Preparing for a Second China Shock and Bad Economists with Brad DeLong

In today’s episode, Noah Smith and Brad DeLong tackle pressing topics such as the potential for a 'China Shock 2', the effectiveness of missile defense systems, and the shifting role of economists since the Great Recession. They also explore the nuances of economic theory, policy implementation, and real-world outcomes, particularly in a fast-paced information age.  -- 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ -- RECOMMENDED PODCAST:  🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSORS: NetSuite More than 37,000 businesses have already upgraded to NetSuite by Oracle, the #1 cloud financial system bringing accounting, financial management, inventory, HR, into ONE proven platform. If you're looking for an ERP platform, get a one-of-a-kind flexible financing program on NetSuite: https://netsuite.com/102 Altea 🚀Elevate your investment game with Altea by Alts.co. Discover vetted deals in unconventional asset classes, network with captivating individuals, and indulge in exclusive travel experiences. Ready to invest in pro sports teams or film financing? Apply now at www.alts.co/102 and redefine your investment journey. WorkOS 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network -- SEND US YOUR Q's FOR NOAH TO ANSWER ON AIR: Econ102@Turpentine.co -- FOLLOW ON X: @noahpinion @eriktorenberg @turpentinemedia -- LINKS: Noahpinion: https://www.noahpinion.blog/ Hexapedia links: APPLE - https://podcasts.apple.com/us/podcast/hexapodia-is-the-key-insight-by-noah-smith-brad-delong/id1552990332 SPOTIFY - https://open.spotify.com/show/2uHLn3k2PrhY3exPs1sUeB References: Brad DeLong: https://braddelong.substack.com/ Smith, Noah. 2024. “Why so many of us were wrong about missile defense”. Noahpinion. April 15. Smith, Noah. 2024. “Twilight of the economists?” Noahpinion. April 12. Smith, Noah. 2024. “The decade of the Second China Shock”. March 23. Vinge, Vernor. 1999. A Deepness in the Sky. New York: Tor Books -- TIMESTAMPS: (00:00) Intro (02:10) China Shock 2.0 (07:30) Debating U.S. policy responses (09:59) China's manufacturing and global trade (18:21) Market economies of Europe and Japan (22:58) Sponsors: Netsuite | Alts (25:02) Importance of taking preemptive actions (32:08) Financial capitalism vs. Industrial policy (33:40) Sponsor: WorkOS (35:21) Financial Capitalism and Intel's Struggles (35:51) Critique of economists and economics (37:03) State of the economics profession (40:31) Economists' influence on policy (48:18) Missile defense and Its Implications (51:55) Russia's military strategy and economic constraints (59:56) Future of warfare and economic mobilization (01:07:14) Wrap