"Econ 102" with Noah Smith and Erik Torenberg

Patrick Collison & Noah Smith: How Can the US Stay Ahead Technologically?

Feb 7, 2025

Join Patrick Collison, CEO of Stripe, a leader in online payment processing, as he and Noah Smith dive into American technological dominance. They discuss how the U.S. maintains its edge over global competitors through its diverse financing system and unified market, bolstered by immigration. The conversation takes a turn to Gen Z's mental health challenges and the role of humanoid robots in reshaping industries. Key policy recommendations emerge, advocating for innovative approaches to ensure continued economic and social progress.

49:38

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Episode guests

Patrick Collison

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Quick takeaways

The U.S. maintains its technological edge by leveraging a diverse financing system that supports innovation and investment more effectively than other countries.

Concerns surrounding Gen Z's mental health and life satisfaction highlight the need for targeted policies to support their well-being amid economic challenges.

Policymakers are urged to focus on enhancing foreign direct investment as a vital strategy for boosting industrial capability and technological absorption.

Deep dives

The Complexity of the Chicken Industry

The chicken industry is a significant sector within the U.S. economy, marked by a complex supply chain that plays a vital role in food production. The evolution of this industry reflects broader economic trends and consumer preferences, revealing how deeply integrated it is within the fabric of American culture. Various forms of chicken, from wings to nuggets, showcase the versatility and popularity of the product among consumers. The industry's development raises questions about agricultural practices, regulatory measures, and market dynamics that have shaped poultry distribution across the nation.

Intro

2min

U.S. Tech and Economic Competitiveness

11min

Navigating Business Future and Progressive Policy Challenges

5min

Reassessing Liberalism's Challenges

11min

Transformations in Labor: Humanoid Robots and Manufacturing Futures

3min

Navigating Urban Transformations and Technological Perceptions

17min

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/