Economist and Substack writer Noah Smith and investor Erik Torenberg make sense of what’s happening in the news, technology, business, and beyond, through the lens of economics. Econ 102 is a part of the Turpentine podcast network. Learn more: turpentine.co
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Key insights—economics, finance, political economy, and wrestling with how to teach the world good economics through every means possible, & some means impossible... braddelong.substack.com braddelong.substack.com
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Life as a country music artist is anything but easy. Musician Noah Smith explains the long nights on the road, songwriting, making records and the friendships along the way. Ohio born, Brown County raised - this father of three is enjoying the journey. After all, there is no easy road to stardom; you have to take the Long Cut.
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Vitalik Buterin & Noah Smith | Is Authoritarianism Inevitable?
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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 t…
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DOGE, Political Realignment, and the End of 'Groups'
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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://h…
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Post-Trump Reflections: Fixing Blue Cities
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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…
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Noah Smith and Erik Torenberg analyze the aftermath of the Trump 2024 election, debating what to expect on political strategies, economic policies, and the power of figures like Elon Musk, while discussing potential shifts needed within the Democratic Party to address changing voter demographics. For full show notes, visit: https://highlightai.com/…
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Trump vs Kamala, Hereticon, Election Craziness
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This week on Econ 102, Noah Smith and Erik Torenberg examine the 2024 presidential election, Trump's influence on American politics, and the interplay of conservative movements with domestic and international issues. For full show notes, visit: https://highlightai.com/share/70765901-d8f7-46b6-b580-3cc3f3874b7f -- 📰 Be notified early when Turpentine…
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Noah Smith and Erik Torenberg analyze the historical Axis powers in comparison to today's emerging adversarial nations, emphasizing geopolitical dynamics, military capabilities, and the evolving balance of power. For full shownotes, visit highlight: https://highlightai.com/share/577e5681-76d2-498c-8ebc-7b136b1b598f -- Be notified early when Turpent…
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Mini: Tariffs on China, Trump, and National Security
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Noah breaks down the number one issue no one is grappling with in regards to tariffs on China. For full shownotes, visit highlight: https://highlightai.com/share/1835116c-516d-4cab-a2ee-19f4504bc263 -- Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess -- SPONSOR: GiveWell GiveWell spends 50,000 hou…
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Progressivism: Past, Present, Future
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This week on Econ 102, Noah Smith and Erik Torenberg delivers a masterful analysis of American progressivism's rise, fall, and potential future resurrection as a class-focused movement in the 2030s. For full show notes, visit: https://highlightai.com/share/c29e2f67-3580-4753-913b-f87c744c6118 -- 📰Be notified early when Turpentine drops new publicat…
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Comparing Trump, Biden, and Obama's China Strategies
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Noah Smith breaks down the last two decades of US-China policy shifts - and where we go from here in anticipation of the November election. Let us know if you like these short-form Econ 102 friday bonus episodes by emailing econ102@turpentine.co. -- Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess…
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Why Nations Fail, AI & Jobs, Economics as a Science
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This week on Econ 102, Noah Smith and Erik Torenberg tackle the shift in economic research from empirical studies to "big think" theories, critically examine Acemoglu's work on institutions and AI's impact on jobs, and debate the future of economics as a science. -- 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.…
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Kamala vs. Trump: Economic Plans and Foreign Policy Showdown
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This week, Noah Smith and Erik Torenberg discuss the political nuances that influence the Republican and Democratic parties in the U.S. They explore the historical shifts in party dynamics, immigration policies, and the evolving economic strategies under potential future administrations. -- 🔥 Apply to join over 400 Founders and Execs in the Turpent…
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International Development, The Reserve Currency, and Xi Jinping’s Legacy
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This week, Noah Smith and Erik Torenberg unpack China's economic strategies under Xi Jinping, from the controversial tech crackdown to the ambitious Belt and Road Initiative. They explore the intricacies of international currency dynamics, dissect Ben Bernanke's pivotal role in the 2008 financial crisis, and examine the complex effects of brain dra…
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Noah's new book topic, Evaluating Immigration, Saving Midwestern Cities
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In today’s episode, Noah Smith and Erik Torenberg dive into the complexities of immigration, global economic development, and cultural stereotypes. Noah also shares insights from his upcoming book on reviving Japan's economy, examining strategies like innovation, reforming large corporations, and attracting foreign investments. -- 🔥 Apply to join o…
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In today’s episode, Noah Smith and Erik Torenberg explore the complexities surrounding fracking, China's economic growth and challenges, and tackle a controversy in Springfield involving false claims about Haitian immigrants and the larger implications for U.S. immigration policy. -- 🔥 Apply to join over 400 Founders and Execs in the Turpentine Net…
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Preparing for a Second China Shock and Bad Economists with Brad DeLong
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In today’s episode, Noah Smith and Brad DeLong tackle pressing topics such as the potential for a 'China Shock 2', the effectiveness of missile defense systems, and the shifting role of economists since the Great Recession. They also explore the nuances of economic theory, policy implementation, and real-world outcomes, particularly in a fast-paced…
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The New Axis, Neoliberalism, and Germany [Mailbag]
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In today’s episode, Noah Smith and Erik Torenberg summon their next dream guest and tackle some listener questions, including the role of economists in predicting outcomes, China's industrial strategy, the new axis, the state of Germany and Britain, and the legacy of neoliberalism. -- 🔥 Apply to join over 400 Founders and Execs in the Turpentine Ne…
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Anthropic CEO Dario Amodei on AI's Moat, Risk, and SB 1047
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This week, Noah Smith and Erik Torenberg are joined by Dario Amodei, CEO and Co-founder of Anthropic. Dario talks about the economics of AI development, the comparative advantage of AI companies like Anthropic, AI safety, and his stance on California's SB 1047 bill. They also discuss the impacts of AI on global power dynamics, competition between t…
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Kamala/Trump Policy Discussion: Housing, Immigration, Tariffs
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In today’s episode, Noah Smith and Erik Torenberg explore the the policies of Kamala Harris and Donald Trump, complexities of housing affordability and wealth storage, challenges in immigration policies, and critique the effectiveness of tariffs. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com…
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Tech Maturity and What Lies Ahead
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This week on Econ 102, Noah Smith and Erik Torenberg discuss the differentiation between technology and 'tech' as an investment category, the future of AI, potential profitability of AI companies, and the challenges faced by VC investors in the AI space. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.type…
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Explaining Kamala’s VP Pick, the US Economy, Venezuela’s Fall and China’s Rise
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This week, Noah Smith and Erik Torenberg discuss the implications of Tim Walz as Kamala Harris' VP pick, the stock market chaos of Monday August 5th, the state of the U.S. economy, the economic collapse of Venezuela, and the growth of East Asian countries. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.ty…
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AI, Software, and White-Collar Jobs
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In today's episode, Noah Smith and Erik Torenberg tackle pressing listener questions focused on the economic impact of AI, software, immigration, and more. They also cover the potential for economic development in poor countries and the evolving nature of industrial policy in the US and China. 🔥 Apply to join over 400 Founders and Execs in the Turp…
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Kamala's Chances, Biden/Trump's Legacy
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In today’s episode, Noah Smith and Erik Torenberg discuss the potential of Kamala Harris as a presidential nominee, President Biden’s legacy, impact of COVID-19 on the economy and inflation, and the recent shifts in U.S. foreign relations and immigration policies. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplog…
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J.D. Vance, Biden's Path Forward, and Silicon Valley’s Shift to Trump
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In today’s episode, Noah Smith and Erik Torenberg discuss the nomination of JD Vance as Vice President, Trump's political strategies, and the potential geopolitical shifts with a focus on China. The conversation also covers Biden's policy continuity and the role of tech leaders in shaping political directions. 🔥 Apply to join over 400 Founders and …
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Evaluating Trump’s Policy Platform
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This week on ECON 102, Noah Smith and Erik Torenberg discuss the Republican Party platform and its focus on economic issues. They also cover the influence of Trump-era policies, the evolving stance on immigration policies, cost reduction on education, housing and healthcare - and what Noah would do if he was the enlightened despot in charge of the …
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The 'Be Careful What You Wish For' Episode
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This week on Econ 102, Noah Smith and Erik Torenberg celebrate America by discussing its future. They explore the 2024 presidential outlook, the Chevron ruling from the Supreme Court, and the polarization of the education system. Noah and Erik also discuss where wokeness goes from here, and the potential outcomes of integrating more conservatives i…
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PODCAST: Hexapodia LXII: Noah Needs Nuance!
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Noah Smith & Brad DeLong Record the Podcast We, at Least, Would Like to Listen to!; Aspirationally Bi-Weekly (Meaning Every Other Week); Aspirationally an hour... Key Insights: * Brad DeLong says: You say economics and economists in decline—I see bad economists in decline. * Brad DeLong says: You see missile defense as remarkably effective—I see it…
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Trump/Biden, Chomsky/Foreign Policy, & Romantic Relationships
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In today’s episode, Noah Smith and Erik Torenberg answer listener questions on intriguing topics from politics to personal relationships. They analyze Donald Trump, discuss Chomsky's influence on foreign policy, explore the economics of dating markets, and discuss Noah's theory 'why sex leads to love'. 🔥 Apply to join over 400 founders and Execs in…
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In today’s episode, Noah Smith and Erik Torenberg dive into some listener questions on economics and macroeconomics issues. They discuss the Federal Reserve's strategy on interest rates, the complexities of macroeconomic prediction, the evolution of industrial policy, and pick the best economists of all time. 🔥 Apply to join over 400 founders and E…
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Today Noah Smith and Erik Torenberg answer more listener questions covering the surge of support for the hard right in European elections, the impact of immigration in Europe and the US, the future of Social Security, the stability of banks, and the best and worst taxes in the US. They also dive into the negative impact of China conquering Taiwan a…
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The Vibecession & the Future Economy under Trump vs Biden with Kyla Scanlon
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In this episode, Noah Smith and Erik Torenberg are joined by Kyla Scanlon, creator, writer, analyst, and author of new book “In this Economy?" They discuss the vibecession, the housing crisis, leader fatigue, and the impact of the economy on political polarization and the age of austerity. The conversation also covers the impact of Trump's economic…
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Elite Overproduction and the Future of the Right
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Today Noah Smith and Erik Torenberg discuss the recent angry posts on X from David Austin Walsh, a history postdoc at Yale, and what this controversy says about the social and economic trends of the elite in the US. They also cover the the rise of right-wing muckrakers, discuss what the conservative movement needs now, and who they consider the sma…
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PODCAST: Hexapodia LXI: DeLong Smackdown Watch: Snatching Back the Baton for Supply-Side Progressivism Edition
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Noah Smith & Brad DeLong Record the Podcast We, at Least, Would Like to Listen to!; Aspirationally Bi-Weekly (Meaning Every Other Week); Aspirationally an hour... Key Insights: * A number of years ago, Brad DeLong said that it was time to “pass the baton” to “The Left”. How’s that working out for us? #actually, he had said that we had passed the ba…
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Controlling US Inflation, Global Trade, and the Future of India and Japan
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In today’s episode, Noah Smith and Erik Torenberg respond to pressing questions on US inflation, the possibility of the US becoming a petro-state, global trade dynamics in the context of geopolitical shifts, the potential impacts of de-dollarization, and the sustainability of defense strategies. They also cover the impact of recent wars, and discus…
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In this week’s episode, Noah Smith and Erik Torenberg explore various aspects of Joe Biden’s presidency to evaluate a case for reelecting Biden, focusing on economic policy shifts, spending concerns, inflation, and industrial policy. They also emphasize the historical and current political dynamics between the U.S. and China, exploring tariffs, tra…
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PODCAST: Hexapodia LX: DeLong Smackdown Watch: China Edition
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Noah Smith & Brad DeLong Record the Podcast We, at Least, Would Like to Listen to!; Aspirationally Bi-Weekly (Meaning Every Other Week); Aspirationally an hour... Key Insights: * Someone is wrong on the internet! Specifically Brad… He needs to shape up and scrub his brain… * Back in the 2000s, Brad argued that the U.S. should over the next few gene…
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Biden's New Tax Plan, Algorithmic Pricing, and Noah's Media Diet
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This week on Econ 102, Noah Smith and Erik Torenberg discuss the pros and cons of Biden's tax plan based on Noah's recent essay. They also answered listener questions on the German economy's success, Japan's government debt management, and strategies for staying well-informed on economic issues. Recommended Podcast: Company Breakdowns Each episode …
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PODCAST: Hexapodia LIX: Mourning the Death of Vernor Vinge
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Noah Smith & Brad DeLong Record the Podcast We, at Least, Would Like to Listen to!; Aspirationally Bi-Weekly (Meaning Every Other Week); Aspirationally an hour... Key Insights: * Vernor Vinge was one of the GOAT scifi authors—and he is also one of the most underrated… * That a squishy social-democratic leftie like Brad DeLong can derive so much ins…
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How the Fed Works, Currency Crises, and TikTok ban [Listener Mailbag]
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In today's episode of Econ 102, Noah Smith and Erik Torenberg tackle more listener questions: the Fed's impact on inflation and the economy, theories behind interest rates' unexpected effects, and 'greedflation'. The discussion also extends to shifts in Japan's economic policies amid currency valuation concerns, housing price disparities between th…
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Wealth Distribution, Fixing Healthcare, and UBI
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In today's episode, Noah Smith and Erik Torenberg answer listeners' questions in rapid fire format, over topics such as the global reserve currency, fair taxation, wealth redistribution, education reform, healthcare, US manufacturing, how to revitalize cities, and more. Thanks to all our listeners who continue to write in with big meaty questions! …
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WW3 Analysis: China, The US, Ukraine, The Middle East
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In this week’s episode, Noah Smith and Erik Torenberg tackle more listeners' questions focused on conflicts and war. They cover various defense strategies, emphasizing the urgency of revitalizing the U.S. defense industrial base to prepare for potential conflicts. They discuss the differences between authoritarian and democratic powers, highlightin…
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Fixing the US Economy: the Debt, Inequality, Biden/Trump Economic Predictions
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In this week’s episode, Noah Smith and Erik Torenberg dive into various econ topics and tackle listener questions! They cover: government spending and the national debt, discussion on taxation, wealth taxes and economic outcome of the next U.S. election, as well as differences in respect and status in the United States and Japan, and lessons learne…
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Analyzing Economies Round 3: Middle East, Africa, South America, and North America
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This episode is a continuation of analyzing the economies around the world, with Noah Smith and Erik Torenberg focusing on the Middle East, Africa, South America, and North America. They discuss the economic challenges and solutions in Egypt and Saudi Arabia, as well as Latin America’s drug problem and Canada’s economic stagnation. This show is pro…
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Analyzing Economies: England, France, Germany, Poland, Turkey, and the EU/European Immigration
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In our second installment of Analyzing the Economies Around the World, Noah Smith and Erik Torenberg cover Europe and Turkey. They discuss the UK's productivity issues, France's nuclear energy investments, Germany's weaknesses, Poland's economic success, Turkey's economic policies, and immigration challenges across the EU and Europe. This show is p…
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Analyzing Economies: USA, China, Japan, Russia, India, Korea, and more
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In this episode, Noah Smith and Erik Torenberg talk about the world's biggest economies including US, China, Japan, Korea, Taiwan, Russia, Australia, and more, looking at things like inflation, debt, industrial policy, and population challenges. They talk about what each country does well and where they might struggle, and offer ideas about what co…
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PODCAST: Hexapodia LVIII: Acemoglu & Johnson Should Have Written About Technologies as Labor-Complementing or Labor-Substituting
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In which Noah Smith & Brad DeLong wish Daron Acemoglu & Simon Johnson had written a very different book than their "Power & Progress" is... Key Insights: * Acemoglu & Johnson should have written a very different book—one about how some technologies complement and others substitute for labor, and it is very important to maximize the first. * Neither…
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AI's Influence on the Economy with Nathan Labenz
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In this episode, Noah Smith and Erik Torenberg are joined by Nathan Labenz, co-host of The Cognitive Revolution Podcast, to deep dive into AI's impact on our economy and society. They discuss how AI might affect the job market and society, drawing comparisons to past economic changes. If you’re looking for an ERP platform head to NetSuite http://ne…
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How We Build More Housing with Brad Hargreaves
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In this episode of Econ 102, Noah Smith and Erik Torenberg are joined by Brad Hargreaves, the founder of Common, co-founder of General Assembly, and writer of Thesis Driven. They discuss the future of real estate and housing in America, the impact of regulations, and the potential of new cities. If you’re looking for an ERP platform head to NetSuit…
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This week on Econ 102, Noah Smith and Erik Torenberg explore the changing racial dynamics in the U.S., highlighting the importance of national identity, and the recent role of social media within that evolution. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. RECOMMENDED…
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This week on Econ 102, Noah Smith and Erik Torenberg discuss Tucker Carlson’s interview with Vladimir Putin, the state of Russia's economic and military, and the country's relationships with the West. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. RECOMMENDED PODCAST: H…
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This week Noah Smith and Erik Torenberg sit down to deconstruct several economic theories dealing with developing nations, export oriented manufacturing, the roles of engineers across the world, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/102 and download your own customized KPI checklist. He rebuttals argum…
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