"Econ 102" with Noah Smith and Erik Torenberg cover art

"Econ 102" with Noah Smith and Erik Torenberg

"Econ 102" with Noah Smith and Erik Torenberg

By: Turpentine
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 Economist and "Noahpinion" 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.co2023 Economics Personal Finance Politics & Government
Episodes
  • Cost Disease, USAID Debate, and is Curtis Yarvin Trapped in 2020

    Cost Disease, USAID Debate, and is Curtis Yarvin Trapped in 2020
    Jun 4 2025
    This week, Noah Smith and Erik Torenberg explore persistent economic myths and recent developments—from cost disease in services like healthcare and education to stagnating manufacturing productivity, rising higher education costs, drug pricing policies, and student loan debates—while also reflecting on broader intellectual shifts driven by culture wars and foreign aid discussions. – 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. – 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: Healthcare & Education Cost Trends Reversing: Healthcare price growth has slowed significantly since 2009 and is now growing slower than average costs. Technology's Role in Services: AI potentially solving education through personalized one-on-one tutoring (referencing "The Diamond Age"). Student Loans & Market Dynamics: Marginal students are dropping out of college, reducing demand. Pharmaceutical Pricing: Americans actually pay less on average for pharmaceuticals due to cheaper generics. Cultural Commentary: Discussing intellectual debates between prominent thinkers (Tyler Cowen vs. Scott Alexander on foreign aid, Scott Alexander vs. Curtis Yarvin on governance), emphasizing the importance of not getting trapped in the cultural moment of 2020-2021.
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    40 mins
  • Noah Smith & Matt Yglesias on the Electric Technology Crisis, China, and America's Future

    Noah Smith & Matt Yglesias on the Electric Technology Crisis, China, and America's Future
    May 28 2025
    This week, we're republishing a conversation Noah Smith and Matt Yglesias hosted live on Substack this past Monday. They revisit a wide-ranging conversation on the transformative role of electric motors, batteries, and industrial policy in a politically polarized era, touching on the history of energy, global economic competition, AI regulation, the Inflation Reduction Act, Democratic strategy, and the need to redefine America’s identity amid demographic shifts. – 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. – SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co – FOLLOW ON X: @noahpinion @mattyglesias @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: Noahpinion: ⁠⁠⁠⁠https://www.noahpinion.blog/⁠⁠⁠⁠ Slow Boring: https://www.slowboring.com/podcast – TAKEAWAYS: America's Strategic Blindness: The US had momentum with the Inflation Reduction Act (IRA), which Noah calls "great industrial policy" that was working. However, because it was framed primarily as climate policy rather than technological/economic competition, Republicans killed it for culture war reasons, failing to understand its strategic importance. The Climate Framing Problem: Matt was prescient in warning that framing industrial policy purely through climate would create Republican backlash. Noah admits Matt was right - while climate messaging helped pass the IRA initially, it made the policies vulnerable to being seen as "just some climate thing" rather than crucial economic policy. The Obama Era Split: They trace how the 2000s gave their generation the "peace and love" progressive agenda (gay marriage, ending Iraq War), while the 2010s brought the "angry leftist" phase (riots, racial grievance politics) - unlike boomers who got both simultaneously. Missing the Bush Playbook: During Bush's cascading failures (Iraq, Katrina, financial crisis), Democrats effectively built a broad coalition and defined clear opposition. Today, despite Trump's obvious failures (tariffs, debt, vaccine skepticism), Democrats aren't capitalizing similarly. Narrow Target Strategy: Like successful campaigns in Australia, Democrats need to edit down their message to core critiques of Republican governance rather than trying to advance every progressive priority simultaneously. Big Tent Revival: The party succeeded in 2006-2008 by recruiting diverse candidates and standing behind pro-gun, even some pro-life Democrats to clarify what the core message was versus peripheral issues.
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    1 hr and 16 mins
  • India-Pakistan, Building Back Military Power, and Immigration

    India-Pakistan, Building Back Military Power, and Immigration
    May 23 2025
    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: 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.
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    1 hr and 1 min

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