Macro 5
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This document is a lecture on macroeconomics that covers various economic concepts. It begins with a quiz on GDP and what goods and services are included in GDP calculations. It then defines different types of capital - cultural, physical, human, intellectual, and financial capital. It explains ideas, inventions, entrepreneurs, and how free markets allow for innovations. It frames all of this within the "Human Innovation Framework" to show how humans continuously innovate and create value.
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Macro 5
- 4. Quiz 1. What is the equation for GDP? 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?
- 6. 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 financial capital? 12. Are all inventors also entrepreneurs? 13. What is the value of a free market?
- 7. What is wealth? Anything that we value
- 8. What do we value the most? Knowledge
- 9. What knowledge do we value the most? Gospel Truths
- 10. Of all the knowledge we can gain, the most important is a testimony of Jesus Christ, His divine mission, and His gospel. To gain this testimony, we should continually study the scriptures, pray, and live righteously. All the knowledge we obtain will not matter unless we have understood and obeyed the saving principles of the gospel.
- 11. What is capital? Anything that we can use to create value
- 13. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets Innovations
- 14. Cultural Capital Human Beings The Human Innovation Framework
- 17. Cultutal Capital How people treat each other
- 18. Culture is determined by the worldview of its leaders
- 21. Rule of Law Property Rights
- 23. Cultural Capital Human Beings The Human Innovation Framework Ideas
- 24. Idea A thought about a new way to potentially create value
- 25. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical
- 26. Physical Capital atoms and energy natural resources time buildings equipment things than make things
- 27. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human
- 30. 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,
- 31. Cheating on an Exam Lying about your Competence
- 32. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual
- 35. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual Financial
- 36. Financial Capital money and risk savers and borrowers money is time (1+r)n insurance  limited liability corporations double entry accounting
- 38. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual Financial Inventions
- 39. Invention Proof of an Idea Thought to reality
- 41. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual Financial Inventions Entrepreneurs
- 42. Entrepreneurs Risk Takers Value Inventions to Innovations Freedom to Discover Learning Failure
- 45. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets
- 46. Free Markets are where value is discovered Buyers and Sellers can enter and exit Prices Move up and down
- 48. Markets Solve Problems with the Price System
- 49. Price System Information System Incentive System Spontaneous
- 50. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets Innovations
- 52. Cultural Capital Human Beings The Human Innovation Framework Ideas Physical Human Intellectual Financial Inventions Entrepreneurs Free Markets Innovations
- 53. We create and discover value by continuously innovating our capitals