"Econ 102" with Noah Smith and Erik Torenberg Turpentine

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!

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
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SPONSORS: BEEHIIV | HARMONIC
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🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
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SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
RECOMMENDED PODCASTS: Turpentine Finance
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.
Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764
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LINKS:
Noahpinion: https://www.noahpinion.blog/
_
X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_
TIMESTAMPS:
(00:00) Intro
(00:53) What if the dollar was no longer the world’s reserve currency?
(04:50) Fair taxation
(08:20) Level of redistribution in the US
(10:30) Lowering inequality by increasing economic growth
(18:26) Sponsor: Beehiiv | Harmonic
(20:26) Education reform
(30:07) Fixing rising costs in healthcare
(34:12) Limitations of UBI
(39:09) Massive gap between US and China’s manufacturing capacity
(46:25) US potential gateway to Africa
(54:28) Impact of foreign aid
(59:20) Revitalizing small US cities
(01:04:58) Wrap

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, highlighting the significant risk of World War III and the importance of alliance building, particularly with countries like Japan, India, and European nations to counterbalance China's growing influence and the new ‘Axis’. Happy birthday Noah!

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.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
RECOMMENDED PODCASTS: Turpentine Finance
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.
Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764
_
LINKS:
Noahpinion: https://www.noahpinion.blog/
WW3? : https://www.noahpinion.blog/p/americans-are-still-not-worried-enough
_
X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_
TIMESTAMPS:
(00:00) Episode Preview
(01:57) The defense industrial base
(08:17) Precedents of wars leading to World War II and the Cold War
(14:57) Contrast of Xi Jinping and Putin
(21:46) Sponsor: Turpentine
(22:33) China's production advantage
(27:54) Evaluating the new axis of power
(33:51) Complexities of manufacturing and warfare
(41:02) Impact of war on economies
(44:13) Exploring the Israel-Palestine conflict
(49:41) Potential for peace in the Middle East
(55:28) Wrap

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 learned from deficit spending.

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.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
RECOMMENDED PODCAST: Turpentine Finance
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.

Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764

_
Links:
Noah Smith's Noahpinion https://www.noahpinion.blog

_
 X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)

_


Timestamps:
(00:00) Episode Preview
(01:02) Noah’s Japan trip
(02:33) Why is the U.S. doing so much deficit spending?
(08:04) Post-COVID economic response
(14:52) Levers of dealing with the National debt
(21:27) 2024 Election Speculations: Economic outcomes of Trump vs. Biden
(25:26) Pros and cons of a Wealth tax
(30:35) Sponsor: Turpentine
(32:34) Impact of Funding the IRS and repealing Trump's tax cuts
(33:01) Reducing government spending
(41:11) Addressing economic inequality in the U.S.
(51:26) Wrap

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 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.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
RECOMMENDED PODCAST:
Turpentine Finance  
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.

Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G 
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764
-
Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.
Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333
Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836.
_

Links:
Noah Smith's Noahpinion https://www.noahpinion.blog
_
 X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_

TIMESTAMPS:
(00:00) Intro
(00:32) Egypt's economic challenges
(05:25) How rich is Saudi Arabia
(13:57) Sponsor: Turpentine
(15:13) Africa’s population growth and demographic dynamics
(32:49) Africa’s economic potential
(38:58) Mexico's manufacturing and security woes
(43:48) Brazil's potential in South American manufacturing
(48:01) Latin America's fight against inequality
(55:12) Dominican Republic's economic success
(01:00:51) Canada's economic stagnation
(01:05:33) Wrap
 

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 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.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
_
RECOMMENDED PODCAST:
Turpentine Finance  
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.

Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G 
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764
-
Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.
Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333
Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836.
_
Links:
Noah Smith's Noahpinion https://www.noahpinion.blog
_
 X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
_
TIMESTAMPS:
(00:00) Intro
(00:30) UK's economic challenges
(07:25) France's nuclear power success
(12:02) Germany’s trust problem
(24:28) Sponsor: Turpentine
(25:36) Italy’s stagnant and declining economy
(26:33) Poland's economic rise
(31:24) Poland responding to external threats
(32:25) Europe's immigration challenges
(45:13) EU's future despite economic and regulatory obstacles.
(52:34) Turkey's economic landscape and prospects
(58:17) Wrap

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 could happen 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.
_
SPONSOR: HARMONIC
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.
_
SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co
-
RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.

Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333
Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836.
-
SPONSOR: BRAVE
Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/brave-ads/ and mention “MoZ” when signing up for a 25% discount on your first campaign.
-
Links:
Noah Smith's Noahpinion https://www.noahpinion.blog
-
 X / TWITTER:
@noahpinion (Noah)
@eriktorenberg (Erik)
@TurpentineMedia (Turpentine)
-
TIMESTAMPS:
(00:00) Intro
(01:03) U.S. Economy: Trends and Concerns
(08:01) Transition to China's Economy: Massive Property Bust
(15:28) Sponsor: Brave | Turpentine
(21:36) Segue to Japan's Economy: Key Hub of the Electronics Manufacturing
(30:11) Korean Economic Struggles
(33:05) South Korea's Technological Capabilities and International Relations
(34:14) Exploring Taiwan's Economy and Challenges
(36:22) Indonesia's Manufacturing Shift
(37:55) Vietnam's Economic Strategy and Development Needs
(40:31) India's Poverty Reduction and Infrastructure Investments
(44:26) Pakistan Economic Mismanagement
(48:38) Philippines: Underrated Investment Destination
(49:33) Transition to Australia: The Progressive Utopia
(52:02) Russia Economy at War
(59:59) Wrap