The Macro Episode

In today’s episode, Noah Smith and Erik Torenberg dive into some listener questions on economics and macroeconomics issues. They discuss the Federal Reserve's strategy on interest rates, the complexities of macroeconomic prediction, the evolution of industrial policy, and pick the best economists of all time. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj --  RECOMMENDED PODCAST: Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more. Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812 - 🎙️ History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj -- SPONSORS: BABBEL | BEEHIIV 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/econ102 🐝 Head to Beehiiv, the newsletter platform built for growth, to power your own. Connect with premium brands, scale your audience, and deliver a beautiful UX that stands out in an inbox. Go to https://beehiiv.com and use code "MOZ" for 20% off your first three months -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- LINKS: Noahpinion: https://www.noahpinion.blog/ -- TIMESTAMPS: (00:00) Intro (00:35) Federal Reserve's approach to interest rates and inflation (02:48) Challenges in macroeconomic predictions (04:46) Microeconomic foundations of macroeconomics (07:53) Debating the greatest economists (10:19) University economics departments and their cultures (13:25) Great financial crisis: Causes and Misconceptions (18:50) Sponsor: Babbel and Beehiiv (21:25) Stabilizing Nominal Gross Domestic Product (NGDP) (25:50) Mechanisms of fiscal and monetary policy (29:42) Embracing industrial policy (37:13) Challenges in U.S. industrial policy (42:20) Threat of bioweapons and AI (49:21) Economic development with AI and automation (51:23) Economic impacts of high interest rates (53:44) Engaging with policymakers and future initiatives (55:09) Wrap