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.

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

• The U.S. has maintained its technological edge relative to most developed nations, particularly pulling ahead of Europe, Japan, and South Korea.
• A key U.S. advantage is its diverse financing system - about 80% of U.S. commercial lending is non-bank lending, compared to only 20% in the UK.
• The U.S. benefits from a large, unified domestic market, further strengthened by continued immigration, which attracts investment and fosters clustering effects, especially in sectors like software.
• There are concerns about Gen Z's reported lower life satisfaction and mental health challenges.
• Replacing NEPA with administrative review (similar to Japan's system).

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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/