Noah Smith and Erik Torenberg discuss how today’s economy compares to the Reagan-era, cheap oil geopolitics, how much the war in Ukraine is actually costing the US, and the economics of the populist anthem Rich Men North of Richmond. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/102 -- SPONSOR: NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite ✅  http://netsuite.com/102 and download your own customized KPI checklist. -- Econ 102 is a part of the Turpentine podcast network. To learn more: www.turpentine.co 🎧 You can also listen to Econ 102 on the podcast platform of your choice: https://link.chtbl.com/Econ102 -- RECOMMENDED PODCAST: Founding a business is just the tip of the iceberg; the real complexity comes with scaling it. On 1 to 1000, hosts Jack Altman and Erik Torenberg dig deep into the inevitable twists and turns operators encounter along the journey of turning an idea into a business. Hear all about the tactical challenges of scaling from the people that built up the world’s leading companies like Stripe, Ramp, and Lattice. Our first episode with Eric Glyman of Ramp is out now: https://link.chtbl.com/1to1000 -- Timestamps: (01:13) What would a better US economy look like? (05:59) Debt gets inflated away (09:02) Fiscal Dominance (09:59) Age of cheap oil (19:05) Noah vs. Balaji Srinivasan’s bearish case that the US financial system is vulnerable. (27:25) How the Reagan Era Compares to Today (32:28) Economic attribution for presidents (43:12) The surplus war in Ukraine (49:05) Fact checking the economics of Rich Men North of Richmond (57:47) Is the age of the nerd over? -- LINKS: If this is a Bad Economy, Please Tell me What a Good Economy Could Look Like: https://www.noahpinion.blog/p/if-this-is-a-bad-economy-please-tell Lyn Alden: https://www.lynalden.com/about-lyn-alden/ Comparing “Morning in America” with 2023 https://www.noahpinion.blog/p/comparing-morning-in-america-with UMich’s outsized impact on Twitter: https://twitter.com/powerbottomdad1/status/1695861038292558033 Noah on Rich Men North of Richmond: https://www.noahpinion.blog/p/the-economics-of-rich-men-north-of WTF Happenned in 1971: https://wtfhappenedin1971.com/ -- X / TWITTER:  @noahpinion (Noah) @eriktorenberg (Erik)