"Econ 102" with Noah Smith and Erik Torenberg

The New Left vs The New Right

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Apr 1, 2025

Delve into the rise of the 'abundance' ideology among Democrats, as new perspectives challenge traditional political narratives. Reflect on Obama's influence on healthcare and national unity, while exploring Ukraine's innovative military response. Discover how the vision of shared resources and equity can redefine American society. Examine the evolution of the New Right, questioning identity politics and the impact of technology on discourse. Lastly, ponder the transformative journey of computing from scarcity to widespread access.

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INSIGHT

Abundance and National Unity

The abundance agenda promotes national unity and a "we're all in this together" approach.
It focuses on improving things for all Americans rather than creating division.

ANECDOTE

Obama's Underrated Presidency

Noah Smith argues that Obama is underrated due to wokeness emerging in his second term.
He highlights Obama's stimulus bill, Dodd-Frank, Iraq withdrawal, and Obamacare as successes.

INSIGHT

2008 Financial Crisis: A Demand Shock

The 2008 financial crisis was a demand shock where fear caused a liquidity preference shock.
Government spending on infrastructure during low interest rates mitigated this.

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This week, Noah Smith and Erik Torenberg explore the rise of the 'abundance' ideology among Democrats, assess Obama's economic legacy, and analyze the New Right's evolving influence, offering a broad perspective on shifting political and economic discourse.

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SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co

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FOLLOW ON X:

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@eriktorenberg

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RECOMMENDED IN THIS EPISODE:

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

Cory McArthur aka Irish Lotus: https://soundcloud.com/cory-mcarthur-879994262/irish-lotus

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TAKEAWAYS:

"Abundance" as a Political Concept: Abundance represents national unity and a "we're all in this together" approach, focusing on making things better for all Americans rather than pitting groups against each other.
Economic Analysis: Demand vs. Supply Constraints: They discuss how the 2008 financial crisis created an "aggregate demand shock" where everyone wanted to hold cash rather than spend.
National Debt Discussion: They discuss how US debt grew from 60% to 100% of GDP during Obama's administration. They also mention AI could potentially help by increasing productivity growth.
"The New Right" Ideology: Noah characterizes the "new right" as centered around defending "Western civilization" in a more narrow sense than previous definitions.
Social Media's Impact on Politics: Noah argues that small, vocal minorities on social media have outsized influence on institutions.