In today’s episode, Noah Smith and Erik Torenberg summon their next dream guest and tackle some listener questions, including the role of economists in predicting outcomes, China's industrial strategy, the new axis, the state of Germany and Britain, and the legacy of neoliberalism. -- 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ -- RECOMMENDED PODCAST:  🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSORS: WorkOS 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia -- LINKS: Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:26) Noah's trip to Poland (01:31) Summoning dream guests - Sergey come on the pod! (02:43) Mailbag Q: Why listen to economists? (09:18) Corporate income taxes and policy (11:59) Unrealized gains (15:18) China's industrial strategy and global relations (17:37) The New Axis (21:25) Potential for World War III (24:06) Sponsor: WorkOS (25:08) Best industrial policy for small landlocked South Asian nations (25:47) Drug prizes in the US (27:29) Nationalistic standpoint and fiscal rules (31:08) Controversies around national sales tax (33:01) Geothermal energy and the future of oil industry (35:54) Germany's energy and economic policies (38:52) State of Britain and Immigration Issues (47:41) The legacy of Neoliberalism (53:13) Wrap

This week, Noah Smith and Erik Torenberg are joined by Dario Amodei, CEO and Co-founder of Anthropic. Dario talks about the economics of AI development, the comparative advantage of AI companies like Anthropic, AI safety, and his stance on California's SB 1047 bill. They also discuss the impacts of AI on global power dynamics, competition between the US and China, and inequality in an AI-powered world. -- 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ -- RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSORS: NetSuite | Babbel | WorkOS 📈 More than 37,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. If you're looking for an ERP platform, get a one-of-a-kind flexible financing program on NetSuite: netsuite.com/102 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @noahpinion @eriktorenberg @anthropicAI @turpentinemedia -- LINKS: Anthropic: https://www.anthropic.com/ Noahpinion: https://www.noahpinion.blog/ Elon Musk's endorsement of SB 1047: https://x.com/elonmusk/status/1828205685386936567 -- TIMESTAMPS: (00:00) Intro (02:06) Dario’s intellectual evolution (04:18) Is Google the Bell Labs of AI? (07:48) Economic moats in AI (10:13) Scaling hypothesis and AI’s future (14:46) National security and AI (16:44) Leopold Aschenbrenner's essay (18:14) AI’s impact on business models (24:19) Noah's big thesis (27:13) Sponsors: NetSuite | Babbel (29:23) AI arms races? (33:41) AI’s impact on labor and skill distribution (38:05) Sponsor: WorkOS (39:06) Future of AI and a hyperscaling world (41:42) A vision of radical abundance (47:14) AI safety and inequality (51:23) The SB 1047 debate (56:13) Rabbit alignment problem (58:41) Wrap

In today’s episode, Noah Smith and Erik Torenberg answer listener questions on intriguing topics from politics to personal relationships. They analyze Donald Trump, discuss Chomsky's influence on foreign policy, explore the economics of dating markets, and discuss Noah's theory 'why sex leads to love'. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv - 🎙️ History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj -- SPONSORS: BABBEL | BEEHIIV | WARP 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code "MOZ" for 20% off your first three months This episode is brought to you by Warp. Don’t let payroll and compliance hold your startup back: visit https://joinwarp.com/peel to get started and receive a $1000 gift card when your first run payroll. -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS: Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:20) Assessing Trump's Presidency
(03:20) Trump's Presidency: The good and the bad (12:32) Biden vs. Trump: Second term predictions (16:18) Sponsor: Babbel and Beehiiv (18:53) Tech's shift towards Trump (25:20) Chomsky's influence on foreign policy (30:49) Sponsor: Warp (31:48) Anti-American sentiment: A global perspective (35:46) Economic schools of thought (37:08) Ranking federal reserve chairs (41:00) Paul Krugman's legacy (42:49) Economic models and dating markets (47:22) Role of sex in long-term relationships (53:56) Coolidge effect and human relationships (01:00:38) Genetics and long-term passion (01:03:23) Wrap

In today’s episode, Noah Smith and Erik Torenberg dive into some listener questions on economics and macroeconomics issues. They discuss the Federal Reserve's strategy on interest rates, the complexities of macroeconomic prediction, the evolution of industrial policy, and pick the best economists of all time. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj --  RECOMMENDED PODCAST: Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more. Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812 - 🎙️ History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj -- SPONSORS: BABBEL | BEEHIIV 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code "MOZ" for 20% off your first three months -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS: Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:35) Federal Reserve's approach to interest rates and inflation (02:48) Challenges in macroeconomic predictions (04:46) Microeconomic foundations of macroeconomics (07:53) Debating the greatest economists (10:19) University economics departments and their cultures (13:25) Great financial crisis: Causes and Misconceptions (18:50) Sponsor: Babbel and Beehiiv (21:25) Stabilizing Nominal Gross Domestic Product (NGDP) (25:50) Mechanisms of fiscal and monetary policy (29:42) Embracing industrial policy (37:13) Challenges in U.S. industrial policy (42:20) Threat of bioweapons and AI (49:21) Economic development with AI and automation (51:23) Economic impacts of high interest rates (53:44) Engaging with policymakers and future initiatives (55:09) Wrap

Today Noah Smith and Erik Torenberg answer more listener questions covering the surge of support for the hard right in European elections, the impact of immigration in Europe and the US, the future of Social Security, the stability of banks, and the best and worst taxes in the US. They also dive into the negative impact of China conquering Taiwan and why it is important to stand up against China's aggression.  🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more. Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812 - 🎙️ History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj -- SPONSORS: BABBEL | BEEHIIV 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code "MOZ" for 20% off your first three months _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ LINKS: Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:25) European elections and economic concerns (05:41) Comparing immigration in the US and Europe (12:01) Immigration in Japan and Vietnam (14:01) Brain drain in small countries and economic challenges (15:59) Sponsor: Babbel and Beehiiv (18:34) Social security and population growth (22:04) Banking crisis and regulations (26:56) Taxation: Best and worst practices (32:00) Government spending and infrastructure (37:16) Future of Intel and the chip industry (40:57) Manufacturing vs. Service-based development (49:54) Japan-Korea relations and generational change (56:49) Threat of China and global alliances (01:03:06) Wrap

In this episode, Noah Smith and Erik Torenberg are joined by Kyla Scanlon, creator, writer, analyst, and author of new book “In this Economy?" They discuss the vibecession, the housing crisis, leader fatigue, and the impact of the economy on political polarization and the age of austerity. The conversation also covers the impact of Trump's economic policies, the risk of hyperinflation, and the potential for war with China. Crush your 2024 goals and learn a new language with Babbel - get 60% off at Babbel.com/econ102 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj  -- Recommended Podcast: The Riff with Byrne Hobart Byrne Hobart, the writer of The Diff, is revered in Silicon Valley. You can get an hour with him each week. See for yourself how his thinking can upgrade yours. Spotify: https://open.spotify.com/show/6rANlV54GCARLgMOtpkzKt Apple: https://podcasts.apple.com/us/podcast/the-riff-with-byrne-hobart-and-erik-torenberg/id1716646486 - 🎙️ History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj -- SPONSORS: BABBEL | BEEHIIV 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at Babbel.com/econ102 🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code "MOZ" for 20% off your first three months _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ LINKS: Kyla Scanlon: https://kylascanlon.com/ Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:27) Understanding economic misconceptions (02:27) Vibecession (03:36) Interest rates and inflation debate (08:05) Generational wealth and housing (15:06) Sponsor: Babbel and Beehiiv (17:41) Monopolization of land and housing (22:55) Speculation and financial nihilism (28:40) Political influence on economic perception (36:44) Economic polarization and bifurcation (37:12) The Age of Austerity (41:44) Trump's economic policies and potential impact (50:34) Global elections and geopolitical fragmentation (58:10) Comparing Trump to global leaders (59:55) Identifying the biggest risks amidst inflation (01:06:20) Wrap

Today Noah Smith and Erik Torenberg discuss the recent angry posts on X from David Austin Walsh, a history postdoc at Yale, and what this controversy says about the social and economic trends of the elite in the US. They also cover the the rise of right-wing muckrakers, discuss what the conservative movement needs now, and who they consider the smartest thinkers today are - on the left and the right. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- Recommended Podcast: The Riff with Byrne Hobart Byrne Hobart, the writer of The Diff, is revered in Silicon Valley. You can get an hour with him each week. See for yourself how his thinking can upgrade yours. Spotify: https://open.spotify.com/show/6rANlV54GCARLgMOtpkzKt Apple: https://podcasts.apple.com/us/podcast/the-riff-with-byrne-hobart-and-erik-torenberg/id1716646486 -- SPONSORS: BEEHIIV Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 https://beehiiv.com and use code "MOZ" for 20% off your first three months -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS https://www.noahpinion.blog/p/the-case-of-the-angry-history-postdoc -- TIMESTAMPS: (00:00) Intro (00:52) Twitter Blow-Up: David Austin Walsh controversy (04:10) Elite Overproduction and academia (08:09) Racial Disparities in academia (14:12) Sponsor: Beehiiv (15:23) Elite overproduction’s implications for politics and academia (20:46) Right-Wing muckrakers and progressive institutions (30:37) Misconceptions about Barack Obama (31:08) The Rise of Mike Solana (33:00) Evolution of progressive and conservative labels (38:33) Smartest leftist (40:48) American Roots of Wokeness (54:20) Future of Conservatism (59:59) Wrap

In today’s episode, Noah Smith and Erik Torenberg respond to pressing questions on US inflation, the possibility of the US becoming a petro-state, global trade dynamics in the context of geopolitical shifts, the potential impacts of de-dollarization, and the sustainability of defense strategies. They also cover the impact of recent wars, and discuss India and Japan. Thanks to all the listeners who continue to send in their questions! 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episodes are on Reddit, Twilio, Klaviyo and Rubrik. Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 -- SPONSORS: BEEHIIV Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 https://beehiiv.com and use code "MOZ" for 20% off your first three months _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ LINKS: Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (01:45) Exploring Biden's influence on inflation and policy suggestions (05:21) Inflation's impact on national debt (09:34) Role of industrial policy in inflation dynamics (15:47) Is the U.S. Becoming a Petro State? (17:28) Sponsor: Beehiiv (18:39) Discussing federal reserve's balance sheet and monetary policy (23:49) Student loan forgiveness and tariffs (25:38) WTO's role in trade disputes (28:23) Rethinking global trade rules (31:28) Trade agreements and military alliances (32:35) China and Russia: Trade relations and aggressiveness (33:28) China’s capital inflow tax (40:13) India's political landscape and Modi's impact (50:10) Reassessing U.S. military interventions: Vietnam, Afghanistan, and Iraq (53:44) Role of conventional forces in preventing nuclear war (56:46) Japan's currency intervention (57:47) Invitation to Lithuania (58:10) Wrap

In this week’s episode, Noah Smith and Erik Torenberg explore various aspects of Joe Biden’s presidency to evaluate a case for reelecting Biden, focusing on economic policy shifts, spending concerns, inflation, and industrial policy. They also emphasize the historical and current political dynamics between the U.S. and China, exploring tariffs, trade, oil production, and technology, with a nuanced view of protectionism’s role in national security and economic growth. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episodes are on Reddit, Klaviyo and Rubrik - which just IPO’d. -- SPONSORS: BEEHIIV Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 https://Beehiiv.com and use code "MOZ" for 20% off your first three months _ SEND US YOUR Q’s FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ LINKS: Noahpinion: The Positive Case for Joe Biden https://www.noahpinion.blog/p/the-positive-case-for-joe-biden Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:19) Positive case for Joe Biden (05:34) Biden’s economic policies and achievements (10:32) Discussing inflation during Biden’s administration (15:00) Sponsor: Beehiiv (16:10) Analyzing the CHIPS Act and Inflation Reduction Act (20:16) Impact of tariffs and permitting challenges (26:16) Tariff Debate: Impact on EVs and global manufacturing (36:51) Alternatives policies and strategies beyond tariffs (39:26) Evolution of America’s approach to China: Obama, Trump, and Biden (46:44) Wrap

This week on Econ 102, Noah Smith and Erik Torenberg discuss the pros and cons of Biden's tax plan based on Noah's recent essay. They also answered listener questions on the German economy's success, Japan's government debt management, and strategies for staying well-informed on economic issues. Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episodes are on Reddit, Klaviyo and Rubrik - which just IPO'd. Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 -- SPONSORS: BEEHIIV | HARMONIC Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 https://beehiiv.com and use code "MOZ" for 20% off your first three months 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ LINKS: Noahpinion: Biden is Right https://www.noahpinion.blog/p/biden-is-right-that-we-need-to-raise Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:51) Biden's Tax Plan: A Critical Analysis (10:45) Argument for and Against Tax Increases (15:41) Sponsor: Beehiiv (16:57) Exploring Capital Gains and Inheritance Taxes (23:07) Impact of Inherited Wealth and Productivity (28:17) Potential Impact of Taxing Unrealized Gains (30:02) Sponsor: Harmonic (31:08) Progressive Wage Subsidies vs. UBI (33:12) Political Activism: Then and Now (43:21) Germany's Success in Manufacturing (45:35) Japan's Government Debt and Deflation (47:45) Discrepancy between S&P 500 Growth Rate and GDP Growth Rate (50:42) Effects of Algorithmic Pricing on Competition (53:45) Noah's News Consumption (56:36) Wrap

In today's episode of Econ 102, Noah Smith and Erik Torenberg tackle more listener questions: the Fed's impact on inflation and the economy, theories behind interest rates' unexpected effects, and 'greedflation'. The discussion also extends to shifts in Japan's economic policies amid currency valuation concerns, housing price disparities between the US and Canada, gentrification, balanced budget amendments, and the geopolitical dynamics between Saudi Arabia and Iran, finishing with thoughts on TikTok. Thank you to everyone who sent in questions. Keep 'em coming: Econ102@turpentine.co -- SPONSORS: BEEHIIV | WARP | HARMONIC Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 https://beehiiv.com and use code "MOZ" for 20% off your first three months Hundreds of startups already trust Warp to handle their payroll and compliance needs - you can go from zero to payroll live in just two days. Don't let payroll and compliance hold your startup back – visit https://joinwarp.com/peel to get started and receive a $1000 gift card when you first run payroll. 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.) _ Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ LINKS: Noahpinion: https://www.noahpinion.blog/ _ TIMESTAMPS: (00:00) Intro (00:53) What if the dollar was no longer the world’s reserve currency? (04:50) Fair taxation (08:20) Level of redistribution in the US (10:30) Lowering inequality by increasing economic growth (18:26) Sponsor: Beehiiv | Harmonic (20:26) Education reform (30:07) Fixing rising costs in healthcare (34:12) Limitations of UBI (39:09) Massive gap between US and China’s manufacturing capacity (46:25) US potential gateway to Africa (54:28) Impact of foreign aid (59:20) Revitalizing small US cities (01:04:58) Wrap

In today's episode, Noah Smith and Erik Torenberg answer listeners' questions in rapid fire format, over topics such as the global reserve currency, fair taxation, wealth redistribution, education reform, healthcare, US manufacturing, how to revitalize cities, and more. Thanks to all our listeners who continue to write in with big meaty questions! This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co _ SPONSORS: BEEHIIV | HARMONIC Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. 🐝 to https://Beehiiv.com and use code “MOZ” for 20% off your first three months. 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple _ LINKS: Noahpinion: https://www.noahpinion.blog/ _ X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) _ TIMESTAMPS: (00:00) Intro (00:53) What if the dollar was no longer the world’s reserve currency? (04:50) Fair taxation (08:20) Level of redistribution in the US (10:30) Lowering inequality by increasing economic growth (18:26) Sponsor: Beehiiv | Harmonic (20:26) Education reform (30:07) Fixing rising costs in healthcare (34:12) Limitations of UBI (39:09) Massive gap between US and China’s manufacturing capacity (46:25) US potential gateway to Africa (54:28) Impact of foreign aid (59:20) Revitalizing small US cities (01:04:58) Wrap

In today’s episode, Noah Smith and Erik Torenberg explore the the policies of Kamala Harris and Donald Trump, complexities of housing affordability and wealth storage, challenges in immigration policies, and critique the effectiveness of tariffs. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSORS: WORKOS | BABBEL 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS: Noahpinion: https://www.noahpinion.blog/ Harris has the right idea on housing: https://www.noahpinion.blog/p/harris-has-the-right-idea-on-housing -- TIMESTAMPS: (00:00) Intro (00:48) Discussing housing policy (05:53) Singapore's housing model (10:54) Kamala Harris' housing plan (12:32) Federal vs. Local housing regulations (14:32) Grocery store price gouging debate (22:28) Mass deportation policies (24:23) Sponsors: WorkOS | Babbel (26:51) Illegal Immigration (31:58) Economic impact of immigration (37:12) Cultural disruptions from immigration (43:37) Tariffs and trade policies (49:35) Republican focus on immigration (57:31) Export controls and Chinese chip industry (01:00:29) Wrap

In this week’s episode, Noah Smith and Erik Torenberg tackle more listeners' questions focused on conflicts and war. They cover various defense strategies, emphasizing the urgency of revitalizing the U.S. defense industrial base to prepare for potential conflicts. They discuss the differences between authoritarian and democratic powers, highlighting the significant risk of World War III and the importance of alliance building, particularly with countries like Japan, India, and European nations to counterbalance China's growing influence and the new ‘Axis’. Happy birthday Noah! This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. _ SPONSOR: HARMONIC 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 _ LINKS: Noahpinion: https://www.noahpinion.blog/ WW3? : https://www.noahpinion.blog/p/americans-are-still-not-worried-enough _ X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) _ TIMESTAMPS: (00:00) Episode Preview (01:57) The defense industrial base (08:17) Precedents of wars leading to World War II and the Cold War (14:57) Contrast of Xi Jinping and Putin (21:46) Sponsor: Turpentine (22:33) China's production advantage (27:54) Evaluating the new axis of power (33:51) Complexities of manufacturing and warfare (41:02) Impact of war on economies (44:13) Exploring the Israel-Palestine conflict (49:41) Potential for peace in the Middle East (55:28) Wrap

In this week’s episode, Noah Smith and Erik Torenberg dive into various econ topics and tackle listener questions! They cover: government spending and the national debt, discussion on taxation, wealth taxes and economic outcome of the next U.S. election, as well as differences in respect and status in the United States and Japan, and lessons learned from deficit spending. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. _ SPONSOR: HARMONIC 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 _ Links: Noah Smith's Noahpinion https://www.noahpinion.blog _  X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) _ Timestamps: (00:00) Episode Preview (01:02) Noah’s Japan trip (02:33) Why is the U.S. doing so much deficit spending? (08:04) Post-COVID economic response (14:52) Levers of dealing with the National debt (21:27) 2024 Election Speculations: Economic outcomes of Trump vs. Biden (25:26) Pros and cons of a Wealth tax (30:35) Sponsor: Turpentine (32:34) Impact of Funding the IRS and repealing Trump's tax cuts (33:01) Reducing government spending (41:11) Addressing economic inequality in the U.S. (51:26) Wrap

This episode is a continuation of analyzing the economies around the world, with Noah Smith and Erik Torenberg focusing on the Middle East, Africa, South America, and North America. They discuss the economic challenges and solutions in Egypt and Saudi Arabia, as well as Latin America’s drug problem and Canada’s economic stagnation. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. _ SPONSOR: HARMONIC 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple _ Links: Noah Smith's Noahpinion https://www.noahpinion.blog _  X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) _ TIMESTAMPS: (00:00) Intro (00:32) Egypt's economic challenges (05:25) How rich is Saudi Arabia (13:57) Sponsor: Turpentine (15:13) Africa’s population growth and demographic dynamics (32:49) Africa’s economic potential (38:58) Mexico's manufacturing and security woes (43:48) Brazil's potential in South American manufacturing (48:01) Latin America's fight against inequality (55:12) Dominican Republic's economic success (01:00:51) Canada's economic stagnation (01:05:33) Wrap  

In our second installment of Analyzing the Economies Around the World, Noah Smith and Erik Torenberg cover Europe and Turkey. They discuss the UK's productivity issues, France's nuclear energy investments, Germany's weaknesses, Poland's economic success, Turkey's economic policies, and immigration challenges across the EU and Europe. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. _ SPONSOR: HARMONIC 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co _ Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple _ Links: Noah Smith's Noahpinion https://www.noahpinion.blog _  X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) _ TIMESTAMPS: (00:00) Intro (00:30) UK's economic challenges (07:25) France's nuclear power success (12:02) Germany’s trust problem (24:28) Sponsor: Turpentine (25:36) Italy’s stagnant and declining economy (26:33) Poland's economic rise (31:24) Poland responding to external threats (32:25) Europe's immigration challenges (45:13) EU's future despite economic and regulatory obstacles. (52:34) Turkey's economic landscape and prospects (58:17) Wrap

In this episode, Noah Smith and Erik Torenberg talk about the world's biggest economies including US, China, Japan, Korea, Taiwan, Russia, Australia, and more, looking at things like inflation, debt, industrial policy, and population challenges. They talk about what each country does well and where they might struggle, and offer ideas about what could happen next. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. _ SPONSOR: HARMONIC 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. _ SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co - RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries. Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333 Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836. - SPONSOR: BRAVE Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign. - Links: Noah Smith's Noahpinion https://www.noahpinion.blog -  X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) - TIMESTAMPS: (00:00) Intro (01:03) U.S. Economy: Trends and Concerns (08:01) Transition to China's Economy: Massive Property Bust (15:28) Sponsor: Brave | Turpentine (21:36) Segue to Japan's Economy: Key Hub of the Electronics Manufacturing (30:11) Korean Economic Struggles (33:05) South Korea's Technological Capabilities and International Relations (34:14) Exploring Taiwan's Economy and Challenges (36:22) Indonesia's Manufacturing Shift (37:55) Vietnam's Economic Strategy and Development Needs (40:31) India's Poverty Reduction and Infrastructure Investments (44:26) Pakistan Economic Mismanagement (48:38) Philippines: Underrated Investment Destination (49:33) Transition to Australia: The Progressive Utopia (52:02) Russia Economy at War (59:59) Wrap

In this episode, Noah Smith and Erik Torenberg are joined by Nathan Labenz, co-host of The Cognitive Revolution Podcast, to deep dive into AI's impact on our economy and society. They discuss how AI might affect the job market and society, drawing comparisons to past economic changes. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. - RECOMMENDED PODCAST: Sourcery by Molly O'Shea Sourcery by Molly O’Shea brings the conversations founders and investors have behind closed doors into the light. Subscribe for upcoming episodes with: Delian Asparouhov of Founders Fund and Varda Space, and Chris Power of Hadrian. Spotify: https://open.spotify.com/show/2Ni3Tese9CtZa3oxpCjgTg YouTube: https://www.youtube.com/@SourceryVC/ - SPONSOR: NETSUITE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Links: Noah Smith's Noahpinion https://www.noahpinion.blog The Cognitive Revolution podcast Spotify: https://open.spotify.com/show/6yHyok3M3BjqzR0VB5MSyk Apple: https://podcasts.apple.com/us/podcast/id1669813431 –  X / TWITTER: @labenz (Nathan) @noahpinion (Noah) @eriktorenberg (Erik) @TurpentineMedia (Turpentine) –   TIMESTAMPS (00:00) Intro (00:39) AI and the Future of Employment (03:48) The Intersection of AI, Robotics, and Biotech (04:53) Economic Disruption (06:33) Future of Jobs in an AI-Dominated World (08:22) AI's Impact on Economy (10:36) Pessimism Surrounding AI's Economic Impact (12:21) Comparative Advantage in the AI Era (14:02) AI Replacing Human Jobs (19:19) Sponsor: Netsuite (19:30) New Social Contract in the AI Era (34:21) Human Wages in an AI-Dominated Economy (39:31) Impact of AI on Job Market (41:40) Fear of AI Taking Over Human Jobs (47:47) Role of Government in AI Development (50:06) Potential Risks and Benefits of AI (53:14) Future of AI and Its Social Impact (58:45) Fear of Totalitarian States and AI (01:05:35) The Need for a Positive Vision for AI (01:11:18) Wrap

In this episode of Econ 102, Noah Smith and Erik Torenberg are joined by Brad Hargreaves, the founder of Common, co-founder of General Assembly, and writer of Thesis Driven. They discuss the future of real estate and housing in America, the impact of regulations, and the potential of new cities. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. RECOMMENDED PODCAST: Thesis Driven Leader Series Thesis Driven Leader Series, hosted by Brad Hargreaves, features conversations with the leading voices at the intersection of real estate, cities, innovation, and the built world. Guests include Jan Sramek, Dror Poleg, Spencer Rascoff, and more. Apple: https://podcasts.apple.com/us/podcast/thesis-driven-leader-series/id1724813949 Substack: https://www.thesisdriven.com/p/introducing-the-thesis-driven-leader _ Sponsor: NETSUITE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – Links: Noahpinion’s https://www.noahpinion.blog – X / TWITTER: @bhargreaves (Brad) @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) – TIMESTAMPS (00:00) Intro (00:28) Understanding Real Estate Economics (01:29) Role of Technology in Real Estate (02:45) 2008 Financial Crisis and Real Estate (06:31) Role of Banks in Real Estate (10:14) Future of Real Estate and Housing (13:21) Sponsor: NetSuite (14:38) Impact of Regulations (20:22) Real Estate Architecture’s Evolution (29:48) Role of Developers in Real Estate (40:21) Challenges of Building State Capacity (51:53) Potential of New Cities (01:00:33) Success of New Urbanist Towns (01:01:53) Wrap This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

This week on Econ 102, Noah Smith and Erik Torenberg explore the changing racial dynamics in the U.S., highlighting the importance of national identity, and the recent role of social media within that evolution. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj _ Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity * Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks * Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 * Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. Sponsors: NETSUITE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – Links: Noahpinion’s “This is not a good way to fight racism in America” on Substack: https://www.noahpinion.blog/p/this-is-not-a-good-way-to-fight-racism – X / TWITTER: @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) – TIMESTAMPS (00:33) Episode Preview (01:40) Google Gemini (03:53) Has history repeated itself? (07:05) A cultural since Trump's residency (10:11) Inspiration for Star Wars (12:30) SPONSOR: NETSUITE (13:40) The aftermath of the Nixon era (22:56) Social media’s role (28:13) Ethnic Enclaves on economic outcomes (29:43) The controversial ideas of Kendi (30:14) Different searches for national identity (38:35) The Challenges of multiracial societies (40:54) History’s role in shaping national identity (47:08) The Impact of education on racial identity (51:40) Concluding thoughts on Americans’ identities This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

This week on Econ 102, Noah Smith and Erik Torenberg discuss Tucker Carlson’s interview with Vladimir Putin, the state of Russia's economic and military, and the country's relationships with the West. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj _ Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity * Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks * Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 * Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. Sponsors: NETSUITE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: - Noahpinion “Russia is not actually a very nice place to live” on Substack: https://www.noahpinion.blog/p/russia-is-not-actually-a-very-nice - “The Machine” Bert Kreischer: https://www.youtube.com/watch?v=paG1-lPtIXA&t=1s – X / TWITTER: @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) – TIMESTAMPS (00:00) Episode Preview (01:50) Tucker Carlson's Interview with Putin (04:45) Misconceptions about NATO Expansion (09:44) Poland's Economic Success and Russia's Fear (12:41) Religion in Poland and Russia (16:20) Lessons from Poland's Economic Success (19:12) SPONSOR: NETSUITE (20:55) Tucker's Misconceptions of Russia (26:56) Disparity in Post-Communist Societies (28:27) The Controversy of the EU (29:24) The Real Economic State of Russia (32:08) Putin's Legacy (39:58) Russian Sanctions (51:17) The Future of Warfare: Drones (53:13) Russia's Threat to Europe This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

This week Noah Smith and Erik Torenberg sit down to deconstruct several economic theories dealing with developing nations, export oriented manufacturing, the roles of engineers across the world, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. He rebuttals arguments made by Turkish economist Dani Rodrik relating to on manufacturing, automation, employment, and more. - RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj _ Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity * Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks * Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 * Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ ➕ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. Sponsors: NETSUITE 💫 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – 📈Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – ✍️ LINKS: - Noahpinion "The Developing Country Industrialization series" on Substack: https://www.noahpinion.blog/p/the-developing-country-industrialization - Thread on the economy: https://twitter.com/RealEJAntoni/status/1753450904840286367?s=20 - EJ Antoni's "Why the Unemployment Rate Is Much Higher Than It Seems" : https://www.heritage.org/jobs-and-labor/commentary/why-the-unemployment-rate-much-higher-it-seems – X / TWITTER: @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) – TIMESTAMPS (00:20) Episode Preview (02:12) Debunking economic myths (03:03) Unemployment rates (04:56) Alternative labor market indicators (06:40) Misconceptions about inflation (09:33) Understanding borrowing and debt (12:10) SPONSOR: NETSUITE (17:28) The possibility of economic collapse (21:34) International development strategies (26:11) Bangladesh’s need for electronics manufacturing (30:27) Dani Rodrik's views on manufacturing (36:15) The impact of automation on manufacturing (39:19) The role of engineers in manufacturing (43:25) Future of manufacturing in developing countries This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

This week on Econ 102, Noah Smith and Erik Torenberg discuss the differentiation between technology and 'tech' as an investment category, the future of AI, potential profitability of AI companies, and the challenges faced by VC investors in the AI space. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSORS: NETSUITE | BABBEL | WORKOS 📈 More than 37,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. If you're looking for an ERP platform, get a one-of-a-kind flexible financing program on NetSuite: netsuite.com/102 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS: Noahpinion: https://www.noahpinion.blog/ Some thoughts on the future of the tech industry: https://www.noahpinion.blog/p/some-thoughts-on-the-future-of-the _ TIMESTAMPS: (00:00) Intro (00:23) State of technology: Optimism vs. realism (07:18) Consumer social and the limits of innovation (11:10) Role of AI in education and healthcare (18:35) Sponsors: Babbel | WorkOS (20:44) Impact of incumbents on innovation (25:28) Future of e-commerce and remote work (31:52) Sponsor: NetSuite (32:59) Future of AI in venture capital (36:13) Economic impacts of AI adoption (40:52) Challenges in AI profitability (43:33) Role of big tech in AI (50:24) Political shifts in the tech industry (01:03:13) Wrap

This week on Econ 102, Noah Smith and Erik Torenberg discuss the role of tariffs in the world economy, Tesla’s positioning in the Chinese market, and economic strategies that the U.S. may need to implement to remain competitive in global trade. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj _ Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. Sponsors: NETSUITE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: - Noahpinion “Tariffs are coming” on Substack: https://www.noahpinion.blog/p/tariffs-are-coming – X / TWITTER: @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) TIMESTAMPS (00:20) Episode Preview (02:17) Trade Policies (05:58) The Impact of Tariffs (08:12) The Future of the U.S. Car Industry (11:42) The Limitations of Tariffs (13:46) SPONSOR: NETSUITE (19:51) The Parallels Between Ford and Musk (27:32) Elon Musk vs China (30:40) Power Dynamics in China (32:26) Europe's Role in the Global Market (34:56) China's Currency Manipulation (40:32) The Need for Industrial Policy (48:01) The Role of Tariffs in Trade (50:08) The Future of U.S. and China Relations (51:46) The Need for Bold Leadership This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

This week, economist Eli Dourado joins Noah Smith and Erik Torenberg to explore the concept of the Great Stagnation and whether it is over, the challenges of scaling in America, the role of governance in hindering progress, the role of new technology in productivity gains, and much more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. - RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj - Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. Sponsors: NETSUITE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – X / TWITTER: @elidourado (Eli) @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) TIMESTAMPS (00:00) Episode Preview (01:44) Perspectives on the Great Stagnation (08:49) Scaling in the U.S. (09:27) Copying Elon Musk (15:36) NIMBYs  (18:48) SPONSOR: NETSUITE (20:14) Our intolerance to risk (25:23) The future of airplane manufacturing  (31:01) Indicators of the great stagnation (33:09) Techno-optimism and socio-pessimism (39:30) The future of home appliances and robots (41:45) The Impact of mining and construction on productivity (43:19) What about solar snergy? (43:42) Role of government in technological progress (55:26) The importance of overcoming obstacles This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

This week on Econ 102, Noah Smith and Erik Torenberg explore several aspects of Japan’s work system, culture, economy, and more, including the seniority promotion system, globally perceived homogeneity, economic transformation, and immigration trends. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Noah highlights Japan's past and current corporate cultures, how working and gender roles have evolved, and his personal journey, explaining how he fell in love with Japan's culture and its transitions over time. - RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj _ Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. Sponsors: NETSUITE NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: 'Weebs!' by Noah Smith: https://www.noahpinion.blog/p/weebs 'Car Wars' by Noah Smith: https://www.noahpinion.blog/p/car-wars ‘Can Japan Compete’ by Michael E. Porter: https://www.amazon.com/Can-Japan-Compete-Michael-Porter/dp/0465059899 X / TWITTER: @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) TIMESTAMPS (00:20) Episode Preview (02:17) Trade Policies (05:58) The Impact of Tariffs (08:12) The Future of the U.S. Car Industry (11:42) The Limitations of Tariffs (13:46) SPONSOR: NETSUITE (19:51) The Parallels Between Ford and Musk (27:32) Elon Musk vs China (30:40) Power Dynamics in China (32:26) Europe's Role in the Global Market (34:56) China's Currency Manipulation (40:32) The Need for Industrial Policy (48:01) The Role of Tariffs in Trade (50:08) The Future of U.S. and China Relations (51:46) The Need for Bold Leadership This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

This week Erik Torenberg and Noah Smith are joined by Itay Vinik, Co-Founder & Chief Investment Officer at Equi, to explore their different perspectives on the current state of the economy and the likelihood of a recession. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv -- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj -- We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- LINKS: - Noahpinion on Substack: https://www.noahpinion.blog/ -- X / TWITTER: @VinikItay (Itay) @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia TIMESTAMPS (00:20) Intro (01:03) The current state of U.S. economy (03:43) Future economic trends (08:25) Economic indicators and predictions (15:24) SPONSOR: GIVEWELL (16:51) Cont. economic indicators and predictions (19:45) Potential economic risks (21:46) Inflation and fiscal policy (29:29) SPONSOR: NETSUITE (32:48) Inflation and monetary policy (35:29) Recapitalization of the banking system (36:34) Long-term deflationary trends (43:23) Housing’s role in wealth effect (48:21) Risky debt (55:22) Conclusions on the future of the economy

Noah Smith and Erik Torenberg discuss the resignation of Harvard's President Claudine Gay as well as the issues surrounding academic research, such as plagiarism, peer review, academic incentives, and more. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj - We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: - Noahpinion on Substack: https://www.noahpinion.blog/ – X / TWITTER: @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @TurpentineMedia (Turpentine) – TIMESTAMPS (00:25) Episode Preview (03:00) The Claudine Gay Controversy (06:24) Bill Ackman's Role (08:00) Plagiarism's Prevalence in Academia (11:24) Need for External Scrutiny (12:51) Universities in the Private Sector (18:04) The Need for External Scrutiny in Universities (18:30) SPONSOR: GIVEWELL (20:09) The Impact of Incentives (23:33) Issues with Peer Review (25:44) The Importance of Relevant Research (26:35) SPONSOR: NETSUITE (29:13) Research Across Different Fields (30:07) Theory Papers in Economics (32:23) Defining 'Waste' in Academic Research (34:57) Value of Seemingly-Useless Research (36:39) Incentive in Academia (36:44) Fields That Refuse to Die (46:26) Aging Population's Impact on Research (53:10) Future of Academia

This week Dan Romero joins Noah Smith and Erik Torenberg to discuss the overuse of the term “fascism,” what has led to the capabilities of China and the U.S., and much more. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. - RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj - Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: - Noahpinion on Substack: https://www.noahpinion.blog/ – X / TWITTER: @dwr (Dan) @eriktorenberg (Erik) @noahpinion (Noah) @Econ102_Podcast (Econ 102) @moz_podcast (Moment of Zen) @TurpentineMedia – TIMESTAMPS: (00:00) The word 'Fascist' (08:40) Economic transformation in China (13:04) SPONSOR: GIVEWELL (16:10) Impacts of Trump's policies (19:07) The renegotiation of NAFTA (23:51) United States' withdrawal from the Middle East (27:22) SPONSORS: NETSUITE & MASTERCLASS (30:05) Asia & US foreign policy (41:46) The importance of focusing on Asia (48:20) U.S. production during World War II (50:14) China's production capabilities (51:26) Elon Musk & Henry Ford (54:09) Private markets for defense technology (55:38) Political unity & seriousness in war (58:57) US military budget and production (59:56) Industrial production in World War II (01:05:30) Trump's impact on China (01:09:16) Building alliances against China (01:14:48) Political unity and continuity in foreign policy

For this episode, Noah Smith and Erik Torenberg are joined by Sebastian Bensusan, an Argentinian engineer, to discuss Argentina's unique inflation problem, its agricultural and mining sectors, dollarization, voting patterns, and more. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. - RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj - Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv -- We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- LINKS: - Sebastian Bensusan's blog: https://blog.sbensu.com/ - Noahpinion on Substack: https://www.noahpinion.blog/ - Noah Smith, "Argentina's macroeconomic situation is even worse up close" on Substack: https://www.noahpinion.blog/p/argentinas-macroeconomic-situation -- X / TWITTER: @noahpinion (Noah) @sebasbensu (Sebastian) @eriktorenberg (Erik) -- TIMESTAMPS: (00:55) Episode Preview (03:25) Argentina's Economy & Industries (09:00) Lack of Development State (15:45) SPONSOR: GIVEWELL (28:20) Hyperinflation & Dollarization (30:46) SPONSOR: NETSUITE (43:27) Inflation & Threshold Effects (48:39) Impact of Inflation on Bonds & Borrowers (55:10) Effects on Savings (01:00:01) Replacing Welfare State with Growth (01:08:14) Privatization & Corruption in Argentina (01:13:04) Refocusing Argentina on Real Economy (01:14:59) Post-Macroeconomics Argentina

Noah Smith and Erik Torenberg explore the factors contributing to rising grocery prices and the impact of inflation on consumer sentiment, as well as debunking misconceptions about inflation. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. - RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj - Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: - Noahpinion on Substack: https://www.noahpinion.blog/ - Noah Smith, "Why are your groceries still so expensive?" on Substack: https://www.noahpinion.blog/p/why-are-your-groceries-still-so-expensive – X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) – TIMESTAMPS: (00:58) Episode preview (03:00) The impact of inflation on consumer sentiment (07:08) Factors of inflation (13:52) The role of rent and monopoly power (15:26) SPONSOR: GIVEWELL (20:33) Wages and immigration impacting grocery prices (24:47) Grocery prices and supply chain snarls (25:52) SPONSOR: NETSUITE (27:15) Causes of inflation and deflation (31:04) Impact of aggregate supply and demand on inflation (34:25) Low & stable inflation (37:14) Erasing debt (42:17) How innovation affects inflation (51:09) Tech and real incomes (52:36) Inflation in the 80s and 90s (53:34) Expectation anchoring & inflation control (59:20) COVID and inflation expectations (01:04:37) Costless disinflation & manipulating expectations

Noah Smith and Erik Torenberg explore the debate on immigration, including open borders vs border enforcement, the ideal composition of immigrants, the housing crisis, & the mixed views Americans have on the subject. Match a donation up to $100 for your favorite charity with GiveWell by going to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: - Noahpinion on Substack: https://www.noahpinion.blog/ - Noah Smith, "Americans are Angry About Immigration": https://www.noahpinion.blog/p/americans-are-angry-about-immigration – X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) – TIMESTAMPS: (00:40) Episode Preview (02:12) Americans' mixed views on immigration (04:07) The Great Replacement Theory and Political Replacement Theory (06:01) Open borders vs. border enforcement Mechanisms (09:18) Economic effects of immigration (14:23) NIMBYism & the strain on local government finances (14:46) SPONSORS: GIVEWELL (16:12) Labor competition (20:27) Historical Labor Protectionism (25:13) SPONSORS: NETSUITE (28:27) Impacts of NIMBYism (31:45) Costs of Immigration (35:02) Housing & Fiscal Competition (47:46) The Debate on Immigration and Open Borders (49:12) Ideal Amount of Immigration and Sustainable Levels (50:06) High-Skilled vs Low-Skilled Immigration (54:49) Ideal Composition of Immigrants (59:13) Competing with China & the Need for High-Skilled Immigration (01:00:42) Republican Critiques: Political, Cultural, & Racial Replacement (01:08:45) American cultural diversity (01:13:16) Debunking the Fear of Racial Replacement (01:16:22) The Nuanced Picture of Immigration Music License: ZHRPBK5SO667TNVT

Noah Smith joins Age of Miracles hosts Packy McCormick and Julia DeWahl to discuss the future of nuclear energy as well as other energy sources. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv _ We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. – Sponsors: GIVEWELL | DAFFY | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: Noahpinion on Substack: https://www.noahpinion.blog/ Age of Miracle's YouTube Channel: https://www.youtube.com/@age-of-miracles/videos – X / TWITTER: @noahpinion (Noah) @packyM (Packy) @juliadewahl (Julia) @eriktorenberg (Erik) – TIMESTAMPS (00:00) Episode Preview (01:20) Energy in 2050 (02:35) Nuclear’s Learning Curve (08:08) Building Nuclear vs Oil & Gas (12:11) SPONSORS: GIVEWELL & DAFFY (14:28) Case for Solar Energy (16:52) Land acquisition costs (19:39) Storage (25:16) Turning nuclear on and off (28:29) SPONSORS: GIVEWELL (30:54) Intermittency problems (35:49) Texas and Japan’s Batteries (41:11) Land for Energy (45:14) Wind (47:46) Building solar (50:32) When energy is cheap, what’s valuable? (54:39) Fusion

This week, Noah Smith and Erik Torenberg discuss the implications of Tim Walz as Kamala Harris' VP pick, the stock market chaos of Monday August 5th, the state of the U.S. economy, the economic collapse of Venezuela, and the growth of East Asian countries.  🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSORS: BABBEL | WORKOS 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS: Noahpinion: https://www.noahpinion.blog/ Who's "weird"?: https://www.noahpinion.blog/p/whos-weird _ TIMESTAMPS: (00:00) Intro (00:27) Discussion on the VP pick (08:49) Democrats and the strategy of 'Return to Normalcy' (09:56) The Weirdness Discourse (17:11) Sponsors: Babbel | WorkOS (19:38) ‘Weirdness’ in politics (23:44) Kamala's inconsistency (26:16) Economic updates and market sentiment (32:54) Economic indicators and unemployment trends (36:23) Concerns about national debt (40:00) The dollar milkshake theory (42:07) Venezuela's economic collapse (51:04) East Asian economic success stories (01:00:01) China's growth and success (01:03:44) Wrap

Noah Smith and Erik Torenberg discuss the rise in pseudoscience, the “administrification” in America, the trillion-dollar non-profit sector, and more. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv –  We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. –  Sponsors: GIVEWELL | DAFFY | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. –  Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) – Timestamps (00:00) Episode Preview (01:21) New Release Day (01:35) Q&As (02:43) The politicization of science (16:51) SPONSORS: GIVEWELL & DAFFY (18:17) Is Academia Primarily Left? (21:58) The Administrator Boom (25:59) SPONSORS: NETSUITE & ODD LOTS (29:13) The Trillion Dollar Non-profit sector (31:06) Special Interest Groups (32:42) Nonprofit vs Government (43:24) Politicians on Nonprofits (46:23) Global productivity slowdown (53:09) Charter Schools (55:17) Accelerating those at the bottom (59:24) A.I. Tutors

This is a bonus episode for Econ 102 listeners of The Riff with Byrne Hobart and Erik Torenberg, recorded on Monday night 11/20, discussing the evolving story of Sam Altman’s ousting at OpenAI and new home at Microsoft, what OpenAI's next pivot could look like, the new competitive landscape for the big AI players, and Effective Altruism’s role in this drama. Need Soc 2 compliance? Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff The Riff is a new podcast from the Turpentine podcast network. Subscribe to The Riff: https://link.chtbl.com/theriff We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE | SECUREFRAME Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. Secureframe: the only compliance automation platform with AI capabilities that help customers speed up cloud remediation and security questionnaires. Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff -- LINKS: Byrne's writing: https://thediff.co -- X / TWITTER: @eriktorenberg @byrnehobart -- TIMESTAMPS: (00:00) Introduction from Erik (00:50) Non obvious thoughts about governance and legal structures (03:50) Could the board have found out something about Sam? (05:00) Tech’s online coordination and choosing sides (06:20) Why haven’t the OpenAI board shared their reasoning? (12:20) Are they going to bring Sam back? (15:20) What should OpenAI’s pivot be? (17:35) Sponsor: Secureframe (18:40) Analyzing Microsoft's moves and the sweetheart deal (22:00) Satya's succession plans (25:05) OpenAI's unique governance structure (28:10) Why Byrne is long on Microsoft (36:00) What explains Microsoft's turnaround? (38:15) Meta and Google (44:20) Which of these companies Byrne would short: Apple, Amazon, Google, Facebook, Microsoft (46:20) Was this a coup from the Effective Altruism movement? This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

Noah Smith and Erik Torenberg discuss Noah’s travel reflections from Singapore, the recent San Francisco cleanup, and the dystopian routes of progressivism. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. – Sponsors: GIVEWELL | DAFFY | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” and enter Econ 102 at checkout. Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – RECOMMENDED PODCAST: Odd Lots is a Bloomberg podcast hosted by Joe Weisenthal and Tracy Alloway. Each week they speak with the perfect guest to explore the most interesting topics in finance, markets and economics. https://www.bloomberg.com/oddlots – RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff – RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. – TIMESTAMPS: (00:00) Episode Preview (01:53) Noah’s Travel Reflection (03:58) Singapore’s Secret to Solar Punk (07:33-18:08) Policies we can learn from Singapore (10:06) Healthcare (11:33) Housing Policy (16:35) Singapore and El Salvador’s Strict Crime Policies (18:09) Sponsor: GIVEWELL (19:35) San Francisco’s Sudden Cleanup (22:00) Government and Social Media and AI (31:00) Sponsors: DAFFY and NETSUITE (33:22) Progressive Dystopias (39:47) Immigration vs Gentification (43:38) Progressive Education (46:47) Why Liberalism is Losing the Information War (51:50) Banning Tik Tok (57:32) Pronouncing Xi Jing Ping Correctly

Noah Smith and Erik Torenberg discuss the new geopolitical dynamics in Asia and the Middle East, why demographics may mean waning conflict, and take a dive into Ireland’s wealth. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. –  Sponsors: GIVEWELL | DAFFY | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to https://givewell.org and pick “Podcast” + enter Econ 102 at checkout. Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. –  Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – RECOMMENDED PODCAST: Odd Lots is a Bloomberg podcast hosted by Joe Weisenthal and Tracy Alloway. Each week they speak with the perfect guest to explore the most interesting topics in finance, markets and economics. https://www.bloomberg.com/oddlots – RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff – LINKS: - Noah Smith, How Ireland Got So Rich https://www.noahpinion.blog/p/how-ireland-got-so-rich - Noah Smith, The Middle East is Getting Older: https://www.noahpinion.blog/p/the-middle-east-is-getting-older – X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) – TIMESTAMPS: (00:00) Episode Preview (01:47) Noah’s reflections from the Kilkenomics Festival ​​(02:44) Why and how Ireland got rich (11:14) What is the legacy of Brexit? (13:16) Pro and counter arguments for Brexit (15:27) Sponsors: GiveWell | Daffy (18:10) Noah on the 2nd Cold War (24:20) Why Asia is more important to the US than the Middle East (29:57) Sponsor: NetSuite (31:04) Iran in the Israel-Gaza conflict (34:45) Predictions for the next decade in Middle East (41:17) On fertility rates  (45:51) Where would Israel be in 10 years? (50:13) The endless pressures on Israel (51:07) What would need to be true for Noah to be bullish on Israel? (57:08) Countering the collaboration between Gaza and Israel

Noah Smith and Erik Torenberg discuss the state of the economy, whether tech and the VC ecosystem are doing well or facing a 'rolling recession', and unpack assumptions about wealth in the United States. Make informed decision for high impact donations with GiveWell, which is offering Econ 102 listeners donation matching up to $100. To claim your match, go to givewell.org ➡️ pick “Podcast” enter Econ 102 at checkout. We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. – Sponsors: GIVEWELL | DAFFY | NETSUITE Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the HIGHEST-IMPACT opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout. Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don't just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite ✅ http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) – TIMESTAMPS: (00:00) Episode Preview (01:05) The Rolling Recession? (03:55) When Are Venture Capitalists gonna get rich again? (06:15) Will rate cuts go down? (08:15) Factory Model of Venture Capital (10:20) Crypto's correlation to the markets (14:15) Sector specific shocks screwing the economy (16:50) Sponsors: GiveWell | Daffy (20:00) The temperature metaphor in economics (22:41) Regular Americans are getting richer (25:02) How accurate are the measurement of inequality statistics in terms of reflecting true inequality? (30:15) Why inequality might be good in economics (36:55) What mechanisms led to inequality going down (41:00) Skyrocketing prices and poor regulation of markets (47:00) Piketty's arguments on inequality This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

Noah Smith and Erik Torenberg discuss Marc Andreessen’s Techno-Optimist Manifesto (a16z), the last waves of economic innovation, energy advancement, and predict the next wave of productivity gains from private and government-enabled innovation. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. – Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. – Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co – LINKS: - Noah Smith, Thoughts on Techno-Optimism https://www.noahpinion.blog/p/thoughts-on-techno-optimism  - Marc Andreessen’s Techno-Optimist Manifesto https://a16z.com/the-techno-optimist-manifesto/ - Robert Gordon, The Rise and Fall of Economic Growth https://en.wikipedia.org/wiki/The_Rise_and_Fall_of_American_Growth#:~:text=Gordon%20considers%20that%20the%20apparent,growth%20between%201920%20and%201970. - Miles Kimball (Econ 102’s actual Econ 102 professor) https://en.wikipedia.org/wiki/Miles_Kimball – X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) – TIMESTAMPS: (00:00) Episode Preview (01:25) Reaction to Marc Andreessen’s techno-optimism manifesto (04:22) Where Noah disagrees: technology does not always empower individuals (08:05) How to overcome the natural incentive problem of innovation (11:55) Economist Robert Gordon and no analog to step changes in innovation (15:50) Sponsors: Daffy | NetSuite (21:50) Nuclear energy and other energy advancements (29:40) GDP is utterly unprepared for changing preferences (33:40) Productivity boom 1987-2004 (36:58) Was the smartphone actually a step change in productivity? (39:42) Next wave of innovation (41:50) Where Noah disagrees with Marc Andreessen (44:15)Government vs privatized enablement of innovation (49:50) Real sustainability is important and possible This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

Noah Smith and Erik Torenberg continue their analysis of the Israel-Gaza war, against the backdrop of shifting geopolitical power, increasing conflicts, and the end of Pax Americana. They also discuss why Noah expects a China-Taiwan conflict, and the possibility of WWIII. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- TIMESTAMPS: (00:00) Episode Preview (01:50) Commentary on the Israel-Hamas war (03:41) The idea that wars end (07:34) The US has lost its unipolar moment (09:12) Should Israel double Gaza’s GDP to prevent violence? (15:05) Rich and aggressive?  (19:50) Sponsors: Daffy and NetSuite (22:02) Collapse of Pax Americana means countries feel safer declaring war (22:59) Hotspots for conflict: Azerbaijan and Armenia, Serbia and Kosovo (25:52) If China attacks Taiwan, what happens (29:32) How should international companies get ready? (31:12) Auditing supply chain (33:50) Recap of the tension between Taiwan and China (35:14) Strategic Ambiguity (38:11) Other key players in the Taiwan-China conflict (47:10) The Europeanization of the Ukraine war (50:17) We have nukes in Germany (51:03) Comparing Obama/Trump/Biden policies (53:37) What we’re actually doing vs the illusion of what we’re doing with Iran (54:26) How should the government get ready? This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

Noah Smith and Erik Torenberg record an episode to discuss the war between Israel and Hamas, the moral problems with the leftist ideological response, the complicated geopolitical power dynamics in the Arab world, and how this conflict marks the waning of American power. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- TIMESTAMPS: (00:00) Unpacking the events that led to war in Israel (05:18)Moral problems of the new leftist ideology (11:00) Power dynamics of the Middle East and investment in the conflict (21:29) Sponsors: Daffy | NetSuite (23:30) Reacting to Sam Harris' statement about moral equivalence (33:20) Is apartheid a fair analogy? (41:00) Where the Saudi Arabia alliance goes from here (46:30)The three-state solution? (47:00) Taking stock of technological advancement (52:00) Israel's military advantage is not guaranteed here (54:55) This war is downstream of the waning of American power (57:30) America is reserving most of our weapons (01:01:15) What does it mean for the Pax Americana to be over? (01:05:30) The Middle East is stuck in a mindset of war – Music License: ZSFI0EY7UP5YYXI2 This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

Economist Noah Smith and Erik Torenberg discuss the legacy and failings of Bernie Sanders’ movement with regards to privatization, student loans, healthcare, and the wealth gap. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- Timestamps (00:00) Episode Preview (01:32) The Bernie movement’s evolution (05:00) Factionalism and aggression marking the approach of socialists (15:36) Glass-Steagall litmus test (19:00) Sponsors: Daffy | NetSuite (21:11) Can neoliberalism work? (22:34) Biggest mistakes of privatization: the non-profit industrialization complex (26:18) Lack of industrial policy is a pro-finance policy (27:30) Chief neoliberal shill (30:05) How Biden is carrying forward the legacy of Bernie’s movement (34:10) Inflation killed student loan relief (besides the courts) (41:00) How Bernie bungled his egalitarian movement (48:45) Wealth tax (50:55) Healthcare This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

Economist Noah Smith and Erik Torenberg discuss Noah's Substack essays about a possible age of Austerity, and moving away from China for the US's next age of globalization. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join: https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- LINKS: “An Age of Austerity is probably on the way” : https://www.noahpinion.blog/p/an-age-of-austerity-is-probably-on “No one knows how much the government can borrow” : https://www.noahpinion.blog/p/no-one-knows-how-much-the-government “The next phase of globalization is going to be awesome” : https://www.noahpinion.blog/p/the-next-phase-of-globalization-is -- Timestamps: (00:00) Episode Preview (01:24 - 23:48) Age of Austerity (04:27) Reducing the deficit (02:47) What spending cuts will we see? (06:10) What’s the bottom line for growth? (18:38) Sponsors: Daffy and Netsuite (23:49) Adjust your graphs for inflation! (25:22) Why a cheaper US dollar is actually a weapon (26:55) Chinese “dumping” (29:42) The next wave of globalization is going to be awesome (32:29) China is a nuts country (33:35) Are we deglobalizing? (35:51) South and Southeast Asia (43:19) Economic Nationalism is here to stay (46:57) Globalization moving forward is about reducing our dependency on China -- X / TWITTER:  @noahpinion (Noah) @eriktorenberg (Erik)

In today's episode, Noah Smith and Erik Torenberg tackle pressing listener questions focused on the economic impact of AI, software, immigration, and more. They also cover the potential for economic development in poor countries and the evolving nature of industrial policy in the US and China. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj - RECOMMENDED PODCASTS: 🎙️1 to 100 | Hypergrowth Companies Worth Joining Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies. Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw Apple: https://podcasts.apple.com/podcast/id1762756034 - 🎙️ History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj -- SPONSORS: BABBEL | WORKOS 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at https://get.babbel.com/econ102 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS: Noahpinion: https://www.noahpinion.blog/ _ TIMESTAMPS: (00:00) Intro (00:32) Economic development in poor countries (05:31) Role of Foreign Aid (08:03) Universal Basic Income and parenting (11:47) Software and inequality (21:50) Impact of AI on employment (25:55) Sponsors: Babbel | WorkOS (28:22) Existing AI capabilities (36:06) Immigration impacts (44:35) Shifting progressive economic policies (54:12) China's industrial policy vs. US (01:00:59) Wrap

Economist Noah Smith and Erik Torenberg discuss Noah's recent Substack post skewering the claims and proposals that make up Republican Presidential candidate Vivek's Ramaswamy's platform. Noah covers Vivek's climate science sources, economic facts on renewable energy, foreign policy stance towards China, Russia, Taiwan and more. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- TIMESTAMPS: (01:00) Episode Preview (03:20) Why Noah doesn’t think Vivek should be tech’s candidate (07:20) Vivek’s views on climate are stuck in 2010 (13:15) Countering Vivek’s sources on climate (17:52) Sponsors: Daffy | NetSuite (21:00) Vivek's foreign policy claims (27:00) Viviek's Russia & Ukraine takes (31:45) Any charitable view of Vivek's foreign policy? (33:00) Biden vs Trump vs Obama foreign policy (40:00) Noah's ideal foreign policy: the Anti-Empire (44:00) Republicans need to advocate for defense spending (46:00) Similarities between abundance movement and dismantling the administrative state (50:00) Noah's pick for Republican candidate (57:00) Why Vivek is not the one.

Noah Smith and Erik Torenberg are joined by Adam Nash to discuss the economic implications of AI, the recent tech downturn, and why the venture model has been so successful across multiple tech booms. Daffy is offering Econ 102 listeners, a free $25 for the charity of their choice when they join Daffy. https://www.daffy.org/econ102  We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- TIMESTAMPS: (00:00) Episode Preview (02:00) Why AI may stop nerds from ruling the world (06:25) Are “Skilled” and “Unskilled” the correct labels in this debate? (10:00) Who benefits from a growth mindset? (13:00) Coding example (14:25) Highly skilled tech workers get a boost (17:20) Substitutability versus overall boost (20:55) Sponsor: NetSuite (23:45) AI as a productivity tool (25:30) AI ethics and safety (28:50) Adam Nash’s journey into fintech (30:55) How Americans think about giving (33:30) Macro: What does the current Tech downturn mean? (35:00) People looking for a quick snapback and boom will be disappointed (37:00) How will AI revolutionize distribution? (39:50) Smartphones and depression (43:45) Why the VC model has been so successful across multiple technology booms.

Noah Smith and Erik Torenberg discuss how today’s economy compares to the Reagan-era, cheap oil geopolitics, how much the war in Ukraine is actually costing the US, and the economics of the populist anthem Rich Men North of Richmond. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/102 We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co 🎧 You can also listen to Econ 102 on the podcast platform of your choice: https://link.chtbl.com/Econ102 -- Timestamps: (01:13) What would a better US economy look like? (05:59) Debt gets inflated away (09:02) Fiscal Dominance (09:59) Age of cheap oil (19:05) Noah vs. Balaji Srinivasan’s bearish case that the US financial system is vulnerable. (27:25) How the Reagan Era Compares to Today (32:28) Economic attribution for presidents (43:12) The surplus war in Ukraine (49:05) Fact checking the economics of Rich Men North of Richmond (57:47) Is the age of the nerd over? This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.

In episode 8 of ECON 102, Noah Smith and Erik Torenberg discuss the factors brewing up a major crisis for China’s economy, and what this means for the US and other international powers. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. -- Sponsors: GIVEWELL | DAFFY | NETSUITE  Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the highest impact opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.  Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102  NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co -- TIMESTAMPS: (00:00) Episode Preview (01:37) Noah’s observations from his trip to Japan (03:03) Chinese Economic Carnage (04:09) Who is affected? (04:59) How will falling resource prices affect inflation? (14:12) China’s upcoming recession (16:41) China’s building investments need to stop (20:12) China’s paradox of thrift (20:57) China’s boomer republican leaders (21:39) What can China’s growth look like from here? (27:11) What are China’s options for allaying the unrest? (28:44) Extend and Pretend (29:26) Balaji was wrong about China as diplomatic power (33:18) China owns a Sri Lankan city now (34:04) When Noah was most bullish on China’s future: the Hu Jintao era (36:33) Xi JinPing as Stalin; Steve Ballmer (40:00) The revolution of rising expectations theory in American  (44:52) Spelling out our biggest fears about China (47:23) Successes in recent alliances: Japan and Korea alliances, India, Vietnam, (51:00) What are we watching for next? This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.