This document contains lecture slides on macroeconomics and innovation. It defines various types of capital (cultural, physical, human, intellectual, financial) and related concepts like ideas, inventions, innovations, and entrepreneurs. It presents the "Human Innovation Framework" which shows how these different elements interact. It also discusses the value of free markets and defines key terms like wealth, growth, and the rule of law. The document concludes by emphasizing that human freedom and continuous innovation are important for creating and discovering value.
3. Quiz
1. What is the Rule of Law?
2. If I grow potatoes behind my house in Idaho
and eat a fourth of them, give away one fourth,
trade one fourth for carrots, and sell one fourth,
how many of my potatoes are recorded in
GDP?
4. Quiz
1. What is wealth?
2. What is growth?
3. What is capital?
4. What is an idea?
5. What is an invention?
6. What is an innovation?
7. What is cultural capital?
8. What is physical capital?
9. What is human capital?
10. What is intellectual capital?
11. What is ο¬nancial capital?
12. Are all inventors also entrepreneurs?
13. What is the value of a free market?
5. Cultural Capital
Human Beings
The Human Innovation Framework
Ideas
Physical Human Intellectual Financial
Inventions
Entrepreneurs Free Markets
Innovations
22. I look for three things in
hiring people.
The ο¬rst is personal
integrity, the second is
intelligence, and the third
is a high energy level.
But if you donβt have the
ο¬rst, the other two will
kill you
Warren Buffett,
41. Cultural Capital
Human Beings
The Human Innovation Framework
Ideas
Physical Human Intellectual Financial
Inventions
Entrepreneurs Free Markets
Innovations
43. Cultural Capital
Human Beings
The Human Innovation Framework
Ideas
Physical Human Intellectual Financial
Inventions
Entrepreneurs Free Markets
Innovations
52. Quiz
1. What is wealth?
2. What is growth?
3. What is capital?
4. What is an idea?
5. What is an invention?
6. What is an innovation?
7. What is cultural capital?
8. What is physical capital?
9. What is human capital?
10. What is intellectual capital?
11. What is ο¬nancial capital?
12. Are all inventors also entrepreneurs?
13. What is the value of a free market?