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Lecture 5 Macroeconomics Innovation and Production
- 5. I was born with the same gift from God we are all born with — the impulse to reach out and lessen the suffering of another human being. It was a gift, and we each had a choice whether to use this gift or not.”
- 6. Production
- 7. Innovation
- 9. 20161 AD $2 $100 $30 World 15x Northern Europe North America 50x 1820 Income Per Day
- 10. Shanghai 1990
- 11. Shanghai 2013
- 13. $10.95. Blue-collar compensation was around $3.72 per hour. It took 2.94 hours to earn the money to buy your own tool that would let you do about one calculation per second.
- 14. Today you can have an Xbox One X for $299 dollars. Blue-collar compensation is now around $33.00 per hour. It will take you around 9 hours to earn the money to buy your console.
- 15. The graphical processing unit (GPU) in this device runs at 6 teraflops. A teraflop a trillion operations per second.
- 16. Christmas 2020 - 12 teraflops per second.
- 17. 1 per second
- 18. 12 trillion per second
- 19. For the time it took to work to buy a device in 1975 that could do one calculation you will get 3,898,478,800,302 calculations for Christmas.
- 20. 21,000 TEU 80 miles $5.85 to $0.16
- 21. New York to London 1955 $27,000 2019 $200 135x
- 22. $400 10 days
- 23. 1861
- 25. What is Wealth? Anything we value
- 26. What is Capital? Anything we can use to create value
- 27. We create wealth by innovating our capitals
- 28. Human Innovation is how we escape poverty and create wealth
- 29. Innovation always comes as a surprise George Gilder
- 31. Human Beings
- 32. Human Beings Creators created in the image of our Creator
- 33. Human Beings Reason and Speak
- 36. Cultutal Capital How people treat each other
- 39. 1978 China Changed Worldview Deng XiaopingMao Zedong 1976 Dies
- 43. Idea A thought about a new way to potentially create value
- 44. Invention Proof of an Idea Thought to reality
- 47. Capitals Anything we use to create value
- 48. “Capital will go where it is wanted, and it will stay where it is well treated. It cannot be driven; it can only be attracted.” Walter Wriston
- 50. Physical Capital atoms and energy natural resources time buildings equipment things than make things
- 54. Make me an iPhone. Sorry, I have the atoms but not the knowledge. We need innovation
- 55. Intelligizing Atoms Adding knowledge to atoms Unorganized Matter
- 56. “Creation brings deep satisfaction and fulfillment. We develop ourselves and others when we take unorganized matter into our hands and mold it into something of beauty.
- 60. I look for three things in hiring people. The first is personal integrity, the second is intelligence, and the third is a high energy level. But if you don’t have the first, the other two will kill you Warren Buffett, CEO Berkshire Hathaway
- 61. Cheating on an Exam Lying about your Competence