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 argues that "Europe is not toothless" despite America's shifting role, detailing how Europe collectively has greater manufacturing capacity than America and identifying three key reforms Europe needs: deregulating software, building energy infrastructure, and removing internal trade barriers.

–

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.

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

Incogni

Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102

–

SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]

–

FOLLOW ON X:

@noahpinion

@eriktorenberg

@turpentinemedia

–

RECOMMENDED IN THIS EPISODE:

Noahpinion: It’s time for Europe to stand up https://www.noahpinion.blog/p/its-time-for-europe-to-stand-up

Book: Old Man’s War by John Scalzi https://www.goodreads.com/book/show/36510196-old-man-s-war

–

RECOMMENDED PODCAST:

🎙️Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov.

Apple: https://podcasts.apple.com/us/podcast/id1786227593 

Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg 

YouTube: https://www.youtube.com/@ModernRelationshipsPod 

–

TAKEAWAYS

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. Together, they dive into a range of topics, including the impact of tariffs, Substack’s revolutionary media model, and Noah’s unique economic philosophy. Tune in for insights on the escalating national debt, the baby bust, and the rising costs of U.S. healthcare. Noah also offers solutions, with a focus on boosting productivity and strategic immigration. Plus, don’t miss their take on Argentina’s dramatic economic decisions!

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

RECOMMENDED PODCAST:

Check out How To Money Podcast on:

Apple: https://podcasts.apple.com/us/podcast/how-to-money/id1337718773

Spotify: https://open.spotify.com/show/6i5Cau3GShqOxHkSRT5TjL

iHeart: https://www.iheart.com/podcast/1119-how-to-money-30166328/

--

Highlights from the Episode: (for more head to https://www.howtomoney.com/tariffs-doge-and-your-money-w-noahpinion/)

--

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

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.

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. 

Incogni

Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an

annual plan: http://incogni.com/econ102

--

SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]

--

FOLLOW ON X:

@HowToMoneyPod

@HowToMoneyJoel

@HowToMoneyMatt

@noahpinion

@eriktorenberg

@turpentinemedia

--

RECOMMENDED IN THIS EPISODE:

Noahpinion: https://www.noahpinion.blog/

How To Money: https://www.howtomoney.com/

Tariffs, DOGE, and Your Money w/ Noahpinion – Episode 944: https://www.howtomoney.com/tariffs-doge-and-your-money-w-noahpinion/

This week, Noah Smith and Erik Torenberg talk about DOGE, Elon Musk's initiative to reform government spending, and explore why it might be more about ideology than efficiency. Noah talks about how he would fix the US debt beyond simply cutting waste. They also cover the future of major programs like Medicaid ($804B/year), the trade-offs between inflation and austerity, and how conservatives might reshape federal institutions despite education polarization. Plus: why comparing government efficiency to Twitter's headcount reduction isn't as straightforward as it seems.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

Highlights from the Episode:

--

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

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.

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: [email protected]

--

FOLLOW ON X:

@noahpinion

@eriktorenberg

@turpentinemedia

--

RECOMMENDED IN THIS EPISODE:

Noahpinion: https://www.noahpinion.blog/p/what-i-think-doge-is-really-up-to

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. This conversation first aired in Noah's substack Noahpinion, so be sure to subscribe if you aren't already.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

Highlights from the Episode: (for more head to https://www.noahpinion.blog/p/patrick-collison-interview-at-least)

--

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

Notion

📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod

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.

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: [email protected]

--

FOLLOW ON X:

@patrickc

@noahpinion

@eriktorenberg

@turpentinemedia

--

RECOMMENDED IN THIS EPISODE:

Noahpinion: https://www.noahpinion.blog/

Patrick Collison interview + at least five interesting things: https://www.noahpinion.blog/p/patrick-collison-interview-at-least

Stripe: https://stripe.com/

In this week’s episode of Econ 102, Noah Smith, with special guest Nathan Labenz (host of AI podcast The Cognitive Revolution) breaks down the current landscape of U.S.-China relations and how once-allies became rivals under Xi Jinping's aggressive strategies. While China shows growing AI capabilities like DeepSeek, Smith emphasizes that the real concern isn't about AI models but rather military applications like autonomous drones and precision weapons, suggesting that the next decade represents a critical period for managing tensions and establishing deterrence.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

RECOMMENDED PODCAST:

Check out Nathan Labenz's podcast The Cognitive Revolution

Apple: https://podcasts.apple.com/us/podcast/the-cognitive-revolution-ai-builders-researchers-and/id1669813431

Spotify: https://open.spotify.com/show/6yHyok3M3BjqzR0VB5MSyk

YouTube: https://www.youtube.com/@CognitiveRevolutionPodcast/

--

Highlights from the Episode:

--

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

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.

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: [email protected]

--

FOLLOW ON X:

@labenz

@noahpinion

@eriktorenberg

@turpentinemedia

--

RECOMMENDED IN THIS EPISODE:

Noahpinion: https://www.noahpinion.blog/

Dwarkesh podcast with Sarah Paine https://youtu.be/fx6fakjQBdo?si=FR4ZGTGWzXsO4__E

Book: Rush Doshi, The Long Game https://www.goodreads.com/book/show/52617647-the-long-game

Book: John Mearsheimer Conventional Deterrence https://www.goodreads.com/book/show/224128.Conventional_Deterrence

Noahpinion essay: Simple Lessons from China's Big AI Breakthrough https://www.noahpinion.blog/p/some-simple-lessons-from-chinas-big

Noahpinion Essay: The Elemental Foe https://www.noahpinion.blog/p/the-elemental-foe?utm_source=publication-search

This week Noah Smith and economist Paul Krugman hopped on a call to discuss Paul's departure from the New York Times, the benefits of independent writing, U.S. manufacturing and industrial policy, geopolitics, Trump 2.0, and the impact of public opinion on economic and political discourse. This conversation first aired in Noah's substack Noahpinion, so be sure to subscribe if you aren't already.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

Highlights from the Episode: (for more head to https://www.noahpinion.blog/p/paul-krugman-and-noah-smith-have)

--

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

Notion

📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod

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: [email protected]

--

FOLLOW ON X:

@paulkrugman

@noahpinion

@eriktorenberg

@turpentinemedia

--

LINKS:

Noahpinion: https://www.noahpinion.blog/

https://www.noahpinion.blog/p/paul-krugman-and-noah-smith-have

In this episode, Erik Torenberg and Noah Smith discuss wide range of topics, including Trump’s executive orders and their effects on U.S. politics, international tariffs, Michael Pettis's views on China's economy, the Middle East’s potential with solar energy, and Europe’s socio-political shifts, all through the lens of economics.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

Highlights from the Episode:

--

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

Notion

📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod

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: [email protected]

--

FOLLOW ON X:

@noahpinion

@eriktorenberg

@turpentinemedia

--

LINKS:

Noahpinion: https://www.noahpinion.blog/

While traveling to Taiwan, Noah Smith sat down with ChinaTalk's managing editor and Taipei correspondent Lily Ottinger to explore wide range of geopolitical and economic issues, including the potential impacts of a second Trump administration on Asia, where Elon Musk stands on Taiwan, nuclear proliferation, China's economic strategies, Taiwan's defense and diplomatic policies, and demographic shifts.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

RECOMMENDED PODCAST: ChinaTalk

Check out ChinaTalk. Conversations exploring China, technology, and US-China relations. Guests include a wide range of analysts, policymakers, and academics. Hosted by Jordan Schneider.

Apple: https://podcasts.apple.com/us/podcast/chinatalk/id1289062927

Spotify: https://open.spotify.com/show/448WaJhgJGJKnQ3HCE2EBa

YouTube: https://www.youtube.com/@ChinaTalkMedia

--

Highlights from the Episode:

--

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

Notion

📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod

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: [email protected]

--

FOLLOW ON X:

@noahpinion

@eriktorenberg

@turpentinemedia

--

LINKS:

Noahpinion: https://www.noahpinion.blog/

ChinaTalk: https://www.chinatalk.media/

https://www.linkedin.com/in/lily-ottinger/

In this episode, Noah Smith and Erik Torenberg are joined by Scott Sumner, an American economist and previously the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University, examine the impact of U.S.-China relations on economic and industrial policies, discussing topics such as tariffs, manufacturing capabilities, technologies like drones and batteries, climate change, defense strategies, and the evolving role of neoliberalism.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

RECOMMENDED PODCAST: Modern Relationships

Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov.

Apple: https://podcasts.apple.com/us/podcast/id1786227593

Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg

YouTube: https://www.youtube.com/@ModernRelationshipsPod

--

Highlights from the Episode:

--

SPONSORS:

Notion

📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod

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: [email protected]

--

FOLLOW ON X:

@ScottSumnerTMI

@noahpinion

@eriktorenberg

@turpentinemedia

--

LINKS:

Noahpinion: https://www.noahpinion.blog/

The Pursuit of Happiness: https://scottsumner.substack.com/

This week, Noah Smith and Erik Torenberg explore the possibility of a Chinese invasion of Taiwan, Xi Jinping's political future, U.S.-China tensions, Trump's and Biden's policies, the 2019 global protests, China's economic troubles, and the challenges facing Western nations, while also emphasizing the need for bipartisan cooperation on U.S. industrial policy.

--

🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse.

--

RECOMMENDED PODCAST: Modern Relationships

Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. This season's guests include: Delian Asparouhov & Nadia Asparouhova, Kristen Berman & Phil Levin, Rob Henderson, and Liv Boeree & Igor Kurganov.

Apple: https://podcasts.apple.com/us/podcast/id1786227593

Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg

YouTube: https://www.youtube.com/@ModernRelationshipsPod

--

Highlights from the Episode:

--

SPONSORS:

Notion

📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at https://notion.com/upstreampod

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

--

SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: [email protected]

--

FOLLOW ON X:

@noahpinion

@eriktorenberg

@turpentinemedia

--

LINKS:

Noahpinion: https://www.noahpinion.blog/

The Players on the Eve of Destruction: https://www.noahpinion.blog/p/the-players-on-the-eve-of-destruction

How do we measure whether China's economy is "ahead" of America's?: https://www.noahpinion.blog/p/how-do-we-measure-whether-chinas

Biden's tarnished industrial legacy: https://www.noahpinion.blog/p/bidens-tarnished-industrial-legacy

Trudeau was a poor steward of Canada's economy: https://www.noahpinion.blog/p/trudeau-was-a-poor-steward-of-canadas