"Econ 102" with Noah Smith and Erik Torenberg

DM Debates, AI, and Tech Downturns with Adam Nash, CEO of Daffy

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Sep 12, 2023

Join Adam Nash, CEO of Daffy and seasoned fintech leader from Wealthfront and LinkedIn, as he dives into the economic impacts of AI and the current tech downturn. He discusses how AI is reshaping workforce dynamics, emphasizing adaptability over traditional skills. Adam also explores the dual nature of technology, advocating for cautious optimism while fostering grassroots innovations. Finally, he shares his journey in revolutionizing charitable giving through Daffy, addressing the challenges of navigating the startup ecosystem.

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INSIGHT

AI's Impact on Human Capital

AI could reverse the trend of increasing returns to human capital.
Nerds may not rule the universe as much in the future due to AI's impact on skill distribution.

ANECDOTE

Nash's AI Optimism

Adam Nash, Daffy CEO, debates Noah Smith's AI perspective.
Nash's background in human-computer interaction influences his optimistic AI view.

INSIGHT

AI and Skill Bottlenecks

AI can fix skill bottlenecks, boosting those with initial skill deficits.
Real-world skills are complex, and AI experiments offer limited scope, says Nash.

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Noah Smith and Erik Torenberg are joined by Adam Nash to discuss the economic implications of AI, the recent tech downturn, and why the venture model has been so successful across multiple tech booms. Daffy is offering Econ 102 listeners, a free $25 for the charity of their choice when they join Daffy. https://www.daffy.org/econ102

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.

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

TIMESTAMPS:

(00:00) Episode Preview

(02:00) Why AI may stop nerds from ruling the world

(06:25) Are “Skilled” and “Unskilled” the correct labels in this debate?

(10:00) Who benefits from a growth mindset?

(13:00) Coding example

(14:25) Highly skilled tech workers get a boost

(17:20) Substitutability versus overall boost

(20:55) Sponsor: NetSuite

(23:45) AI as a productivity tool

(25:30) AI ethics and safety

(28:50) Adam Nash’s journey into fintech

(30:55) How Americans think about giving

(33:30) Macro: What does the current Tech downturn mean?

(35:00) People looking for a quick snapback and boom will be disappointed

(37:00) How will AI revolutionize distribution?

(39:50) Smartphones and depression

(43:45) Why the VC model has been so successful across multiple technology booms.