REPLAY: The New Global Economy — with Noah Smith, Scott Galloway & Ed Elson

Economics writer Noah Smith debated Scott Galloway and Ed Elson on the global economy at mid-2026, discussing China's Kimi K3 model and whether US export controls are working, the authenticity of AI demand, and competing proposals for a US sovereign wealth fund versus an index-fund model. The conversation also covered wealth inequality behind New York's data center pause, America's collapsing fertility rate and its impact on Social Security, and Smith's view that 'socialism' has become mostly a semantic argument.

Scott Galloway and Ed Elson sat down with economics writer Noah Smith https://www.noahpinion.blog/ for a live conversation on the forces reshaping the global economy at the midpoint of 2026. They dig into China's Kimi K3 model and whether US export controls are actually working, debate whether AI demand is real or "artificial" circular deals, token-maxing, and pricing that doesn't yet cover cost , and clash over Scott's sovereign wealth fund pitch versus Noah's case for an index-fund version modeled on Japan and Alaska. They also cover the wealth inequality behind New York's data center pause, America's collapsing fertility rate and what it means for Social Security, and why Noah thinks "socialism" has become mostly a semantic argument. Subscribe to Prof G+ to join our next livestream here https://www.profgmedia.com/subscribe . And if you're not already reading Noah's work, check out Noahpinion https://www.noahpinion.blog/ . A condensed version of the taping will run on the Prof G Markets feed soon. In the meantime, we're making a fully unedited replay of the show available for …