Noah Smith and Erik Torenberg discuss the state of the economy, whether tech and the VC ecosystem are doing well or facing a 'rolling recession', and unpack assumptions about wealth in the United States. Make informed decision for high impact donations with GiveWell, which is offering Econ 102 listeners donation matching up to $100. To claim your match, go to givewell.org ➡️ pick “Podcast” enter Econ 102 at checkout.

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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Sponsors: GIVEWELL | DAFFY | NETSUITE

Have you ever wondered where your donation could have the most impact? GiveWell has now spent over 15 years researching charitable organizations and only directs funding to the HIGHEST-IMPACT opportunities they’ve found in global health and poverty alleviation. Make informed decisions about high-impact giving. If you’ve never donated through GiveWell before, you can have your donation matched up to $100 before the end of the year, or as long as matching funds last. To claim your match, go to givewell.org and pick “Podcast” and enter Econ 102 at checkout.

Daffy is the most modern and accessible donor-advised fund, making it easier to put money aside for charity. You can make your tax-deductible contributions all at once or set aside a little each week or month. And you don't just have to donate cash, you can easily contribute stocks, ETFs, or crypto. Plus, you never have to track receipts from your donations again. It’s free to get started and Econ 102 listeners get $25 towards the charity of their choice. Daffy is offering Econ 102 listeners a free $25 for the charity of their choice when they join Daffy https://www.daffy.org/econ102

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Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co

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X / TWITTER:

@noahpinion (Noah)

@eriktorenberg (Erik)

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TIMESTAMPS:

(00:00) Episode Preview

(01:05) The Rolling Recession?

(03:55) When Are Venture Capitalists gonna get rich again?

(06:15) Will rate cuts go down?

(08:15) Factory Model of Venture Capital

(10:20) Crypto's correlation to the markets

(14:15) Sector specific shocks screwing the economy

(16:50) Sponsors: GiveWell | Daffy

(20:00) The temperature metaphor in economics

(22:41) Regular Americans are getting richer

(25:02) How accurate are the measurement of inequality statistics in terms of reflecting true inequality?

(30:15) Why inequality might be good in economics

(36:55) What mechanisms led to inequality going down

(41:00) Skyrocketing prices and poor regulation of markets

(47:00) Piketty's arguments on inequality

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.