"Econ 102" with Noah Smith and Erik Torenberg

Higher Ed, Being a Dorm Room Socrates, and the American Workforce

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Aug 8, 2023

The discussion dives into the dual role of higher education, balancing job prep and personal growth. Automation and globalization emerge as key factors affecting job availability, sparking populist sentiments. They explore the challenges posed by rising student debt amid changing workforce dynamics. The conversation critiques the American healthcare system, advocating for greater accessibility in both health and education. Predictions hint at a transformation in educational models, with a shift towards vocational training and community colleges.

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INSIGHT

Higher Ed's Conflicting Goals

Higher education was expected to provide both job training and intellectual fulfillment.
These goals clash, as intellectual exploration doesn't always translate into marketable skills.

ANECDOTE

Noah's Career Path

Noah Smith initially pursued a PhD to become a famous econ blogger.
His advisor encouraged him to try professorship, which he ultimately disliked.

INSIGHT

The Research-Teaching Divide

Professors prioritize research over teaching, viewing the latter as a means to an end.
Research drives prestige and career advancement, while teaching is often seen as a necessary chore.

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In episode 5, Noah Smith and Erik Torenberg discuss the promise and failings of higher education, working class economic prospects, the American healthcare system, and more. Noah’s articles are linked below. Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co

We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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TIMESTAMPS:

(00:00) Episode preview

(01:23) How Noah joined, and then left academia

(04:29) The current state of universities

(09:30) Universities should invest in student companies indirectly

(11:03) Why Americans are falling out of love with college

(15:37) What stopped colleges from being able to provide a job and intellectual fulfillment

(15:48) Sponsor: NetSuite

(19:55) It's not harder for the average non-college educated American to get jobs nowadays

(22:00) Michigan's rust belt

(24:08) Was populism driven by economic or socio-cultural factors?

(26:23) Is the working class grievance justified?

(29:00) Why we don't have a healthcare system like Japan or Korea's

(31:42) Healthcare and housing instead of UBI

(36:45) Expectations around higher ed

(41:00) Why aren't employers starting their own universities?

(43:50) Custom training programs for big corporations

(45:57) What higher education will look like a decade from now

LINKS:

Americans are Falling Out of Love with the Idea of College https://www.noahpinion.blog/p/americans-are-falling-out-of-love

X / TWITTER:

@noahpinion (Noah)

@eriktorenberg (Erik)

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co.