Noah Smith and Erik Torenberg are joined by Adam Nash to discuss the economic implications of AI, the recent tech downturn, and why the venture model has been so successful across multiple tech booms. Daffy is offering Econ 102 listeners, a free $25 for the charity of their choice when they join Daffy. https://www.daffy.org/econ102 

We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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Sponsors: GIVEWELL | DAFFY | NETSUITE 

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Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don’t just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102 

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Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co

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TIMESTAMPS:

(00:00) Episode Preview

(02:00) Why AI may stop nerds from ruling the world

(06:25) Are “Skilled” and “Unskilled” the correct labels in this debate?

(10:00) Who benefits from a growth mindset?

(13:00) Coding example

(14:25) Highly skilled tech workers get a boost

(17:20) Substitutability versus overall boost

(20:55) Sponsor: NetSuite

(23:45) AI as a productivity tool

(25:30) AI ethics and safety

(28:50) Adam Nash’s journey into fintech

(30:55) How Americans think about giving

(33:30) Macro: What does the current Tech downturn mean?

(35:00) People looking for a quick snapback and boom will be disappointed

(37:00) How will AI revolutionize distribution?

(39:50) Smartphones and depression

(43:45) Why the VC model has been so successful across multiple technology booms.