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"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
  • AGI Thought Experiment with Dwarkesh Patel, Noah Smith, and Erik Torenberg | From the a16z Podcast

    AGI Thought Experiment with Dwarkesh Patel, Noah Smith, and Erik Torenberg | From the a16z Podcast
    Aug 15 2025
    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 by governments and corporations, allowing people to store and spend wealth without compromising their privacy or freedom.  Try it out. Download Dashi wallet  and follow at Gen Z cash to learn more. 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/econ102 - 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
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    1 hr and 15 mins
  • Making Sense of Milei, AI & Employment, and America's Future

    Making Sense of Milei, AI & Employment, and America's Future
    Jul 31 2025
    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
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    52 mins
  • Sam D'Amico and Noah Smith on How China Masters Manufacturing (And How America Can Catch Up)

    Sam D'Amico and Noah Smith on How China Masters Manufacturing (And How America Can Catch Up)
    Jul 22 2025
    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.
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    54 mins
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