Podcast "Econ 102" with Noah Smith and Erik Torenberg by Turpentine Episodes

Explore every episode of the podcast "Econ 102" with Noah Smith and Erik Torenberg

Dive into the complete episode list for "Econ 102" with Noah Smith and Erik Torenberg. Each episode is cataloged with detailed descriptions, making it easy to find and explore specific topics. Keep track of all episodes from your favorite podcast and never miss a moment of insightful content.

	Title	Pub. Date	Duration
	Who Profits from AI?	27 Aug 2025	00:56:07
In this episode of Econ 102, Noah Smith and explore how AI is reshaping the economy, jobs, business profitability, industry competition, and financing, while drawing historical parallels and offering insights into its broader societal impact. – SPONSORS: Zcash Zcash offers private, encrypted digital money that protects users from AI-powered surveillance, allowing people to store and spend wealth without compromising their privacy. Try it out. Download Zashi wallet and follow @genzcash to learn more: ⁠https://x.com/genzcash⁠ Notion AI meeting notes lives right in Notion, everything you capture, whether that's meetings, podcasts, interviews, conversations, live exactly where you plan, build, and get things done. Here's an exclusive offer for our listeners. Try one month for free at ⁠notion.com/lp/econ102⁠ NetSuite More than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://netsuite.com/102⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/ - Shownotes brought to you by Notion AI Meeting Notes - try one month for free at ⁠notion.com/lp/econ102 AI Bubble Prediction: The speaker forecasts an AI crash similar to the 2001 dot-com bust, but believes AI will ultimately succeed long-term Employment Evolution, Not Elimination: Research shows unemployment rising in jobs that use AI less, contradicting fears that AI directly replaces workers Data Center Financing Risks: How financing methods for AI infrastructure could create systemic risks similar to the 2008 financial crisis if private credit becomes the main vehicle Bond Market Shift: Companies like Meta are increasingly issuing their own bonds rather than using opaque private credit markets, a healthier approach to AI infrastructure financing Multiple Winners in AI: How the massive size of AI markets is enabling multiple successful companies in each category despite traditional concerns about moats Venture Capital's AI Approach: a16z has been investing heavily in AI companies but feels they've been "too conservative" given the multiple winners emerging across categories Quotes: "We tend to think that the markets are just so much bigger, and so even if there's no traditional moats protecting it from other entrants, that there can be multiple winners in a category.” - Erik Torenberg LINKS: The a16z podcast: ⁠https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX⁠ Noahpinion newsletter: ⁠https://noahpinion.substack.com/⁠ Erik Torenberg's Substack: ⁠https://eriktorenberg.substack.com/ Got questions for Noah and Erik to answer on air? Send them to Econ102@Turpentine.co - FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	AGI Thought Experiment with Dwarkesh Patel, Noah Smith, and Erik Torenberg \| From the a16z Podcast	15 Aug 2025	01:15:55
In this episode from the a16z Podcast, Dwarkesh Patel, Noah Smith, and Erik Torenberg discuss AGI, exploring how AI might transform labor markets, economic growth, space exploration, and geopolitical dynamics in the coming decades. – SPONSORS: Zcash Zcash offers private, encrypted digital money that protects users from AI-powered surveillance, allowing people to store and spend wealth without compromising their privacy. Try it out. Download Zashi wallet and follow @genzcash to learn more: https://x.com/genzcash Notion AI meeting notes lives right in Notion, everything you capture, whether that's meetings, podcasts, interviews, conversations, live exactly where you plan, build, and get things done. Here's an exclusive offer for our listeners. Try one month for free at notion.com/lp/econ102 NetSuite More than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://netsuite.com/102⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/ - Shownotes brought to you by Notion AI Meeting Notes - try one month for free at notion.com/lp/econ102 Defining AGI: Noah and Dwarkesh begin by establishing working definitions of Artificial General Intelligence - from systems that "can do almost any job at least as well as humans" to more near-term AI that "can automate 95% of white-collar work" Current AI Limitations: Present systems lack crucial continual learning capabilities that would allow them to build context over time and improve with experience like humans do Historical Parallels: The conquistadors' conquest of the Aztec and Inca empires provides a cautionary tale about information asymmetry and how technological advantages can lead to domination AI Cooperation: The hosts discuss the need for US-China cooperation on AI safety, similar to the "red telephone" during the Cold War, to prevent AI-related sabotage AI Market Competition: Analysis of the surprising trend of increasing rather than decreasing competitors at the AI frontier, despite rising costs of training frontier models Network Effects vs. Technical Capability: Discussion of whether brand recognition (like "ChatGPT") or technological advantages will determine market leaders Quotes: "If you make the best AI, it gets even better. So why enter that? That's the big question." - Noah Smith LINKS: The a16z podcast: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Noahpinion newsletter: https://noahpinion.substack.com/ Dwarkesh podcast: https://www.dwarkesh.com/ Erik Torenberg's Substack: https://eriktorenberg.substack.com/ Got questions for Noah and Erik to answer on air? Send them to Econ102@Turpentine.co - FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	India-Pakistan, Building Back Military Power, and Immigration	23 May 2025	00:59:04
This week, Noah Smith and Erik Torenberg examine global conflicts—especially India-Pakistan tensions—the U.S. military and industrial strategy amid rising threats from China, and the implications of AI and electrification, emphasizing the need for smarter immigration and industrial policies to maintain America's technological and geopolitical edge. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠⁠https://netsuite.com/102⁠⁠⁠ AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit ⁠⁠⁠https://adquick.com/⁠⁠⁠ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: ⁠⁠⁠https://www.noahpinion.blog/⁠⁠⁠ – TAKEAWAYS: India-Pakistan Conflict Analysis: Noah explains the territorial dispute over Kashmir dating back to the 1947 partition, with both countries claiming parts of each other's territory. America's Declining Global Influence: Noah argues we're seeing the "crumbling of Pax Americana" - reduced American deterrent effect allowing conflicts to escalate further. Critical Defense Industrial Base Concerns: America cannot match China's manufacturing capacity for military equipment, particularly missiles and drones. Economic Analysis - The Great Wage Stagnation: Wages stagnated for about 20 years, then resumed growth in the 1990s. Technology Transformation - The Electric Future: Battery and motor technology improvements are enabling electricity to replace combustion in cars, drones, appliances, and military equipment. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	This is not normal, even for war \| Israel, Hamas, Palestine, Iran, and Saudi Arabia	09 Oct 2023	01:07:30
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Where Bernie Sanders Went Wrong, PMC Socialists, and Student Loan Relief	03 Oct 2023	00:53:09
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Why the Next Age of Globalization Will Be Awesome, a Cheaper US Dollar, and Reducing the Deficit	26 Sep 2023	00:49:10
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) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Why Vivek is the Wrong Candidate, the new China-Russia Axis, and Ranking Presidents’ Foreign Policy	19 Sep 2023	00:58:18
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	DM Debates, AI, and Tech Downturns with Adam Nash, CEO of Daffy	12 Sep 2023	00:51:49
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Fiscal Dominance, the War in Ukraine's Actual Cost, and Fact Checking Rich Men North of Richmond	05 Sep 2023	01:00:48
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Why China is Primed for Economic Carnage Worse than the US Financial Crisis of 2008	29 Aug 2023	00:52:16
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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Student Debt, Wealth Inheritance, and Millennial Conservatism	22 Aug 2023	00:55:47
In episode 7, Noah Smith and Erik Torenberg discuss student debt, millennial politics, conservatism, international relations, and more. 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 -- TOPICS COVERED: (01:00) Episode Preview (02:45) Evolution of Noah’s opinion on student debt (06:40) Income-based repayment (09:50) For-profit academic institutions (14:09) Tax-income fund research (16:02) Sponsor: NetSuite (19:00)Were Millennials really generation-screwed? (20:27) Millennial’s stance on politics (25:07) Millennial’s becoming Conservative? (27:02) How Conservatism evolved up to today (34:50) Trump’s Foreign Policy: Russia & Ukraine (39:13) The Right on Taiwan vs China (40:50) Would China Pearl Harbor us? (44:18) Consequences of wealth inheritance (48:00) What will Gen Z’s Politics look like? (49:30) Ketamine is lame (50:05) Liberal depression (54:07) Theory of biological imbalance -- LINKS: Will There be a Millennial Chill https://www.noahpinion.blog/p/will-there-be-a-millennial-big-chill -- X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) -- 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	The Economist's Mike Bird Debates Noah on Industrial Policy	15 Aug 2023	01:19:40
Today we’re publishing a debate about industrial policy between Noah and Mike Bird, the Asia business and finance editor at The Economist. Noah highlights the importance of steering the economy to ensure that industries align with national goals and priorities. Bird questions the effectiveness of industrial policy, especially in developed countries. He argues that market forces and competition should determine the allocation of resources, rather than government intervention. Where do you stand? 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 part of the Turpentine podcast network. Learn more: www.turpentine.co -- TIMESTAMPS: (00:00) Episode Preview (01:23) How this debate came about (02:25) Why doesn’t The Economist have bylines? (04:55) Chris Odendahl of The Economist’s article saying the focus on manufacturing policy is a delusion (09:15) Is Korea the paragon of industrial policy? (11:20) Overlooking military spending and the chip industry (15:19) Industrial policy crucial for national security (17:42) Sponsor: NetSuite (18:45) Gish Gallop: https://en.wikipedia.org/wiki/Gish_gallop (19:14) Complexity of policy implementation (20:30) The exercise metaphor: multiple benefits (29:34) Subsidies may not ensure resilience (40:33) Balancing goals in geopolitics (43:40) Carbon pricing (51:45) Manufacturing jobs (53:35) Leveraging local multipliers (agglomeration effects) (1:00:56) Industrial policy can have multiple benefits (1:03:02) Local multipliers benefit economic activity (1:09:24) Need for rigorous economic analysis (1:19:27) Determined optimism drives progress (1:20:05) Friend-shoring is often highly preferable to reshoring -- TWITTER: @birdyword (Mike) @noahpinion (Noah) @eriktorenberg (Erik) -- 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Higher Ed, Being a Dorm Room Socrates, and the American Workforce	08 Aug 2023	00:48:58
In episode 5, Noah Smith and Erik Torenberg discuss the promise and failings of higher education, working class economic prospects, the American healthcare system, and more. Noah’s articles are linked below. Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co 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. -- TIMESTAMPS: (00:00) Episode preview (01:23) How Noah joined, and then left academia (04:29) The current state of universities (09:30) Universities should invest in student companies indirectly (11:03) Why Americans are falling out of love with college (15:37) What stopped colleges from being able to provide a job and intellectual fulfillment (15:48) Sponsor: NetSuite (19:55) It's not harder for the average non-college educated American to get jobs nowadays (22:00) Michigan's rust belt (24:08) Was populism driven by economic or socio-cultural factors? (26:23) Is the working class grievance justified? (29:00) Why we don't have a healthcare system like Japan or Korea's (31:42) Healthcare and housing instead of UBI (36:45) Expectations around higher ed (41:00) Why aren't employers starting their own universities? (43:50) Custom training programs for big corporations (45:57) What higher education will look like a decade from now -- LINKS: Americans are Falling Out of Love with the Idea of College https://www.noahpinion.blog/p/americans-are-falling-out-of-love -- X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) -- 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	The Middle Class Myth, China's Future, and What Really Happened in 1971	15 May 2025	00:52:04
This week, Noah Smith and Erik Torenberg debunk myths about the American middle class and globalization, analyze historical data on wage stagnation and trade, assess China’s technological rise, and discuss U.S. economic resilience and policy responses to protectionism. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠https://netsuite.com/102⁠⁠ AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit ⁠⁠https://adquick.com/⁠⁠ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Globalization did not hollow out the American middle class: https://www.noahpinion.blog/p/globalization-did-not-hollow-out Noahpinion: ⁠⁠https://www.noahpinion.blog/⁠⁠ – TAKEAWAYS: Debunking the Middle Class Hollowing Myth: Noah challenges the common narrative that trade and globalization hollowed out America's middle class. Manufacturing and Economic Shifts: Noah explains that while manufacturing employment did decline significantly (about 3 million jobs in the 2000s), this didn't correspond with overall middle class decline. The China Shock Reality: The "5% truth" in the middle class hollowing narrative relates to what economists call the "China Shock" - a period in the 2000s when Chinese imports surged rapidly. America's Globalization Status: Contrary to popular belief, America has never been highly globalized compared to other countries. Import penetration (imports relative to GDP) is much lower than in countries like China, France or Germany. Energy Crisis Impact: Noah suggests the oil shocks of 1973 and 1979 had a more significant impact on American manufacturing than trade policies. Sino-Futurism and China's Future: They discuss "Sino-futurism" - the idea that China represents the technological future. Noah argues this perspective is overblown, noting issues with China's rapid infrastructure development (like the durability of construction), urban planning problems, and the cyclical nature of technological leadership. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	California Land Use, The Best American City, San Francisco Politics, and more with Dan Romero	01 Aug 2023	01:28:52
Noah Smith guests on the Moment of Zen podcast (hosted by his Econ 102 co-host Erik Torenberg and founder Dan Romero) to discuss California land use, housing, politics, policing, and more. Subscribe to listen to Moment of Zen, a weekly show about tech, business, and culture, wherever you listen to podcasts: https://link.chtbl.com/moz 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. -- SPONSOR: NetSuite provides financial software for all your business needs. More than thirty-six thousand companies have already upgraded to NetSuite, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you're looking for an ERP platform ✅ NetSuite: http://netsuite.com/turpentine and defer payments of a FULL NetSuite implementation for six months. -- Econ 102 and Moment of Zen are part of the Turpentine podcast network. To learn more: www.turpentine.co -- TIMESTAMPS: (00:00) Episode Preview (01:07) Antonio as Dennis Rodman (02:05) The left and right version of “it’s time to build” i.e. Ezra Klein vs Marc Andreessen (04:50) California skewed political identities (07:00) California vs Texas GOP stance on immigration (09:30) Should Gary Tan strategize from the left or the right, structurally (11:11) Can the Asian block become a machine in SF? In California? (12:50) Is LA better run than SF? (17:40) What’s the best run city in the US? (22:15) Best format for affordable housing in cities (26:30) California is a class society based on land (28:40) House-rich progressives in California (31:00) Prop 13, property tax, and SALT debates (39:30) The tide of YIMBYism (51:10) Effective building in Japan (58:00) YIMBY movement in SF lost because of crime (59:00) The future of San Francisco (01:09:00) Policing (01:16:00) WWII and the atom bomb (01:22:00) Will patriotism come back? (01:25:00) Biggest misconception about Japan? -- LINKS: Noah's Substack https://www.noahpinion.blog/ Book Recommendation on Prop 13: Golden Gates https://www.amazon.com/Golden-Gates-Fighting-Housing-America/dp/0525560211 -- X / TWITTER: @noahpinion (Noah) @dwr (Dan) @eriktorenberg (Erik) @moz_podcast -- 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	China’s Housing Bubble, Healthcare Crisis, and Taiwan Relations	25 Jul 2023	00:44:27
In episode 3, Noah Smith and Erik Torenberg track China's housing bubble, its healthcare crisis, and Taiwan in relation to China and Japan. Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co 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. -- TIMESTAMPS: (00:00) Episode Preview (01:20) Metabanter and how Noah TA'ed Erik's Econ 102 class (02:41) Overview of China's economy (05:11) Why are we seeing a slowdown in China's growth? (07:13) The US housing bubble compared to China's (10:03) What are the concerns around China's real estate? (13:28) Evergrande, the Lehman Brothers of China (15:08) Predictions for the next few years of China's economy (17:02) What does China's slowdown mean for their position in the world at large? (18:19) China's demographics in a decade (21:36) US-China relations (25:01) US vs China's defence capabilities (27:54) Noah's plan for dealing with China (32:24) The political coalition preserving regulations (33:40) What should China be doing to course correct? (37:24) China's calculus about Taiwan (38:53) Japan's views on Taiwan and China (41:30) One Belt One Road Initiative and Xi Jinping's Legacy -- SPONSOR THIS PODCAST: We're looking for sponsors to partner with on this show. If you or your business might be interested, send us a note at erik@turpentine.co. Find out more here: https://www.turpentine.co/sponsors 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Why Libertarianism Fragmented, How the Right Became Statist, and Culture Wars	18 Jul 2023	00:49:35
In episode 2, Noah Smith and Erik Torenberg track the fracturing of the Libertarian movement, the culture wars, and which ideas deserve not to die. 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 (12:54) Why did Libertarians lose? (15:00) Free trade failure in the 2000s (19:00) Libertarians jumping on the Trump train (19:45) Evolution to state-capacity libertarian (22:00) Culture wars vs. getting the economics right (27:30) Effect of money on politics (29:00) Urban fragmentation: San Francisco and New York (30:30) Hot take: Gavin Newsom underrated (37:00) How the right soured on the free markets and became became statist (39:00) Can a 'reset' work (40:20) Which ideas deserve not to die? -- SPONSOR THIS PODCAST: We're looking for sponsors to partner with on this show. If you or your business might be interested, send us a note at erik@turpentine.co. Find out more here: https://www.turpentine.co/sponsors -- LINKS MENTIONED: Where Does Libertarianism Go From Here? https://www.noahpinion.blog/p/where-does-libertarianism-go-from Tyler Cowen, State-Capacity Libertarianism https://marginalrevolution.com/marginalrevolution/2020/01/what-libertarianism-has-become-and-will-become-state-capacity-libertarianism.html -- TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) -- 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Foreign Policy, Industrial Policy, and Reflections on Biden thus far	11 Jul 2023	00:49:36
In our first episode of Econ 102, Noah Smith and Erik Torenberg discuss the highs and lows of Biden's first term, Biden's policies in comparison to previous presidents and other leaders, as well as China -- its real estate sector, industrial and manufacturing industries, and its views on tech. 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 (01:24) Overview of Biden's first term (02:56) The most important thing Biden's done (12:19) What are the chances of Trump returning? (14:03) In the 1970s once again (14:47) Woke concerns among Republicans (15:38) Noah's ideal foreign policy (17:46) Japan's importance in foreign policy (19:29) Main foreign policy concerns in the next cycle (20:30) The ideal containment strategy (22:55) China (26:23) Getting to 1 billion Americans as a foreign policy measure (27:24) Real estate in China (31:33) Comparing and contrasting Chinese and American industrial policy (37:02) China's stomp on the IT industry to encourage manufacturing (39:09) The difference in Chinese and American views of manufacturing (43:18) Revitalizing American manufacturing (46:08) The services industry (48:03) A shortage of human truckers -- SPONSOR THIS PODCAST: We're looking for sponsors to partner with on this show. If you or your business might be interested, send us a note at erik@turpentine.co. Find out more here: https://www.turpentine.co/sponsors 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. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	You Can't Tariff Your Way to Greatness	02 May 2025	01:00:34
This week, Noah Smith and Erik Torenberg explore how nostalgia influences politics and economic policy in the US and China, comparing their consumer cultures, industrial strategies, and the complex effects of tariffs on domestic economies and global relations. RECOMMENDED PODCAST: Tools and Weapons with Brad Smith Join Microsoft Vice Chair Brad Smith as he explores tech's impact on society with Bill Gates and Satya Nadella sharing untold stories and insights on Microsoft's AI-fueled future. Spotify: ⁠https://open.spotify.com/show/4bYASdhkHwovdSmU4YAjYg⁠ Apple: ⁠https://podcasts.apple.com/us/podcast/tools-and-weapons-with-brad-smith/id1632459165⁠ – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠https://netsuite.com/102⁠ AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit ⁠https://adquick.com/⁠ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: If you think Americans are mad now, just wait a few months: https://www.noahpinion.blog/p/if-you-think-americans-are-mad-now Noahpinion: ⁠https://www.noahpinion.blog/⁠ – TAKEAWAYS: Nostalgia in Politics: They discussed the role of nostalgia in politics, both in the US and China. Cultural Evolution: US and China: Noah argues China and America are more culturally similar than America and Germany due to both having replaced ancestral cultures with mass consumerism. Tariffs and Economic Impact: The conversation analyzes Trump's tariff policies and their economic consequences. US-China-Europe Relations: Europe may increasingly partner with China economically as US relations deteriorate. Economic Consequences of Trade Policy: Noah argues tariffs don't reindustrialize a country but actually deindustrialize it. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	The Deindustrialization Paradox	24 Apr 2025	00:45:02
This week, Noah Smith and Erik Torenberg explore topics ranging from the futuristic themes of Black Mirror and the societal impact of technology to a critical analysis of Trump’s de-industrializing tariff policies versus Biden’s growth-focused subsidies, while also examining libertarianism’s influence on American politics and the cultural shifts it may entail. RECOMMENDED PODCAST: Tools and Weapons with Brad Smith Join Microsoft Vice Chair Brad Smith as he explores tech's impact on society with Bill Gates and Satya Nadella sharing untold stories and insights on Microsoft's AI-fueled future. Spotify: https://open.spotify.com/show/4bYASdhkHwovdSmU4YAjYg Apple: https://podcasts.apple.com/us/podcast/tools-and-weapons-with-brad-smith/id1632459165 – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Worst-case scenarios and endgames for the Trump economy: https://www.noahpinion.blog/p/worst-case-scenarios-and-endgames In which I review almost every episode of Black Mirror: https://www.noahpinion.blog/p/in-which-i-review-almost-every-episode Noahpinion: https://www.noahpinion.blog/ – TAKEAWAYS: Trump Administration Policies Discussion: Noah contrasts Trump's first term (pre-2019) with his expectations for the current term. Biden Administration's Industrial Policy Approach: Noah highlights the different approach under Biden: adding support rather than disrupting existing systems. Political and Economic Commentary: There's a discussion about Oren Cass (identified as a "conservative econ blogger" with a law degree) and his positions on industrial policy and tariffs. Social Media's Impact on American Society: Noah presents a theory that America was "uniquely vulnerable" to social media's effects due to its geographical and ideological diversity. Personal and Cultural Notes: The beginning features a discussion about the TV show "Black Mirror" and its exploration of technology implications. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	The Bond Market Rules Everything	18 Apr 2025	00:57:23
This week, Noah Smith and Erik Torenberg discuss the Trump administration’s trade policies, their impact on U.S. manufacturing and investment, discussing strategies to counter China’s influence through multi-country trade blocs and industrial policy, and examining currency dynamics, economic default risks, and the complexities of global trade. RECOMMENDED PODCAST: Tools and Weapons with Brad Smith Join Microsoft Vice Chair Brad Smith as he explores tech's impact on society with Bill Gates and Satya Nadella sharing untold stories and insights on Microsoft's AI-fueled future. Spotify: https://open.spotify.com/show/4bYASdhkHwovdSmU4YAjYg Apple: https://podcasts.apple.com/us/podcast/tools-and-weapons-with-brad-smith/id1632459165 – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/ – TAKEAWAYS: Trade Policies: Noah describes the current administration's trade policies, particularly tariffs, as chaotic and poorly planned, comparing it to a "clown car" approach. Economic Impacts of Recent Trade Policies: Tariffs and trade uncertainty are hurting the economy by creating business uncertainty that discourages investment, disrupting supply chains for manufacturers reliant on imported components, and driving capital flight that raises borrowing costs through the selling of U.S. treasuries. Why Exports Matter: Noah emphasizes that exports (approximately $2.1 trillion worth) are crucial to the US economy. On Currency Strength: Noah explains that a strong dollar has both advantages (increased purchasing power) and disadvantages (makes exports less competitive). China Containment Strategy: Noah proposes an effective China containment strategy focused on creating a zero-tariff trade bloc among allied nations, building complete supply chains across friendly countries, targeting China with value-added tariffs rather than just final assembly tariffs, investing in industrial policy to strengthen key industries, and applying export controls strategically. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Tariff Mayhem and Capital Flight	14 Apr 2025	00:59:35
This week, Noah Smith and Erik Torenberg analyze the global repercussions of Trump’s broad tariff policies, critique misconceptions about trade deficits, and explore the economic fallout and potential policy responses. RECOMMENDED PODCAST: Tools and Weapons with Brad Smith Join Microsoft Vice Chair Brad Smith as he explores tech's impact on society with Bill Gates and Satya Nadella sharing untold stories and insights on Microsoft's AI-fueled future. Spotify: https://open.spotify.com/show/4bYASdhkHwovdSmU4YAjYg Apple: https://podcasts.apple.com/us/podcast/tools-and-weapons-with-brad-smith/id1632459165 – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/ All the arguments for Trumps Tariffs are wrong and bad: https://www.noahpinion.blog/p/all-the-arguments-for-tariffs-are This is called Capital Flight: https://www.noahpinion.blog/p/this-is-called-capital-flight – TAKEAWAYS: Tariff Policy Analysis: They discuss the implementation of widespread tariffs, particularly focusing on how the administration set tariff rates without sound economic methodology, possibly using AI to generate justifications. Trade Deficit Misconception: Noah explains that trade deficits are often misunderstood - they're essentially loans where a country buys goods and provides IOUs (bonds) in return, not necessarily harmful to an economy. Manufacturing Impact: They argue that tariffs may actually harm domestic manufacturing by making imported components, machinery, and raw materials more expensive, potentially leading to de-industrialization rather than re-industrialization. International Relations: The discussion covers how trading partners are responding, with China imposing reciprocal high tariffs, while noting that many countries will likely seek alternative export markets rather than capitulate to demands. Long-term Economic Outlook: The discussion paints a concerning picture of potential rising unemployment, continued market volatility, and possible inflation depending on which economic forces (panic or inefficiency) prove stronger. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	The New Left vs The New Right	01 Apr 2025	01:11:01
This week, Noah Smith and Erik Torenberg explore the rise of the 'abundance' ideology among Democrats, assess Obama's economic legacy, and analyze the New Right's evolving influence, offering a broad perspective on shifting political and economic discourse. RECOMMENDED PODCAST: Tools and Weapons with Brad Smith Join Microsoft Vice Chair Brad Smith as he explores tech's impact on society with Bill Gates and Satya Nadella sharing untold stories and insights on Microsoft's AI-fueled future. Spotify: https://open.spotify.com/show/4bYASdhkHwovdSmU4YAjYg Apple: https://podcasts.apple.com/us/podcast/tools-and-weapons-with-brad-smith/id1632459165 – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/ Cory McArthur aka Irish Lotus: https://soundcloud.com/cory-mcarthur-879994262/irish-lotus – TAKEAWAYS: "Abundance" as a Political Concept: Abundance represents national unity and a "we're all in this together" approach, focusing on making things better for all Americans rather than pitting groups against each other. Economic Analysis: Demand vs. Supply Constraints: They discuss how the 2008 financial crisis created an "aggregate demand shock" where everyone wanted to hold cash rather than spend. National Debt Discussion: They discuss how US debt grew from 60% to 100% of GDP during Obama's administration. They also mention AI could potentially help by increasing productivity growth. "The New Right" Ideology: Noah characterizes the "new right" as centered around defending "Western civilization" in a more narrow sense than previous definitions. Social Media's Impact on Politics: Noah argues that small, vocal minorities on social media have outsized influence on institutions. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Abundance Debate, Sex Politics, and Left vs Right Economic Populism	25 Mar 2025	00:58:32
This week, Noah Smith and Erik Tornberg explore Japan’s economic and societal structure—covering urban zoning, housing policy, and government efficiency—before critiquing Abundance by Ezra Klein and Derek Thompson, advocating for balanced market dynamics and governance, and discussing broader socio-political themes like right-wing ideologies, gender in the workforce, and economic populism. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Abundance: https://www.amazon.com/Abundance-Progress-Takes-Ezra-Klein/dp/1668023482 I have written a book!: https://www.noahpinion.blog/p/i-have-written-a-book Noahpinion: https://www.noahpinion.blog/ – TAKEAWAYS: Japan's Urban Development Success: Japan's efficient housing development stems from streamlined approvals, standardized zoning, administrative processes, and mixed-use zoning. Abundance Agenda Discussion: Noah analyzed Ezra Klein and Derek Thompson's "Abundance" book, which promotes a results-oriented progressive approach focused on building things. Government Structure and Process: Successful governance needs both market mechanisms and effective bureaucracy. Political Factions and Resistance: Discussion of different progressive factions (Warren vs. Bernie supporters). The "Doge" Discussion: References to "Doge" (likely Project 2025) as an ideological effort to reduce bureaucracy. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	How Europe, America and China are Repositioning	18 Mar 2025	00:52:56
This week, Noah Smith and Erik Torenberg explore global economic issues, including US-European relations influenced by defense commitments, the impact of Trump’s policies, China’s Belt and Road Initiative and its exclusion of India, the role of AI in economic growth, government spending’s effects on GDP, and briefly discuss Smith’s upcoming book, Weeb Economy, and Noah's trip to Japan. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102 – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Weeb Economy: https://bookplus.nikkei.com/atcl/catalog/25/03/02/01880/ I have written a book!: https://www.noahpinion.blog/p/i-have-written-a-book Noahpinion: https://www.noahpinion.blog/ – TAKEAWAYS: U.S.-Europe Relations & Geopolitical Shifts: Examines the U.S. shift away from supporting Europe, debating whether it was exploited or harming its own interests, with Trump’s strength-focused foreign policy potentially pivoting toward Russia, risking economic and intelligence ties with Europe. China's Economic Strategy & Globalization: The Belt and Road Initiative has largely failed, with poorly executed projects and unsustainable debt burdens for recipient countries. India's Industrialization & Economic Future: India needs a major shift in labor dynamics, particularly increasing women's participation in factory work. AI, Economic Growth & the O-Ring Theory: AI’s impact on economic growth is debated—some expect 10% growth, while Noah sees 5% as more realistic. Japan’s Economy & Currency Strength: Japan should push for a new Plaza Accord with the U.S. to strengthen the yen. AI’s Impact on Jobs & Productivity: AI is unlikely to eliminate all jobs but will require major adjustments in industries and legal structures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Making Sense of America's Tariff Chaos	12 Mar 2025	01:03:07
This week, Noah Smith and Erik Torenberg discuss the chaos caused by Trump's trade policies, tariffs' effects on the U.S. economy, potential recession risks, economic isolationism, policy uncertainty, investment impacts, and the broader cultural and societal shifts in America, including the decline of Christianity, the rise of wokeness, and community disintegration. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102 – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/ – TAKEAWAYS: Economic Impact of Trump's Tariffs: Noah argues that Trump's tariffs (especially on Canada and Mexico) are damaging the US economy more severely than the China tariffs from his first term. Why Tariffs Are Harmful: Factors such as reduced market scale for American companies, loss of specialization benefits, technological isolation ("Galapagos Syndrome"), policy uncertainty hindering business investment, and the negative impact on exports due to exchange rate effects and retaliatory tariffs are all contributing challenges. Macroeconomic Uncertainty: Debate about whether tariffs will cause stagflation or a demand shock that lowers inflation. Cultural and Social Commentary: Discussion of Ennis Lyons' argument about "the return of the strong gods" (nationalism, family, tradition, religion). Innovation and National Success: Discussion about Japan's impressive innovation record (extensive list of Japanese inventions) Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Making Sense of Milei, AI & Employment, and America's Future	31 Jul 2025	00:53:57
In this episode, Noah Smith and Erik Torenberg explore Argentina's economic reforms under President Milei, development models in emerging economies like Vietnam and Malaysia, effective crime reduction strategies, and how AI might reshape our workforce and population dynamics in the coming decades. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://netsuite.com/102⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Shopify Shopify is the world's leading e-commerce platform, offering a market-leading checkout system Shoppay and exclusive AI apps. Nobody does selling better than Shopify. Get a $1 per month trial at ⁠⁠⁠⁠⁠⁠https://shopify.com/momentofzen⁠⁠⁠⁠⁠⁠. Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 - Shownotes brought to you by Notion AI Meeting Notes - try one month for free at notion.com/lp/econ102 Argentina's Economic Reforms: President Milei's fiscal austerity measures to address chronic deficits without dollarization, focusing on necessary belt-tightening for a middle-income country supporting an upper-income welfare state Development Models in Emerging Economies: Case studies like Vietnam and Bangladesh demonstrating different paths to economic development The Crime Rate Decline: Focused deterrence approaches and community policing helping reduce violent crime, especially among high-risk populations Education and Fertility Rates: The inverse relationship between women's education and fertility rates, and the impossibility of reversing it without dystopian measures AI and Population Dynamics: How artificial intelligence might mitigate economic damage from population decline by replacing human labor Quotes: "If AI really can replace humans, then that will mitigate the economic damage from the losses of population." - Noah Smith "Murders between people who know each other, between people who are like intimate partner violence has gone way down." - Noah Smith "We need to basically create technologies that make it easy to take care of kids so that parenthood doesn't mean it's giant change in your life." - Noah Smith LINKS: Noahpinion newsletter: https://noahpinion.substack.com/ Erik Torenberg's Substack: https://eriktorenberg.substack.com/ Got questions for Noah and Erik to answer on air? Send them to Econ102@Turpentine.co - FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	AI, Stargate, & Surveillance with Auron McIntyre and Lev Polyakov	06 Mar 2025	00:37:28
In this episode, Noah Smith recently went on the Break the Rules podcast, hosted by Lev Polyakov, for a debate with Auron MacIntyre. They discuss the societal implications of AI development, focusing on Trump's relationships with tech leaders, AI systems like Stargate, surveillance, economic productivity, regulatory measures, geopolitical competition, and immigrant labor's role in technological advancements. – RECOMMENDED PODCAST: 🎙️Break The Rules - Hosted by Lev Polyakov, Break The Rules brings different online & offline circles together at a time of social atomization in order to break echo-chambers. Apple Podcasts: https://podcasts.apple.com/us/podcast/break-the-rules/id1543233584 Spotify: https://open.spotify.com/show/0yovF9Vo8n1fF1DGlMuWBh YouTube: https://www.youtube.com/@breakth3rules/ – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102 – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @LevPo @AuronMacintyre @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Trump Liberty or Technocracy? Auron Macintyre & Noah Smith: https://www.youtube.com/live/pH_nuk94FQk?si=D-5qvd74cpBSjwfm The Total State: How Liberal Democracies Become Tyrannies: https://www.amazon.com/dp/1684515580ref_=cm_sw_r_cp_ud_dp_5Q231Q8CQ65W8Z0PTQ3H Noahpinion: https://www.noahpinion.blog/ – TAKEAWAYS: AI Development and Trump Administration: The discussion examines Donald Trump's meetings with tech leaders and the "Stargate" AI system, raising questions about whether the administration will embrace technocratic control systems or maintain populist principles. Labor Market Effects: Noah points out that despite previous AI advances, we've seen wage increases for lower-skilled workers and movement toward higher-skilled jobs, challenging assumptions about AI's negative impact on employment. Oligarchic Influences: Auron describes the current political landscape as an "age of oligarchy" where different factions of wealthy interests compete for influence, with Trump balancing populist rhetoric against tech billionaire support. Civilization Complexity Theory: Auron references Joseph Tainter's theory on how increasing complexity with diminishing returns contributes to civilizational collapse, suggesting AI may be an attempt to escape these human limitations. Immigration Comparisons: Noah argues that despite current debates about immigration, America faces fewer ethnic tensions than 100 years ago, providing historical perspective on current social challenges. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Richard Hanania & Noah Smith: Making Sense of Trump, Elon, and Global Politics	28 Feb 2025	01:15:50
This week, we're sharing Richard Hanania and Noah Smith’s live conversation from Feb 6th, recorded for their Substack audiences. This is the first time the two writers have met, and in this conversation they covered fundamental differences between the American right and left movements. They also discuss Elon Musk's positioning as the future Republican kingmaker and Noah's theory that Musk envisions coordinating a global "anti-woke alliance" with Putin and Xi. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102 – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @RichardHanania @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Richard Hanania’s Newsletter: https://www.richardhanania.com/ Noahpinion: https://www.noahpinion.blog/ Too many Americans still fear the future: https://www.noahpinion.blog/p/too-many-americans-still-fear-the The chaos has arrived: https://www.noahpinion.blog/p/the-chaos-has-arrived Trump's Executive Branch Revolution: https://www.richardhanania.com/p/trumps-executive-branch-revolution Trump impose large tariffs in first year?: https://manifold.markets/RichardHanania/trump-impose-large-tariffs-in-first?play=false – TAKEAWAYS: Richard notes Trump's first administration achieved success with Middle East normalization agreements. Noah compares Ukraine war to Finland's Winter War - Ukraine may lose territory but maintain independence. Richard questions whether taking NATO membership off the table could have prevented the Ukraine conflict. Right-wing politics revolves around personal loyalty while left-wing politics centers on ideological purity. Elon Musk is positioning himself as the kingmaker for the post-Trump Republican party. Richard supports technological progress, believing future generations should benefit from AI and genetic engineering. Noah argues societies that resist technological progress inevitably get left behind in global competition. Richard expresses skepticism about Democrats' ability to reform, citing Obama's failed education reform efforts. Noah predicts Democrats won't move away from "institutional wokeness" until the 2030s. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Elon calls Noah a Liar, Inflation, and Changes Democrats Need to Make	26 Feb 2025	00:58:48
This week Noah Smith and Erik Torenberg discuss three key areas where Democrats need to rethink their strategy: embracing anti-inflation policies similar to the Clinton era, focusing on genuine threats to democracy rather than partisan hobby horses, and abandoning progressive language policing that alienates voters. Noah also talks about how Elon Musk has transformed Republican effectiveness by bringing entrepreneurial talent to politics, arguing that Democrats need to stop alienating tech entrepreneurs and instead recruit similar talent to their side. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102 – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – TAKEAWAYS: Democrats can capitalize on the mistakes of their opponents, particularly regarding economic policies. The perception of inflation is a significant issue for voters, and Democrats need to address it effectively. Defending democracy is crucial, but Democrats must focus on the actual threats rather than long-term issues like gerrymandering. The Democratic Party needs to reassess its progressive ideals and messaging to resonate with a broader audience. Cultural shifts, such as language policing, can alienate potential supporters for the Democratic Party. The entrepreneurial class holds significant power and talent that Democrats should engage with. Democrats need to communicate a patriotic vision of America to counter negative narratives. The trans movement is distinct from other civil rights movements and requires a nuanced approach. A clear and assertive stance on America's founding principles can help Democrats regain credibility. Young people are increasingly forming situationships instead of traditional relationships. The Inflation Reduction Act was more about political maneuvering than actual inflation reduction. Biden's economic policies have effectively reduced inflation through various measures. Democracy is threatened not just by election denial but by the erosion of checks and balances. A new economic paradigm is needed that addresses modern challenges and national security. Deregulation is essential for economic growth and should be prioritized. The bureaucratic model in Japan could offer insights for improving U.S. governance. Elon Musk's approach to government may be influenced by right-wing media rather than policy experts. A pluralistic social media ecosystem is emerging as people seek alternatives to traditional platforms. There is potential for a smarter Democratic party in response to the changing political landscape. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Europe's Fate, Ukraine & Russia, and the Post-American Era	19 Feb 2025	00:52:56
In this episode, Noah Smith and Erik Torenberg discuss how Ukraine has proven surprisingly resilient throughout the war by maintaining its economy and developing significant domestic drone manufacturing capabilities. He argues that "Europe is not toothless" despite America's shifting role, detailing how Europe collectively has greater manufacturing capacity than America and identifying three key reforms Europe needs: deregulating software, building energy infrastructure, and removing internal trade barriers. – SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102 Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102 – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: It’s time for Europe to stand up https://www.noahpinion.blog/p/its-time-for-europe-to-stand-up Book: Old Man’s War by John Scalzi https://www.goodreads.com/book/show/36510196-old-man-s-war – RECOMMENDED PODCAST: 🎙️Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod – TAKEAWAYS Ukraine has shown resilience in sustaining its war efforts. US aid to Ukraine is becoming less crucial over time. Turkey's support for Ukraine is significant. Europe has substantial manufacturing capacity for military needs. Historical patterns of expansionism are relevant to current geopolitics. Putin's expansionist ambitions can be compared to Louis XIV's. Europe's aging population poses challenges for military readiness. Russia's reliance on China complicates its geopolitical stance. Economic reforms are crucial for Europe's resilience, including deregulation of the software industry. Internal trade barriers hinder European economic integration. America's role as a protector of Europe is diminishing. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	How the Macro, Tariffs and DOGE will Impact your Bank Account \| Noah Smith on How To Money	14 Feb 2025	01:00:53
This week, we’re bringing you an episode from the How to Money podcast, hosted by Joel Larsgaard and Matt Altmix, with special guest Noah Smith. Together, they dive into a range of topics, including the impact of tariffs, Substack’s revolutionary media model, and Noah’s unique economic philosophy. Tune in for insights on the escalating national debt, the baby bust, and the rising costs of U.S. healthcare. Noah also offers solutions, with a focus on boosting productivity and strategic immigration. Plus, don’t miss their take on Argentina’s dramatic economic decisions! -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Check out How To Money Podcast on: Apple: https://podcasts.apple.com/us/podcast/how-to-money/id1337718773 Spotify: https://open.spotify.com/show/6i5Cau3GShqOxHkSRT5TjL iHeart: https://www.iheart.com/podcast/1119-how-to-money-30166328/ -- Highlights from the Episode: (for more head to https://www.howtomoney.com/tariffs-doge-and-your-money-w-noahpinion/) Trump's approach to tariffs appears to be influenced by stock market reactions. The main spending pressures come from healthcare programs (Medicare and Medicaid). Declining birth rates (around 1.5-1.6 children per woman in developed countries) pose significant economic challenges. Healthcare costs are primarily driven by providers such as hospitals, doctors, equipment, and pharma, while insurance companies, operating on low profit margins, mainly serve as cost pass-throughs, with recent slowdowns in cost growth potentially easing budget pressures. Technological advances in AI, solar, and batteries could drive future growth. President Milei's economic reforms, though initially painful, are showing positive results. -- SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102. AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: http://incogni.com/econ102 -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @HowToMoneyPod @HowToMoneyJoel @HowToMoneyMatt @noahpinion @eriktorenberg @turpentinemedia -- RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/ How To Money: https://www.howtomoney.com/ Tariffs, DOGE, and Your Money w/ Noahpinion – Episode 944: https://www.howtomoney.com/tariffs-doge-and-your-money-w-noahpinion/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Elon's Real Goal at DOGE & How to Fix the Debt	12 Feb 2025	00:53:53
This week, Noah Smith and Erik Torenberg talk about DOGE, Elon Musk's initiative to reform government spending, and explore why it might be more about ideology than efficiency. Noah talks about how he would fix the US debt beyond simply cutting waste. They also cover the future of major programs like Medicaid ($804B/year), the trade-offs between inflation and austerity, and how conservatives might reshape federal institutions despite education polarization. Plus: why comparing government efficiency to Twitter's headcount reduction isn't as straightforward as it seems. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- Highlights from the Episode: Noah argues that while Doge (Department of Government Efficiency) is publicly presented as a cost-cutting initiative, it's primarily an ideological project aimed at reducing "woke" initiatives in government. As zero-interest debt gets rolled over at higher rates (around 4%), interest costs are reaching historic highs as a percentage of GDP. Austerity measures will likely involve difficult choices for the middle class. Healthcare spending in the U.S. is disproportionately high compared to other wealthy nations. Government efficiency is harder to measure than corporate efficiency due to its multiple, often conflicting objectives, the influence of democratic processes, and congressional oversight, which complicates decision-making about program value. -- SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102. AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia -- RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/p/what-i-think-doge-is-really-up-to Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Patrick Collison & Noah Smith: How Can the US Stay Ahead Technologically?	07 Feb 2025	00:46:00
This week, Noah Smith and Stripe CEO Patrick Collison recorded a live conversation on Substack covering topics such as American technological leadership, global competition, industrial policy, foreign direct investment, post-financial crisis productivity trends, US financial system advantages, progressive policies, the middle class, tariffs, immigration, technological advancements like humanoid robots, Gen Z’s well-being, and key policy recommendations for economic and social progress. This conversation first aired in Noah's substack Noahpinion, so be sure to subscribe if you aren't already. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- Highlights from the Episode: (for more head to https://www.noahpinion.blog/p/patrick-collison-interview-at-least) The U.S. has maintained its technological edge relative to most developed nations, particularly pulling ahead of Europe, Japan, and South Korea. A key U.S. advantage is its diverse financing system - about 80% of U.S. commercial lending is non-bank lending, compared to only 20% in the UK. The U.S. benefits from a large, unified domestic market, further strengthened by continued immigration, which attracts investment and fosters clustering effects, especially in sectors like software. There are concerns about Gen Z's reported lower life satisfaction and mental health challenges. Replacing NEPA with administrative review (similar to Japan's system). -- SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Notion 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102. AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @patrickc @noahpinion @eriktorenberg @turpentinemedia -- RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/ Patrick Collison interview + at least five interesting things: https://www.noahpinion.blog/p/patrick-collison-interview-at-least Stripe: https://stripe.com/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Understanding US-China Relations Right Now with Nathan Labenz	05 Feb 2025	01:01:41
In this week’s episode of Econ 102, Noah Smith, with special guest Nathan Labenz (host of AI podcast The Cognitive Revolution) breaks down the current landscape of U.S.-China relations and how once-allies became rivals under Xi Jinping's aggressive strategies. While China shows growing AI capabilities like DeepSeek, Smith emphasizes that the real concern isn't about AI models but rather military applications like autonomous drones and precision weapons, suggesting that the next decade represents a critical period for managing tensions and establishing deterrence. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Check out Nathan Labenz's podcast The Cognitive Revolution Apple: https://podcasts.apple.com/us/podcast/the-cognitive-revolution-ai-builders-researchers-and/id1669813431 Spotify: https://open.spotify.com/show/6yHyok3M3BjqzR0VB5MSyk YouTube: https://www.youtube.com/@CognitiveRevolutionPodcast/ -- Highlights from the Episode: The US and China were largely de facto allies throughout the 20th century, except for brief periods like the Korean War. Xi Jinping's "great changes unseen in a century" doctrine signals intent to challenge US-led global order. US chip export controls have been effective at limiting China's advanced chip manufacturing. Military technology prioritizes maintaining a technological edge in precision weapons and autonomous systems, with conventional deterrence still key despite nuclear capabilities, while chip controls focus on preserving advantages in military applications over civilian technology. Concerns about AI competition include skepticism over maintaining US "AI supremacy," the potential difficulty in containing AI capabilities like those of DeepSeek, and the risk that an aggressive approach could escalate conflict. -- SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Found Found provides small business owners tools to track expenses, calculate taxes, manage cashflow, send invoices and more. Open a Found account for free at https://found.com/econ102. AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @labenz @noahpinion @eriktorenberg @turpentinemedia -- RECOMMENDED IN THIS EPISODE: Noahpinion: https://www.noahpinion.blog/ Dwarkesh podcast with Sarah Paine https://youtu.be/fx6fakjQBdo?si=FR4ZGTGWzXsO4__E Book: Rush Doshi, The Long Game https://www.goodreads.com/book/show/52617647-the-long-game Book: John Mearsheimer Conventional Deterrence https://www.goodreads.com/book/show/224128.Conventional_Deterrence Noahpinion essay: Simple Lessons from China's Big AI Breakthrough https://www.noahpinion.blog/p/some-simple-lessons-from-chinas-big Noahpinion Essay: The Elemental Foe https://www.noahpinion.blog/p/the-elemental-foe?utm_source=publication-search Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Paul Krugman on Leaving NYT, America's Economy, and Trump	31 Jan 2025	01:04:11
This week Noah Smith and economist Paul Krugman hopped on a call to discuss Paul's departure from the New York Times, the benefits of independent writing, U.S. manufacturing and industrial policy, geopolitics, Trump 2.0, and the impact of public opinion on economic and political discourse. This conversation first aired in Noah's substack Noahpinion, so be sure to subscribe if you aren't already. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- Highlights from the Episode: (for more head to https://www.noahpinion.blog/p/paul-krugman-and-noah-smith-have) Discussed the transitioning from traditional media (NYT, Bloomberg) to Substack for greater editorial freedom and authentic voice, noting that traditional outlets still maintain an "establishment" mindset. On Substack, Krugman settlies on 1100 words per post and Noah aims for 2000-2500 words. Public perception of the economy often shifts dramatically based on political affiliation rather than actual economic conditions. How the Ukraine war has highlighted the importance of manufacturing capability for national security. Current Political Climate: Greater concern about current political risks compared to previous eras like the Reagan administration. Explored how national security concerns are reshaping trade policy thinking. -- SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Notion 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @paulkrugman @noahpinion @eriktorenberg @turpentinemedia -- LINKS: Noahpinion: https://www.noahpinion.blog/ https://www.noahpinion.blog/p/paul-krugman-and-noah-smith-have Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Trump's Executive Orders, China's Economy, The Bull Case for the Middle East, and Europe's Decline	29 Jan 2025	01:02:16
In this episode, Erik Torenberg and Noah Smith discuss wide range of topics, including Trump’s executive orders and their effects on U.S. politics, international tariffs, Michael Pettis's views on China's economy, the Middle East’s potential with solar energy, and Europe’s socio-political shifts, all through the lens of economics. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- Highlights from the Episode: There's worry about potential economic instability if Trump's aggressive trade policies lead to stagflation. Concern about China potentially influencing Trump through various financial mechanisms, including cryptocurrency. The Middle East holds a surprisingly optimistic outlook, with the end of the "oil curse" prompting institutional growth, its geography offering ideal conditions for solar energy, and the potential for solar-powered desalination to transform agriculture. European countries struggle more with integration due to different cultural approaches and institutional structures. Interesting parallel drawn between Europe's historical transformation after the 30 Years War and potential for Middle East development. -- SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Notion 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. -- 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/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Sam D'Amico and Noah Smith on How China Masters Manufacturing (And How America Can Catch Up)	22 Jul 2025	00:55:12
This week, we’re airing a live conversation between Noah Smith and Sam D’Amico, founder and CEO of Impulse Labs, about how China’s Electric Tech Stack and tightly integrated supply chains are fueling its lead in industries from EVs to robotics, while exploring solutions for revitalizing U.S. manufacturing. The conversation also covers regulatory challenges, the value of co-locating engineers and factories, and the role of advanced technologies in shaping global production. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at z.carta.com/econ102. NetSuite More than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://netsuite.com/102⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Shopify Shopify is the world's leading e-commerce platform, offering a market-leading checkout system Shoppay and exclusive AI apps. Nobody does selling better than Shopify. Get a $1 per month trial at ⁠⁠⁠⁠⁠https://shopify.com/momentofzen⁠⁠⁠⁠⁠. AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://adquick.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @sdamico @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.noahpinion.blog/⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠ https://www.impulselabs.com/ – TAKEAWAYS: The "Electric Tech Stack" Revolution: Electric Tech Stack" - batteries, motors, power electronics, and chips. This stack is replacing traditional manufacturing across industries, turning everything from cars to military equipment into "fancy drones. Why America Struggles with Manufacturing: Engineers live in expensive NIMBY cities while factory workers live elsewhere, breaking the crucial feedback loop needed for hardware iteration. China's Advantages: Chinese companies expect to build 200-300 prototype units before shipping, with engineers working directly with factory workers. Policy Solutions: Every major US city needs its own "Shenzhen" - a nearby manufacturing hub where engineers can drive to factories in 2 hours. The Appliance Strategy: Sam's company Impulse is using battery-powered stoves as a trojan horse to rebuild America's electric tech stack manufacturing base. By creating domestic demand for these technologies outside EVs, they're building the supply chain that other companies can leverage. The Stakes: The conversation emphasizes that this isn't just about economics - it's about national security. When Ukraine's toy drones can destroy Russian bombers 4,000 kilometers away, mastering the electric tech stack becomes a matter of military survival. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Noah Smith on Taiwan's Future, Nuclear Proliferation, and Trump 2.0 [ChinaTalk]	22 Jan 2025	01:08:01
While traveling to Taiwan, Noah Smith sat down with ChinaTalk's managing editor and Taipei correspondent Lily Ottinger to explore wide range of geopolitical and economic issues, including the potential impacts of a second Trump administration on Asia, where Elon Musk stands on Taiwan, nuclear proliferation, China's economic strategies, Taiwan's defense and diplomatic policies, and demographic shifts. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: ChinaTalk Check out ChinaTalk. Conversations exploring China, technology, and US-China relations. Guests include a wide range of analysts, policymakers, and academics. Hosted by Jordan Schneider. Apple: https://podcasts.apple.com/us/podcast/chinatalk/id1289062927 Spotify: https://open.spotify.com/show/448WaJhgJGJKnQ3HCE2EBa YouTube: https://www.youtube.com/@ChinaTalkMedia -- Highlights from the Episode: Trump's coalition now includes a powerful tech sector pushing for deregulation, while his personal corruption and susceptibility to influence could make him vulnerable to China, particularly through platforms like TikTok, with export controls serving as a key indicator of his policy stance toward Beijing. Nuclear weapons have historically proven effective at preventing invasion of states that possess them. China is experiencing debt deflation similar to Japan's 1990s situation, where falling prices increase the real burden of debt. Xi Jinping's conservative economic views, particularly resistance to stimulus and healthcare spending, may prolong recovery. Taiwan's laid-back culture and success stand in stark contrast to mainland China's approach. Under Xi, China has reversed some of the liberalization that occurred under previous leaders. -- SPONSORS: NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 Notion 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. -- 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/ ChinaTalk: https://www.chinatalk.media/ https://www.linkedin.com/in/lily-ottinger/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	A Debate with Scott Sumner: Industrial Policy, China, and National Security	15 Jan 2025	00:52:30
In this episode, Noah Smith and Erik Torenberg are joined by Scott Sumner, an American economist and previously the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University, examine the impact of U.S.-China relations on economic and industrial policies, discussing topics such as tariffs, manufacturing capabilities, technologies like drones and batteries, climate change, defense strategies, and the evolving role of neoliberalism. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Modern Relationships Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- Highlights from the Episode: Neoliberalism vs. Industrial Policy: The world is moving away from neoliberalism toward industrial policy and authoritarian nationalism. Chinese manufacturing of green technology has supported global climate efforts, sparking debate over whether US trade barriers on Chinese green tech are counterproductive, alongside a discussion of carbon taxes versus other climate policies. China now matches US and allies combined in manufacturing capacity. Trump's tariffs are seen as ineffective for reindustrialization, while Biden's CHIPS Act and IRA are viewed as more successful in specific sectors, prompting a discussion on targeted versus broad industrial policies. Housing and healthcare costs are significant barriers to living standards. -- SPONSORS: Notion 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit https://adquick.com/ today to start reaching your customers in the real world. -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @ScottSumnerTMI @noahpinion @eriktorenberg @turpentinemedia -- LINKS: Noahpinion: https://www.noahpinion.blog/ The Pursuit of Happiness: https://scottsumner.substack.com/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Canada After Trudeau, Immigration Debate, and China's Economy	09 Jan 2025	00:57:48
This week, Noah Smith and Erik Torenberg explore the possibility of a Chinese invasion of Taiwan, Xi Jinping's political future, U.S.-China tensions, Trump's and Biden's policies, the 2019 global protests, China's economic troubles, and the challenges facing Western nations, while also emphasizing the need for bipartisan cooperation on U.S. industrial policy. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Modern Relationships Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- Highlights from the Episode: China faces significant economic headwinds with deflation and productivity challenges, requiring major policy interventions including potential bailouts to address their real estate crisis. Justin Trudeau's legacy in Canada is marked by criticism of his economic management, the country's ongoing productivity challenges, an overreliance on the oil sector as a temporary fix for deeper economic issues, and stagnant business investment despite partial recovery in oil prices. The conservative coalition in America has evolved to become more diverse, with Latino and Asian voter shifts playing a crucial role in recent electoral outcomes. Biden's industrial policy has shown success in areas like solar panel manufacturing and chip production, despite implementation challenges around DEI and union requirements. Elon Musk's involvement in European politics is analyzed in terms of how Europe could counter his influence through market access, with an observation that his focus on the region may be part of rebuilding a coalition after disputes over immigration. -- SPONSORS: Notion 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod NetSuite More than 41,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 -- 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/ The Players on the Eve of Destruction: https://www.noahpinion.blog/p/the-players-on-the-eve-of-destruction How do we measure whether China's economy is "ahead" of America's?: https://www.noahpinion.blog/p/how-do-we-measure-whether-chinas Biden's tarnished industrial legacy: https://www.noahpinion.blog/p/bidens-tarnished-industrial-legacy Trudeau was a poor steward of Canada's economy: https://www.noahpinion.blog/p/trudeau-was-a-poor-steward-of-canadas Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Trump, Tariffs, and the New 80s: America's Next Cultural Reset	02 Jan 2025	00:59:02
This week, Noah Smith and Erik Torenberg discuss Silicon Valley's cultural influence, Marc Andreessen's predictions, what comes after wokeness, tariffs on China, Reaganomics, the 'polycrisis,' the future of industrial policy, and political dynamics involving Donald Trump, Elon Musk, and Paul Krugman. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Modern Relationships Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- Highlights from the Episode: The decline of "wokeness" follows historical patterns of social movements, with San Francisco leading both adoption and abandonment of cultural trends. Industrial policy and targeted tariffs are crucial for American manufacturing competitiveness, particularly in relation to China. The challenges of implementing meaningful austerity measures in the US government and the necessity of making difficult policy choices. The complex relationship between Trump and Elon Musk's competing visions for America's economic and foreign policy future. Paul Krugman's legacy: Reviving Keynesian economics during Great Recession. -- SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. -- 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/ Marc Andreessen on Trump, the vibe shift, and what’s after wokeness: https://youtu.be/l8X8jecivWw?si=ZKfdrvEetz8sZ6Hi The Wokeness series: https://www.noahpinion.blog/p/the-wokeness-series Ready Player One: https://www.goodreads.com/book/show/9969571-ready-player-one We Have Never Been Woke: https://www.amazon.com/Have-Never-Been-Woke-Contradictions/dp/0691232601 Musa al-Garbhi Substack: https://musaalgharbi.substack.com/ Akira: https://www.imdb.com/title/tt0094625/ The Big Chill: https://www.imdb.com/title/tt0085244/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	China's Demographic Time Bomb and America's Economic Future	25 Dec 2024	00:48:58
In today's episode, Noah Smith and Erik Torenberg answer listeners' questions and discuss global economic issues such as China's demographic challenges, currency crises, GDP vs. GDP per capita, the efficacy of long prison sentences, and the risks and benefits of economic stimulus, currency depreciation, and trade imbalances. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Modern Relationships Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- Highlights from the Episode: The U.S. trade deficit represents IOUs to other countries that must eventually be paid back or partially defaulted on through inflation. A persistent trade deficit is not in America's long-term interest. There are two main types of economic crises: currency crises (typically involving inflation) and deflationary depressions. They require opposite policy responses - austerity for currency crises and stimulus for deflationary depressions. China is currently experiencing a deflationary crisis due to its real estate bubble burst and debt overhang, leading to falling prices and attempts to export their way out of trouble. -- SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. NetSuite More than 40,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/ -- 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/ https://www.noahpinion.blog/p/good-cities-cant-exist-without-public https://www.noahpinion.blog/p/macroeconomics-the-predator-of-foolish Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Relationships, Gender Wars, and Online Culture with Katherine Dee (Default Friend)	18 Dec 2024	00:51:31
This week, Erik Torenberg and Noah Smith discuss modern dating dynamics, cultural shifts, and the impact of technology and social media on relationships with author and former dating advice columnist Katherine Dee, exploring generational differences contributing to the gender war and the broader societal implications. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- Highlights from the Episode: Dating markets vary significantly by location and social context - what works in San Francisco differs from New York, and tech industry dating differs from other sectors. There's a noticeable trend toward "avoidant behavior" in younger generations, manifesting in situationships and difficulty with direct communication. Social media and technology have fundamentally altered how people connect, leading to more fragmented and isolated dating experiences. -- SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. NetSuite More than 40,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/ -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @default_friend @noahpinion @eriktorenberg @turpentinemedia -- LINKS: Default Friend: https://default.blog/ Noahpinion: https://www.noahpinion.blog/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	The New Left, Health Insurance Myths, and Solving Underpopulation	11 Dec 2024	00:54:04
Noah Smith and Erik Torenberg discuss the high costs of healthcare, the challenges facing the center-left, the possibility of infinite economic growth, solutions to declining fertility rates, and the role of technology in addressing demographic challenges. -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Unpack Pricing Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg -- Highlights from the Episode: Health insurance companies are often unfairly blamed for high healthcare costs, while making only 1-3% profit margins. The real cost drivers are healthcare providers and hospital systems. National health insurance, as implemented in countries like Japan, can effectively control costs but may risk reducing healthcare innovation. Population growth follows exponential functions, meaning societies are always trending toward either over-population or under-population, with no stable middle ground without active intervention. -- SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. NetSuite More than 40,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/ -- 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/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	A Debate on Immigration, Ethnostates, and National Identity	04 Dec 2024	01:02:33
This week, Noah Smith talks to Erik Torenberg about his viral post on land acknowledgements, exploring how nations should be defined by institutions rather than ethnic identity. The conversation expands into a discussion of immigration, cultural assimilation, and sovereignty across countries like Israel, Japan, South Korea, and Botswana, examining how different nations navigate the balance between cultural preservation and integration. For full show notes, visit: https://highlightai.com/share/b7f9f1c6-5c17-4877-9be7-c0b3d56c7e78 -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Unpack Pricing Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg -- SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. NetSuite More than 40,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/ -- 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/ No, you are not on Indigenous land: https://www.noahpinion.blog/p/no-you-are-not-on-indigenous-land Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Vitalik Buterin & Noah Smith \| Is Authoritarianism Inevitable?	27 Nov 2024	01:34:14
In today's special episode, we're sharing a conversation between Noah Smith and Ethereum co-founder Vitalik Buterin recorded back in June for the Bankless podcast. They discuss whether authoritarian regimes could outcompete liberal democracies in the 21st century, exploring the impact of technological advancements, the internet, and decentralized technologies like crypto on information dynamics and the preservation of liberal values. For full show notes, visit: https://highlightai.com/share/e7dc596f-bc8e-4574-aebd-c6f579a76175 -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Bankless The Ultimate Guide to Crypto Finance. DeFi, NFTs, and cryptocurrencies. Level up. Go bankless. Youtube: https://www.youtube.com/@Bankless Apple: https://podcasts.apple.com/us/podcast/bankless/id1499409058 Spotify: https://open.spotify.com/show/5ll0fkqIGyUfSOn9CTfHjC -- SPONSORS: GiveWell GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. 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://www.givewell.org and select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: http://incogni.com/econ102 -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @BanklessHQ @noahpinion @eriktorenberg @turpentinemedia -- LINKS: Bankless: https://www.bankless.com/ Noahpinion: https://www.noahpinion.blog/ How liberal democracy might lose the 21st century: https://www.noahpinion.blog/p/how-liberal-democracy-might-lose Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	DOGE, Political Realignment, and the End of 'Groups'	21 Nov 2024	01:15:46
This week, Erik Torenberg and Noah Smith explore economic policies, political dynamics, societal issues, including the abolition of income tax, government agency efficiency, the evolving political landscape, technology's impact on freedom and dignity, and the challenges of maintaining a competent civil service. For full show notes, visit: https://highlightai.com/share/ab409e21-1697-4621-a9b8-cfd3149e4e35 -- 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. -- RECOMMENDED PODCAST: Unpack Pricing Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg -- SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. Incogni Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: http://incogni.com/econ102 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/ 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://www.notion.com/product/ai?utm_source=podcasts&utm_medium=upstreampod -- 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/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	The 2nd China Shock: Why Chinese Companies Are Making Zero Profit	15 Jul 2025	00:50:29
This week, Noah Smith and Erik Torenberg analyze recent global events—from a political shift in New York to the Israel-Iran conflict—while exploring U.S.-China economic dynamics, evolving industrial policies, and the risk of a recession. The conversation also touches on historical economic shifts, tariffs, and manufacturing trends. – SPONSORS: Carta Carta is offering up to 40% off a new Carta plan, including cap table management, QSBS Attestation, and Carta Total Compensation. This limited-time offer runs through the end of July at ⁠z.carta.com/econ102⁠. NetSuite More than 42,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://netsuite.com/102⁠⁠⁠⁠⁠⁠⁠⁠⁠ Shopify Shopify is the world's leading e-commerce platform, offering a market-leading checkout system Shoppay and exclusive AI apps. Nobody does selling better than Shopify. Get a $1 per month trial at ⁠⁠⁠⁠https://shopify.com/momentofzen⁠⁠⁠⁠. AdQuick The easiest way to book out-of-home ads (like billboards, vehicle wraps, and airport displays) the same way you would order an Uber. Ready to get your brand the attention it deserves? Visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠https://adquick.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠ today to start reaching your customers in the real world. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: China's industrial policy has an unprofitability problem: https://www.noahpinion.blog/p/chinas-industrial-policy-has-an-unprofitability Noahpinion: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.noahpinion.blog/⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠ – TAKEAWAYS: New York City Politics: Discussion of a "Muslim socialist" winning what appears to be a NYC mayoral race. Middle East Geopolitics: Analysis of recent Iran bombing and its economic implications. China's Current Industrial Policy Problems: Xi Jinping's aggressive subsidization of strategic industries (EVs, semiconductors, batteries, solar panels). Key Economic Insights: China's export percentage of GDP is now lower than many developed countries, but the absolute volume still creates massive global impact due to China's size. US Manufacturing Revival: The importance of reducing regulatory barriers to enable more "sub-Elons" (entrepreneurs like Elon Musk). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
	Post-Trump Reflections: Fixing Blue Cities	13 Nov 2024	00:55:22
Noah Smith and Erik Torenberg discuss the evolution and challenges of urban development in American cities, particularly the rise and fall of blue cities like San Francisco and New York, while exploring historical trends, fiscal policies, and socio-political dynamics. For full show notes, visit: https://highlightai.com/share/69fa9439-ace9-43c3-9a96-9876a7e440bc — RECOMMENDED PODCAST: Unpack Pricing Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg — SPONSORS: GiveWell GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. NetSuite More than 40,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. Download the CFO's Guide to AI and Machine learning: https://netsuite.com/102 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors/ 📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://www.notion.com/product/ai?utm_source=podcasts&utm_medium=upstreampod -- 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/ https://www.noahpinion.blog/p/the-blue-cities-must-be-fixed Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

About us Privacy Policy