Noah Smith

speaker

437 appearances 1 recordings 1 series first heard Jul 2026 last heard 24 Jul

Noah Smith’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Prof G Markets · America’s Economy Is Entering a New Era — ft. Noah Smith · 24 Jul 2026 podcast

Because...

If you have the government buy services, you know, like pay for old people's health care or something, or maybe build highways or whatever, or provide for the national defense, if you have the government do those things that benefit the gas station worker just as much as they benefit a rich guy, okay, that's redistributionary.

And so that's the first benefit.

The second benefit is insurance.

So debt is unconditional.

It's like you pay the same interest rate back whether or not AI takes over our economy.

But if you buy the AI company, part of the AI company, and then you're able to redistribute that income in the future, it functions as insurance.

Because in the state of the world, it's a state-contingent asset.

Because in the state of the world where AI takes over the whole economy, normal people get a piece of that.

But the amount of debt that taxpayers have to pay back doesn't change.

It's state-uncontingent.

It doesn't change based on whether or not AI takes over the economy.

Sounds like you'd be a fan of Trump bonds or baby bonds.

Yeah, baby bonds.

I mean, that's been done in other countries and it's been successful, yeah.

Absolutely, 100%.

And that's exactly what you do.

That's a thing you can do.

So you can choose to pay down America's debt if you think inflation's a problem and you need to pay down some of the debt to reduce inflation.

You can use it, you can do baby bonds if you think it's better to just give people cash, do UBI, fund UBI.

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