Noah Smith and Erik Torenberg discuss the state of the economy, whether tech and the VC ecosystem are doing well or facing a 'rolling recession', and unpack assumptions about wealth in the United States. Make informed decision for high impact donations with GiveWell, which is offering Econ 102 listeners donation matching up to $100. To claim your match, go to givewell.org ➡️ pick “Podcast” enter Econ 102 at checkout. – 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 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 – RECOMMENDED PODCAST: New Show: Age of Miracles Age of Miracles is a narrative show that explores the complex industries that will play an important role in creating an abundant future for humanity. Every season, host Packy McCormick brings in an expert cohost to go deep into the possibilities and challenges of making “sci-fi” dreams our reality in our lifetimes. The first season starts at the root of all progress and prosperity: unlocking 10x more clean and reliable energy by splitting and fusing atoms themselves—going nuclear. Episodes 1 and 2 drop October 27th Subscribe to the podcast: https://link.chtbl.com/ageofmiracles Listen on YouTube: https://www.youtube.com/@age-of-miracles/videos – RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff – X / TWITTER: @noahpinion (Noah) @eriktorenberg (Erik) – TIMESTAMPS: (00:00) Episode Preview (01:05) The Rolling Recession? (03:55) When Are Venture Capitalists gonna get rich again? (06:15) Will rate cuts go down? (08:15) Factory Model of Venture Capital (10:20) Crypto's correlation to the markets (14:15) Sector specific shocks screwing the economy (16:50) Sponsors: GiveWell | Daffy (20:00) The temperature metaphor in economics (22:41) Regular Americans are getting richer (25:02) How accurate are the measurement of inequality statistics in terms of reflecting true inequality? (30:15) Why inequality might be good in economics (36:55) What mechanisms led to inequality going down (41:00) Skyrocketing prices and poor regulation of markets (47:00) Piketty's argumen