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"Econ 102" with Noah Smith and Erik Torenberg
Noah's new book topic, Evaluating Immigration, Saving Midwestern Cities
Sep 26, 2024
Noah Smith, an insightful author on immigration and economic development, joins Erik Torenberg, who engages in global economic discussions. They unpack strategies for revitalizing Japan’s economy, including innovation and attracting foreign talent. The conversation dives into the complexities of immigration in Midwestern towns and the critical role both skilled and unskilled workers play in sustaining local economies. They humorously challenge cultural stereotypes and advocate for the value of everyday Americans in shaping society.
01:06:07
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Quick takeaways
- Revitalizing Japan's economy requires treating it like a developing nation by fostering innovation and reforming large corporations for efficiency.
- Demographic challenges, specifically an aging population, threaten Japan's economic vitality, necessitating strategies to manage workforce participation effectively.
Deep dives
Reviving Japan's Economy
To stimulate Japan's stagnating economy, a multifaceted strategy is necessary, particularly treating it as a developing nation again. Japan's output per hour is significantly lower compared to countries like France, necessitating catch-up methods typically employed by less-developed countries. Key approaches include fostering innovation and entrepreneurship, as well as reforming existing large companies for efficiency. Additionally, there is potential for Japan to serve as a production base due to reduced wages and an accommodating regulatory environment, allowing for foreign investment and talent influx.
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Listen to the best highlights from the podcasts you love and dive into the full episode