"Econ 102" with Noah Smith and Erik Torenberg Titelbild

"Econ 102" with Noah Smith and Erik Torenberg

"Econ 102" with Noah Smith and Erik Torenberg

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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 Persönliche Finanzen Politik & Regierungen Ökonomie
  • What Replaces Twitter? With Noah Smith & Chris Best, CEO of Substack
    Jun 21 2025
    This week, we're republishing a conversation from last month between Noah Smith and Substack CEO Chris Best, originally streamed on Substack Live. They discuss the future of media in an AI-driven world, including Noah's vision for AI-powered newsletters, the rise of independent voices, and the evolving roles of platforms like TikTok and Twitter. The conversation also explores Substack's potential as a breaking news hub, the broader impact of AI on content creation, shifting U.S.-China relations, and the role of industrial policy in shaping global dynamics. – 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 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 @cjgbest @eriktorenberg @turpentinemedia – RECOMMENDED IN THIS EPISODE: The Age of Twitter is finally ending. Can Substack take its place?: https://www.noahpinion.blog/p/the-age-of-twitter-is-finally-ending Eugene Wei's Status as a Service:https://www.eugenewei.com/blog/2019/2/19/status-as-a-service Noahpinion: ⁠⁠⁠⁠⁠⁠⁠⁠https://www.noahpinion.blog/⁠⁠⁠⁠⁠⁠⁠⁠ – TAKEAWAYS: Death of Twitter as Breaking News Platform: Death of Twitter as Breaking News Platform. Substack's Opportunity in Breaking News: Noah proposes that Substack could capture 80% of Twitter's former breaking news function. AI's Role in Media's Future: AI as search engine, curator, and summarizer to help process information overload. Attention Economy Problem: Chris highlights a crucial insight: "the media you can consume is not just a matter of getting what you want. It also shapes your desires and shapes what you want over time" - emphasizing that content choices shape identity over time. Geopolitical Concerns: Noah expresses pessimism about America's competitive position.
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    48 Min.
  • China, Tesla, and the Electric Tech Stack Revolution
    Jun 12 2025
    This week, Noah Smith and Erik Torenberg discuss China’s economic strategies, technological advancements, and geopolitical challenges, contrasting them with U.S. policy. They discuss topics from the Hong Kong protests to battery manufacturing and emphasize the need for American industrial policy, education reform, and strategic investment to stay competitive. – 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 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: Is the U.S. in a "high-level equilibrium trap"?: https://www.noahpinion.blog/p/is-the-us-in-a-high-level-equilibrium Noahpinion: ⁠⁠⁠⁠⁠⁠⁠https://www.noahpinion.blog/⁠⁠⁠⁠⁠⁠⁠ – TAKEAWAYS: China's Strategic Position & Capabilities: China can easily police sea lanes to protect their own trade while potentially disrupting others, giving them a significant strategic advantage over America's traditional role as a global public goods provider. Financial System Stress: China faces a persistent drag from their real estate crash and mounting bad debt in local government financing vehicles. Banks are struggling to transition from real estate lending to manufacturing loans, many of which will likely go bad. Electric Tech Stack Revolution: The convergence of lithium-ion batteries, permanent magnet electric motors, and power electronics is creating a new technological paradigm that's replacing combustion engineering across multiple industries. America's Manufacturing Challenge: America has "too many bottlenecks" - only Elon Musk seems capable of overwhelming all 20+ bottlenecks simultaneously, while other talented entrepreneurs can only handle 15 or fewer. Republican Industrial Policy: America needs "Biden-style industrial policy without the everything bagel" - massive subsidies and support for electric tech manufacturing without progressive contractor requirements and community engagement processes. China's Innovation Plateau: By the 2040s, China may face Japan's experience where aging leadership in corporations reduces innovation and creates fewer opportunities for young talent.
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    46 Min.
  • 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 Min.

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