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  -- 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 -- About guest Adam Nash Adam Nash is the co-founder & CEO of Daffy.org, a community and platform for charitable giving. Adam is a seasoned executive, investor, and advisor. Adam currently sits on the Board of Directors for Acorns and Shift Technologies. Adam also teaches the "Personal Finance for Engineers" course at Stanford and he was previously the president and CEO at Wealthfront. -- 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: (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. -- LINKS: Is It time for Revenge of the Normies? https://www.noahpinion.blog/p/is-it-time-for-the-revenge-of-the Interview: Jean Twenge, Psychologist https://www.noahpinion.blog/p/interview-jean-twenge-psychologist Join Daffy https://www.daffy.org/econ102  -- X / TWITTER: @adamnash @noahpinion (Noah) @eriktorenberg (Erik)