book I’ve seen doing so comprehensively.

Mr Salmon is a privileged person that to the best of his ability attempts to cover all the above threads, most usually failing in the social impact realm. A worthy read, creating an imperfect tapestry to assess your beliefs about COVID against. Thought provoking in a good way, hopefully stimulating even more reflection.

[David Mihalyi · Rating 3 out of 5]

A cool set of takes on how the economy (and the world) is changing post-COVID. Overall these quite optimistic speculations are based on sparce data points and anecdotes. I also feel like many of the core hypothesis of the book were quite common speculations doing rounds in the press. And they also got a fair amount of fair pushback. So given the sparce evidence / speculative nature of the claims, I feel like an essay length treatment would have sufficed for me.

[Sean · Rating 3 out of 5]

An attempt to describe the new economy that has emerged from the COVID era.

This book suffers from an insurmountable obstacle, which is that we all want to put Covid behind us and not dwell upon it. So, reading about the Covid Era is necessarily a desultory undertaking. That said, Mr. Salmon is a keen observer with an urbane worldview, and makes a strong case that the world we are living in is very different from 2019, across the global economy.

[Mark Hillick · Rating 3 out of 5]

It was ok.

The book talks a lot about the “new normal” after the pandemic, and is pretty positive - more positive than other journalists and analysts.

The book starts strong, but the second half is weaker and felt like fluff added to pad the book out, which is disappointing because the author is an excellent journalist.

[Miguel · Rating 4 out of 5]

Been listening to Felix Salmon's podcast every Saturday for the past 7 or 8 years, so was definitely looking forward to this. While it didn't disappoint I can't say that I was blown away by its contents. If one has been tuned into Slate Money this is pretty well trodden ground. I was of course heartened that he narrated his own audiobook.

[Benjamin Pierce · Rating 3 out of 5]

Written almost like a collection of essays on work, life, and money post-covid, there are some interesting takes in here, but don't expect it to go too deep into any one area. Still, an enjoyable and quick read.

[Christopher Jaime · Rating 4 out of 5]

I really enjoyed this book. I really feel like covid was an inflection point in the history of how we live and operate. This books goes into detail about how covid was handled how people responded to it both socially and professionally. It also talks about all the changes that will endure that was caused because of covid. I highly reccomend this book

[Tom Anichini · Rating 4 out of 5]

Succinct narrative/reminder of what we've just gone through and how the pandemic upended things.

I'm glad Salmon narrated it; his pithy insights are told best in his own voice.

Quirky aside: Felix uses the word "liminal" quite a lot in this book, and since listening to his narration I feel as if suddenly I'm hearing people say it all the time.

[Steven Beningo · Rating 4 out of 5]

Much of this book was excellent, but there were parts of the book that were a lot less good

[July · Rating 5 out of 5]

Highly recommend the audiobook. Felix Salmon host my favorite podcast and I bought this book because of it.

[C · Rating 5 out of 5]

Made me want to read the book Watching the English.

Well-researched. Good examples.

Unique in findings. Liked the biological part.

Kept me interested. Excellent examples.

[George Moriarty · Rating 5 out of 5]

Felix is a colleague, and an absurdly smart one. This book captures what some of us may have thought, but Felix is uniquely able to articulate.

[UnicornMurphy · Rating 1 out of 5]

This guy is an idiot.

wtf was Harper Collins thinking?

[Darren Beck · Rating 4 out of 5]

Good stuff even with the possibility it won’t all materialize, but very thought-provoking and challenges us to determine next steps over and over. Worth the time.