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Smoking is down, but why are profits up?

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November 16, 2025

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People are smoking less so why are cigarette companies' profits soaring? Jason Palmer, co-host of The Intelligence podcast, and Callum Williams, our senior economics writer, discuss why the tobacco industry is thriving despite the number of American adult smokers falling by around 20m people in the past decade.

Listen to the full episode

The counterintuitive economics of smoking

What nicotine does to your brain

How harmful are electronic cigarettes?

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#economics #health #profit

Guests & Subjects Covered

Jason PalmerThe IntelligenceCallum Williams

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Smoking is down, but why are profits up? · The Economist · Sentinel