Hello, everyone. Welcome to NPTEL course on groundwater hydrology and management. This is week 11, lecture five. So in this week, we have been looking at the data that is needed for groundwater management, which is how do you collect data in the government format or the publications format. And also we have been looking at by parameters, which means groundwater levels, hydraulic parameters, and also the water budget equation parameters. So on that note, let me continue the last lecture for this week, which includes a very important aspect for groundwater management. So groundwater management also includes surface water, because as we have been seeing in the lecture, there is always a disconnect between groundwater management and surface water. People think that surface water is separate groundwater is separate, but that is not the case as we saw in the water balance equation for the net storage. There is a component of groundwater that has to come in and also a component of surface water that has to come in. Because if groundwater is high, then it gives water to the surface water, which is rivers, lakes, ponds, etc. And therefore groundwater will decrease. So you will be doing management on groundwater, but you will also see that the groundwater is not increasing much because it goes into the surface water. The same can happen on the other way also the surface water if managed properly, and it is at a higher level than a groundwater then surface water will give to groundwater under the ground. Okay, so these connections we have been establishing through the lecture series. And now since we know that the surface water is very important, we will be looking at some parameters. To start with, we looked at surface water reservoir levels and how water goes in stores. See, if we know how much is stored, then we know how much is available for groundwater recharge. That is where the analogy we used. The other part of surface water is the running water, which is a reverse streams discharge, etc. And as I said, we will be looking at how this water is being recharged through these rivers and streams in the hydrological balance equation, for which we do need the discharge rate. The units are different. I would like to warn that when you write the water balance equation, it is your mandate to make sure that the units are consistent, which means rainfall is millimeters. Discharge is in millimeters, your level of water storage is in millimeters, etc. So all this unit has to be in the same cohesive manner so that you could make some comparisons. So this is the water data portal that we have been looking at for other parameters. We will now also look at the discharge data. As I mentioned, there is a lot of sensitive data or data that has been sensitive, classified. So when you call it classified, that means that it is not available freely for sharing between the public. So we have to be careful on understanding this connection and the government is very protective of this data. So if you are planning some water budget exercise research problem publication, make sure that the data is not a sensitive data because then you cannot tell in the paper or in your thesis that the data is sensitive so I cannot do it. Pick a site where you have all the data for your water balance so that you can establish the ground water management protocol. Okay, so moving on, let me go through this website as we have been doing in the live fashion. So we are going to pull up the idea WRIS website as initially we have done, we'll be doing the home page and in the home page, we do have all the data that is that is going to come in the data format we want. Okay, so all these data we have been looking at and we go to the surface water storage we looked at all the tanks. So we will be looking at in the surface water the river, the others are also okay the wetlands surface water quality etc, but for our hydrological balance equation, we would stick with the river monitoring and river information data. Okay, so I'm going to go back. The river information gives you the basic information of these river networks. Like for example you have your, you know, length of the river the shapefile that is given in the government. Okay, so we can have that. I'm just going to do the river monitoring again. So that we could we could easily understand what is available for us to download. Okay, so here it's slowly downloading as I said, based on the internet speed and connectivity. You can see this blue line so if this blue line is moving, then that means that the internet is still collecting the data so you have to give it some time. So now it has run. We'll just quickly look at this here so you have the surface water, river information. It is basically the information about the basins, the basin boundaries, the area, the statistics etc. Okay, sometimes the information does take a long time so let it populate while we go back to the river water discharge measurement portal. Okay, so what is going to happen here is as same your right side has the India focus and it has a date from 1st June 2021 to 31st March 2022. So today until today, so you can look at the date 31st March 2022 is very recent. And you could actually see the live data that has been collected at least one or two hours before. Okay, so we have how many stations are on 4824 total stations that have been monitored across India for this time period. And then if you come down by pulling these slides so there are multiple sliders okay so there's one on the top, and then one on here so here you can just scroll and then if you work here if you go to that point and scroll it will work. Okay, so you have all these states and number of stations that are being monitored and how many of them are manual manual is where they go and take the measurement in a periodic faction, not daily but sometimes some of them are mentioned and then there are a lot of telemetry stations out of the total you could see around 30% of them are the total in the telemetry telemetry would directly relay the data and that data comes to your dashboards and stuff. Okay, so please understand that there are possibilities of increasing these telemetry if there is a lot of science and development on low cost sensors and effective sensors. Okay, so this telemetry data is what is responsible for giving you this up to date data on the website 31st March. So coming back see you could see that still the thing is populating and now the boundaries are there so all it gives you is the boundaries of the river basin the river info etc. They're updating these websites as and when needed. So if you zoom in you do get the different boundaries, some basins a river network as I mentioned etc you could download these as a file and then use it for your research. Close this for internet bandwidth. We're back to the river monitoring station so where does this come we come as Q in Q out. Okay, so in the water balance equation that we showed yesterday also on the last class. This comes as a water balance number. Okay, basically, when how much water comes in and how much water was up this difference in the water discharge also gives you how much base flow is happening, which is the water flow coming into the river, and also how much the river is giving back as seepage into the groundwater aquifer. We will come down and we will see that there are multiple states and all these stations are monitored. Let's go to a particular state, let's say Tamil Nadu, there's a reason why I'm going to pick Tamil Nadu, because I did mention the sensitivity data etc. Okay, so when I click the state as I've done in the previous data sets also, you will have it shown as a darker outline and then the state name comes here. Then all the data gets populated as per the timeline. Okay, so 98 stations are there, and these are the districts. If you click the districts, then the station name will come along the river. It's a block because the rivers don't flow as a block. It is wherever the river flows, they will put stations. I would also want to talk about this legend. What does it mean is stations with no flow and no level is given as gray, which means these stations are there but it's not working, but not collecting data for your time period. Okay, stations with no flow and level. So normally what happens is when there is a river. So you have a river network and they'll put a station. Okay, this station can give you either level or the discharge. Okay, so the level is how much level of water is flowing in the river and that level is converted to a volume by empirical models. Okay, so all the statistics that they use is called a rating curve where they establish a relation between the level and the discharge. At the end of the day, you need a volume or a rate discharge. Okay, so the other instruments, as I said, they can give you a flow, which is discharge, a flow rate. It is slightly expensive to have a discharge meter. That is why people put levels and then converted to discharge later using rating curves. So that is what is mentioned here. Okay, so what happens here is we have a stations with no flow, stations with level and no flow. Okay. So with which has a level, but no flow in the river data flow monitoring sensor is not given. And then you have stations with flow and no level. So the opposite stations where the with flow is there but no level is there. And then you have this out so that you can see it stations with level and flow both of them are blue in color. So for now we can just quickly look at the map, and then you could see that there's not many that actually collects data for that particular time period. Okay. And when you when you just move your mouse around these points you can actually see where the data is coming. So both level and flow you may not get often. So the level only you will get a lot, and the level is converted to a discharge so let me pick a particular. As I said, why Tamil Nadu is the reason we will see the sensitive data also. So what what what has happened is, we will look into some of this data, it has taken some time the internet, the data on the back behind. So let's work it out. Okay. Now it's moving. So you have this is coming from Karnataka and coming in. Right. So let's say this one is what's an allure. So this is the boundary, and then it comes down, satan or Dan, etc. Right, and here is also you have cookie, Cody in Karnataka and then the river flows into me to them. So me to them is pretty. Okay, it's a good because that actually provides a lot of irrigation water to all around the surrounding area the command area. Okay, so what you would see is the last 10 years flow average flow is given. Okay, and you also see the water levels increasing and decreasing as per the need. Right. And then we will also what we see is. So, when we go to this data point what has happened is it has the last 10 year average flow in qq sex. Okay, cubic meters per second, and then it also shows you the last year which is not available, and the level is always there. So the flow has been intermediate, that is the measurement of flow, and that is where you see it is as a orange stage with level and no flow so let's remove the flow data, because anyway it's not there, and then you can also move this. You can see that the level of flow. Okay, the level of the water in the nature dam reverse site is monitored every single month this particular 10 period. You can also do it as a year, okay, year or daily, daily is what the data comes in, and that agencies are multiple agencies are there since we've zoomed into Tamil Nadu. Mostly the agencies in Tamil Nadu will be shown here but you can see that there are state agencies central agency CWC. The state DWD the mother valley, valley, etc. And then as I said some NGO kind of active activities and others will also be monitoring the data. The point is the data would come in all these different sites but then they have put it in here to make sure that everyone has access to this data. You can also see the National Institute of hydrology rule key, which is the, you know, you know, very important body of hydrology research in the country. And they monitor most of these river data because they have been given the, you know, mandate by the government to monitor and maintain these data. And that they also have some stations. Okay, so always it is best to have all agencies here and then do this search so that you can get at least the best data. Once you put all agencies then here you can come and see who's owning the data so here you could see it is a CWC, which is your central water commission, and then the recovery is the basin of the of the station that is there from the zero of gauge in meters and the max level is 240 on number min level during that period during the period what you put average level, etc. Again the discharge they will not give you so that is the sensitive part from the level you cannot estimate the queue in queue out because that discharge is not, you know, it's a sensitive data that they won't give you so please they'll give you the level which is from which you can try to estimate the discharge, if possible, so for example if I put the last 10 years. So for this data point, there is one level and a flow data so you can have some correlations, and that is how rating curves are established.  Yes, daily. And then I'll put a shorter period so that we can quickly search the database and then always go to a year which you know has had data so and then pick a monsoon time also so that you know that data is coming otherwise you'll see a lot of gaps, right. So let's say June to December June one to December we'll capture the both the monsoons 2021 December 31 summit. Okay, so once the data is loading, you'll be able to see other discharge data coming in. So your study area is one of those areas which needs the discharge, I strongly recommend you select that data point where you can get this discharge measurement. So while it is populating also I would like to tell that the level. Okay, yeah, here it has populated, and you could see that the same station that we selected is still holding well, you can go up and double check so it's India, I'm not a Salem. And the May two dams level is given for that particular period and every day data has taken so every single day there is data, you could download it as an Excel file CSV file and then make these other other estimates like trend analysis and slope of the curve, etc, etc. So be very careful in monitoring these data and see how you get to, you know, set up this data connection for your water budget. Okay, so we have seen this okay so then let's go to the Ganges Basin which is one of the, you know, I'm just going to click full extent, one of the most sensitive basins because it is a trans boundary river. Okay, so in a trans boundary river it is very difficult to get data because there is a lot of, you know, misunderstanding about the data, and so the government has made sure that not everyone gets that particular data. Okay, so I'm just going to go up zoom out. Okay, so once you zoom out to the India scale, you will be seeing the other data for this time period. What I'm going to do is, you will see the color of these gray dots, which means that there is no data. It starts to convert into blue and orange you need to see orange blue is most likely not going to happen, because not all the sites are going to measure that discharge, which is expensive flow. Okay, so they measure the level and from the level you go to the flow. So that is where I'm trying to say that we let's shoot for some data in the basin that has a discharge for your for you to look at. So now since we have already done this time period, you could see a lot of data that is being populated. And sometimes you will see that it is there. But for example, like this in the Ganges, you can click one of the sites. Okay. And it will tell that okay the data is available but this classified data. So this classified data means it is not available for public. It is a sensitive data. If all locations are classified, please log into access data wherein you have to log in, give a permission, why you want to use the data etc. So this also if you cannot get it online. Now, at least you know that the agency is there CWC and the location of the lack longs are there and all these other data is blacked out, which is means that they will not give you the actual level and flow because it is a classified data. Such data exists in almost all these basins and the classification is done by their rules and regulations. Okay, so please be careful in understanding how we are going to look at these data if it is classified. So it is very important to understand that classification part. Okay, so I'm going to do a monthly. Okay, just be careful. As I said, when you have this basin and you are happy that all the data is there. Not all data is available. You will have this kind of a disclaimer which says classified data, you will not get this data. Okay, for which you will have to write permissions and or get it from the local authority. So I'm going to go to a particular state agency. Let's see if they have all the flow data that we want. I for sure know some good agencies that have been constantly putting it for everyone to access. I can also use a national institute of hydrology. Let's do a monthly and a very short period because of the and the period doesn't matter at least you know that it is there for a long time so you will be able to access and based on your internet. So if your internet is slow, I would recommend you do it in chunks, which means do every year and then add it because in Excel, you just have to copy and paste all the data together. So let's take a 2016. Okay, and then let's say Jan to March December. Let's take 12 data points. Okay, so I'm going to click the 2016 again now let's do one more year and then say 2017 so we'll have 24 points and then I'm going to click okay. So while it's populating again, this bottom part is also going to change. Okay. And you could see that national Institute of hydrology has only one monitoring station in this entire area, and it is in 100% I'm just going to click it. That is national Institute of hydrology is located in Roorkee not in Andhra Pradesh. And that is a station. So what does it say the station has flow and level. Okay, so click it. It's an example data set so they're trying to do an example and this is how beautifully it comes out. You have the level, you have the flow, and also the last year we flow and the current year. So the last 10 years flow is there. The level of the water is that the level unit is in meters as the flow is in Q max cubic meters per second. It's a rate flow is always a rate. Okay, and also you have the last year flow is missing however the last 10 years. So it is an example, which is they have been sitting it up manually collecting the data, and also giving all the other information. Okay, max discharge minimum discharge, we have only put from Jan to to December so that's why we see this. If I click this as daily, then this data also change so let's not do that. I'm going to go to CWC data set. And let's say I want a monthly, because there's a lot of good data sets in Kerala region that we have taken for our studies personally. So I'm going to go, let's say Kerala board is there, okay Kerala is there, Kerala surface water board monthly is fine. And then I'm going to take, because why Kerala has a good data is because they are affected by these floods, frequent floods, there's a lot of rainfall that happens so it is very important for them to maintain good database of these floods. And how this data comes in. Okay. So while it's populating, you could see all the points are gray, which is stations but no flow, they can come here and see. Maybe they're not sensitive they're not giving it because if you have so many stations for sure you'll have to be monitoring some of it right. Yeah, so there are some here, these are the errors that I'm talking about the geo location in the map. Okay, so you have to be careful and read the data if it is a correct station that you're monitoring. Let's take this one for example, it is says Kunda Mangalam. Okay, let's I'm going to click it. And then it opens the data into a particular river flowing saying we're slowing rivers from Padre to Kanyakumari. But this river name, you have to see if that river is that, you know, exact river that you're you, it flows from this point to this point because we don't know where this point is. The point at this point is out on the sea, you don't have like that in the sea, Kuture and state is not there. Okay, so you have to use Google Maps or other maps to find where the exact location of this station is. This may not be the case for all the stations but in some states, it does happen. So I'm just going to click this station to see the data populates. Yes, it does. There is no flow, but there is level, good level data for the period. Okay, I'm going to click again last one for today, we will be looking at this CWC data. Let's take one for Kerala. Okay, so and then just doing this summit again. You can actually remove the river layers, but it is very necessary, all the river layers to see. And you could see beautifully that there are a lot of green dots coming out. So the green means stations with level and flow. Okay, so let's go here. Why has it changed suddenly? What did we do? It is basically your agency that we selected. Okay, so the agency is what we have selected. So you have, I'm just going to hold and move or you can just click Kerala here. You see that there has been a lot of green dots and the green dots are you have to check if it is on the river channel. Okay, if it is not on on the side like this, maybe it is a tributary. So you just have to be careful. Okay, so here I could see that on the blue line it is Rangali and then Rama Mangalam. So let's take Rama Mangalam in Kerala. Beautiful graph has come up which has last 10 years of data. You can click this to go full expand so that we can see it. You can see that there is a good, you know, up and down sinusoidal way because of the rainfall when it happens etc. So here's where your monsoon comes in. So June, July you would see a peak and then also in December time you would see some uptake. So mostly the November December there will be a big rainfall that happens in Kerala which is being caught in floods and stuff. You can also show the grids just to say okay we know the number now 200 is the flow and also the level which is green is here 2.5 meters from the base of the measuring device. Okay, the last year flow is only given for this but again you have a good data set and the current year flow is only given here. So the 10 year flow is good and all these data has been shown up. Okay, so we'll come out and with this I will conclude this week's lecture. There is no recap because I think all the data is there. Maybe I'll start a recap next week and then we'll get into some more data and setting up a conceptual model in week 12. I will see you next week. Until then please take care. Bye.


Oh, yes, I've got his bone. I've got his bone.  Ow! Hey, and welcome to Pathetitans again, and today we're gonna be playing as Carl, the little Onodontosaurus, because I don't actually think they have What's it called? Ankylosaur in here, which is interesting. One of the things that sets Pathetitans apart from other dinosaur survival games is that a lot of the dinosaurs that they have included inside the game. Oh, less unknown species which is quite interesting, and then they also have like little subspecies variants of them.  There's only three. Okay, never mind. There we go. Okay, so we're probably gonna pick I'm thinking plus speed, right? Because we're already gonna have loads of defense. So, I mean, if you look at it, a land speed is really low, and we've got max defense. So if we just minus some of the defense, increase the land speed, and we definitely don't want to be in water. Although it looks like we're a boat, and we could definitely maybe float. Anyway, let's go!  So we have a... Oh, we have a little attack. Because we came across somebody who was an onodontosaurus before, and they had like a wind-up attack. So we've just got a little Semi-slam. Do we- is it just a go to any particular side? Okay, it's just a general sweeper. Sweet. Okay, so we only have one bit. In fact, we're in Hunter's Thicket, which is... Oh my god, we're all the way up top. Right. Ooh, I kind of want to go to this place. What is going on over here? Yeah, I want to go that way. I love how it just sounds like I'm just snorting. Oh, yeah, I'll take it. Except, oh, hopefully that pickled potato. Now that's an onodontosaurus name. I love it. Crouch. Then you take less damage. Oh, cool. Oh my god, there's an onodontosaurus. It's a Kano! Oh god, I hear him. He's like right above me. Hello! You didn't say anything but my amazing speed. No! No!  No! No! I died it! Hey, I'm supposed to lose 30% of my growth. I lost a hole. Oh, is there a turandal over there? Oh, this place looks cool. It kind of matches my skin. Can't join due to character. I thought so. Where's pickled potato? Alright, we're back with pickled potato this time. And hopefully, this will be a place where I can just kind of grow. Oh, for god's sake. Alright, alright, okay. Oh no. Uh oh. Wait, I can jump right? Haha, yeah! This guy's like, should I pick you up? Should I run you? Should we waste on you? I have no idea what any of those mean. I'm almost next to a waste on them if that helps. This is where they film that show and walk with dinosaurs with the allosaurus. Oh, hello!  You're so big! Don't squish me. Wow, so you're like a really young Argentinosaurus. Oh, so you're like the biggest dinosaur in the game at the moment. But right now, you're small. But not as small as me. I still win the cute prize. Hello, Mr. Waston!  Haha, yeah, it's me! So if I use you? Well, okay. But just this once. Okay. Pickle potato. Waston! He's accepted the waste on. So is he gonna like teleport or something? No. Have you ever used one of these before? No, of course not. You were granted on? Yes. Oh, you are. Oh, thank god. Okay, I was a bit worried. You're running like a theropod though. I guess I could try and complete missions while I'm here. Look at this! This looks so cool!  Oh, how could anyone kill me? That Megalania was evil. Evil reptilian scum. Oh, there's the Hadesaur again! Yay! I know it's safe because carnivores would have seen him first. I just look like a moving rock. Oh, I can hear him. I think he's going after succulents this guy. Yeah, there he is. Please tell me you're not after salt rocks. Hello! He's a cutie. Me! I'm a cutie! Right, so I just need to do one more salt rock. And there it is. My prize! What you should be able to do is to transfer your coins into, um... What is it? Growth, if you wanted to? Because you can buy other things. Yes! Growth! Collect 35 succulents. Yeah, bebe origins!  Look how big! Oh, look at that. I love that subsurface scarring. There you are! Hello! He's gone his way. Graceville! Better run! All right. So now we're on a quest to get to the berry bush. I hope you're not adult-sized. Wow. I don't have much growing to do, do I?  Oh, he's stinky. Oh, wow, it's like amazing here. Look at this. Wow, and the sky. Hold on. Wait, there we go. Oh, ho, ho, ho! Yes! Yeah, I'm so cute. There we go. Even the footprints. I leave little ditty ones. Crystals. Okay. Wait, hold on. Can I take a crystal? Oh, my God, this is brilliant. Oh, apparently, what was it? There is bones you can collect in this game. I think somebody commented that on my last video. When I mentioned about that, surely you can collect bones as a carnivore. I like collecting crystals. Small damage and low bone break. And I want one to be my bite. Here it is. Not my crystal. Oh, yeah. Boop, boop, boop, boop, boop, boop. And then one's a bite attack. Oh, my crystal. Disney's Dinosaur.  Boom, boom, boom, boom, boom, boom, boom, boom, boom. We're just missing some conitoruses chasing us. Ah! Oh, okay. Oh, he's doing slashy fingies. Is there one into attack? Are we good? Oh, no. Is it coming? Is it coming? You angered the turkey gone. Is that actually chasing us though? Is it just running? I think it's just running. Okay, look at it go. I've never seen a therizinosaur as run before. Entered Green Valley. Yeah, water. Now when you cross the water, can I go in your back? Oh, there's something over there. I saw that pop into existence for a second. Looks like there is some sort of irritator or a supermine. Okay, there's a thera. I thought you were eating deer. At least that's what Dominion told me. There's another one. There's two. Or is that a crocodile? Oh. Should I hunker down? Oh, my God. It just went crazy in here. Oh, there is a trident. I thought I saw a shadow. Wow, this place is popping. I know. Please know. It's that lizard I'm worried about as well. Oh, did it, did it, did it die? I don't even know. Who cares about missions? We just got to survive. It's still coming. Come on, Papi. Papi lead the way. Papi or mommy? Don't care. Just keep waddling. Waddle till you can't waddle no more. This berry bush? Oh, this berry bush, yes. Thank God they didn't see me. I feel like the megalania would have went for me if it had seen me. But it just saw the giant turkey. Oh, my, okay. Maybe triceratops I think. That's good. Or whatever. Not triceratops because that's too mainstream. Oh. Oh. Oh, it's like a sarco. Sarco. Sarco and a spino. It's just like going at it in there. Like, no, this is my lake. Oh God, I hear flies. Is there something dead nearby? Oh. Oh, so there is. What died there? Is that just a general corpse? There's corpses. Is that what happens when we die? We turn into corpses? Or corpi? I get extra growth if I just do it by myself. I guess that kind of makes sense. It's like the one kid in their group project. The school group. The school project who just does it all. Oh, 50% of the way there already. Woo. Let's go. Let's go. Let's go. You go find more stuff. Hey. Growth time. Now we need to collect lakeweed. That's like the most dangerous thing to do though. I'm pretty sure. Should be able to sneak. I'd be able to. That would be good. Then I'd be able to know where the berries are, at least. This is easy. What's he talking about? Or is he just doing a barrier? He's like protecting me. Blue tail slam is the best for damage. Red one you have to charge. Okay. I think I need to unlock that one. What's he doing? Oh my God. He's so quick in the water. Jesus. Do I? Yeah, go on. Okay. Oh, wow. He made it to the other side of the lake so quick. Yes. I got lakeweed. Yes. Oh, growth. I feel like my hunger goes down way quicker. Then it did when I was a giga, which is weird.  So if carnivores are more hungry, then there's going to be more like player killing going on. Oh, that's clever. If they've done that. But I'm pretty sure I could have played as the giga and never killed anything. I could have just kept on like farming those little things that live in the ground. Oh, that's so cute. Look at that. Oh, man. It's beautiful. Until I eat the flowers. You get some really cool camera shots of this. I heard it's made with like Unreal Engine 5 when everything else is made with Unreal Engine 4 or something like that. So like the lighting effects you can get in this are. Oh, top notch. So the red one, charge up attack. Blue one's the best for damage. Charge up attack to inflict bone break based on how long it's held. That's a good one. I kind of want that one. It is 700. But how many? I have 1900. Okay. Okay. So yeah. Well, I love that one. Sure. Heck yeah. Confirm. And then we'll put... Yes. All right. So I don't have a voice and I have a backline which we don't really need but hides a good one to get. Honka. Oh, so this is it. Crouching in place for five seconds will grant extreme incoming damage resistance. So he's not fully grown then. Oh, okay. So he's halfway through sub-adult. Wait, if he's halfway through sub-adult. Oh, so no. He is almost fully grown. Ah, okay. Okay. It's too long to activate. I guess, yeah. By the time you need it, you've probably already been taking damage, I suppose. Okay. Wait, what? What are you doing? Why did you do that? He deliberately hit me. He chanted the tone. I was like, I'm going to run straight into... Oh. Oh, he broke bone. 13 seconds of bone break to an opponent. Nice. Oh, oh, you were testing me? Oh, okay. Well, I want to change skin. I don't want to be hit by you though. I know. Oh, God. Thank God I ducked for that. That was so lucky, Jesus. Yeah, there we go. Turn the spot. That's good. Slows him down and keeps them from using charge attacks. Ah. Oh, whoops. I didn't even collect these flowers. Did they just grow here? Want me to show you what my tail can do? Oh, God. This will be it. This one? Okay. So, I mean, I can still do my attack, even though I'm bone broken. Yeah, I can still do my attack. But I can't run. Ah, okay, okay. But then the other one is the one I want for actual damage. Gotcha. Okay. So, this one is like, real damage. Red, bone break, blue, real damage. Got it. I like it. That's way better than just having like one attack.  Siddings start shaping heals injury. Venom and bleed faster. Take extra damage though if you get it. I thought, yeah, when I was attacking the T-Rex, I thought he got killed pretty quick. As long as it's not Utah Raptors. I'll be happy as long as it's not Utah Raptors. Although saying that, if I was facing against Utah Raptors, I could just, you know, if I hit one of them and broke their bones, at least I'd be able to catch up with them and just constantly like whack it. Oh, mushrooms. Yes, yes, yes, yes. Hey, hey, we're the stars. So they're we start, half an hour, good God. All right, we're going to grab some food and then we're going to go to a new area. And you know what I like about this as well? When it's night, they don't actually do proper night like it is in the aisle when it's like pitch black. Because the game looks the best when it's in this sort of lighting. It really does. Nice of some variety. But not that terrible night when it's like, oh, God! I know everyone keeps asking for the aisle, but I mean, look at this. This is way more fun. Oh, what's he got? He's got a good up. Oh, we can eat the bug. I'll take the book surprise All right time to engage Where is he? Where'd he go? Where'd he go? Where'd he go? Where'd he go? Did he run away? Did he decide it wasn't worth it? I've got to drop the maggot. He was after the maggot a bit Oh, oh, he's gone. Okay. I was about to start like actually take me seriously and charging That could have been an interesting fight like oh, I feel like maybe I would have stood more of a chance now with all my different attacks Oh That was close That was naughty naughty Oh, it's a patch of seblasaurus. Oh He's got extra quills on him Okay, keep up what's about us now even though those are fighting Oh back ups slowly, but we don't even have to move How do we do it? Is he protecting me? Oh Brilliant doing a good job as a parent this pickle potato Yeah, it feels like this sort of landscape as well as being a lot more thought put into it Oh, the certain dinosaurs survival games I've played it feels like they kind of like my well. It's just there. Oh That's the Komodo I see Like I was watching us like yeah, yeah, he's not Oh hit the rock dammit supposed to walk off all cool He definitely would have tried it though post by myself 100% I've never tried to being combat before and he practiced.  No, you're not bleeding. Okay. Hello Oh Okay, so there's a t-rex there. Okay. Bye See you later. Be cool. There's a lot of cool There's a lot of cool things that could happen here like a like what we just saw those dinosaurs rampaging towards us That was kind of scary But yeah Imagine a lot of herbals coming through here and then raptor so looking at the top like just following them around I know when you got people playing as dinosaurs you could sort of head them off Where they're gonna come out of and stuff like that you can sort of spy on them from the top without them even being able to see you dry the lake Oh, we kind of were in a dried lake the whole time Or we got collect roots. I Got no woods Collect these woods. Okay Growing for different creatures should be different It shouldn't just all be like I click Q at the certain reasons for certain amount of time We're good because then you could if it's like a little mini game or something like that It requires a level of concentration and that's when you can be ambushed or you know Maybe you're more skilled at other mini games than you know certain ones So maybe you can grow one dinosaur really easily and the other ones are more difficult for you I don't know like half the battle is basically just making this game look gorgeous And then once you've done that if you go good models and good lighting Rest kind of speaks for itself It's a bit of a shame that this game is now on steam, but at the same time you can get this on like Xbox playstation switch you can get on so many and it's all cross-platform including mobile Need tree nuts as well. Oh Okay, never mind. Ask it. You shall receive. It's like the four bunches of tree nuts. Yeah, welcome You're nine people will when you're an adult. Oh, okay. I Want to be the immovable object when you play these games and you spend so long as a creature I've never had it to the point where I've been attacked and I've died really quickly It's always felt like it's taken five minutes to probably die, which is you know, it's good You know, you don't just spend three hours growing something to die in like two seconds. I did something. I got somewhere sweet More growth, which I've only got a couple of seconds to grow. Anyway It's a final count down I Just put that in the global Did anybody say anything global? Spider-man, who's spider-man? Okay. Follow the leader then Let's try not to die red ones taste like strawberries Mmm, num-nums like an encloser could even slip the amount of grip. I've got on these threads This looks like it it should be like boiling hot water We should be drinking this okay, okay, would you find? We found more pine cones. Whoa. What is this place like stonehenge? Should we be worried about him? Stecko here. Oh, uh, you can stand his hind legs Oh, finally, whoa That's good. So these are where the kentrosaurs and stegosaurs ended up in the end. Oh That was close Don't I feel like it's gonna bit touch and go there just like that one from J-Pog same colors and everything I don't think I'm too much to worry about him really. I think I would give him a good fight at this point Yeah, I think he's just looking around. He's looking for smaller things to ambush No Idiots, but kind of funny. Okay, so apparently I've grown enough now We're gonna maybe hold my own a little bit so Oh, I Knew he was here the whole time Do I crouch? Crouching the best I lost a fair bit of health there. Whoo. Oh, I got him Now come around come on come around again. Oh Damn it, of course he comes around now Megalania must have read it. Oh, I'm healing now. That's good. That's good Oh, they completely caught me off guard there and I didn't see him disappear So I kind of knew he was there and then I forgot about him But yeah, he did a lot of damage there. No bad lizard Yeah Here's me thinking I had all of the growth in the world so I was about here I lost that much. So yeah, that seems around about a third. Oh So I crouch Get that buff and then just do this. Oh Because I was like turning and moving and each time I move I lose a turn in place means I keep it Oh, I should've done that. There's gonna be loads people screaming at the screen. Go.  Mmm. Very good. I won't make the same mistake again No, you're making you're making all new ones. Well, that's the point, isn't it? See I'm not so small. Okay. No, no ready ready for like a crouch technique. Okay ready control and Then I could do this Crouchies. Yes Turtle technique want to see the difference between crouched and non-crouched damage Okay, so that was with the turtle technique and I took like no damage.  Oh Okay, right Yeah, okay Yeah, I could have survived loads of hits from that. Wow. I'm assuming when the red eye goes that means you can start healing Yeah, I can see that so things need to keep attacking you to keep that red eye going and they can see that too They made my leg bleed you even gave me screeches He seemed to think that when I died that I lost hours of like progress and I think I only lost an hour That's probably because We did loads of missions and got lots of growth They was just passive growth and maybe oh It does take stamina Oh, I didn't realize. Oh, okay. That's why I couldn't attack. It's time to practice fighting now fighting practice time Look at me. Watch me practice Crouch and try to hit me with your tail slam Okay, okay, okay, okay. Wait, what's falling out of you? Just ignore that. Okay What? Okay, okay, okay Hold on I'll be good. I did it.   Oh, he's doing the quest.  I don't know This is weird There's a weird game playing man. This is so odd The end of the game this allosaurus be like right.  I'm gonna go for the baby But here's like no no no. I want the flowers. Oh The Dylos fight in the aloe.  What's this guy doing? He's teabagging. Okay. He's trying to say his friend Whoa, there's something else in there now. Is that two dinos? Oh That might be oh Hold on. Let me just go grab these while we watch It seems to not really want to own up. There it is big hit big slash. What's this guy doing? He's like He's stinky no no bad Because we shouldn't be mix packing so like How will it end? Oh? Oh, maybe I'm wrong. Maybe these dollars are gonna do it Damn, and he was the flower pick in allosaurus as well.  I Really wouldn't have thought this is like that situation where it was killed by the concave in it It's like no no that shouldn't kill me Wait, is that three dinos?  Oh Bless them. We best get moving before they attack us. Oh that okay. That's the shot. That's it That's the look honestly when it comes to dinosaur games. That's really what the aisle had over everything else It was like oh, it's the prettiest looking one Tough competition.  You didn't even hit me, dude But you want to go. Oh, he's got venom. Oh, that's interesting All right, okay All right, that's fine. He's slowly draining my stamina. That's cool. It's cool Almost oh, yes, I got his bone. I got his bone. Yes Ow Yes, whoa, that was brilliant. Oh Baby, yeah, nice bone break. You're welcome. You're welcome. That was good Sucky even know what that was but it's dead now. Oh done. Oh done. Oh done. Oh, yeah Oh god, there's there's bigger carnivores here Wait, we're in the crater. Oh Should we be here? This is like death valley. Okay. It was like two spinos Some other things there as well to be fair you've done nothing but help me this whole time So I don't blame you like I want some excitement. That was a Metri really fast and venomous. Ah, I knew but I didn't know It was a Metri, but I knew it was venomous Hey, the Amargacil is doing good though.  It looks like he's being attacked by something Definitely. I need to click on mushrooms for myself as well. There we go two minutes worth of growth, oh And let's just collect some more rocks and I did that the spinos definitely being attacked by something so Yeah, go on. I don't think I can be dragged in right what's the worst that can happen? Oh, it's a friggin triceratops thing here, too. Oh, it's two aloes versing the dialogue. Okay. Oh the dial is running away now. Oh They've already got they've already killed one of the dialoes. I see oh I wonder if those are the same dials from before is that a fully grown T-Rex as well T-Rex and a spino. Oh deadly We all get on in perfect harmony. Oh Or maybe not that thing that did I just trying it? Oh, it's attacking the tiny giga. Oh, bless it. Oh Spino and the T-Rex. Oh, oh T-Rex is having none of it. Yeah Interesting because there's a carnival when you get into a fight like the fight ends when you kill the other one but as long as you kind of just Disable the carnival to a point where it can't attack you anymore. That's all you want is like an Ankylosaur, which is interesting As long as you can get away. Oh my wet Where did those guys come from?  Oh, bless it It was such a pacifist and it's like ah there it is. Oh There's so many dinosaurs doing the mission to a gather and put things into the high. That's brilliant. Oh Spino and a giga. Oh god.  Oh, okay. Oh, did he break his phone? Oh Oh dear, I mean he's not taking any damage to be fair T-Rex is doing a charge attack But it's not doing anything to him. He's already done his call out. You've got a giga attack and a Spino over there Interesting yep Yep, not worth it. Was not worth it. You are losing way more health than he is He's not happy. That T-Rex is not happy. I mean I can see he's taking no damage T-Rex is like oh god Why am I doing this? Oh god, yeah, you come near him now and Hey, oh So close you can be it. Yeah.  Oh That was a big chunk though I mean he broke his leg, but that was a big chunk I mean the T-Rex at that point was pretty much just running away. I mean he's a fully grown adult I'm not I feel like if I got bitten by a huge T-Rex like that So I'll just continue to you. Oh that was big chunk. Oh, that's another big chunk. Oh, and there you go He's turtle now. Oh That's a broken leg. Are you gonna attack me now? Really? Go on then. Oh, I can attack carefully. Oh, I Don't know if I want to There's a crocodile now That was a nice shot. Oh god. Oh god. Oh, there's a spider here now.   Wow Congratulations, man. I have to go now. My people need me. Oh, no, he's disappearing Well, you know what you show me what the thing could do what my castle could do especially against the T-Rex Yeah, there he goes. I feel like I'm gonna need water soon. Maybe not just this second Hopefully those guys aren't going for water too. I don't mind delivering a few flowers flowers. Isn't the problem That's our top since bleeding. Oh He's hiding from the two binos. Oh, no Oh, god, that would be death for me.  He's the guy still eating from it. Good to know. Where's your flower patch? I want to steal from it. I'd be closer. It is closer It's crashed into each other I don't know whether I injured him or what there, but somebody got injured pass by on the left There we go. We're establishing the rules of the road. Oh god, he's charging. Oh Is that him running away or must be one of his abilities? You've reached sub at all growth stage. Congratulations. Yes So now if I Do this I'm going abilities. Ha ha ha this way Oh god. Oh god. Oh god. Oh god. Oh god. Oh god.  I mean, that's fine Oh, there we go.  I'm not dying here, mate. I'm not dying Don't be predictable now. Come on in Oh, he's badly wounded now Hey, dude, that's fine You can try and heal as much as you want. I can't believe that the one time that like I'm like, oh, let's just quickly uh Change my stats. Oh, no, he's there. He's there He almost killed me as well Oh, wow Oh Okay, we'll go get him now. Yeah, now you're done.  Oh, I can't believe that that was so close Oh, he did bite me in the end there Oh I have to be more careful. He must have been the stumble across me.  Right. I'm allowed now Can I can I look at my stats now? I'm just scared in case one of these guys goes no now you die Right, so that a call that increases the defense of all party members within 30 meters for one minute I really shouldn't have lost as much health as I did there. I sort of panicked and I didn't know what to click Oh, but those no it can't be that the splatter saws. Where are they off to? Are they going to get water? Probably They look like allosaurs That guy's seen me and he's like do you think we can take him? Is he wakey wakey rise and shine Release them into the wild At that point when the dialer was attacking me, he should have known that like that was it It was game. He just didn't know how close I was to death. I think he knew you probably wouldn't have tried it Oh, you're pretty birdie. Oh, you better be worried now In case they decide to go for you But it kind of looks like they're not bothered No, you're good. It'd be interesting if they went for me though. Now they're roaring back at the Thera Does the Thera hold the flowers in its fingies? That would be funny That holds it like a little bouquet of flowers. Okay, we're trying it. Are we all right then?  You should call it quits I like this it's a good challenge You can't bleed me All right, then let's get this big one. Yep, there we go Broken bone You want to go They're done Oh, it's gonna be a long one for you guys. Do I just want to like keep on hitting you? Is that it? Now you want Oh Feel like they they will wear me down eventually that little one's out of it. Oh, I could too couldn't I? Yeah There we go Give me some extra defense. I didn't realize I could do that. I forgot about that I mean they're doing like no damage to me and I'm also growing at the same time Oh, it's a bottle of attrition. I'll give them that by the time I'm dead. I would have got 30 There's no problem for me then. Is it are they deciding against it now like what's the plan? Huh, what's the plan? Are we are you giving it? You can't give up. I'm healing now all that hard work you've done And it's it's not yeah, it's been completely undone. Look at all this help. I'm getting There you go. There's a little bit of damage The only thing that might kill me here is if I run out of like Actually, oh, they seem to know about that attack They seem to know that that attack I mean my hits are only getting stronger now because I'm growing the whole time Is like if you just run around in a circle, I will get you This is Like I said, I'm only getting experience here really. I know they're just like Waiting for the like the adults to get the help back, but they don't do any damage to me though. That's a thing They just got barley done And so did you Oh, oh, so there is three of you. Yeah still going now.  Oh, I just have to I just have to get to the restart server You got nine minutes, dude You got nine minutes.  That's another big hit for you. Yeah, they know they know they're actually trying quite hard now Wait, what's happening? Wait what? What's what's going on? Excuse me? I'm very confused. How did that guy just walk through and be okay? Uh, okay Oh, now he's there again. What? What's going on? Are you using like a lag hack or something? You got two minutes and then if you attack me after that You're done. Unless you get me when I'm not Grounded like this.   There you go. Okay So five minutes, then I'm good, right? Okay. Good. Good. Bye. Bye Oh my god, well that wow that was I mean it when they started really like wailing on me It did a lot man. Like my health started going down, but not by much But that was try by fire that like They knew they knew it about five minutes. It's like no no more hunting. It's not cool. It's not cool to do that so I just had to wait out the clock I think if there wasn't a server reset, they probably could have waited, but they they knew That if I if the server reset, it's just a free way of me getting out and I would be like, right I'll see you tomorrow Which I wanted to But look at all the health I got the growth The longer they attacked me the longer I got to grow. Oh my god. Okay. Actually, it should be fine. They're not gonna attack anymore It's cool. It's cool. Um, yeah, the longer I got to grow the more damage I was dealing And they just got so desperate by that six minute.  Please. Oh, that's a rule break That's a rule break Yeah, I'm report. Yeah Well, that's interesting. Okay. Well, I mean I can easily get my growth back But uh, yeah, that that spider should have known better than to um to have killed me there So Yeah, it's such a shame those allosaurus play by the rules so much so that they even went all out at the end And one died and then even when one died, they were like, oh, we have to do the sit-down body rule Okay, and they just let me get away after all that and yet here's this spanner. So just like yeah Anyway guys, we'll leave it there. Uh, we'll join back if I mean maybe we will I don't know But it was loads of fun playing that interesting to see like the different battle mechanics that you can do with it But my god, does it take a long time? This whole session has been like five hours But if you enjoyed the video leave a like until next time. I'll see you later. Oh bye. Bye


still have a big lead in the division, but what keeps you confident that this team can get back on track? I'm pitching defense. I mean, hitting will come around, it comes and goes. And right now, I feel like just as a unit, we're not clicking. And once we get back on to that right track, just have good at bats, quality at bats, and continue to play good defense. Aaron was asked about that call, I believe, in the third inning. By pitch, how do you go back to the plate? What do you think of how that unfolded? Do you seem pretty displeased with that as well?  And if I bail out of the way of that, and it comes back as a strike, I'm going to be pretty annoyed. And I have to wait till the last second there. And I don't wear any pads up there. I'm pretty good at bracing for balls. And it's one of those things where I saw I was about to get hit, you just brace for it. And it is what it is. You can hit by a ton of pitches in your career. Have you ever had that call thing? No, no. It shouldn't have been called tonight. And I have been hit by a lot of pitches, and it's never been called. So I, like I said, it is what it is. The idea of the way things are going for you guys, offensively, to have that happen in that instance, I mean, you kind of catch together on the field. And the dugout, you're obviously pretty angry. Does it just make it that much worse, as far as being kind of angry about it, based on how big you go for you guys?  Because we're out here competing at the highest level.  And I feel like the umpires have zero accountability when they miss something like that. So I know they're not trying to miss. But it's just frustrating. Doesn't matter when it happens.


Ladies and gentlemen, it's time to call the meeting to order. It's 11.15, so we can begin. We're going to discuss for the next 45 minutes or so Austrian capital theory. So I'm going to have to try to reel in the fellowship. That's OK. Austrian capital theory is very important. Capital theory in general, and capital is very important. As Misa said in his essay, Planning for Freedom, there are no means by which the general standard of living can be raised other than by accelerating the increase of capital as compared with population. And so if one of the great engines for economic progress is saving and investment in the formation and accumulation of capital. And so if we want to understand how nations can move from poverty to relative wealth, we need to understand the importance of capital. And the Austrian capital theory is kind of an interesting animal. We can define capital as the sum of the whole complex of goods destined for acquisition evaluated in money terms. That's the definitions given in human action by Mises. And this phrase destined for acquisition means goods that are used in the production and sale of products. So they'd be producer goods, essentially, assets that are used in production. And yet he noticed that this whole sum of the sum of the whole complex of goods destined for production is evaluated in money terms. So there's a monetary component to Austrian capital theory as well. This is sort of interesting development, my Mises. Turns out in, like I said, the late 1880s, Karl Manger writes a monograph on capital theory where he tries to advance the idea that capital is primarily a monetary fund, capital is money. Bambovirk is much more well known for developing a capital theory where capital is a complex of physical capital goods. And Mises, I think, brings them together and develops this idea and further communicates the idea that capital is actually a tool of calculation. It is monitoring the sense that the sum of the capital goods owned by the producer is evaluated in monetary terms so that the producer, the entrepreneur, has a sense of the value of the firm, how the firm does from one period of time to the next. And so capital, Mises identifies as the sum, which is the starting point for economic calculation. If a firm wants to sort of evaluate how have they done over the last quarter or the last year? Have they increased their financial situation or not? You look to see, well, what has happened to the capital fund? And the importance of the physical capital goods is emphasized, again, in human action on page 500 where he says, Mises says, there is no such thing as an abstract or ideal capital that exists apart from concrete capital goods. Capital is always embodied in definite capital goods and is affected by everything that happens with regard to them. The value of an amount of capital is a derivative of the value of the capital goods in which it is embodied. So there's an organic link between the fund we call capital and the sum of the capital goods that are being evaluated in this fund. And therefore, to understand auction capital theory, we must and is helpful for us to understand the production structure, the structure in which the different capital goods that are used in production are arranged. And this production structure is rooted in Karl Manger's exposition of the interrelationship of economic goods that we find in his principles. And he establishes these two main categories of goods, the consumer goods and what we call higher order goods. Consumer goods are those goods that are directly serviceable. So a bottle of water can be a consumer good if you just drink it. You don't have to add anything to it. You just unscrew it. You drink it. You quench your thirst. That is a consumer good. It's directly serviceable. It serves your needs or your wants directly. And another term that Manger uses for this good is a good of the first order. And we'll sort of understand, we'll get to why that's the case soon. But then, distinct from consumer goods is higher order goods. Higher order goods. And these are also called producer goods or production goods. These goods are serviceable, but they are indirectly serviceable. They're indirectly serviceable. So if I want to make some scrambled eggs, I don't eat the eggs raw. I cook the eggs. But the raw eggs are serviceable, but they're indirectly serviceable. I need to do something to them. Just like the griddle that I cook the eggs on is serviceable, but it's indirectly serviceable. I don't get any direct satisfaction sort of watching it sizzle or just knowing that this thing's heating up. I need to use it to produce something I am going to consume, which is the scrambled eggs. And so higher order goods, producer goods, are goods that are indirectly serviceable. They're transformed into directly serviceable goods only at a point in the future. And of these producer goods, these higher order goods, there are three main categories. There's land, which includes all the natural resources in the land. There is labor or human effort. And then there are capital goods. And land and labor are often referred to as original factors of production. These are independently productive. The source of all producer goods, all capital goods, we can trace them back in time far enough, originated way back in time in land and labor. So land and labor, the original factors, capital goods are produced means of production. By definition, a capital good is a factor of production that itself must first be produced. Now that's the taxonomy of goods laid out by Carl Menger. For us to better understand sort of how capital goods fit into the process of production, we have to recognize that each and every consumer good that we consume is made possible because of its structure of production, because of the particular goods that are used to produce a particular product. And to make a consumer good, the producer must obtain the services of necessary land, labor, and a host of other capital goods. And so what better way of illustrating this point by looking at the greatest dessert in the history of Western civilization, which means probably the greatest dessert ever, and that is the flourless chocolate cake. The flourless chocolate cake is a delight to behold. The flourless chocolate cake is so good, you don't actually taste it, you experience it. It's almost like pure chocolate bliss. But the flourless chocolate cake doesn't make itself. It doesn't spontaneously generate. It must be produced. And so to make flourless chocolate cake, what do you need? Well, the ingredient list is simple. You need a pound of semi-sweet chocolate, a half a pound of butter, and eight eggs. And that's it. I told you it was good, and I'm not kidding. It's fantastic. But of course, the ingredients aren't the only thing that you need. You need other factors, such as a bowl, a mixer, a springform pan. You need an oven. You need spatulas or a bowl. You need two different ovens, actually. A microwave oven is helpful. Or you could use have a stovetop and have a little double burner to melt the chocolate. You need a roasting pan and a water bath that you sit the springform pan in. So there's a host of producer goods and those things, the chocolate, the butter, the eggs, the mixer, the spoons, et cetera. Those goods must first be produced, right? And so they are produced at a higher stage of production. And the producer obtains services of factors of production by purchasing them first in exchange for money. And here we have, on this graph here, I know it's not easy to read, but I had to get a lot of information. And this is actually a very simplified structure of production just for one flourless chocolate cake, right? The flourless chocolate cake needs land labor, semi-sweet chocolate, butter eggs, electricity, an oven, a microwave oven, springform pans, a mixer, a bowl, and a spatula, and probably other things. But then where does the oven come from? Where does the mixer come from? The bowl come from? The spatula come from? Well, you go to the kitchen supply store. The kitchen supply shop needs to get all of these goods that they can sell, but then they also need themselves, buildings, fixtures, and all of these other appliances. They have to have the mixers and the ovens and the pans and the bowls, right? Well, where does the oven come from? The oven, to get an oven, you first have to have a metal. You first have to have a machine press. You have to have automated equipment. You have to have electrical parts, plastic parts, enamel, insulation, hand tools, labor and land, just to produce an oven that can then be used to produce a flourless chocolate cake. Likewise, if you're going to produce a mixer, and my preference is the KitchenAid stand-up mixer, I'm not getting paid for this, I'm just saying, because I'm going to talk about this. It's actually highly productive. And how does that come about? Well, that doesn't spontaneously generate either. It has to first be produced. And so what do you need to produce that? You need zinc castings. You need metal parts. You need machines. You need paint. You need tools. You need electronic parts. You need a factory. You need packaging. You need land and labor. So for all of these consumer goods, or I'm sorry, these capital goods that are used to produce the flourless chocolate cake, you need further higher order goods to produce them. And so there's a successive stage as a production that exists to provide any particular consumer good. And the producer at any stage, right? So the producer of the flourless chocolate cake obtains services of production from land and labor and the oven and the semi-sweet chocolate and the eggs by purchasing them or the services of the goods or purchasing the goods outright from the producers at the higher stage of production. And so they use money, they invest, they spend money on those factors to obtain the use of those factors that they can then use to produce the final product. And this capital good then is used for the production of the lower order good. And if you go clear to the top, you find that for instance, the manufacturer of the zinc metal casting will sell the zinc metal casting to the producer of the mixer. And the producer of the mixer, Acme Incorporated, will spend money to buy the zinc castor. Acme Incorporated will make the mixer and they will sell the mixer for money to the chef who is making the flourless chocolate cake. Now this same process continues until the consumer's good is made, the flourless chocolate cake is made and the flourless chocolate cake then is sold to the consumer for money. And so this process, this structure production is a process by which goods are produced at the higher stages and they are transformed into successfully lower stage producer goods until ultimately a consumer good is produced and is sold to the producer. And again, this is one simplified structure of production for just one consumer good. I think it'd be very difficult to plan even just one industry, let alone an entire economy. That's why socialism is impossible as you just heard from Dr. Salerno. Now if you look at the production structure, there are a couple of important principles that you want to bear in mind. One is that production effort moves down the structure production. Production effort moves down the structure production which means we don't make the flourless chocolate cake first and then produce the semi-sweet chocolate that we used to make it. Or we don't make the butter first and then we produce the cream we used to make the butter. No, we must make, the production starts at the top, the highest stages, right? We have to have the dairy cow first and then we can milk it and get the cream and then we can use the cream to make the butter and the butter to make the flourless chocolate cake. So production effort, in terms of direction, production effort starts at the highest stages and moves down the structure production. On the other hand, value and income, value is imputed up the structure production, income is directed up the structure production. And that illustrates the principles of derived demand. Semi-sweet chocolate and butter and eggs and the mixer and the spatula and the springform pan, they are all demanded because they can be used, they're valued because they are used to make another good that is also valued, right? If people took outer leave of their senses and decided, you know what? I reject flourless chocolate cake. I care nothing about civilization. Then the value that people impute to flourless chocolate cake would go away and if enough other goods that are produced by chocolate, that value goes away. The value of semi-sweet chocolate as a producer good would fall significantly. And so semi-sweet chocolate and butter and eggs are valued as producer goods according to the value of the consumer goods that they can be used to produce. And so value is imputed up the structure production. Cream is valued in part because it is necessary to produce butter, butter is valued in part because it is necessary to produce flourless chocolate cake and other fine things. And so as people value the consumer goods, they will value then the factors that are used to produce those consumer goods. So that's why we say value is imputed up the structure production and then directionally, income also moves up the structure production, right? People invest in butter production so because there's a demand for butter, right? So the producer of the flourless chocolate cake will pay money to buy the butter. The producer of the butter will invest money to obtain the cream to make the butter. The person who's buying the cream buys the cream from the owner of the Holstein. And so the direction of income is up the structure production as production effort moves down the structure production. Now those producers, those producers who use their money to invest in producer goods at the higher stages, these are called capitalists. These are the true capitalists. Producers who invest their money in the purchase, a factory production or a production process, those are the capitalists. And the capitalists produce and own various stages of capital goods. Now production we've already established is an action. And therefore all production, like any action, takes time. Production is not instantaneous. Brushing one's teeth takes time. Eating an apple takes time. Producing a flourless chocolate cake takes time. In fact you wanna do it well, it probably takes about an hour and 10 minutes. Start to finish. Now what that means is, production is based on a speculation about the future state of the market. Production is based upon a speculation about the future state of the market. When a producer, a dessert maker makes flourless chocolate cake, they don't know exactly how many units of flourless chocolate cake are gonna be sold, what the demand's actually gonna be. They could make the flourless chocolate cake thinking, hey, everybody is as wise as me, I love flourless chocolate cake, what's not to like, they love flourless chocolate cake. They'd be willing to pay, say, $15 for this beauty and they bring it to market and nobody's willing to pay $15, right? Maybe they'd be willing to pay 10, but not 15. If they invest more than that, they earn a loss. So it's an entrepreneurial venture, right? It's an entrepreneurial venture. It's based on a speculation of the future state of the market. The structure of production also is the other side of the division of labor coin, right? We talked about the division of labor in the social order yesterday. We talked about how people specialize in production according to efficiency. All of these producer goods often are produced by specialists, right? It's rare that you have the manufacturer of ovens also be a large, very successful seller of eggs or butter. You tend to have people who specialize in butter production, you have people specialize in oven production, people specialize in mixer production, people specialize in spatula production, right? And so the structure of production is sort of the other side of the division of labor coin and therefore it, the structure of production must also be coordinated by entrepreneurs, right? Fitting the different capital goods into a structure of production that actually yields a consumer good at the right time for the people that want it in the right place, doesn't just happen. It is the result of a multitude of economic decision makers, a multitude of entrepreneurs that will direct production and make sure that every factor of production is the right place at the right time. Any investment in production is made in anticipation of a later sale to lower order producers and finally to consumers and this anticipation, this uncertainty must be borne by the producer and the producer that bears this is the entrepreneur. He's the one, he's the one who produces in light of uncertainty. So the complex structure production is only made possible by the use of capital goods. And the use of capital goods requires a longer production process. That means that if somebody wants to produce a particular product, say Groucho is wanting to start up just desserts, a little dessert shop, and he knows he needs a standing mixer of some sort and he looks and says, oh, that's gonna cost $500. Well, the only way to direct $500 to purchasing that mixer, to investing in that capital good is to not spend $500 on something else. Just a forego, maybe $500 he was gonna spend on a ping pong table, which means, alas, not as much time spent recreating plain ping pong. And so he has to do without a consumer good to obtain a stand-up mixer. And so he foregoes $500 on the ping pong table to buy a mixer that's going to aid in the future production of flourless chocolate cake. And so that restriction of consumption is what we call saving, the restriction of consumption is saving and the transfer of resources, saved resources to the formation of capital goods or the obtaining of capital goods, that's called investment. And so accumulating and obtaining capital goods useful in production is made possible by saving and investment. Saving investment is absolutely crucial. Saving investment by somebody is absolutely crucial for forming and accumulating capital. Now, why do people find the need to engage in investment in capital goods? What are capital goods good for? Well, they are good for increasing productivity. People obtain capital goods by increasing because they help people produce more or produce the same amount in a shorter period of time. And they do so in two ways. This is highlighted by Rothbard in Mannequin State. The first way we can say that capital goods increases productivity is that it increases the productivity of land and labor by increasing the production of goods we could produce without the capital good, right? So suppose we want to make a flourless chocolate cake, we need eight eggs beaten, fairly, what should one say, firmly. And to the point where they foam, right? Now, technically it is possible to get eight eggs in a bowl and you can mix them with your hands, right? You could just, you know, just try to go crazy, getting these eggs mixed, right? And you could do that, right? But I tell you, it's a whole lot easier and quicker to use a stand-up mixer and you don't have the problem with carpal tunnel when you're done. So a mixer makes it much more quicker, much more easier to get the job done. And so there are a number of things that we could do without capital goods, but if we have capital goods, it's a whole lot more productive. Secondly, however, it's important to note that it allows people to produce goods they otherwise could not obtain at all, right? There's a whole host of goods, like these glasses. I could not have these glasses if it wasn't for capital goods because you can't make these glasses just land in labor, you can't. You need tools, you need capital goods. Here's this comic strip I put in my first book. Before the hook, the pole and the worm were even thought of, there existed a time known to fish as the golden age where people are trying to catch fish but can't by just grabbing down. And then they need a pole and a hook and a line to actually catch fish, right? And so another way that capital goods increases productivity, and this in fact is the most important way, it increases productivity and then adds to our standard of living is that capital goods allow people to produce goods they otherwise could not obtain at all. So by increasing productivity, what do capital goods actually do for us? Well, they advance people in time towards their objective of obtaining the consumer good. If I didn't have an oven, if I didn't have a springform pan, if I didn't have a mixer, if I didn't have a microwave oven, it would take me a lot longer to have anything close to a flourless chocolate cake. A whole lot more time would be had. One of the beauties of the standup mixer for instance is it essentially doubles your output. Because you have a standup mixer, you put the eggs in the mixer, you turn it on and the thing just moves. And so it can be doing that while you're chopping up the chocolate and the butter and putting the chocolate and butter in the microwave oven and you're essentially doing two people's worth of work with just one person, why? Because the mixer is that productive. And so that's what the capital good does for us. It advances people in time towards their objective of obtaining the consumer's good. Now what, so that's great. That's fantastic, right? Capital is productive, right? Even Marx understood this, capital is productive, right? So what's not to like? Why don't we just have, why don't we, why don't we just, you know, capital all the time, 24, 7, 365. That's all we're doing is accumulating capital. What keeps people from investing even more and more resources in capital goods, right? Well, as you heard from Dr. Herbner this morning, there is something called time preference. Time preference for present goods. At some point, at some point, people value present goods more than the same amount of goods in the future. People prefer to have their ends satisfied sooner than others. Time preference determines how willing people are to save and invest, right? I have some income, I can blow it all right now on bubble gum and cotton candy and consumer goods, or I can save and invest, right? And the more intensely we are, and the more intensely we want our needs and desires and want satisfied in the present, the less likely we are to put off present satisfaction to save and invest in obtaining capital goods that are gonna allow us to produce more in the future. And so the intensity of the preference of present satisfaction over future satisfaction is a crucial determinant of how much people are willing to save and invest and therefore how much capital they are willing to accumulate. And so if one wants to save and invest in capital, capital goods that embodies capital, there must be some threshold of willingness to save and invest. And that then illustrates that when we talk about issues of capital and what capital, how to allocate capital, where to allocate capital, what capital goods we want to embody our capital, we find there are a whole host of choices that capitalists and producers need to make with respect to capital. A good number of choices. One of these choices has to do with the less, the level of capital intensity in the production process, right? We can choose a more or less capital intensive process. Here we have what, five different goods, five different physical capital goods can be used to accomplish basically the same thing of mixing things fairly rapidly. The most primitive, the least capital intensive is a fork. It's a simple fork. Then we have a whisk, a handheld whisk. Then we have the handheld mixer. Then we have the standup mixer and then the one clear on your right is the industrial mixer. I got to use that one time when I was helping a local private Christian school make a funnel cake batter for their big fundraiser. And it was, I don't know, I'm probably a little bit too enthusiastic about kitchen appliances, but it was amazing to behold to see this big machine used for something as delightful as providing funnel cake to local citizens, community members, it's a wonderful thing. But it's huge, right? I do not have one of these in my kitchen because I don't need to mix that much, right? I don't need to have a kitchen production operation in my house that's that capital intensive, right? Such a decision I have to make. I could have stayed with the old whisk but I felt I need something more than just a whisk but I don't need the industrial strength, the Nimbus 3000 mixer. So the decision to be more or less capital intensive is part of the decision making process. We could also say that each factor has a different degree of specificity. Each producer good has a different degree of specificity, right? For instance, there are more things that eggs can be used to make as opposed to spring form pans. If I look through, say, my recipe book or my collection of recipes that I have inherited from my family and just look down there, there's a lot more recipes that uses eggs than spring form pans, right? Spring form pans typically used for a particularly specialized type of good, the flourless chocolate cake, the cheesecake, basically, maybe a kind of a groovy quiche or something but even quiches usually use like pie pans but eggs are used for many, many more things, right? So they're much less specific. Now of course, if they're less specific that also means that they are less beholden, the value of the eggs are less beholden to the value of one particular consumer good, right? So if the value of flourless chocolate cake goes away completely, again, because we just go crazy, the value of eggs isn't gonna drop to nothing, right? The value of spring form pans would probably fall more than the value of eggs because the eggs still have a lot of other things that they are used for. Another example, this would be milk chocolate versus semi-sweet chocolate, right? There's a whole host of goods that you can make with milk chocolate. You don't wanna use milk chocolate when you make a semi, when you make a flourless chocolate cake. I mean, I suppose you could try it, I suppose it might be okay but I just can't see how it'd be as good. I do know from experience once, I had a former department chair, my first place where I, my first job and we wanted to impress her. We had her over for dinner and I wanted to have a really nice ending dessert so I made the flourless chocolate cake and I turned out to get a really good do that time. I was very excited about that. And so she liked it, she wanted the recipe and so I gave her the recipe. I'm not one of those people like her Horde special recipes. I'm gonna be very magnanimous with my recipes and because this one was public knowledge already but anyway, but still, I don't like to be a hoarder of recipes and so she took it home then anything about it and about a month or two later, I came in and she kind of gave me the cold shoulder and she was not very happy. But what's like, I thought, is it just me? And then she seems very pleasant to everybody else in the office and then she goes, oh, hi, Sean. I then, what's, what, is there something, I talked to her later that day, is there something wrong? Did I do something wrong? She goes, no, well yes, well no. I said, well okay, do tell. She goes, well I'll make your flourless chocolate cake recipe last night. I said, okay. And she said, it didn't taste anything like yours. Well, my first response is what should be your response, well did you follow the recipe? She goes, well yes, well no, yes. And I said, well, what do you mean? She said, well, instead of using butter, I use margarine. Exactly, that's exactly what I said. And so it turns out, right? It turns out that not, you know, capital kids are not homogenous, right? They are, there's different levels of specificity. And there's certain things, like butter, that you can use in a flourless chocolate cake, other things like margarine, you do not use in a flourless chocolate cake. It actually got better, because she said, I got so angry, I got so mad, it wasn't anything like yours, that I tried to flush it down the toilet. And it's made of semi-sweet chocolate and eggs and butter, neither of which really are water-soluble. So you can imagine what happened. There's a tremendous entrepreneurial air that she engaged in. But the point is simply, each good has different, each capital good has different degrees of specificity. Another choice variable is durability, right? The durability also needs to be taken into account. When an entrepreneur or a producer is trying to invest savings, obtaining particular capital goods, some capital goods that you could use are gonna be relatively less durable than others, right? And as a rule, the more durable the capital good, the more valuable it's gonna be to the producer, right?  It's an okay spatula, but it's kind of flimsy. It won't be very long before that spatula head come and departs from the handle and then you're stuck, whereas you have these red sort of silicone tube or things that are all molded, very durable. Those would be worth more than the flimsy spatula. There's a reason why the one on the, say the one on the right tends to be sold in a lot, say at the Dollar Tree, or the Buckingham Quarter Tree now, I guess it is. Because they're just not as durable, right? So durability needs to be taken into account. So the durability of the good, the specificity of the capital good, the level of capital intensity within the production process, all needs to be taken into account. And durability matters because capital goods are perishable. All capital goods are perishable.  Even if they do last for a period of time, they can become obsolete. And so they all depreciate. Depreciation is the rate at which capital goods are used up. Each particular capital has a different rate at which it is used up. Eggs that are used to make flourless chocolate cake are used right away, right? You break the eggs and you mix them into the flourless chocolate cake batter and it's used up, right? You can't extract it. You can't use them again. That's it. As I said, the oven, however, that you use to bake the flourless chocolate cake might be used for 15, 20, who knows, 30 years if you treat it well, right? And so different capital goods have a different rate of depreciation. Now after the capital good, whatever capital good we're talking about, after the capital good is where it wears out, we're back to where we started. So if I invested in a spatula and I'm using it very well and I need the spatula, the spatula breaks or the mixer gives up the ghost of the machine, then you don't have it anymore. So you're back to where you started. You're back to production without the capital good. Which means in order to maintain productivity, in order to maintain our productivity that we get from capital goods, we must save during the production process so that we have enough savings to replace the old capital goods when they were out. In other words, if we want to, if we think, oh, I got this great standing mixer, this is fantastic, because my productivity increased significantly, if I want to maintain that higher level of productivity when the KitchenAid mixer, the standing mixer wears out, I have to have money that I can go ahead and buy a new mixer and have it ready to go right then. And so you have to save enough to maintain what's called maintaining your capital. Maintaining your capital is simply keeping the capital goods, the value of capital goods cost it over time. If you want to increase your production even more, you need to accumulate capital, which means you have to save even more than just enough to replace the old capital as a warehouse. You have to save and invest enough to buy more capital goods and devote more productive assets towards production. Now, if you don't really want to do any of that, that's okay, you can still do something, you can consume capital. You just use your capital goods, spend all your income on consumption, not to be confused with tuberculosis, that's a different type of consumption. But you spend it all on consumption and so when your old capital goods wears out, they just wear out, you can't replace them and your level of productivity falls and you are on the fast road to relative impoverishment. And so that's why Mises was talking about when he said that there are no means by which the general standard of living can be raised other than by accelerating the increase of capital is compared with population. What he's talking about is we need to save and invest enough so that we are accumulating capital relative to the population because as our level of capital increases relative population, each of us can be more productive and that by the way also allows us to further specialize and engage in the market division of labor which further increases our productivity, allows us to have more output and allows us to enjoy a higher standard of living. Now, the entire economic order, you know, the economy, the economic order is more than just the process by which we get the flourless out of the cake. You may not recognize this but there's a whole lot more consumer goods that exist than just the flourless chocolate cake, right? And so the entire, what we call the macro economy, what we call the macro economy is an integrated economic order that consists of a network of production structures, all of which move towards the culmination of the set of the depletor of consumer goods and this then, this large structure production is the macro economy and here is a place where we could highlight briefly the difference between an Austrian understanding of capital and macro and the approach of what we call modern macro. Modern macro, we tend to have say two different versions, right, we have the Keynesian version where national output is, or income is seen as simply the summation of consumer expenditures, investment expenditures, government expenditures and net exports, C plus I plus G plus NX. And investment then is the big I, right? It's the big I and it's just money spent on physical production and for Keynes, and the Keynesians, it doesn't matter where the money is spent, it doesn't matter how durable the capital goods are, doesn't matter how specific the capital goods are, it doesn't matter for what the money's being spent on, it's just being spent. If it's being spent, it's contributing to national income. The neoclassical approach sees and tries to model the entire economy as one large production function and then treats capital as essentially units of homogeneous K, right? What I think same as Senator Friedrich Schmu, right? A hunk-a-hunk-a, a unit is a hunk-a-hunk-a, Bernan Schmu, whoo, right? It's, capital is a homogeneous blob and each unit is just exactly like any other unit. So the aggregation that is used to conceptualize the entire economy from both Keynesians and neoclassical theorists, obscure all of the insights of the Austrian structure production. They obscure, for instance, the fact that the capital goods are heterogeneous capital goods with different uses, different specificities, different levels of durability and that these capital goods for them to actually contribute to producing what people want, what they really, really want, the zig-a-zig-a, so to speak, to produce the goods that people want that's when they increase their standard of living. These capital goods must be used in the right place, at the right time, in the right combination with other complementary factors in order to be productive in manufacturing the specific consumer goods that people want when they want them and where they want them. And this general economic order is an integrated then aggregate production structure that supports the production of all consumer goods. This has been represented, for instance, by Austrians historically as concentric circles by Bumbavurg in its positive theory of capital. It's been represented by the Hayekian Triangle, by Hayek Rothbard, Roger Garrison and Jesus Water De Soto, most recently. The point here is that capital, capital is neither best represented by a stock of goods, just a conglomeration of goods, nor a flow of goods or a flow of money. But it's a structure in which all parts are interrelated through production decisions made at every stage of production. And the same principles that apply to the individual production process of producing flourless chocolate cake applies to all production processes throughout the entire economic order. Throughout the entire economic order, money moves from consumer goods industries up to the higher stages of production. At the same time, production effort in the form of goods flows from the higher stages to the lower order of production, finally culminating in the sale of whatever consumer goods are being produced. And at any given moment in time, there is productive activity occurring simultaneously at the very stages in the production structure. There is money moves from consumers, the supplier of consumer goods. And these purchases are not time transactions. You're exchanging present money for a present consumer good. But then, producers of the consumer goods invest spending money on land, labor and capital goods in order for those factors to be used to produce a good that they will sell for money in the future. And that happens throughout the entire structure of production throughout the entire economic order. And there are three facts to be brought to bear upon this structure, or upon the production structures as we conceive of capital theory in the Austrian perspective. And one is that production in the Market Division of Labor is heavily weighted to the production of capital goods. That's one of the weaknesses of viewing GDP as a measure of the economy is that it ignores the majority of spending that must take place to support the production of capital goods throughout the structure of production. And so every structural production is supported by saving and investment. It's not supported by consumption. We produce in order to consume. We don't consume. We don't want to stimulate consumption spending so that we can then somehow invest more as an economy, the goods that we consume has to be produced first so that what drives economy is saving and investment. It's not consumption. Secondly, the capitalist is the laborer's benefactor. The capitalist is not the enemy. In a free market, the capitalist is the benefactor. The capitalist is the one who provides income to the workers that sustain them throughout the production process, throughout the time it takes to bring a consumer good to production. And then finally, the economic order is extremely complex. The capital that is invested is not just a big I. It's not just a big K. It's not even a special K. It is a structure. It is a monetary evaluation of a structure of heterogeneous capital goods all working together to produce particular products that are demanded by consumers that benefit the lives of those consumers according to their subjective preferences. And with that, I think we're out of time.


Creatine is a compound formed naturally in the human body that is primarily involved in energy production in our muscles and brain. It's also naturally formed in the bodies of many animals we eat, and so when we eat their muscles, we can also take in some creatine through our diet. It was named after Crius, the Greek word for meat, in which it was first isolated. We need about two grams a day, so those we eat may get like one gram from their diet, and their body makes the rest from scratch. There are rare birth defects where you're born without the ability to make it, in which case you have to get it all externally through diet, but otherwise our bodies can make as much as we need to maintain normal concentrations in our muscles.  The level in vegetarian muscles is lower, but that doesn't seem to affect performance as both vegetarians and mediators respond to creatine supplementation with similar increases in muscle power output. And if vegetarian muscle creatine was insufficient, then presumably they would have seen an even bigger boost. So basically when you eat meat, that just means your body doesn't have to make as much. If creatine muscle content dropped as we grew older, that might help explain age-related muscle loss, but that doesn't seem to be the case. Biopsies taken from the muscles of young and old adults show no difference in creatine content. Still, if it improves performance, maybe it would help. According to the International Society of Sports and Nutrition, creatine monohydrate is the single most effective ergogenic supplement available to athletes for increasing exercise capacity and lean body mass during training. It's no wonder surveys show as many 70% plus college athletes have used creatine supplements. What can it do for older adults? Without exercise, nothing. Most studies on creatine supplementation alone show no benefits for muscle mass strength or performance. This makes sense given the mechanism. Creatine supplementation delays muscle fatigue. This enables people to work out longer and harder and it's that additional volume and intensity that leads to the muscle benefits. So creatine alone doesn't help. And creatine taken in the context of the same training that's carefully controlled and deliberately equalized, doesn't help either. But let people exercise as much as they can and most studies on creatine supplementation for the prevention and treatment of sarcopenia, meaning age-related muscle loss, show augmented lean mass as it does in young adults. Adding three to five grams of creatine a day to two to three days of resistance training a week added an additional three extra pounds of lean mass over an average duration of about four months. Some of that lean mass may be water, weight, and muscle. Creatine causes water retention that can show up as lean mass but compared to placebo, creatine combined with resistance exercise increases muscle strength as well. And the additional gains in mass and strength can persist as long as 12 weeks after stopping the creatine in older adults as long as the resistance training is maintained. So obviously it's not all just water weight. A reason I never advocated for creatine supplementation in older adults for muscle preservation was because systematic reviews up through 2017 concluded that adding creatine to training shows mixed results for muscle mass and strength and it did not appear to translate to improved functioning. However, an updated meta-analysis found a significant improvement over placebo in sit-to-stand test performance which is a decent predictor of reduced falls risk. Again, this was mostly only when accompanied by strength training there have still been no consistent benefits discovered for just supplementing with creatine alone. So creatine should always be prescribed with a progressive strength training regimen. The Society for Sarcopenia, Cachexia, and Wasting Disease convened an expert panel that, despite the lack of long-term trials, suggested creatine be indeed used for the management of sarcopenia. The recommended dose to achieve muscle saturation is 3 grams a day. Within a month at that slow, steady rate you achieve the same muscle levels as loading with 120 grams over a period of a week. Note, though, it takes at least 12 weeks of creatine-supplemented resistance training to see a significant additive effect. Recent evidence suggests taking it after exercise might be slightly preferable to before, but this has yet to be verified. Are there any side effects? We'll find out next.