Macro 5.pdf
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This document contains notes from a lecture on macroeconomics. It includes information about a quiz being assigned, with questions about GDP and inflation. It then discusses various economic theories and models. The bulk of the document defines different types of capital that contribute to innovation - physical, human, intellectual, financial capital as well as inventions, entrepreneurs, free markets, and innovations. It emphasizes that continuously innovating these different capitals is how humans create value for one another.
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Macro 5.pdf
- 4. Quiz 1. If the GDP Deflator is 212 in 2018, how much inflation has there been since the base year? 2. The the GDP Deflator is 212 on January 1, 2018 and 224 on January 1, 2019, how much inflation occurred in 2018? 3. If real GDP is growing at 10.5% a year, how long with it take for real GDP to double?
- 5. Quizmaster 1. Ten Questions 2. Three answers for each question 3. Email to Connor at by 3:00pm cjh425@go.byuh.edu 4. One Extra Point on Exam
- 9. Cutting Edge new ideas new inventions new innovations
- 11. What is Wealth? Anything we value
- 12. What do we value the most? Knowledge and time
- 13. What do we value knowledge and time? Knowledge and time can make things valuable
- 14. What is Economics? The study of how human beings create value for one another
- 15. What is Capital? Anything we can use to create value
- 17. Culture Human Beings Ideas Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets Innovations The Capitals of Innovation
- 18. What is Wealth? Any thing we value
- 20. Culture Human Beings The Capitals of Innovation
- 22. Cultural Capital? How people treat each other
- 23. Cultural Capital is determined by the worldview of leaders
- 25. Property Rights Rule of Law
- 27. Deidre McCloskey Bourgeois Values "Sweet Talk" "Have a Go"
- 28. Culture Human Beings Ideas The Capitals of Innovation
- 29. A thought about how to potentially create new value Idea
- 30. Culture Human Beings Ideas The Capitals of Innovation Physical
- 31. atoms and energy natural resources time buildings equipment things than make things Physical Capital
- 32. Culture Human Beings Ideas The Capitals of Innovation Physical Human
- 35. I look for three things in hiring people. The fi rst is personal integrity, the second is intelligence, and the third is a high energy level. But if you don’t have the fi rst, the other two will kill you
- 36. Culture Human Beings Ideas The Capitals of Innovation Physical Human Intellectual
- 39. Culture Human Beings Ideas The Capitals of Innovation Physical Human Intellectual Financial
- 40. Money put at risk over time Financial Capital
- 42. money put at risk over time money is time savers and borrowers (1+r)n insurance limited liability corporations double entry accounting Financial Capital
- 43. Culture Human Beings Ideas The Capitals of Innovation Physical Human Intellectual Financial Inventions
- 44. Proof of an Idea Thought to reality Invention
- 45. Culture Human Beings Ideas The Capitals of Innovation Physical Human Intellectual Financial Inventions Entrepreneurs
- 46. Risk Takers Value Inventions to Innovations Freedom to Discover Learning Failure Entrepreneurs
- 49. Culture Human Beings Ideas The Capitals of Innovation Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets
- 50. Where buyers and sellers discover value Free Markets
- 51. Solve each other's problems with a price system Free Markets
- 54. All Trades Have One Price And Two Values
- 55. Culture Human Beings Ideas Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets Innovations The Capitals of Innovation
- 56. We create value by continuously innovating our capitals