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101 lecture 19 earnings and discrimination
- 1. Next Exam ! Exam 6 Thursday December 26 ! Chapters 18, 19, 20 and 21
- 7. America’s 10 Most Dangerous Jobs Average Fishing Logging Pilot Farm & Ranch Roofers Ironworkers Sanitation Machinist Truck Driver Construction Per 100,000 3.3 200 62 57 36 35 30 25 19 18 18 Source: Bureau of Labor
- 9. atoms the physical universe mass and energy 2 e = mc always with us cannot create or destroy
- 10. bits digital computer technology ones and zeros binary digits or bits software ideas intelligence intellectual
- 11. creativity how we combine bits and atoms in new ways ! adding more bits to atoms
- 12. ideas human thought inventions inventors developing ideas innovations entrepreneurs successfully marketing inventions
- 14. China U.S. Manufacturing 2.5 billion 2.0 billion Workers 100 million 12 million Output per worker $25,000 $167,000
- 18. ideas People have ideas inventions innovations Inventors convert ideas to inventions Entrepreneurs convert inventions to innovations
- 19. inventions Less than 10 percent of inventions go to market go to market Less than 10 percent of inventions that go to market are economically successful $ Less than one percent of inventions are economically successful
- 20. ideas innovation
- 23. Cultural Capital trust values institutions infrastructure rules property rights rule of law taxes regulations stable currency mobility
- 24. Human Capital trust knowledge skills personality health relationships growing human capital learning new things education reading watching listening doing
- 25. Physical Capital natural resources atoms energy time buildings equipment tools
- 26. Intellectual Capital ideas methods technology recipes ways to do things research and development publishing
- 27. Financial Capital savings = investment connecting savers and borrowers investors and entrepreneurs money and risk time is money n (1+r) limited liability corporations insurance
- 28. Entrepreneurial Activity looking for opportunity alert capture value create value take risk
- 29. “There are no entrepreneurs without capital.” Capitalism, Socialism and Democracy ! Joseph Schumpeter (1883 - 1950) Creative Destruction ! Innovation and Entrepreneurship