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Episodes

July 15, 2025

The 2nd China Shock: Why Chinese Companies Are Making Zero Profit

This week, Noah Smith and Erik Torenberg analyze recent global events—from a political shift in New York to the Israel-Iran conflict—while exploring U.S.-China economic dynamics, evolving industrial policies, and the risk of ...

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July 8, 2025

Derek Thompson on Why America Can't Build, Abundance, and Substack

In this episode of Econ 102 , we're republishing a conversation between Noah Smith and Derek Thompson. They explore Derek’s shift from The Atlantic to Substack and unpack the “abundance agenda” — a vision for revitalizing Ame...

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June 21, 2025

What Replaces Twitter? With Noah Smith & Chris Best, CEO of Substack

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 visio...

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June 12, 2025

China, Tesla, and the Electric Tech Stack Revolution

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 batt...

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June 4, 2025

Cost Disease, USAID Debate, and is Curtis Yarvin Trapped in 2020

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 ...

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May 28, 2025

Noah Smith & Matt Yglesias on the Electric Technology Crisis, China, and America's Future

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 indust...

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May 23, 2025

India-Pakistan, Building Back Military Power, and Immigration

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, em...

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May 15, 2025

The Middle Class Myth, China's Future, and What Really Happened in 1971

This week, Noah Smith and Erik Torenberg debunk myths about the American middle class and globalization, analyze historical data on wage stagnation and trade, assess China’s technological rise, and discuss U.S. economic resil...

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May 2, 2025

You Can't Tariff Your Way to Greatness

This week, Noah Smith and Erik Torenberg explore how nostalgia influences politics and economic policy in the US and China, comparing their consumer cultures, industrial strategies, and the complex effects of tariffs on domes...

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April 24, 2025

The Deindustrialization Paradox

This week, Noah Smith and Erik Torenberg topics ranging from the futuristic themes of Black Mirror and the societal impact of technology to a critical analysis of Trump’s de-industrializing tariff policies versus Biden’s grow...

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April 18, 2025

The Bond Market Rules Everything

This week, Noah Smith and Erik Torenberg discuss the Trump administration’s trade policies, criticizing their impact on U.S. manufacturing and investment, discussing strategies to counter China’s influence through multi-count...

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April 14, 2025

Tariff Mayhem and Capital Flight

This week, Noah Smith and Erik Torenberg analyze the global repercussions of Trump’s broad tariff policies, critique misconceptions about trade deficits, and explore the economic fallout and potential policy responses. – SPON...

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April 1, 2025

The New Left vs The New Right

This week, Noah Smith and Erik Torenberg explore the rise of the 'abundance' ideology among Democrats, assess Obama's economic legacy, and analyze the New Right's evolving influence, offering a broad perspective on shifting p...

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March 25, 2025

Abundance Debate, Sex Politics, and Left vs Right Economic Populism

This week, Noah Smith and Erik Tornberg explore Japan’s economic and societal structure—covering urban zoning, housing policy, and government efficiency—before critiquing Abundance by Ezra Klein and Derek Thompson, advocating...

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March 18, 2025

How Europe, America and China Are Repositioning

This week, Noah Smith and Erik Torenberg explore global economic issues, including US-European relations influenced by defense commitments, the impact of Trump’s policies, China’s Belt and Road Initiative and its exclusion of...

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March 12, 2025

Making Sense of America's Tariff Chaos

This week, Noah Smith and Erik Torenberg discuss the chaos caused by Trump's trade policies, tariffs' effects on the U.S. economy, potential recession risks, economic isolationism, policy uncertainty, investment impacts, and ...

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March 6, 2025

AI, Stargate, & Surveillance with Auron McIntyre and Lev Polyakov

In this episode, Noah Smith recently went on the Break the Rules podcast, hosted by Lev Polyakov, for a debate with Auron MacIntyre. They discuss the societal implications of AI development, focusing on Trump's relationships ...

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Feb. 28, 2025

Richard Hanania & Noah Smith: Making Sense of Trump, Elon, and Global Politics

This week, we're sharing Richard Hanania and Noah Smith’s live conversation from Feb 6th, recorded for their Substack audiences. This is the first time the two writers have met, and in this conversation they covered fundamen...

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Feb. 26, 2025

Elon calls Noah a Liar, Inflation, and How Democrats Can Fight Back

This week Noah Smith and Erik Torenberg discuss three key areas where Democrats need to rethink their strategy: embracing anti-inflation policies similar to the Clinton era, focusing on genuine threats to democracy rather tha...

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Feb. 19, 2025

Europe's Fate, Ukraine & Russia, and the Post-American Era

In this episode, Noah Smith and Erik Torenberg discuss how Ukraine has proven surprisingly resilient throughout the war by maintaining its economy and developing significant domestic drone manufacturing capabilities. He argue...

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Feb. 14, 2025

How the Macro, Tariffs and DOGE will Impact your Bank Account | Noah Smith on How To Money

This week, we’re bringing you an episode from the How to Money podcast, hosted by Joel Larsgaard and Matt Altmix, with special guest Noah Smith.

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Feb. 12, 2025

Elon's Real Goal at DOGE and How to Fix the Debt

This week, Noah Smith and Erik Torenberg dive into recent economic developments, exploring 'Doge'—a term for reducing government waste promoted by Elon Musk and the Trump administration—along with its ideological goals, fiscal impact, and effects on executive power, budget deficits, healthcare, social security, and government efficiency.

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Feb. 7, 2025

Patrick Collison & Noah Smith: How can the US Stay Ahead Technologically?

This week, Noah Smith and Stripe CEO Patrick Collison recorded a live conversation on Substack covering topics such as American technological leadership, global competition, industrial policy, foreign direct investment, post-financial crisis productivity trends, US financial system advantages, progressive policies, the middle class, tariffs, immigration, technological advancements like humanoid robots, Gen Z’s well-being, and key policy recommendations for economic and social progress.

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Feb. 5, 2025

Understanding US-China Relations Right Now with Nathan Labenz

In this week’s episode of Econ 102, Noah Smith, with special guest Nathan Labenz, unpack the U.S.-China relations, examining geopolitical tensions, strategic economic policies, AI and military technology, and the future of global technological leadership, while questioning the effectiveness of current U.S. policies and the risks of escalating conflicts under Xi Jinping's aggressive strategies.

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