This week on Econ 102, Noah Smith and Erik Torenberg tackle the shift in economic research from empirical studies to "big think" theories, critically examine Acemoglu's work on institutions and AI's impact on jobs, and debate the future of economics as a science.

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LINKS:

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

Why Nations Fail: https://en.wikipedia.org/wiki/Why_Nations_Fail

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TIMESTAMPS:

(00:00) Intro

(01:14) Shift in economic theories

(07:16) Influence of economic theories on practice

(10:10) Acemoglu's contributions and skepticism

(12:09) Why Nations Fail: A Deep dive

(12:52) Sponsors: GiveWell | Weights & Biases

(15:03) Evaluating institutional theories

(23:01) Hayek's market theories in an AI world

(25:06) Debating AI and automation

(28:23) AI's Impact on employment

(29:43) Power and Progress

(30:13) Sponsors: Netsuite | Anrok | Carta

(33:11) Impact of technology on job creation

(37:20) Macroeconomic impact of AI

(42:08) Economics: Big think vs. Humble work

(46:13) Wrap