This is stock number 11355. We are here at Summit Automotive in Fond du Lac, Wisconsin. You're new and used heavy-duty truck headquarters today We are checking out this super clean 2016 Chevy Silverado 2500 crew cab short box High country this truck has the 6.6 liter Duramax diesel with the LML motor which pumps out 397 horsepower This truck has been fully safetyed and inspected by our service shop has a fresh oil and filter change all the fluids have been checked And topped off and this truck is 100% ready to go Summit white is the color we shoot all of our videos in 1080p 60 frames per second So if you have HD capabilities on your computer tablet or smartphone device Turn them on right now because it is definitely your best way to check out the quality and condition of the vehicle before seeing it in Person and if you'd like to check out all the photos on this truck in the upper right-hand part of your screen as a link to our website Click that and check us out there This one comes with some really nice fuel painted and polished aluminum Aluminum 20 inch rims and it has Nitto Ridge grappler LT 295 55 hour 20 tires And these tires have I'd say probably about 50 to 60 percent of the tread left on them So a good amount of tread frame and under bodies in pretty nice shape Front fender is in excellent condition. I didn't see any dents or dings on that Does come with the projector lamp headlamps the factory fog lights and the painted front bumper Take note that you do get the front bumper parking sensors on there Headlight lenses are nice and clear and that you do also get the chrome trimmed grill The hood is in really nice shape I didn't see any dents or dings on that and the passenger side front fender is in excellent condition as well Passengers side rim no major scuffs or scrapes on that looks pretty good And as you go down this side of the truck take note of how clean the body is how reflective and mirror like that paint is We take these HD videos So if you are far away or even if you're close by and you just cannot make the trip down But you're still interested in purchasing the vehicle You can see the truck hear the truck and of confidence in the vehicle that you're looking at Before you even get here so that when you do get here, there's absolutely no surprises And that is why we offer the summit auto fast-pass option in the upper right hand part of your screen a link right to our website Where you can apply for financing get pre-approved see a payment quote even appraise the trade off from the comfort of your own home So when you do get here, all you have to do is drive the vehicle love it You'll be all set to go back rooms in excellent shape as well And the back tears have just as much tread as the front tires and frame and under bodies in pretty nice shape This is a one owner out of Michigan And other than just a little bit of surface rust on that frame very nice condition has all the remaining factory exhaust All the lower rockers look really good and the body looks really good underneath As we come around to the back of the vehicle See the rear bumper is in great shape I didn't see any dense or dings on there It does have the rear bumper steps, which are pretty handy Has the full towing package which includes a receiver hitch four pin and seven pin wiring and the tailgate is in excellent shape as well Just a couple little scratches on that tailgate cover, but that's why they put the covers on there to keep your tailgate looking good Get the spray and bed liner LED bed lighting And this thing's all set up for Putting a fifth wheel in so it's got the bed reels installed already Which is nice tailgate shuts nice and solidly and it's to go down the driver side just as clean as that passenger side Get the nice mud flaps, which keeps your lower rockers looking great driver side box looks Very very nice didn't see any denser dings on there and this back rim for full disclosure is Extremely clean as well Down the rest of the side doors look really good step bar is in nice shape Does have the telescopic tow mirrors built-in directional signals LED side lights They do telescope out like that and fold in. I'm not sure if they're powerful then we'll find out in just a second here They are power-fold in so I was like showing that both sides are working good Inside the high country package gives you the brown leather interior There are no rips or tears on these seats Really nice condition. It does have the high country stitched into the headrest you get the kind of tannish piping on there Both these seats are heated and cooled. We have a set of husky all-weather floor mats in here Auto headlamps turned dial four-wheel drive Factory brake controller you get tilt and telescopic steering wheel Audio controls on the back of the steering wheel power windows power locks power mirrors and memory driver seat Does have the Bose sound system and as we hop inside the truck Turn the ignition on so you can see The miles and everything on it see at this one has forty thousand seven hundred and forty nine miles On it digital speedometer compass display instrument cluster is very nice and clean comes with the heated leather wrap steering wheel Bluetooth and information center controls on the right cruise controls forward collision warning controls and heated seat buttons on the left And steering wheels in real nice shape no scuffs or scrapes or ropes or tears comes with these six-speed Allison transmission with the optional tap shift the G I'm sorry the Chevy my link system and FM and serious XM radio capabilities on this radio and You saw that did have the factory Navigation system on as well You do get a CD player and then this one also comes with projection manager You can project your cell phone to the screen via Android Auto or Apple CarPlay if you wanted to use a different navigation system Or play music from your phone Pretty neat system there heated and cooled seat buttons dual climate controls power pedals stability control. That's your cargo lamps That's how you turn those side LED lights on and the lights in the box on Those are your parking sensors lane departure warning and then your exhaust break two USBs two 12-volt power points and then 110 volt 115 watt plug-in Passengers side seat is an excellent condition as well. No rips or tears on there once again, you get that high country stitched into the backrest and then this one does have the wireless cell phone charge pad on the armrest Headliner is in really nice shape. You do get map lights up there Home link buttons for your garage door security systems and lane systems on start an SOS buttons in the rear view mirror That dashes in really nice shape as well. We'll take a quick look at the back seats And then we'll start it up and check out under the hood Back seats are just as nice as the front seats. No rips no tears back here Does have the latch child safety system for any child car seats You may want to put back here power sliding rear window with the built-in rear defrost You get that white piping on the side back here as well These seats do fold up for extra storage and we do have those husky all-weather formats back here as well Keeping your carpeting looking brand new Side curtain airbags bottoms of the doors all look really good And then you can see those LED lights in the bed And you can also see the LED lights on the mirrors and they are super bright We'll start it up Take a quick look under the hood I Would personally like to thank you for checking out the video today and hopefully from this HD video You will have been able to tell just how clean this truck is all the way around inside and out does have the cab lights up there Under the hood we have the six-point six liter Duramax diesel Engine is very clean and it's very smooth Truck has been fully safety and inspected by our service app as a fresh oil and filter change all the fluid cabin check and topped off Truck has been gone through mechanically 100% And is 100% ready to go. I Would highly recommend this truck from a quality and condition standpoint and to see more pictures of this truck I want rather 450 new and used cars trucks SCVs minivans wranglers half tons three quarter tons one tons you name it We got it go to our website right there www.summitauto.com Full pictures and descriptions of every single vehicle from two locations all at summit auto.com If you'd like to check out more HD videos you can go to youtube.com slash summit auto number two like subscribe and share on this video And all the videos that you see there in fact in a second You will see a link to subscribe to our YouTube channel on your left a link to more Chevy Silverado 2500 truck videos like this and on right you've not been on our website on the bottom link to this vehicle on our website Click those check us out and we really look forward to helping with this super clean 2016 Chevy Silverado 2500 crew cab short box High country in summit white clear coat. Thanks again for checking out the video


Hypertensive retinopathy, HR, is a serious eye disease caused by high blood pressure. It leads to changes in the retinal arteries, resulting in cotton wool patches, bleeding in the retina, and constricted retinal arteries. Ophthalmologists can make a diagnosis of HR by analyzing fundus images to identify its stages and symptoms. Early detection of HR can reduce the risk of vision loss. Computer aided diagnostic, CADX, systems have been developed to detect HR using machine learning, ML, and deep learning, DL, techniques. However, these systems face challenges such as class imbalance, high computational complexity, and lack of lightweight feature descriptors. To address these issues, we propose a pre-trained transfer learning, TL, based mobile net architecture integrated with dense blocks to optimize the network for the diagnosis of HR-related disease. Our proposed mobile HR system achieves an accuracy of 99% and an F1 score of 0.99 on different data sets. The results were verified by an expert ophthalmologist, indicating that our proposed mobile HR system produces positive outcomes.


Welcome everyone, my name is Joelle Johnston, Tenoia Psiiam, Tenoia Psiiait, Joann Haqfinch-Walewin, Joelle Queen-Snaa, Tanaachunclaa, Aslahan Okomeo. I'd just like to welcome everyone here today. It gives me good feelings, my heart to see you all in the audience. My name is Joelle Johnston. I come from the village of Aslahan, just over in the Squamish Nation. And I'm very excited to be here with you today. It is my honour and pleasure to be the emcee for the duration of this event. We ask that you please mute your electronic devices at this time until the ceremony has concluded. I would like to start by respectfully acknowledging that we are on the unceded Musqueam, Slewetuth and Squamish Nation territories, the ancestral and traditional territories that we are gathered on here today. I'd like to extend a warm welcome to our special guests from our host nations, Chief Jen Thomas of the Slewetuth Nation, Halakdyn, Aaron Nelsen-Moody, Austin Harry from the Squamish Nation. Oh, sorry. And Master Carvers, Demsi Bob, Stan Bevan and Lionel Grant, to Tamahu, Tamara, Derek, Lardy, Lady Gould, LaMose Gould, Lardy, Hinemi Ha Ta, Lardy, Ta Ning Mo, Clay, Brydie London, Chancellor Carleen Thomas, to Board Chair Dawn Avison, to emcee, ECU intern, President Trish Kelly and MLA Joan Philip, to all the ECU students, staff and faculty who join us, and of course to Brenda Crabbtree, who worked so hard to bring this to out and polled to the ECU, and to Keiola Morwood, Sydney Pickering and Zoe Lake-Hawk of the Aboriginal Gathering Place who supported Brenda in this work and have been central to bringing us all here today. Thank you for being a part of this momentous occasion. I would also like to thank our generous contributors, the Government of British Columbia at the First Peoples Cultural Council, Native Northwest, the Native Growth Foundation and our media partner, the Georgia Strait, as well as Vita Fu-Beaster and Tim Van Beeson, Chief Janice George and Buddy Joseph, who are in attendance here today. And many other generous donors who contributed to the campaign. We are here for the unveiling of the Pacific Song of the Ancestor's Tonepole, created by Master Carver's Dempsey Bob Stan Bevan, landlino grant, in collaboration with a number of artists and carvers in their respective communities. This is a very special moment and you'll hear this poll is the works of many years. Many communities and many individuals, including Brenda Crabbtree, who was with us here today. In the Aboriginal Gathering Place at Emily Carr who are hosting this event. Before we get our first look at the Tonepole and its new home, we have some honoured guests in attendance who will be providing for remarks. First, I'd like to call upon a couple of cultural witnesses. Cultural witnesses are very important as it continues the oral tradition that we have within Indigenous communities. So I'd like to call upon MLA Joan Philip. If I could please call Shiloh Mitchell to witness this event, could you please stand up? Great, thank you. Each of you is asked to bear witness to this ceremony so that you may share your experience, reflection and connection to what has transpired at the end of this ceremony. I would now like to call upon Slewa Tuth Elder, Carline Thomas, Chancellor of Emily Carr University at Arts and Design to speak. Hau si, emni si, aia. Ait tanishkwaloan ku'tzi, ku'ts nala i hui i. What I said to you, my respected ones, the feelings I have are really good. I feel really happy to see you and to be with you here today. And as our host said, I am the Chancellor here at Emily Carr University and just thanking you again for joining us today. As you'll hear from other esteemed guests this afternoon, there are many reasons for the Pacific Song of the Ancestor's Totem Pole is special. For a lifelong educator like me, one of the primary reasons is what it represents, an investment in our students. All of us at Emily Carr share something in common. We believe in serving students. We believe that empowering their education, wellness, and success is a key part of building a better world. As you'll hear, that goal animated the career of Brenda Crabtree, who worked tirelessly on this and many other projects and led Aboriginal programs at Emily Carr University for more than 20 years. That goal was also on the minds of our master carvers, Demsi Bob and Stan Bevan, who brought student carvers on board to help create the Smig, Nificent Totem Pole. In fact, the Pacific Song of the Ancestor's was first conceived as a way of honouring the work at the Aboriginal Gathering Place and Emily Carr University has done to connect with Indigenous students in Northern BC in partnership with Coast Mountain College and the Frida Dising School of Northwest Coast Art. For students, both Indigenous and non-Indigenous, this work of art represents decades of connection, building and outreach in service of a broader, more inclusive community. All the people who worked on this project and all of us who work here commit to this work because we believe in you, because we see your talents, your drive, your thoughtfulness. We see your seriousness and your heart. You deserve a learning culture that matches your promise, a learning culture that matches your range and your passion. All of us here today in our own ways and our own communities are committed to contributing to such a culture. That is the larger project I see reflected in this work of art. It's the larger project that drives us to carve, to create, to read, to teach, to write, to talk and to listen. It is a project of recognizing and honouring our differences as well as what we have in common. It's a project of building and strengthening interconnection and of fostering communication and collaboration. It's a project we devote ourselves to as a way of investing in you, our students. I hope you see yourselves reflected in this vision of the future as we see this vision reflected in you. Thank you so much for your time, for taking the time to be here today. Next, I'd like to... We've had some changes here. So what I'll do right now is send you my elected chief's regrets, chief Dan Thomas of the Slewa Tepnation had an emergency come up. So she's asked me to step into her place. And so I'll just continue what I started earlier. O siam nit siiaia. Ait tenush kwa luwen. Kut sii kut snale i hui i. Anta ansahalot. Anta mana sentalia i kwa slahot siam. So what I said was my respected ones, the feelings I have inside are really good to see you and to be here with you today. I introduced myself to you with my ancestral name. I carry the name ansahalot. I shared a little bit of my family tree with you. We do that for a number of reasons, but the most important is that it informs you, the audience that I know who I am and I know where I come from. My parents are Deanna George and the late hereditary chief Ernie George or Iggy, as his friends called him. My grandparents are both sets of my grandparents have passed on. My paternal grandparents are the late hereditary chief John L. George and Lillian or Dolly, as her friends called her. My maternal grandparents are the late Stan Joseph from the Squamish Nation and Caroline Thomas Ni Joseph Ni Trimble. She comes from the Snenemo, the Nanaimo people on Vancouver Island and Ginkola, the Niskup people up in the Nass Valley. And just raising my hands here, it's a gesture of welcome here in Coast Salish territory. Hi, SEPCA, thank you all of you. Amit Sepwitwil, I'm welcoming you here to the homelands and waters of the Musqueam, the Squamish and the South of people. So welcome. Thank you, Caroline Thomas. I would like to call upon Halakden, Aaron Nelson-Moodie and Austin Harry from the Squamish Nation. Asya, m'n si'ai. We'd like to welcome you to our friends and relatives who are here for the great work we're celebrating. So pleased to see our dear leader, Caroline, come up here, speak as a leader of our communities, a leader for our families. We're sort of makers, we're more comfortable sitting in a room by ourselves making stuff than we are standing up on stage. But we wanted our ancestors who are gathered here, who are wondering what's happening today. We wanted them to know that you're here and welcome in our territories, that you're friends and family from a variety of places, but we want to introduce you to our ancestors in a way that they'll hear from the afterlife. So we'll be sharing a few songs with you. But we mostly want to know, or want you to know that you're so welcome here. And it's such a beautiful day to celebrate this beautiful work and the beautiful work that's been done physically, but also the beautiful work of these people who've shared so much of their culture with the young ones. If you speak to any of these people, they're rushing from one place to another this week, helping community. They're spread thin. So they've also made time to prepare the next generation to do this work in such a beautiful and generous way. So we'd just like to honour them today. I'll see them. Thank you, Holactyn Splash in Austin. And now Chancellor Thomas and Brenda Cabci will unveil the Pacific Song of the Ancestor's Totem Pole. Carvers of the Pacific Song of the Ancestor's will now carry out the Carver's Dance. Our first song is the Wolf's Song. It's our first song. The second one was the Tarmigan Song. In the Tarmigan Song, the women would sing this song and use their handkerchiefs. And they used to scare the Tarmigan up the hill and they would set a snare like in the circle. And the Tarmigan would dance up and be snare. That's how the talcans come. This last song, we want to balance it with a raven song. It was our humane crest of my nation, so. And this song is my grandfather's brother's song. Anyways, when he was young, he had lots of growth, but the people were talking about it. So he made up this song and said, leave me alone. God, give me this. I want to work hard on earth to be happy, so leave me alone. I'm married, brothers and sisters. I'm my wife, too, for their support. And for the university, too, she believe in our art, believe in our culture. Art is important because art is what makes us human, makes us people. Art is what makes us civilized. And our art is who we are. It's in here. We say this day is one more time for our ancestors. I did it for my mother. Thank you. Hoitaka Oseem, Dempsey Bob, for sharing those beautiful words and songs with us. I'd like to invite Tama Ho, Tama Wray up to the stage. Te Rani, watawhitao te Rani, kakea mai, kote tapu, kote manau, kote mauri o na hātua. Ihau ama i no i o matua kore, ahakata kina, kiruna ki e nei tauna, i o mahera, iuna ki te nei papa, e papatata kinoa, fati ruku noa, fati rani, iuna whakae, ke kia tūki te Rani, iuhi aite mauri haumi e, iuhi e. Toast, kōtau te iwi o Maskqfiam, S ו domest, SLAV dooth. Te mihi maihoatua, nga i yā mahtā, nā ma slopes ki te aafina i wataite tātana topana teina o ratoa Te aera Kathiu i te pikaero i tai pri aute repair i烓aniu i tāta, e tūnei iru nei doctors tō fenua i te rani nei. Tēnē te mihinui me toa mātau maimai aroha i nātīpuna e whakārā nei hinu i te pau nei. Tēnē tātau whakau hui hui mainei i te ahā i te whakārā nei i te pau i ngā mahi anātohuna e e toru nei e enoho nei i te taha o tēnē rana tira wahinei ana nei te kaupapa i whakārā kē hei ahā hei paina mo tātau te iwi. Nōrera e hikama tēnē te mihinui maio hake maia mātau o tō i Māori aotearoa a hako anā iwi huua kai wainanui i mātau i tēnē rā. Tēnē te hāramai nei ki te tāwafi i te kaupapa tō mātau rana tira nei tōa whakāiro, tōhuna whakāiro o rotoa o Aotearoa, Lionel Ground. Tēnē te hāramai nei te tautoko i aakuta. Ladies and gentlemen, kia ora, greetings. These are our people made up of many tribes from Aotearoa who have come over here to support i aatohuna whakāiro, Lionel Ground, to witness the unveiling of this magnificent totem pole carved by our brothers and sisters from the Northwest Terrace BC in 1991, the former general manager of tō i Māori aotearoa, Māori arts New Zealand, Gary Nicholas had the opportunity to connect with Dempsey Bob. Ever since then we've had the connection with the indigenous peoples right up in the northwest coast of America and Canada. It goes beyond that, beyond our whakāiro art form, beyond what you see on the wood. We share our art forms because what are we doing? We're uplifting ourselves as indigenous artists separated by water of the Pacific Ocean. Our ancestors were able to traverse that mighty ocean of the Pacific and find their way back home. Stories have come through from the northwest connecting us. Some of our ancestors crash landed on your lands. They nursed them back to health. They brought up their well-being. They even fixed their canoes. But why go back to our islands when we could share our culture, our language and definitely our arts? This is why tō i Māori aotearoa is here today. This is why the representatives are here today. Because of what we call te aho mūtunakore, the thread that binds us through our arts, through our culture, through our language is why we are here. To uplift our people in institutions such as Emily Carr. We had the privilege in 2014 to meet Brenda Kerabtri who bought with her a whole lot of resources, a whole lot of people with her to connect through our arts. And this is why we are here today. Looking out at our future partnerships, how we can do that. But at the same time remembering who our people are. We have to take our tribes with us. We have to take our nations with us in order for us to move forward. And how we do that back in Aotearoa in New Zealand is through the well-being of our arts. Whether it be through wood, visual arts, clay, stone, bone, our traditional wakaform which we've shared with your cultures since 2009. The exchanges that happen between our artists to keep our connections alive. That which happened thousands of years ago and we're still doing it today. We are only following in the footsteps of our ancestors.  Ehikama, the three nations that reside here on these lands. Musqueam, Squamish, Sleavertooth. Of all had the pleasure of meeting you on our byways. On the highways that our ancestors were using to travel up and down the North West Coast.  Who has come over to express his knowledge and wisdom in amongst great friends that we've established from so long ago. So, from the organisational view of toi Māori, we look forward to continuing this relationship with the Emily Carr University. Noreta, hūrino tō tātou no whare, te nā koutou, te nā koutou, te nā nā tātou kato. Hōchka, Ōsiam. Thank you so much for your beautiful words and your songs. I'm going to interview another song. That's the song for her. The family Emily Carr University Arts and Design would like to recognise our Māori guests for honouring us with their gifts of creativity and presence. We will be blanketing them to show them our love and care and respect. Confident my name. Hōchka, Ōsiam. Thank you so much. Thank you so much. I'd now like to call upon Virginia Bob, Linda Bob, LeVetta McNeill, who will carry out the Northern Protocol. Thank you so much. The family here at Emily Carr University would like to recognise Virginia, Linda and LeVetta for honouring us with their Northern Protocol. We will be blanketing you to show you our love, thanks and care. Thank you so much. Thank you so much. Thank you so much. It is now my pleasure to introduce Brenda Crabtree. Brenda retired earlier this year after 23 years with the Aboriginal Gathering Place. As director of the Aboriginal Programs at ECU and Special Advisor to the President on Indigenous Initiatives, along with Dempsey, Brenda has been the driving force behind bringing the Pacific Song of the Ancestors to Emily Carr. Brenda belongs to the Spuzum Band and has both Incla, Pamuk and Stolo ancestry. Welcome, Brenda. Thank you. I'm even more emotional now than I was when I walked in the door this morning and these are really tough acts to follow. It's no secret that I've had the best job at Emily Carr for the last 23 years. As I'm looking out in the crowd, so many of you were part of making that happen for me. I just came to Emily Carr with no real experience in the Emily Carr community and my family supported me. Here I am just with these amazing community and family connections and for that I thank you. Part of the job included community outreach with Indigenous communities throughout BC and Emily Carr has had a long-standing collaborative exchange with Frida Deasing, School of Northwest Coast Art and Terrace, named after Frida, Dempsey's carving teacher and mentor. Frida attended our Vancouver School of Art and Dempsey wanted to honour Frida with this totem pole. The pole began its journey in Terrace. It started with a phone call with Dempsey as so many projects do, telling me there was a large red cedar log that would be great for a totem pole for Emily Carr. And so it began. The log was delivered and prepped in Stan's carving studio and it was decided that it was imperative to have a Maori component to the pole and that imperative component of course was Lionel Grant. It's an honour and a privilege to have these precious connections to our Maori family and our Northern family bound by the waters of the Pacific Ocean. It's a testimony to the importance of connection, reconnection and collaboration for Indigenous artists. The project focused on engaging Indigenous artists in promotion and perpetuation of intergenerational cultural knowledge and traditional and contemporary art forms. The totem pole embraces the transfer of cultural and artistic knowledge to current and future generations. I want you to hear more about the totem pole story and the design elements from the carvers so I'm gifting my extra four minutes of the speech to Dempsey Bob and I will appreciate this after. Lastly, as we approach National Truth and Reconciliation Day and honour the children and survivors of residential school, I want to send health, healing and love to those of you who are on the path of truth and reconciliation and I dearly thank you for supporting me. Thank you. Thank you Brenda. I'd like to call upon the Talatan-Tinglet Master Carver, Dempsey Bob. Dempsey, along with Stan Bevan and Ken Gnill is co-founder of the Frida Deasing School of Northwest Coast Art and Terrace BC. Welcome Dempsey. It's emotional. I just want to thank Brenda. I want to thank Emily Carr. I want to thank my family, my sisters, my nephew Stan Bevan. I was lucky that I was fortunate that I had my grandparents and they told me the stories and my mother because they were only the only ones that believed that I could do it, that I could do it as an artist. I'd also like to thank the Maori, our Maori brothers and sisters because I know the art road, the art path is a struggle. It's always a struggle. It's good, but it's bad too sometimes. But when it's good, it's really good. I think that's why we do it. But I was lucky to have people like Brenda in our lives too to support the artists. We can't do it alone. And my wife Margaret and my daughter and my son, my grandkids, especially my sisters and my nephews, supported our dance group, supported me always when I needed help. I did it all by myself. I was lucky I was born into a family of artists too because my grandmother was an artist. My grandmother's father was a carver from Huna, Alaska. He was clinket. My grandmother's clinket. My great-grandmother was a weaver. Also on my grandfather's side, my father was Johnny Sincourt's carlick. His family were song composers and storytellers. They were also healers. So that knowledge was there. And I was lucky I listened. I only wish I listened more. I had the privilege of working with Lionel Grant. I called him the Michelangelo of the Marys and somebody was bugging me that kept saying to me, like, who are you? Who are you? And I said, I'm Dempsey Bob. I said, what do you do?  I'm a carver, I told him. And the guy knew Lionel really well and finally what I said, I told him, I'm the Lionel Grant of Canada. Then he quit bugging me. He took off. But that's the only way I could get rid of him. I feel really good today because we finally got to pull up and it's a beautiful day and I want to thank everybody for coming and witnessing this. Our traditional way is that we always have witness to witness our deeds, what we've done. And today is a special day because when we raise our totem poles, it's the first time that people see us standing like a tree. And our traditional way is when it falls, we give it back to Mother Nature and we say our great-great-grandchildren will carve that. That's what we believe. We just borrowed it and it was a privilege to work with Lionel because his knowledge and skill, his skill level, it's amazing. And I had the privilege of working with the Māris and they challenged us. And what they did too, they were spying on us but we were spying on them too. What they did was they took it in and they sort of twisted it on us but we did the same to them too but we didn't tell them. Out of this great relationship though came this pole and our sharing because what we believe if you share it, you make it stronger and that's what we did with our brothers and sisters. We tried to help each other to be better artists. And what the Māori people gave to us was the goodness. The goodness in our culture. Respect because that's what it means to be taught that. It's the love and respect for your people and I honour them. I love them. They're our brothers and sisters. We have very similar histories with you know who out of this relationship team some very good art from the challenge of working together. I've been down there 12 times now I'm trying to quit. It's getting further, further and further. But I'd like to recognise Derek Laredelli and Rose and Tom O for the hard work because artists need support. And why art is important is because art is what makes us human. Art is what makes us civilised. That's why art is important. And artists have always been like the contents of societies. They recorded truths and that's where a true artist is. I've been just lucky. I've been lucky that I met them. Shared these times. Many good times with them. I could talk all afternoon. I think my formance is up. She's looking at me. I just want to thank everyone for coming and sharing this occasion with us. Thank you very much. Maidu, go to Shish. Thank you Demsi. Next I'd like to call upon Hamilton, Tinglit and Tishman, Master Carver, Stan Bevan. As I mentioned, Stan is the co-founder of the Frida-Dising School of Northwest Coast Art and Terrace BC, along with Demsi and fellow artist Ken McNeill. Welcome, Stan. Simgiget, sygymnach, Bill Wilson. I'd like to start by thanking the Squamish, the Musqueam and Slavotooth. My journey or my invitation started 42 years ago. I was invited by my uncle, my mentor, to work with him on a totem pole that he was working on in Alaska. And that was my first experience and I went on to carve many poles after since then and leading up to this pole, it was a first pole that I was invited to actually carve with Demsi as an artist myself. And it was an honour to work with Demsi and to create this with Demsi and then a really big honour to be able to work with Lionel Grant. Lionel is as important as my uncle in New Zealand. As I heard Demsi say, he's the Demsi bob of New Zealand. So it was a big honour to be part of this pole and I really thank the University for allowing this to happen. I'd like to recognise some of our assistants and printers that helped us with this pole. Starting with my cousin, Brian, he's been working with me on totem poles for over a decade and I'd like him to stand just to get him to and also Darryl Moore. Darryl Moore is a student of the Freedy Deeson School but also has many teachers and one of his teachers is Ken McNeill. And another big part of completing the pole was bringing David Nunn. He's a Demsi bob's son so I'd like to recognise David as a big part of helping this pole. When we complete poles we always have a female helping with the finishing and the finishing is the painting. So this pole we were honoured to have a master, my weaver help us with the hair. She did all the hair and placed it in for us so I'd like to honour Tangi and can please stand up. This pole represents a lot of things. It represents the journeys to New Zealand, the journeys to British Columbia and the connections through the university of Emily Carr and the Freedy Deeson School and Brenda Crowdry in the middle pivoting all these bringing all these artists together and cultures together. So I believe it's it's this journey but I'd like to also think more importantly that it's a part of Brenda's legacy for the university and the artists of BC. So thank you very much Brenda. It was a great experience and I love sharing being able to work with MC and Lionel. It was a very learning experience and I wish many more experiences to come so thank you everyone for being here and enjoy your day. Thank you Stan. And now I'd like to call Maori and Pakahi Master Carver Lionel Grant. Lionel has recognised our most artists and many disciplines he practices. He is the artist behind the middle third of the Pacific Song of the Ancestors, Paul. Please welcome Lionel. I was starting a carving. I don't know what it's going to turn out like I'm just jamming. I know there's been a lot of thank-yous and I'll just totoko all those people that have thanked all the people that need to be thanked and if I start I'm going to miss somebody else so I'm not going to thank anybody from this point on. But I will thank my whanau to express our tikanga the mana of our Maori people and bestow it upon this occasion. I was almost in tears a couple of times with what these people have been saying and they're my whanau and I know them. But anyway we got a saying at home that you don't make carvings with your mouth. You make them with the toki you make them with the fao. And so kō te fao te kōrero kō te kōrero te fao kō te te te oki te kōrero kō te kōrero te toki The chisel and the ads speak volumes for you in what you do. So I pray that what I've done here not only augments what has already been laid down but also does my culture proud and that's all I can ask. But if I was to translate what that chisel of mine has said it might talk about that ancient murm of our ancestry that it transcends place, time and physicality. And that chisel might also talk about our culture our teachers Dempsey teacher Frida, I met her up in Finland. Had the honour of meeting her. My tutor John Tayapa who's a relation of Derek's so every chisel blow that went on to this rāko here is a reminder of our teachers of our mentors of our contemporary artists that have worked alongside us and inspired us and another thing that that chisel might be talking about is the joy of working with friends working with other capable artists and just a little aside that the ads that I used on this carving was given to me way back when it was being developed or an iteration of it because it broke it and I had to make another one to make it to make it to make but it's worked like you wouldn't believe and that that toki, that axe has spread its way around the Pacific over into Hawaii now it's down in Aotearoa and all the young carvers are picking up that same ads that same style of ads and using it now shied away from using that style of ads when I was training and now we're using that ads that Dempsey gave us so it's not only this camaraderie and the wood we carve but it's in the tools that we carry and Stan gave me a chisel last time I was up here that thing has been thrashed for the last year that I've had it it's a special little hahi that's made in Japan so that she a joy of working with real artists on a real project for a real purpose is amazing and then maybe that chisel again he'd be talking about things like creating a an artwork in an environment that teaches art that practices art that celebrates art an art school so on many many many levels that chisel has had been talking about these things as it's been creating that poke and Tamahau expressed a beautiful whakatauki that came out some years ago it's a proverb and it goes and it just says that you know where there's artistic excellence when you do your very very best when you're hard to what you're doing it'll command respect it'll command the gaze of those who look at it and so on that note I'm not going to drag it on too much longer and I'm kiora tatau thank you Thank you Lionel I'd now like to call upon Keiula Morwed manager of the Aboriginal programs at ECU Sydney Pickering Aboriginal Programs Coordinator who will present gifts to the artists and to Brenda the family would like to recognize Dempsey Bob, Stan Bevan and Lionel Grant as well as Brenda Crabb Tree for the generosity artistry they've shown in creating this work their blankets recognize the love and care that the family has for them in their respect as well Osiem Hoichika Thank you all. I will now call upon Miss Joan Phillip MLA for Vancouver at Mount Pleasant to speak Right East Greece Dameshan that name comes from my Koselish relatives at the at Cilewa Tooth and I just want to thank my Koselish relatives for the opportunity and honor for witnessing this work on our territory of the Osquim, Squamish and Cilewa Tooth I particularly want to thank my my dear relative when she was talking about her her grandpa her grandpa and my grandfather Chief Dan George were brothers and I used to watch grandpa Dan George carve canoes on the waterfront so it was just really touching this event this event is so significant in many ways I want to mention that I already knew Stan Bevan I had the honor and opportunity of unveiling one of his poles that he carved for new Bechuan in China because Bechuan old Bechuan was destroyed by an earthquake so the pole was commissioned and I helped unveil it so seeing another one of your poles is so beautiful the thing that makes this so significant though is we have an indigenous relative across the water sharing that vision art is so important and it's such a beautiful visual depiction of who we are because really I pray and I hope that when you see that pole you'll be inspired to learn about who we are because I know everything about our colonizer but this time of reconciliation is so wonderful because now you have an opportunity to learn who we are and lifting us up in this way sharing with everyone our art it lifts us all up when you lift us up you lift all of us up it's going because it's going to take all of us to reconcile what has happened to us and to make it right so I just want to thank the M. E. Carr University for allowing me to come here and witness this event and share with you what I'm going to take to my constituents so thank you Miss Phillip I will now call upon M. E. Carr University Board Chair Don Avison King's Council to speak Well good afternoon all Delighted to have this opportunity to be here with you this afternoon and I have to tell you I expected this to be an extraordinary day it's more than that for me I was sitting over there having an uncharacteristic emotional moment I think for those that know me well that doesn't happen that often but I was sitting there thinking there are moments in your lifetime where there are some events that become seared into memory that you don't forget until you draw your last breath this will be one such day for me and I'm honoured to be in the presence of those who have led this project and to be in the presence as well of those who have assisted in bringing this day to fruition it is an extraordinary thing and it comes two days before the national day of truth and reconciliation in this country I wish we had the opportunity and I think in part with the availability of technology we'll have the opportunity to share what happened here today with other people beyond the events that are unfolding right now I was also sitting there thinking I wish I had been here today with my grandchildren so they would have had the opportunity to see what took place here today if you see me with a couple of very small ones running around talking about the pull over the course of the coming days having Jack here today would have been a bad idea because he can't get by more than one or two minutes without asking questions and that's what I want him to do and so I look forward to that opportunity probably someday soon to explain to him as best I can the significance of what happened here today Brenda you've heard so much already today in relation to the contributions that you have made to help us come forward but I think that expression of love for you from this institution and from those here present is about so much more than that it's about the extraordinary contributions that you have made to Emily Carr over the course of your career here and that's a relationship that I think will continue for a very very long time the pull represents the work of many over a long period of time first talked about through the carving of the pull to the raising of the pull and it's unveiling here today it's a symbol of the spirit of collaborative intergenerational indigenous material practice that animates the mission of the Aboriginal gathering place here at Emily Carr an expression of the ongoing work between the Aboriginal gathering place and indigenous artists and communities throughout the province and indeed internationally and I can't express enough how honoured we are to have those of you that have travelled such great distances to be part of this today I will remember that always the story of Emily Carr over the course of the last century has been one of creative innovation and I think this is a profoundly significant threshold point in our history 2025 will be the 100th anniversary of the evolution from the Vancouver School of Art through to Emily Carr and I think this day will be remembered always as a critical point as we look to the past and look to the future I was going to talk a little bit about some of the history of Emily Carr and artists of the past I don't think this is the day for that we'll have opportunities as we enter upon that 100th anniversary of the institution I want to focus entirely on the significance of the event that's happened here today I will remember it always I think part of our obligation is to speak of these things and I will I thank all of you for the opportunity to be in your presence I'm honoured by it and on behalf of Emily Carr we thank you so deeply for the contributions that you have made in this extraordinary event today Thank you Chair Aveson I'd now like to call upon Emily Carr's university intern President and Vice Chancellor Trish Kelly to speak Thank you Joel and hello everyone As Joel said I'm Trish Kelly the Interim President and Vice Chancellor Emily Carr and it's a profound honour to stand before you today happy this chance to speak with you around this once-in-a-lifetime occasion around this installation of this exquisite and beautiful outstanding work the Pacific Song of the Ancestors Totempole As you've heard from Julie and our guests this incredible work of art wouldn't exist without the dedication of the people first and foremost our esteemed guest Master Carver's Dempsey Bob Stan Bevan and Leno Grant and of course Brenda Crabtree who's nearly 25 years with the university placed her right at the centre at the heart of the institution but also whose career is defined the way we think about community outreach and partnership with Indigenous communities organisations and individuals throughout the province and internationally Brenda you're a hard act to follow and we love you so much These individuals were supported by many many others staff here at Emily Carr and I specifically want to give a shout out to Cula Moorwood and Sydney Pickering for all the work that they've done also the work of Leila and Zoe in the exhibition I want to really express gratitude to the presidents here in the audience Jillian Sudal and also Ron Burnett for all the work and energy they've brought into reconciliation at the institution artists from Terrace in New Zealand the government of BC our partners at Post Mountain College and the Frida Deesling School and the list goes on and I'm looking at so many people here in the audience today who had such a vital role in this work and bringing this to Emily Carr The partnerships forged by many others were sentful to this beautiful work arriving here today It is this emphasis on relationships and partnerships that I've been thinking a lot about Leila in relation to the future of Emily Carr and in particular to how we can be better stewards for reconciliation For Emily Carr as for other post-secondary institutions reconciliation is a mandate It is something that we are required to engage with Caring for our relationships with indigenous colleagues and communities including our host nations is expected but too often as settlers and newcomers on this land we show up in a transactional or needy way to demonstrate we are fulfilling that mandate and of course that's not meaningful reconciliation that's not where meaningful reconciliation happens Meaningful reconciliation happens by showing up as a way of being and by doing so without worrying about what Emily Carr gets from that Meaningful reconciliation begins by asking what can we offer How can we provide a resource or a service without angling or looking for something in return This poll is amazing not only for its artistry It's amazing because it shows years of investment in relationships with the Frida dieseling school with Frida dieseling herself as an alumna of the university and it brings to life the relationships between the AGP and indigenous communities across the province and across the Pacific and it's an embodiment of what can happen when we look at relationships not as acts of reciprocity but as opportunities to uplift and support to empower self determination and to throw this university's resources and assets into the work of being of service not because it's a mandate not because of what we receive but because what is created is a gift for future generations Thank you so much everyone Thank you President Kelly Finally I'd like to call upon our witnesses Joan Phillip if you could please speak about what you saw today I just want to thank Emily Carr University for bringing us all together here today I've witnessed this is the first time I've been in the building and the moment you walk in the doors you know where you are you know you're in Coast Salish territory so I was just so pleased to be invited to this event again the artist Lim Lim I did a little carving when I was younger the carving was about this by this but to see that it's just spectacular so I hold my hands up to you Lim Lim Thank you Miss Phillip I'd like to call upon our last witness Shiloh Mitchell Kia ora tatou I would just like to acknowledge the wonderful artwork that has been created by these master carvers and that my whanunga line all over there wonderful to see you as always and for our whanunga from Aotearoa Kia ora whanau and for everyone here to bear witness to such a masterful piece of artwork and that it stands proudly here in the Emily Carr University Kia ora and I'd like to thank everyone for being here to participate in this rare event it's been my privilege to be here with you today and to learn with you about the incredible story of this remarkable work of art Thank you to our community members from near and far for your contributions and collaborations and thank you to our host nations for your generosity and support I will now be undertaking a brief break for official photography while we do so we'd be grateful if everyone would join us on level 2 to enjoy some light refreshments and take some time to walk through the exhibition titled Pacific Song of the Ancestors which accompanies this ceremony Pacific Song of the Ancestors is curated by the ECU's very own Zoe Lakehawk with the assistance of Leila Berg Please take care to use the stairs stairwell D or use the elevator to access level 2 In 15 minutes we will be welcoming you back to this level to view the total pool Thank you so much for joining us here today We'll see you in a few minutes


Chapter is production analysis and we are going to study the production process. Production process, basically this production process it entails the transformation of all the inputs into the output and not only the transformation it also includes all the decisions related for this transformation that at which time which decision has to be taken, which input has to be purchased, in which quantity it has to be utilized. So all these decisions they will be included in the production process. Now if we look at this we have already told this that the first thing the firm decides that it has to maximize its output, it has to attain its output at the maximum level for which we say that it has to see how many given resources I have, how much maximum output I can produce and if that firm decides in its dual combination then they will see that with that level of output how to keep its cost minimum and which least cost combinations I have to utilize. Now here when we talk about firm has to decide then we have to see that any firm is not ready in its dual combination. It has to decide keeping in view certain future aspects, now if we talk about this then just in case if we take an example, a farmer has to decide with the weather that I have a field and now look at the technical aspect for that or what is the technical constraint that because he has to select with the given resources, now in those given resources with regard to that weather he will have some crops, he cannot grow in the poor and he cannot grow the crops of the poor season in Rabi. Similarly an industrial farmer who does not have to do his decision entrepreneur, so once when he has to settle an industry or firm then he has to decide that I have there is a piece of land, how I have to utilize, do I have to put a jean factory on it, do I have to put a cattle factory on it or do I have to put something else on it. So the decision time is a particular space of time in which he has to decide and after that his flexibility will end. So when we look at that entrepreneur who has to decide he has to take some short term decisions and he has to take decisions for long term or for long term. So here the production process it involves mainly if we say the two aspects mean the short run processes or the short term decisions and likewise we can say there are certain decision that are long run and we may extend this term at the very long run, likewise we can say there are certain medium range decisions but actually the short run, the long run or the medium run can be utilized for various time spans for various type of the firm analysis but actually it pertains not only to the time domain rather it is applicable only to that flexibility that is in the hand of the entrepreneur. Once the decision is taken now every decision cannot be changed. Now if we look at the short run we say that all the aspects that he has of variable resources, entrepreneur has the availability of resources but in the short run he will be likely to have change in either one or the two resources means he may have machinery available, he may want to change the number of labor or he may want to use it for 10 hours rather than 8 hours likewise but he may not be able to make long run decisions so in the short run only one or the two inputs that can be adjusted Now when we use the word adjusted it means the entrepreneur or the producer or the firm owner it has certain larger picture in his mind and that larger picture it is showing the long run process or the long run production process Now for the long run production process entrepreneur has the availability of decisions that he can shift all the resources, he can change them so wherever he was doing yesterday on that land he can change it after the next 10 years and put it in the industry and likewise so long run decisions they are larger in the broader aspect and the short run decisions they have to be adjusted accordingly keeping in view the long run objectives and sometimes these short run and the long run decisions they go side by side and it is not particular that the one will end and the other will start they may go along to each other to have the total aspect of the project Now if we look further in the production analysis when we talk about the production process we can say that there can be the various combinations of goods there can be various combinations of resources there can be various combinations of labour and now we can explain this in the form of a production table So that is a Goswara or an aspect in which we will add all the utilization of inputs with numbers that will be called production table Now if we look at this slide and skip to the next you can see that here it is one table in which our first column is showing that there are certain number of workers Now here the number of workers does not mean that in our production which we have shown in the second column with total output that only and only these workers they are utilizing every resource it means these workers they are the variable input and along with this there will be many other factors of production in which you can say that there will be land there can be various machinery and something other and along with that these workers will be in combination and the others we are taking as constant Now if we look at this then this production process tells us that first we have utilized one worker then the other one, then the third one, then the fourth one and along with that these changes are coming in our output and these actual changes are coming now this helps us out that we are utilizing these numbers to see what process we can make for the future we should know that either the firm either the firm is getting certain output maximization or the firm is standing on the stagnate of the output now to see this we have to see that our output is increasing by enhancing the workers so apparently if we are going from 4 to 25 then we feel that our output is increasing but if we look in detail then at the start we see that it was going and going increasing but the maximum level of the total physical product it was 32 and after that this further has declined so this is not necessary whenever we increase the workers then along with increasing the total output this must increase so this table is telling us that there can be possibility that with the increase in the input there can be certain possibility that the output is increasing and after a certain point it might be stagnate and after a certain point it might decrease and similarly we have the table of marginal product and average product which we will explain in the next modules the same points that we have if we explain in graphical shape then the number of workers if we are showing the variable on x axis and the output is on y axis then we see that while going to a point where the total production was increasing and increasing at the increasing rate and if we look at the point further then yes total production is again increasing but the rate of change in that it was not as much as the growth here and then there is one point where it has stagnated and again now this is the stage where input is increasing and you know that when the input is increasing then behind it there will be a certain cost so it means the cost is also increasing here but if we look from here then our output, total production is declining


This is a PowerPoint show on Austrian capital theory, which is an important part of what I call capital-based macroeconomics. Not that I want to shy away from the Austrian economics, but here at Auburn some of my students are confused. I think it only pertains to Austria and some of them think it pertains to Australia. It works that way, but if I say this capital theory, we'll get along just fine. I'm going to look at two views. One is the Hayek stages of production model, and I'm going to contrast it with the Knightian, Frank Knight, stock flow model. And I put in Friedmanian because Friedmanian bought in pretty heavily to the Knightian capital theory, as we'll see in this show. And for several reasons, I'm going to neglect Keynes' animal spirits model. I think we can do without that. Okay. Now, it turns out that one of the problems with getting a handle on capital theory is that there's so many different meanings of the word capital even in the Austrian system and certainly in economics generally. So let me show you some of them. Don't write them down. There are too many. And I'll show you where to stop and actually pay attention. So it goes like this. Bank capital, yeah, we know what this is. That's assets minus liabilities or net worth. What do we got now? Liquid capital. There's liquid capital. That's the cash held by producers for future investments. Now, that does come into play with the Austrians but less dramatically than some of the others. In fixed capital, that means plant and equipment. Fixed implies durable. There's working capital and that's goods in process, raw materials. And some of my finished goods. Human capital, present value of a skilled worker's future earnings. We get that. Okay. And now I'm getting serious. I've got two things up here that are underlined and that's what you want to take notes on. Okay. One is capital stock and the stock of productive factors that yield a flow of consumption goods. So the flow part of it is all consumption goods. The stock part of it is just that, a stock. We'll get into that. Capital structure, well, you know, that's the Austrian term which is a temporal pattern of heterogeneous producers goods. So that's what we want to pay attention to and we'll get rid of the rest of them for the time being. Now, we start with the problem of measuring capital which is a pretty severe problem and is one of the reasons that a lot of economists stay away from capital theory. All right. Let's see what we've got here. Capital is heterogeneous. Well, yes, it is. But you could say, well, it's always workers and land and so on. A lot of things are heterogeneous. And so we can ask, aren't labor and land homogeneous too? Well, yeah, but capital is radically heterogeneous. Now, that sounds like something Ludwig Lachman would say, I'm sure. And it's true. And we asked just how radical is capital heterogeneity. Capital is dimensionally heterogeneous. Now we're getting to it. We'll see how this works. And we have fill-in-the-blank exercise here. You don't need to bark it out, but have it in your mind what should go in. Not all blank of labor are alive. All right. Well, that's true. But what's the blank? How are we measuring? Well, we've got away and you probably have it in your mind right now. And that would be units of some kind. So let's get going. Worker hours. Yeah, worker hours. Not all worker hours are alive, but they all are worker hours. So you've got something of a unit there. And how about the next one? Not all blank of land are alive. Well, seems like that's acres or could be acre years, depending on just what you're going to do. But now I challenge you. I challenge you. Not all units here of capital are alive. What goes in there? So watch those units real close there for capital and you'll see what shows up in some of the textbooks. Not all. Yeah, units. What does that mean? And I went to the University of Virginia and I heard lectures about capital and I heard about units. And then I heard a few others too. It goes like this. One, doses. And what else? Chunks and hunks of capital. So could we make do with any of these? One thing I did is just I just googled those words to try to see what those things actually look like. And would they really be units per capital?  Well, there is a tablespoon there, but no real no real dose. So and nothing else is going to work. So let's see. Yeah, there's a dose. Okay, could you measure capitals with a dose? You think so? A chunk? There's a chunk. Okay, now we don't know. Is that a standard chunk? I don't know. And how about a hunk? That's labor, isn't it? That's not capital. Okay, so now what we see is that there's lots of economics who try to get away from this notion of having to find units for capital. And this is particularly so with economists who are empirically they do empirical jobs most of the time and talking about econometrics and so on, right? Freedom will qualify for that as we'll see because it's hard to get a handle on how much capital there is. So let's go on. What I've got before is Frank Knight and Hayek. And they did battle in the journals on this issue of how to treat capital. And several decades before that there was Bomba Verk and John Bates Clark that went at it about how to deal with capital. Well, of course, I go with Hayek and I go with Bomba Verk. Although I have to have some sympathy with Clark if only because he looks exactly like my grandfather. Like that picture. Okay, well let's get started and see what's going on. I don't know if you can read that or not. What about production time in the Clark Knight vision? And this comes to fruition in a book by Stigler, George Stigler. And of course Knight and Stigler were at the University of Chicago when they were there at the same time Friedman was. And that I think is what got Friedman into the Clark Knight view. Let's see what this view is.  Once a steady state is reached. All right, well the Austrians aren't too interested in the steady state. They want to know what's going on in the economy. And if you just theorize strictly in terms of the steady state, you're not going to come up with very good economics. So once a steady state is reached, production is irrelevant. And you notice quotes on irrelevant. And that's not because he saw some other author that used that word. That's from Knight. Okay, irrelevant. Knight puts quotation marks on a lot of things. And if you get into it, if you get into his reading, you see what the quotation marks mean. It means something like if you'll let me get away with this. That's what it means. All right, so we'll look at it and see how it works. The trees have a linear maturity structure. Well, probably look linear actually, but we won't worry about that. Each period of sampling is set out and a mature tree is harvested. Okay, the next period presents us with the same maturity profile. And there it is. Okay, now it's the setting out that enables look at the quotation marks there. It's the setting out that enables the harvesting. Is that right? Setting out doesn't enable harvesting, but it almost seems like it does just because we've already said we're only looking at the steady state. Okay, so setting out the sampling now produces the harvestable tree now. Okay, well, it doesn't produce anything just by setting it out. Again, that's Knight. So production and consumption are simultaneous. So you don't have any production time, right? You harvest a tree and you plant a tree the same day. Hayek just called that wordplay when he talked about Knight. He said it's just wordplay. Okay, so George Stigler defends Clark and dismisses Bomba Veric on the basis of the simultaneity of production and consumption. And not really that way. Now get this, you can hardly imagine that someone would say this with a straight face. We can say that any one row of trees takes 50 years to mature, but since there is a constant output of timber forever, there is simply no point in saying it. And of course, the point is there only if you're stuck with this steady state. And that's Stigler production and distribution theories, which was his dissertation under Frank Knight that he finished in 1941. 43 years later, he said something a little different and we can get you that. Now this is Stigler talking. He says, I wrote my dissertation in the history of economic thought under Frank Knight. He was so strong-minded and so critical a student of the literature that it was a good many years before I could read economic classic through my own eyes instead of his. And he goes on, I've never brought myself to read through my dissertation, doctoral dissertation, production and distribution theories, the formative theory that was 41, because I knew I would be embarrassed by the knighting excesses and his immaturity. Now let's look at what I call black box capital theory. Does anybody know what color the black box is? Orange. Okay. There's our black box flight recorder. He says, do not open. So any complex piece of equipment, typically plug-and-play unit in the electronic system, the specific contents about which the user has no need to know, that's what that means. And so what we get here is the capital stock and is treated in Chicago economics as the black box. Okay. That the stuff is in there. And well, I need to add, do not open. Okay. Can't be quite sure how that works. Now what we want to do is show how this black box functions. Yeah, there it goes. So you have a flow of consumption. So anything is actually flowing. Anything that has a time dimension to it is just consumption, consumption goods, and it even makes it more severe than that. And the thing that circles back into the black box or orange box is the maintenance of capital. All right. So it spews out both the goods and then the maintenance that keeps the maintenance itself, I guess. You put that maintenance back there because the capital stock includes the maintenance as a technical detail. Now think about that. Would any economist say that maintenance is a technical detail? No, you can maintain it once a month or twice a month or whatever depending on one thing or another. So it's not just a technical detail, but it's treated as a technical detail in Frank Knight's view. Hence, the capital stock is permanent. Would any Austrians say that? The capital stock is permanent. Now, he kind of makes a different statement. He says the capital stock is permanent. This is Frank Knight. Capital stock is permanent in a sense. Or sometimes he says it's permanent as it were. We'll go on, so to speak. I have to say it's Jerry O'Driscoll who was at South Royalton in 74 who told me about this and these little tags on his sentence. And I love it. I like that. It's Jerry. So the permanent capital stock and look at the permanent there it is. Permanent capital stock yields a perpetual flow. And you know what the qualifications are? In a sense as it were, so to speak. Okay, now let's see where we go. We have a system of capital yielding a consumable output. And yeah, this wasn't quite right with Knight to call it consumable output. He says, well, we have a system of sources yielding services. Services aren't anything concrete. Services don't last at any time. They're just services. And that's the view of capital. And because of that, he says there's only one factor of production and that factor of production is capital in the broad sense of sources. You're going crazy trying to read Frank Knight's stuff. So land, labor and capital are all capital in the broad sense. That's the idea. Now, don't try to read this. Don't try to read it. Let me read it for you. But to read it for you, I have to color code it to keep from stumbling. And the person who's writing this is not Knight. It's, yes, Milton Friedman. Friedman sort of bought into a lot of the Frank Knight stuff. And see if I get some color coding here. Got a little blue up there. I put the blue in actually because I want you to know what he's talking about. And so I'll read down to the end of the blue. The key feature of the process in which interest rates have been lowered, supposedly by the central bank. And we have to see what this process is. And you've got it color coded and you know what he means by sources. You know what he means by services. We could all read it in unison. But let me read it. I try not to stumble. So the key feature is that it tends to raise the price of sources of both producer and consumer services relative to the price of the services themselves. It therefore encourages the production of such sources. And at the same time, there's no there's no time coming along at all. The direct acquisition of the services rather than of the sources. But these reactions in their turn tend to raise the price of services relative to the price of sources so that to undo the initial effects of interest rates. So in other words, in no time, the interest rate, if it went down, it would be back up in no time because services and that's free. And he goes on about this. I can do it all in white now. The final result may be a rise in expenditures in all directions without any change in interest rates at all interest rates and asset prices may simply be the conduit through which the effect of the monetary change is transmitted to expenditures without being altered at all. Now, what you see here, if you go back and read this, is that he's really showing what Hayekian recession would be, except with Hayek, there's a time element. And things happen. Bad things happen when the Fed is pumping money into the system. And it doesn't make its changes all at once with no lasting effect. So this is all the problem of the treatment of capital. Here, Friedman is an econometrician and he can't get that capital in his equations because he doesn't have any reasonable kind of a unit to do it. In other words, it's always a mix-up of the value of the capital and the amount of the capital. You can't have a word for just the amount because that's not a possibility. And so that's why he gives short shrift to the capital that is going on during the process of the business cycle. Okay. Well now, after talking about the Stigler dissertation, which was done under Frank Knight, I wanted to mention that there's another person writing a dissertation under Frank Knight and about capital theory. And that was Rose Friedman, okay, Milton's wife. And it turns out that it was a long drawn-out process. In fact, she never actually finished the dissertation. But she went back to it time and time again. Have any of you read Two Lucky People written by Milton and Rose Friedman? I read that book. It's a long book. And one thing I picked up is that a number of times, and generally every time they switched residences from one city to another, Rose would, when she settled into the new house and she didn't know any of the neighbors and she didn't have a lot of friends there, that's when she went back working on her dissertation. So time and time again, she's working on a dissertation on Frank Knight's capital theory, all right? Now here, I'm, you know, I think of myself as an Austrian economist, but I'm going to do some statistics. I'm going to look at what's going on here in this story. And that is, I knew about all this trying to get the dissertation finished. And I also know from other books that the Freemans never had any troubles in their household at all. They were just good for each other, okay? Now, it turns out, I mean, I know a lot of couples that are both economists. It's kind of sad, actually. They're both economists. And if they stay out of one another's major part in economics, then they'll be fine. But if they start looking at what the other one is doing and being critical about it, it's all off, okay? So I'm sure that Milton stayed away from it. That's my empirical my empirical way of looking at things, okay? Now, she never finished it. But still, that was how their family operated. Okay, what we got going here. So we can show an expanding economy. I mean, that was, it's not a stagnant economy. So you just have a little bit of maintenance. No, we got a lot of maintenance going on, not so much consumption. So that can work, okay? And what else have we got? A lot of consumption under maintained. So you can get that. Okay, so a summary here, just to show how different night in Hayek are, maintenance is a technical detail. No, maintenance is a matter of choice. Capital is permanent. Capital depreciates, but is augmentable for Hayek. For night, capital is the only factor on how to disco. Production time is a key variable. It's all about sources and services. It's all about temporal capital structure. Night, it's about stocks and flows in Hayek. It's about dynamic processes. Now, one thing I've heard from Mark Scousen, do you know who Mark Scousen is? Has reported by Mark Scousen in his Vienna in Chicago. Larry Wimmer, a 1960s PhD candidate at the University of Chicago, reports that the Austrian theory was one of those subjects verboten in Chicago. Okay, now we're going to switch and talk about this structure of production and how it fits into the Austrian model, at least in the way I model it, and start out with Linger's law. And it goes like this, the value of higher order goods derives from the anticipated value of the respective consumer goods. Well, okay, we'll go with that. So we get goods of different orders. Goods of the first order that's right down there on the bottom is actually consumption goods. And then second, third, fourth, fifth, sixth, seventh order are called higher orders.  Seventh one is the highest one, all right? So higher order of goods, creating the consumption goods. Now, what Minger saw, and this was a big breakthrough really in macroeconomics, is that production proceeds top to bottom. Well, of course, you can't start with the consumer goods and go the other way. It goes top to bottom. And value imputation goes from bottom to top, right? Well, we understand that. And now I just superimpose that one page out of Hayek's production, prices in production, and you can see essentially the Hayekian triangle. But the strange thing about that triangle, the strange thing at least to me, is that the time element is shown as progressing from top to bottom. I don't know if any other graph in all of economics that has time going from top to bottom, it almost makes you wonder what time does when it hits the origin. And let's see. Let me clean it up just a little bit, a little bit more. So that's it. That's the Hayekian triangle. You see the triangular aspect of it. But we have time coming from top to bottom. Now, Walter Block, is he here? Walter Block has claimed that I was the one that changed all this, right? I didn't think of myself as really changing it much. But the business of having the time go from top to bottom is just, it's hard to get your head in. And I have to say that I did work at it. I worked on it to get it to look a little bit more reasonable. And you can watch that. There. I did it. I think all in one day. Now time goes from left to right, and the value dimension is vertical. And I'm sure that some of my stuff in Austrian macro is suspect because they don't realize that the triangle has been changed. But anyhow, that's it. And so we can superimpose the triangle without seeing all of the different stages of production. And there it is. Again, it's pretty simple. And I'm getting this all from the structure of production, right? Structure of production. It's a thin volume. It was initially done orally at LSE and then made into a book. But much later came pure theory of capital. And if you want to work on IAC's capital theory, you might want to go ahead and go from prices and production to the pure theory of capital. And if you do, I'll show you what you're going to be in for. Now, I can't figure out how to twist that one around to make it look any better. Okay, but that's it. Okay, that's it. Okay. Okay, now capital based macro disaggregates capital intertemporally. Consumption output is produced by a sequence of stages of production, the output of one stage feeding in as input to the next. The temporal temporarily defined stages are arrayed graphically from left to right. In the output of the final stage is constituting consumable output. Okay, okay. Let me get my story going here. So there's the early stage investment activity exemplified by product development. Looks like he's doing a pretty good job there. And late stage investment activity is exemplified by inventory management. He just needs some customers, all right? Sure on that. Now, look at that triangle. It looks awfully simple. And yet it's not. It's not simple. Because there's a lot of eddies and all sorts of things that cause those stages of production to be here and there and other places. Let me show you. Here, for instance, is a, this is a ball bearing outfit here. They produce ball bearings. And you see a main gate down there. You see it on up there is a you are here sign of people just want to stroll through and see what's going on. That's where they start with you are here. You always see you are here. So when you have this, but one thing you never see is we are here. We are here producing ball bearings, but they really don't know just where they are. Because they're producing ball bearings partly for skateboards and partly for mining equipment and partly for a bunch of other things. All right. So it's it's not clear to the management of this of this site to figure out what's going on with interest rates and how to determine whether there's money inflation or not and so on. Right? That's sort of a lockman input. You know, the lockman realizes that kind of stuff. You really don't know. And in theory, it's there but but the individual investor can't possibly know just where all of his stuff is going. Okay. For a pedagogical convenience, the initial capital structure is shown as having five stages with growth. A number of stages will increase. And we can show that. I think we'll see. I've had students in my class say, is there only five, you know? No, lots of them. With growth, a number of stages will increase, although all five of these stages are in operation during the same period, resources can be tracked through the structure of production over time. This would never happen with night. Watch the goods in process move through the stages. There they go. So here's a note. Hayek introduced the triangle in 1931 when Henry Ford was still producing the Model A. Model A was produced in 2831, if you don't know. I think you should know that. If only Hayek had had PowerPoint, he could show how the abstract triangle aligns with the real world output. Let's see. Did they go by? Didn't they see them on mine? Okay. So that's part of showing you the output didn't come out at the bottom of that triangle. It goes out there. Okay. So together, the sequence of stages from for my Hayekian triangle, the summary depiction of the economy's inter-temporal structure of production. In an economy experiencing secular growth, the triangle increases in size, but not or not necessarily in shape. Some people would say that if it increases in size, people tend to tend to save more proportionally. Well, they might, but we'll show it as just an increase in size. So when people choose to save more, the change in their preferred temporal pattern of consumption is registered by the market, first and foremost by reduction in interest rates. Reduced current consumption frees up resources in the late stages, which can be employed in the earlier stages. Lower interest rate favors more time consuming production. So that's what's that. We get lower interest rate. What's the structure of production respond to an increased saving? Like so. In other words, it's cutting down on consumption in order to save. But when they do that, that causes interest rates to fall because savings is more plentiful. And when interest rates fall, then it becomes profitable to engage in some long term projects that were not profitable at higher interest rates. So the Hayekian theory, in Hayekian theory, increased saving results from a reallocation of resources towards the early stages of production. Here the differential interest rate sensitivities are at work. In the Hayekian theory, increasing savings beyond capital maintenance, capital maintenance requirement results in an increase in capital stock, but with no implications about the capital's temporal structure, because there was no time structure in the capital stock in the first place. So in that case, it would be growing, but with no tilt towards bigger savings. Okay. Yeah, those are big jumps, okay. So the increased output of consumer goods emerges over time as the early and intermediate products move to the more time-consuming structure of production. In the Hayekian theory, increasing savings beyond capital maintenance requirements results in an increase in capital stock, but again, no implications about the saving. So we can clearly see the critical difference between night and Hayek. If we burn through the casing of the night in black box, we see the Hayekian temporal structure of capital that allows the differential interest rate sensitivities and hence reveals the market mechanism that Taylor's production plans to intertemporal preferences. Let's see if we can burn through the box. And there it is. If interest rates are telling the truth about people's willingness to save, we get genuine growth, sustainable growth. If interest rates are being held down by the central bank, we get an artificial boom followed by a bust. And that's the story. Thank you.


Hey everyone, this is Mike Kramer of ModCapital with the check-in ahead of the BOE rate hike decision Which will take place on August 3rd today is August 2nd, and it's around 7 a.m. New York time So expectations are for the Bank of England to raise rates by 25 basis points to five and a quarter percent There are odds here of potentially 50 basis points However, these odds have been diminishing over time And so you're seeing that it's more likely to be a 25 basis point rate hike decision at one point It was seen that they were going to raise by about 50 basis points at this meeting But those odds have changed pretty dramatically over the last couple of weeks Additionally, it's worth pointing out that the odds for the interminable rate are also coming down at one point markets We're expecting a terminal peak rate of about six and a half percent and that's fallen to around five point seven five percent And interestingly enough when we take a look at the British two-year You'll see that it looks very similar in terms of shape and and the way that the the market is trading the two-year with the Expectations for rate hikes from the BOE. So if for some reason this announcement comes out being, you know, the 25 That's expected but the forecast Is for fewer rate hikes and with the market is pricing in you're going to probably see the two-year two-year guilt Trade lower here. And in fact when we look at the chart of the two-year guilt You can see that it almost resembles that of a bear flag And this would be suggestive that perhaps the BOE is going to Only not is not going to be as hawkish as previously thought and you could see the two-year perhaps begin to fade lower And perhaps trade back down to this 475 region Where it's likely to find some support before Potentially making a move to go even lower than that but again a lot of that's going to be determined on the type of language And your belly uses tomorrow. We certainly saw, you know a more When it comes from the when it comes from the perspective of central banks We certainly saw a more of a data-dependent approach out of the Fed That's been the case now for a couple of meetings ECB sort of backed off its aggressive hawkishness And has more of a you know not in the forward guidance business as Lagarde put it and is also more in the data-dependent and We had Bank of Japan which came out last week as well, which raised the trading ban on the 10-year JGB and It seems likely that you're going to start seeing all these central banks move into this data-dependent mode I think it's probably because they don't want to create any more excess volatility within the within the currency markets Given the surprise announcement by the BOJ last week So it wouldn't be surprising to me just to see a BOE That's more in line with that of the ECB in the Fed and less hawkish than what had been previously expected And that could be one reason why you're seeing This setup in the two-year guilt which looks pretty bearish in terms of rates going down now obviously if you were to get a move above this high of 505 it could know Perhaps push it towards the up right into this channel back towards five and a quarter Which would also be a resistance level here something watch so you're going to want to pay very close attention to the type of language if the language Shifts more towards out of the Fed in the ECB. I think it's more likely than not You're going to see the the two-year move down to four and a quarter And what that probably means for the 10-year is that you're also going to see the 10-year begin to Maybe move down towards four and a quarter again. You can see the big rising wedge pattern in the in the British 10-year and You can also see that there's a very similar sort of bear flag pattern present in the in the British 10 as well Which also would suggest maybe you see a drop in the 10-year back to this 410 region now Of course if you get a more dubbish Approach or you know statement out of the Bank of England something more in line with that of the Fed and the ECB like We spoke about you could see the you know the British the British pound begin to depreciate Quite notably here. It did ultimately get up to around 132 ish or so so didn't quite get to that 132 and a half to 133 section resistance level we have may have mentioned but we did get pretty close and This almost looks like a pattern of a rising wedge with a throw over We're now coming back into the rising wedge component and you can see the big Levels of support right here With this trend line and then of course you can see the big levels of support with this trend line again If you were to get a less hawkish BOE something more in line with that of the Fed and the ECB I think it's more likely than not you're gonna see the British pound break support and begin to weaken again back towards 126 and ultimately towards 124 And again, you can also see here That the upward momentum that had been witnessed on the pound since really the the fall Has we it's beginning to show signs of weakening and momentum being lost So again, it looks like there may be a point in time here where you're gonna see the odds of the strength Going back to the dollar not towards the British pound So when you look at the foot so you can see there's a big downtrend in place here And here's a secondary downtrend Here's our support level at 70 to 50 that held we've we've seen a very nice retracement This is if we go back to this point in time here and we look this has just been nothing more than a 61.8 percent retracement of this entire decline at this point So tough to say that this is the start of a new leg higher for the the footsie at this point in fact this looks more More like a retracement more like a test of this downtrend That's been in place here at around 77 40 or so Again, you can see we broke another downtrend here It's not unusual to see the market once it breaks a downtrend come back and retest the downtrend So would it be surprising to see the footsie drop back to around 74 60? I don't think that would be surprising at all. And in fact, I Happen to think that's probably what the most likely outcome is Rather than trying to test the 77 30 region only because you know, you're seeing weakness develop in other markets Asian markets have been hammered the last night you see the the downgrade and in the fit trading of the US debt, which I don't think is a terribly important decision In fact when you look at the dollar index the dollar index is trading higher today, which is absolutely The opposite of what I would have expected to see given the downgrade Which tells us that the markets are digesting this pretty well the US 10 years is hardly moved today So again, this is suggestive of the market really looking at this fish downgrade isn't a non-event at least from the point of view of What bonds are doing currently and what the dollar index is doing currently? So if it is the case that you're just seeing this shift in momentum in equity markets globally Then this is an indicative of probably a footsie that's going to be trading lower in the near term than higher and again Likely take some sort of really strong sound of confidence about the health of the economy from the BOE tomorrow To get the footsie trading up to the 77 40 region and potentially, you know breaking out and pushing up to 7800 and then 7900 it's more likely than not that I think you're going to see a retest of the 74 65 region or so on the footsie By the time things are all set and done so again There's a lot of important levels that are coming up right now British pound looks like it may be trading lower It looks like you may see rates begin to move lower And I think that's indicative of an equity market that's going to be looking to move lower just because I think You're seeing this change in the approach in terms of monetary policy out of the two major central banks That have already gone FOMC and the ECB to say you saw an unexpected shift out of the BOJ Which was leaked just a day before the announcement came to kind of you know get the markets prepared for that shift Which tells you that the central banks don't want to create any necessary Volatility in the market, which is why you're probably also going to see a BOE That's more similar than not to that of the the Fed and the ECB at least for this meeting And then what happens next meeting will be dependent upon the data that we see in the weeks to come Anyway, hope you have a great day and I'll see you soon. Bye