Zero Accounting Software 2023. Enter purchase orders otherwise known as PO's. Get ready because it's time to become an Accounting Hero with Zero 2023. Support Accounting Instruction by clicking the link below giving you a free month membership to all of the content on our website broken out by category, further broken out by course. Each course then organized in a logical, reasonable fashion, making it much more easy to find what you need than can be done on a YouTube page. We also include added resources such as Excel practice problems, PDF files and more like QuickBooks backup files when applicable. So once again, click the link below for a free month membership to our website and all the content on it. Here we are in our custom zero homepage going into the new company file we set up in a prior presentation that being get great guitars. We're going to duplicate some tabs to put reports in like we do every time right click on the tab up top to duplicate it right click in the tab up top to duplicate it duplicating the duplication process. Then back to the tab to the middle as the one to the right is thinking accounting drop down we want the balance sheet report the big balance sheet. We're going to tab to the right accounting drop down again this time the income statement or the profit and the loss the profit and loss. We've got 2023 is the year we're working in nothing yet happening on the income statement with the balance sheet. We've got those beginning balances. Let's change the range up top. I'm going to put a custom range and we'll go to 2023 and the end of 2023. That's what I want updated. OK, so that looks good. So thus far we have entered the beginning balances imagining we pull them in from a prior accounting system. Then we talked about some transactions that are often the case or necessary when you first start the business financing transactions such as getting cash possibly through a loan from the bank or from yourself. The personal cash going into the checking account in order to get the money to then buy furniture and equipment. The fixed assets that are going to be necessary and to do whatever we're going to do in our case sell guitars and that would mean buying inventory as well as doing guitar lessons that we're going to have. And that's going to help us to generate revenue in the future. So now what we're going to do is start to buy inventory. So we bought fixed assets. Now we want to buy inventory because we're going to sell actual guitars here. So when we buy inventory, I'm going to go to the tab to the left to facilitate the transactions. Remember, there's a couple of different ways with inventory. You can you could deal with the purchase of inventory back to our flow chart. This is from QuickBooks desktop, but we're just using it in order to look at the normal flows through the accounting cycle here. So and I think this is just a good flow chart. So when we deal with inventory, we've got the purchase of inventory. So it's going to be involved on the expense side of things when we buy the inventory, which is what we're going to be doing now. And then it's also going to be on the customer side of things because we're going to have to decrease the inventory when we sell the inventory. In other words, normally inventory is going to be one of those accrual kind of things, kind of like the fixed assets where we have to deviate from a cash based system. Because we can't just simply expense the inventory when we purchase it, because the general idea would be that we want to line up the expense of the inventory called cost of good sold. And the same time period as we sell the inventory, which adds another level of complexity to our accounting process. Now you could try to get around that. You could say, Hey, I'm just going to stay in a cash based system and I'm not going to deal with the accrual component of tracking the inventory. When I buy the inventory, I'll wait for it to just clear the bank possibly and the purchasing side. And I'll just record it possibly through the bank feeds to cost of good sold right when I purchase it. And then when I sell stuff, I'll just record the revenue side at the point in time I sell it and the timing won't be quite right. But if you have very little inventory and you have a just in time kind of system or you make custom stuff, for example. And therefore you're buying the inventory for a particular project, then you might be able to get away with that. And that's not and you might that might work. But if you're buying inventory and you're holding on to any significant amount of inventory, then you're going to have to manage the inventory that you're holding on to. And if you just expense the inventory when you purchase it, you don't have the inventory on the books to help you to manage the actual inventory. The assets that are on the books, which can be significant and you have a matching problem in terms of your income statement because you're not actually recording the expense of cost of good sold in the same time frame that it helped you to generate the revenue. Therefore, we typically have to put the inventory on the books as an asset when we purchase it, which is what we're doing here. And then when we sell it, that's when we have to decrease the asset and record the expense of cost of good sold when doing that. We could do that either using a periodic inventory system or perpetual inventory system. If we use a periodic inventory system, we wouldn't set up inventory in the zero system, but rather track the inventory in Excel or some other spreadsheet programmers or inventory management program and then just make periodic adjustments into zero. That's one method that can work and you can do a physical count at the end of the night, week or month in order to make the adjustments necessary. The other method is to track everything within the zero system on a perpetual inventory system, which is what we are doing here, which means when we purchase the inventory, we're putting it on the books as an asset and tracking the sub ledger. When we sell the inventory, we're going to be recording the sale side and the cost side, meaning decreasing the inventory and recording cost of good sold at the point of sale. Alright, so that's what we're going to be doing. We're on the purchasing side of things here. So the first form that you might have in the purchasing cycle is a purchase order. However, this would only be the case in certain circumstances. You might, for example, be in a situation where you're just buying the inventory and you have to pay for it at the point in time you purchase it. In other words, oftentimes when I buy something online at like an online store, I pay for it at the point in time I request the inventory. And so that's different than a purchase order. If you're on a purchase order, we're sending out the purchase order. Let's say we're imagining we're going to buy 20 guitars and I'm sending out the purchase order and they're actually going to send me the guitars before I pay for it. And so you can see in that kind of situation, there's got to be a lot of trust on the vendor side of things. With you, you have to have a lot more power on the purchasing side in order for them to actually ship the inventory before you pay them. So so that would have to be the kind of the scenario. If that is the case, then you enter the purchase order, which is a strange form also because it doesn't actually have a financial transaction related to it. There's no impact, in other words, on the balance sheet and income statement, although we still want to track it because when we receive the guitars, the inventory, then we want to compare what we got to the purchase order to make sure that everything is proper. And then we've recorded as a bill or we pay it at that point in time. So that's what we're doing now, purchase order. All right, so let's do it. We're going to go back on over now. Note that we set up the products and services. So usually, obviously, if we're tracking the inventory, we have to have set up our products and services here and so that we can track the inventory through the purchase order. But they won't actually hit the books until we've received the inventory and we'll create, in essence, a bill or pay or just pay directly from the purchase order. All right. So let's go up to up top. Enough talk. Action. We need action here. Now you can go into the purchase order a couple of different ways. You can go into the dropdown here. These are all the normal transactions. So now we're in the normal course of transactions. We expect to be buying inventory often. And therefore, there's a form in zero specifically for the purchase of inventory. You can also go into the tracking of the purchase order area in the business dropdown and purchase orders. And so this is where we're going to track our purchase orders. And we can go into here and say we want a new purchase order. All right. And then we're going to purchase this one from our one vendor so far. We buy our stuff from Fender or no, we buy it from Epiphone. So if I start typing that in Epiphone populates, we're going to say the date is going to be 01 slash 12, let's say slash 23 and delivery date. So you could populate the delivery date if you have that. You got the purchase order number being generated from the system. I'm going to keep that. I'm not going to have any reference number. The theme represents the kind of the template. So we're going to use the standard template here. We're going to be doing this in US dollars. And amounts are taxed. We're not going to be taxed on the purchase. So I'm not going to have any tax on the purchase side in this case. And then I'm going to choose the items. Now note that you could, if you don't have your item set up, just put a description of what you're doing. But if you want to track the inventory, you have to have the items set up, which we set up in a prior presentation. So I'm going to have an ELP. So there's an Epiphone lust Paul that we're purchasing from them. We're going to say that we purchased 20 of them. Notice the cost is already populating. That's not the sales price. That's what we buy them for. So I'm going to say there it is. And that times 20 gives us 8,000. And so then we're also going to buy an ERP, which we said was an EPR, an EPR, which is an Epiphone Riviera. Let's say we buy five of those and they cost $440 times five gets us to that 2,200. Let's buy an EPSH. And so that's the Epiphone semi hollow body. And we're going to say that we buy four of those. And so there is that. And then we're also going to buy an EPSP, which is the Epiphone standard pro. And we're going to say we buy five of those and they cost 480 for 2,400. So that's going to be our inventory that we're starting to purchase here. If we needed more lines, we can add more lines here. We've got the postal address, which is picking up our address by default. If you wanted a different address, you can hit the dropdown and add an address or you can pick a different address. And you can adjust your settings if you have a different address that it's going to be going to. Attention, telephone number, delivery instructions, and you can add notes on down below. Now, if you've got your approval option, you can approve and add another and you can cancel it. Now, as I add this, it's not going to it's not going to actually do anything in terms of the financial statements, because this is a form that's going to be going to our our vendor, but we didn't actually pay for anything and we don't have any claim to the inventory yet. So although we're going to track this, there's no impact on the financial statements balance sheet and income statement. We will possibly use this form. However, when we receive the inventory to create the applicable bill, at which point we will then record the transaction and the inventory. So let's approve it. Once approved, we have our sending option here and we've got our printing option and we have the options dropdown to edit, delete, and copy to the copy to would be copying it most likely to a bill. Once we receive the items, got our little crumb trail up top so we can go into the purchase orders again and see the activity here. Although I went to the dropdown and then purchase orders. Okay, so there's our activity. So here's here's the everything related to the purchase order. It's not a draft. It's not awaiting approval. It's been approved. So it's in the approved area. We have not used it to yet generate a bill, which is something we hope to happen once we receive the guitars. Now, again, nothing happened up top in terms of the balance sheet or the income statement for the purchase order. Now you can also look at this. If I go to my contacts and we're looking at epiphone, if I go to my suppliers contacts and check out epiphone and go into the epiphone information, then we can also go here for and check it out our purchase order information. All right, let's make another one. Let's do this time by just hitting the plus button up top and I'm going to say purchase order. I'd like to order a purchase. I'm ordering this purchase. Dang it. This is let's say this is Gibson. We don't have Gibson set up yet. So Gibson USA. I'm going to add a new contact for Gibson. This is going to be for 01 slash 12 slash 23. And we're going to say there's the number standard theme dollars. It's not going to have any tax on it. So I'm going to say no tax. And then I'm going to be selecting our items. All right. So I'm going to start off trying to buy a new one as we go. This is another a new vendor. So we're going to say let's let's type in or I'm just going to add it as we go. We're going to add a new product on the fly as we go. And I'm going to call it a we're going to call it a GSB for the code. And then the item name I'm going to say is a Gibson SG. And then we're going to say that we purchase it for. So we're going to say that we this is the purchase price not the sale side. And this is going to be five nine eight. And then we're going to be purchasing it. It's going to go into inventory inventory when we purchase it inventory. Where's my inventory account. Hold on a second. Actually now I'm going to leave that blank. And then the tax rate on the purchase I'm going to say there's no tax on the purchase. So I'm going to exempt the tax on the purchase side. And then I sell this item. So the sales price is going to be we're going to say seven seven seven. And then the sales account is just going to be sales four thousand. And this one is subject to tax. So I'm going to say that subject to our sales tax that we set up in a prior presentation at five percent. The description is pulling in on the sale side. So when we purchase in the purchase order it's going to show up for this cost. When we sell it with an invoice or money in form it's going to be the sales price up top. And then I have to say that I track this inventory. And that's where the inventory asset account is coming into play rather than being up here. So we're going to say it's going to go to the inventory asset account. So I'm going to save it. And then it wants I think this should be cost a good sold. It wants cost a good sold cost a good sold account and then the inventory account. Okay. Let's try it again. There we have it. All right. So done. So we're going to buy 10 of them. So I'm going to say 10 of those have been purchased for five nine eight zero. And then it's going to this address. And so that looks good. So I'm going to go ahead and approve it. Everything looks good. So I'm going to say approve it. And then when that comes through, we're going to use this to create a bill with it. Once we receive those inventory items, the guitar in this case. So if I hit the dropdown, then we can go back to our purchase orders. And now we have our two purchase orders here. And if we go into the approved area, I can check them off. So notice I can check them off and then, and then I can apply an action to them, such as copy them to a bill or where I can make another purchase order or an invoice with it. And of course, we can also track this in the contacts information and the suppliers. And now we've got the epiphone. Actually, let's just go into the contacts. Let's just go into the contacts all contacts. And we've got the there's Gibson. So Gibson USA. If I go into Gibson, then we've got our purchase order there.


Well, good morning everybody we said we would start at 955 so we shall Like to thank you all for being here. I recall last year was a beautiful sunny spring day and today's a little more gloomy So feels like a little bit better day for an indoor event. We got a good crowd here this morning and we Are anticipating excuse me anticipating a couple of hundred online viewers both high school students and home schoolers, so we are glad to have our online audience this morning and We'd very much like to thank the Tatum family for their financial support of this event this morning So as many of you might know One of the founders of this building and this institution's names Murray Rothbard passed away in the 90s But he's a famous economist and he had a quote That is also famous. He said it's no crime to be ignorant of economics Which after all is a specialized discipline that one that most people consider to be a dismal science But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in the state of ignorance So to paraphrase Murray, you know, this seems to be a condition that we have throughout America today Everyone thinks they're an expert on everything We're flooded with information and data through the internet through social media, etc So we have information, but we don't always have understanding and I'm sure some of you raise your hands if you're not but some of you are truly familiar with TED talks This is a series of talks given by I'm going to say sort of trendy thinkers Put on by a nonprofit organization. Ted talks have actually existed since the 1980s Ted stands for technology entertainment and design I've heard or I've read Ted talks referred to and this is a little this is a bit much So you're gonna have to understand where I'm coming from I've heard Ted talks referred to as soul nutrition So that seems a little a little over the top for me anyway, because of I I view Ted talks with a little more jaundice I perhaps But Ted talks to me are proof that you can have a speaker Who's brilliant? Highly intelligent who's exceedingly knowledgeable about their subject who's very well-intentioned He was very well spoken gives a really dynamic presentation on a particular topic a speaker who can be all of these things and still be spectacularly wrong That to me is what Ted talks often stand for In other words, there's a certain vanity to Ted talks that the speakers in the topics They tend to appeal to current popular thinking the thinking of the day the zeitgeist you might say of the age and In doing so they really try to appeal to a mindset that says we're sort of an insider or hip audience And I think in doing so Ted talks are actually almost incredibly conformist I Think that Ted talks oftentimes make the fatal error of trying to capture that just the thinking of the day and to shape the thinking of the day rather than addressing the fundamental or timeless knowledge and wisdom I Think I think one of the Roles and one of the goals of the Mises Institute is really to stick to fundamental knowledge and wisdom that stands a test of time so all of you as you make your journey through High school and college Time and youth are on your side So whether you're studying economics our topic today or any other topic I would really encourage you to ignore trends ignore trendiness and Develop and start to build an intellectual foundation for yourself that'll stand the test of time that'll last you throughout your lifetimes So ignore trends and This oftentimes means some hard work Unfortunately, it means that whatever topic you choose or have an interest in or major in you have to read the classics You have to read the foundational fundamental texts of that particular discipline In other words, you might have to read some Aristotle if you're interested in philosophy and not just to learn about philosophy from some guy on YouTube You might have to read both sides or all sides of a particular topic if you take one of our PhDs here in academics and Excuse me in economics here at the Mises Institute at Joe Salerno and Mark Thornton You know these gentlemen have read plenty of Austrian economics, but they've read plenty of Marx They've read plenty of Keynes as well So this is really something an obligation in front of you if you're going to choose a field or discipline You have to be very well read on all sides of that particular discipline And again, you have to do some hard work. You don't be like the person in This slide that Willy Wonka is addressing You can't learn philosophy necessarily from a TED talk and you can't necessarily learn science from the New York Times So I think Willy Wonka's point here is that you're talking about something like climate change and weather you're talking about Topics that are deeply complex and that people study for their entire lives So it's fine to have an opinion or thoughts about global warming We all should but what perhaps is not fine is to is to develop an opinion on global warming based on an 18 minute TED talk or based on 10 minutes of reading of a New York Times article So with that said We'll go ahead and introduce Mark Thornton the aforementioned Mark Thornton Who is one of our senior fellows someone who's been here with us for many many years? He's a professor of economics both at Auburn University and at Columbus State in nearby Georgia and His topic today is development of money and the development of human society from barter to Bitcoin So a round of applause for Martin, please Thank you Jeff, it's a pleasure to be with you here today. Thank you for coming Thank you for tuning in on the internet to this fine conference on sound money You know money is a really weird thing Everything else has sort of unique properties, but money is just everywhere and so we we see people going out to restaurants to hardware stores to church and They go in there and they talk to perfect strangers and those perfect strangers give them food give them clothing give them tools to work with and Then money is exchanged so every day we're out there going around exchanging our money For goods and services and then we're going to work in exchange for a paycheck Money is the one and only thing that everybody uses You know, so some people like to wear bow ties other people like to wear regular ties other people like to wear no ties But all of them use money So money is a pretty unique thing in Our world in our life It's also associated with a lot of our problems Not enough money Too much debt can't pay the debt Employers don't have enough money.  What we're going to see here today in a few very brief minutes I'm just going to be covering the time span from the Stone Age to the present But we're going to look at how money has been very important for the development of human society The world we live in Exists because We have money So given that Given that we all use it we use it every day for everything we do Practically now, of course, you don't have to you didn't have to pay money to come to this So that's a little bit different But a donor actually paid money So that you could be here for free Because they thought that what we're going to teach you here today is so darn important So everybody in here I've calculated has had at least 10 years of education Some people in here have 15 years of education as many as 20 years of education So if money is all this then You would think that you would have been told and retold and tested on The issue of money and who invented it, but you weren't were you? No, you weren't told Who invented money talk about the problems of the education system my goodness So to tell you what money is and why it's this important I'm going to go back to the Stone Age Before there was money there was a time when money did not exist so the caveman didn't have money and Economic conditions were very primitive For people back in those times almost animalistic Your food your clothing in your shelter were things that you had to produce Whereas in here Probably nobody built their own shelter Probably nobody actually made their own clothing and You probably produced very little of the food you consume But back then they had to produce all of their food all of their clothing and all of their shelter and as a result They had a limited range of goods to consume They had very short life expectancies tribes of people were actually killed off on a regular basis due to famine not having enough to eat where everybody in their little societies did not have enough to eat and Existence was characterized by general warfare between these tribes So things weren't good in pre-money society Fortunately people learned to get along and to trade with one another both within the tribes and ultimately between different tribes and This was based on barter. They didn't have money, but they could still trade goods for goods the problem with that The problem with me trying to trade this pointer With somebody else here is that it would be very difficult Probably not too many people want the pointer Permanently, I mean it's fine for you know making the dot go around the screen and things But it would be hard for me to find somebody who really wanted this pointer And then it would be even harder For that person to have something that I actually wanted So a barter situation requires a double coincidence of wants So that this person here in the front row has a bow tie wants the pointer and I just happen to want his bow tie Okay, those kind of situations those double coincidences of wants are very difficult to discover But when they are discovered We do know that both parties to the exchange are going to be better off. I want the bow tie He wants the pointer. We agree to that situation We make the trade and we're both better off. I'm better off because I've given up the pointer But I've got the bow tie. He's better off because he gave up the bow tie, but he really wants this pointer So that's a good thing We end up getting access to more goods different goods and Also people who are making trades on a regular basis tend to start to respect each other's property Okay, if you're providing me with a benefit every year and I'm providing you with a benefit every year by making these trades Then I'm going to tend to respect your property not want to invade you and kill you and enslave you And you're going to have a similar type of respect for my property rights and under these conditions of respect for property rights Parties these different parties these different tribes can start to specialize in what they are Proficient or efficient at doing and So societies can start again to specialize and to divide the labor between each other and We spend more time doing what we're good at and less time doing what we are inefficient at We can divide up the fishing the hunting the gathering the farming between different individuals and indeed between different tribes and As we start to specialize and Divide up the labor in society We can also With the help of saving to develop better tools to use better tools for digging better tools For hunting for fishing We can make nets for fishing we can sharpen sticks for hunting or digging for farming purposes longer sticks to Gather fruit that it's high up in the trees. And so that's what happened in society many many years ago People started specializing people started dividing the labor up within the tribe and between tribes They started to develop metal excuse me better tools and eventually they discovered the use of metal tools and It was this trading the specialization this discovery of better tools That allowed the standard of living to rise To produce more food to produce more clothing to produce better and more shelter To stabilize society and to reduce warfare between societies So an example of this more advanced barter situation Would be say I'm raising cattle and I'm specializing in the raising of cattle I've got so many cattle that I could really use a shovel So I go to the blacksmith and I said, you know, I'm interested in acquiring shovel for you And I have cattle in exchange, but certainly a cow is much more valuable than one shovel So would you mind giving me four shovels for one? Cow and the guy says well, I'm not gonna give you four, but I'll give you three and I say, okay Now what must I be thinking? To agree to give up one of my cattle For three shovels Surely I can't use three shovels at one time So I must be thinking what any ideas Perfect trade the the extra shovels for something else I could trade one of the shovels with a beekeeper that I know for a gallon of honey possibly maybe not a whole gallon And I know this other person who's a weaver who I can trade one of the shovels for To obtain a blanket And so what I've done is used those shovels As a medium of exchange I'm facilitating The exchange of the cow that I don't really need for the shovel which I do really need Because of all those cows And I'm gonna I know in advance that I've got a good chance that I can trade one of my shovels for honey And one of my shovels for a blanket so I've used the shovels As really a medium of exchange Which is an intermediary that is used in trade To avoid the difficulties of barter if I relied only on barter I wouldn't have been able to discover A valuable trade for both me And the blacksmith the blacksmith would be happy giving up one shovel For one cow, but I wouldn't But I would be happy to get three knowing that I'd end up with the shovel for farming The gallon of honey for sweetening And The blanket for warmth So that's the medium of exchange And as we developed as society developed Basically what happens as we move from a hunter-gatherer society To a sedentary agricultural and domesticated animal society So instead of moving around killing wild animals Uh gathering nuts and fruits And having to move constantly In order to find new sources of animals nuts and fruits We can now stay sedentary stay in one place Engage in agriculture the growing of crops And raising domesticated animals So we have a constant source of food And societies do not tribes do not die off Because of famine, but they become larger and more productive and more interactive And so mediums of exchange In these early societies included various types of animals such as cows and sheep various types of grains Which could be stored Salt Was an early medium of exchange Because there was no refrigeration The only way to preserve most foods Was with salt and so everybody used salt in large quantities So if you traded for salt, you knew you could always retrade the salt for the things that you wanted Later on tools became a medium of exchange. So axes shovels knives and so forth Became mediums of exchange Because there was always plenty of people who wanted These tools because the tools increased your productivity In the early american colonies Uh north carolina, virginia, mariland, delaware, etc They used blocks of tobacco as a medium of exchange So the tobacco farmers would you know sell their crops and The stores would use the Blocks of tobacco to make exchanges for their inventory With people who raised eggs and so forth Um And so tobacco was an early form of money in america And basically what you see happening Through the use of money which allows the specialization and division of labor to take place You see civilization as we know it emerge This is several thousands of years ago in the bronze age basically when this starts to take place When metal tools greatly increased our productivity And we had the specialization and division of labor present So that we could have things like blacksmiths Making these tools And so what we find with the because metal tools were so important metal emerges as an important medium of exchange You could always use bits and pieces of metal to go to the blacksmith if nobody else To exchange the bits of metal for tools for finished tools and other people began to accept metal As a medium of exchange as well Now money is basically the best medium of exchange Whatever emerges in a society as the most generally accepted medium of exchange And the types of things that tend to win out in this competition for the most generally accepted medium of exchange Are things that are durable You want money to be durable. You don't want to to break down or decay or degenerate in any way You want money to be divisible You know, I could have You know theoretically thought well one third of Of one of my cows could equal a shovel But of course if I cut one third off of the cow It wouldn't be very durable at that point. It would start to rot So a lot of these early forms of money other than salt were not divisible It also has to be easily transportable So you have to have a high value In a small sized package And salt really didn't fit that bill because salt, you know, if you know, you talked about Something to exchange for a cow. Well, I mean, you'd have to have a tremendous amount of salt In order to make an exchange of that size So salt really didn't work very well In long distance trading only in short distance trading And because you need those factors Durability And transportability Metals one out In the world wide competition For medium exchange early on it was copper and bronze and then eventually silver and gold Emerged as the most generally accepted medium exchange And really the only thing that worked in terms of international trade And so far we haven't even gotten to the issue of coins But metalsmiths like the blacksmith Started to make these coins about 3 000 years ago Where they made little discs Shaped as what we know is round coins That would be he pound us a stamp into it So that it was easily identifiable as a particular blacksmiths coin And these coins were roughly the same size and weight They were roughly the same composition of metal the early ones were a combination of gold and silver And as a result Of the uniformity of these coins We had for the first time a unit of measurement Or of value for those coined monies and as a result we could then develop things like counting accounting and pricing And as a result civilization could be ever more complex And trade could go ever further distances and as a result We saw increases tremendous increases In the standard of living and some of the early great civilizations emerged As a result In the middle east in egypt and in greece And so forth So coins are like roughly 3 000 years old Banking only came about modern forms of banking only came about In the year um in the 1400s So that's a relevant relatively early excuse me recent Uh development where you could store your money where you could borrow your money Where you could exchange your money from say Greece with Uh the money of egypt or some other place There's an explosion of economic growth as a result banknotes Only came about in the mid 1600s So banknotes were basically receipts that represented an amount of gold or silver So you would take your gold or silver To the goldsmith or the silversmith Where he could safely store it and you would be issued a receipt A written receipt that says you have a certain amount of gold there And as a consequence we had for the first time a form of paper Money that was easily more easily transportable and much safer Now what we're going through right now is of course bitcoin And bitcoin and bitcoin Blockchain technology is going to further revolutionize our economy in the future bitcoin Is sort of based on the principles of austrian economics to a certain extent It came about because of the financial crisis of 2008 And many people think it's going to revolutionize the way we do Money banking and financial services going forward The big advantages of it is Three things it gives you zero cost transactions It gives you zero fraud or hopefully zero fraud and it also gives us a private form of money Rather than a government form of money for the first time in many many years So in conclusion, uh as money gets better Society can get better Money is critical for an advanced complex economy characterized by the specialization and division of labor And monetary problems cause big macroeconomic problems for us all. Thank you very much


What's good y'all, it's Bull Ross back again with another video. So we got to talk about the promo segment between Cody Rhodes and Seth Rollins tonight on Monday Night Raw. It was a very good promo segment and definitely they're expounding on what's going on for the main event of WrestleMania involving the Rock, Roman and Cody and also Seth and where things are heading for this WrestleMania season. We also were, you know, trying to see what did Cody plan on saying in response to the Rock slapping the dog piss out of him. So I was definitely excited for this particular segment. I didn't know Seth was going to come out there, thought Drew was, but I'm glad that he did. And we're going to get into basically what was said and where things could go in the future. Also, I have to talk about the live stream. Shout out to everyone that was a part of the Monday Night Raw live stream on YouTube and Twitch. You guys are amazing. We always enjoy having you guys watch the show with us. It makes the show that much better. So we appreciate everyone that's a part of the live stream that was part of the live stream, but we got to get into this. We're going to get right into this Cody Seth Rollins promo segment. So Cody comes out there and it seems like every city he goes to as of late, the crowd reaction, the pop that he gets is just massive. The night's crowd, they definitely showed out for Cody. They were definitely happy to see him. Crowd was electric when he got inside the ring and it's cool to see that this whole situation that transpired a few weeks ago with the rock potentially taking his spot at WrestleMania made him now a bigger star than he ever was in WWE. This is the loudest that the reactions he get everywhere he goes since he's been back. It's just it's fantastic. And I love to see that that they are really pushing this guy now to the moon, it seems like. And I love it. So comes out there to a great reaction. And he's basically talking to the crowd and and and trying to let them know, you know, he appreciates them sticking behind him. He appreciates them, you know, kind of pushing him forward to make the right decision and in the choose Roman Reigns. And even the rock was brought up because he wanted to address the rock putting hands on him.   It's it's definitely definitely crazy to think about. Cody mentioned that, you know, he's starting to get a little bit emotional about all this love and support he's receiving from the fans. But he doesn't want to be labeled as a Cody crybaby. And then he proceeds to show the clip of of pretty much rock on the Pat McAfee show just going in on the Cody crybabies of what not talking in strash.  So he cuts back from that segment. Crowds booing the pack of Pat McAfee segment with the rock on the crowds booing and booing just that whole segment. And he's asking he's asking Pat McAfee, where am I supposed to stick the McNuggets at? Where am I supposed to stick him at?  It was funny. I love that Macbhees interaction on commentary as well. Glad to have him back. And essentially what he's alluding to is the rock is always been this guy that had this this ability to just destroy people on the microphone. Like his his microphone skills have been bar none of everybody else for a long time. But he felt like it was low hanging fruit. He essentially Cody was like, you know, it's not too many people that can hang with the great one. But to be honest with you, that's it. That's the best you got. I don't know about that. And honestly, I was waiting for him to get to the point where what is he going to? How is he going to address what happened with with him in Rome in that press conference? And he finally got to that part. He said, I wasn't trying to disrespect your family, but you knew that you knew that you you you took that upon yourself to take the opportunity to slap me across the face when the disrespect wasn't to, you know, I wasn't trying to purposely intend to disrespect your family, considering your cousin disrespected my father and has done it before. So you just took that as an opportunity to, you know, slap me. And he made it very clear. He says, all right, since we're doing this next time I see you, I'm going to put hands on you. I'm going to have to put hands on you next time I see you. I wish it came off a little bit more aggressive.   So he's not going to say some stuff too, too much on the vulgar side. But I want them to really kind of tap into that a little bit more like CM Punk said on commentary at the kickoff show.  That's what we need. There's nothing wrong with a good face of a company, baby face, but make them real, make them have emotions. And that's what we need more of.  I'm going to hit back. So hopefully that does happen. Maybe that happens at this Smackdown episode. We'll see. So before he was to finish up, Seth Rollins comes out there, gets a huge ovation, crowds loving him and whatnot. And before Seth got into it, he told Cody A. Before we get into this, before you say what you're going to say, I just want to say. Thank you for having my back out there. I know we haven't seen out of it, but I really do appreciate that. And Seth Rollins says no problem. You're welcome. And then this was a very interesting promo from Seth, which I really do appreciate. He basically said, look, I am disappointed that you didn't choose me to fight for the World Heavyweight Championship. But seeing what you was dealing with out there at the press conference, seeing the passion. I understand. I understand. I understand why you didn't choose me and I get it. You need to finish your story for yourself and for your family. Well, your father, I get it. I completely understand. But then he also said this, but if you're going to do that. You need to. You must finish your story. Because if you don't finish your story this time, the WWE landscape will be changed forever and in not in a good way. It's going to be some dark times after that WrestleMania, if you don't finish the story, because now it means we're not going to see Roman defending that championship more than we have been now. In fact, it's going to be less and less that we see that championship. You need to stop him. You need to take care of business. You need to finish the story because you have the best possible chance to do it. He even mentioned the rock, got some more rocky chance. And he he he put it into perspective. And I like how he mentioned the rock, but he also put it into perspective, perspective of what happened last year to what he's facing this year. He said, you know, you got the rock and Roman, they think they can do whatever they want. They think they can push their weight and their power and influence wherever they want. That glass ceiling gets a little bit thicker if Roman Reigns retains that brass ring. It gets a little bit higher. It's higher. It's harder to obtain if Roman Reigns obtains.  He said, what is your game plan?  Because last year, the deck was stuck. I said the deck, the deck was stacked against you. And that was last year and you almost got it done. But it was just the numbers game. This year, it's even harder. Last year, you had to deal with Jay. You had to deal with Jimmy. You had to deal with a solo. You had to deal with Paul Heyman. This year, you have to deal with Jimmy Solo. And now the rock. You're going to need help. And I like where he broke down the promo even further after giving us rousing speech and telling him you're going to need help. It's going to be hard for you to do this by yourself. And basically, that's what he kind of word it is. Like it's going to be hard for you to do this by yourself. And he he took blame. He said, you know what? When me and Roman was in the shield, we was we were tearing things up. But I have to take blame for this. This is partially my fault because I've mowed. I've turned them into this. You know, he betrayed Roman, he betrayed him. And we all know it's heavily documented. But I like that they're turning this they're turning him getting betrayed potentially to a situation where this is the Roman we've gotten. Obviously, we didn't see it for a while. But this is the Roman that we finally gotten because of that betrayal. And he's like, I caused this. I didn't know it was going to be that bad. I didn't know what monster he was going to become. And until now, so he basically let it be known. Look, if you need my help, if you want my help, you let me know. And I will definitely help you out if you need it. I have no problem being a shield for you. And I like that. That was nice wording. They talked about the shield and he said, I don't have a problem being a shield for you if you need it. So it's going to be very interesting. That was a very good promo segment. Once again, when Seth Rollins is serious, he's the best version of himself. I really I know they do the little gimmick in the dance and in the outlandish outfits because the crowd loves it. The, you know, the people that are actually at the arenas love it. At the same time, man, when he's serious, he cuts the best promos and you buy into it and he was passionate about what he was saying. He was passionate, telling him you've got to finish the story. You've got to do this. If you don't, WWE is doomed. You need to save WWE. You need to take that championship away from Roman and save the WWE or we're doomed. And I love that. Love that so, so, so good. And the passion and the firing Cody just soaking it all in and ending it with I can be your shield if you need me to appreciate that, man. And honestly, I don't know. It looked like they may be setting up some type of tag situation, but I do think it's more or less going to be Seth is going to be in his corner. Seth is going to be there to help even up the odds because he can't do it by himself. The question is, will it be somebody else that has his back as well? That's going to be the interesting question. I don't think they're doing tag, a tag match. I don't think there needs to be a tag match with the Rock and Roman. They do it. It'll probably have to be night one, but I don't think they need to do that. I think having the Rock in Romans corner is going to be crucial. It's going to be very important having Seth backup backup. Cody, depending on if he's going to be the champion or not, unless unless there's a situation where the bloodline cost Seth the championship and then that way he helps Cody. That's the only thing I can think of. That's really the only thing I can think of because I just don't see Seth winning at this year's Royal Rumble. It has to be someone, maybe the bloodline interferes, because they see that he's trying to help him. So they'll do whatever they can to maybe maybe take out Seth or or in a situation, kind of screw over Seth, you know, trying to push their weight. So that could be a situation they do. For Seth Rollins World Heavyweight Championship match, depending on who's going to win an elimination chamber, you know, they could be the reason why Seth loses because Seth is trying to help Cody. So that can be a situation who knows. Once again, we still don't have no clear idea how WrestleMania is going to play out. But I love this segment because I love the fact that Seth Rollins is the I guess you can say the voice for the the the majority of the fans that want Cody to finish the story. And they know he needs to do it because if he doesn't this time, WWE is it's going to be some dark days for WWE. And the championship will be held hostage and it's going to be one of those things where the bloodline wins. The the Samoan family is dominating WWE.  So I love what they're doing here. Very excited. If you haven't gone, seen that promo segment, go check it out. Seth Rollins has been on a roll with his promos for the past month. Plus, it's been great and go check this out. Very good stuff from Seth and Cody tonight. But comment down below. Let me know. Do you guys think this will spur up some type of tag team match at WrestleMania with Cody and Seth Rollins versus the Rock and Roman Reigns? Or do you guys think it'll more or less be a situation where maybe bloodline interferes in Seth Rollins World Heavyweight Championship match causes Seth to lose the title and maybe Cody and maybe Seth will have Cody's back in the main event. Let me know what you think this is going to go because I'm loving the just the the uncertainty of how things are going to play out at this year's WrestleMania. That's how it should be. But I appreciate all of his support. I'm still going to speak to you to wrestling champion the world. Appreciate talking to you with me. See you on next one. Peace.


Again, with the FFT and DFT, which is very useful in signal processing to get the frequency response or the frequency attributes of the signal, the mathematics looks like this. So again, you've got summary of multiplication, and here even worse, you've got complex numbers. So with complex numbers, you need double the operations. So again, you need a lot of max. I was talking about the fixed point, but what about the floating point, what kind of acceleration do we have? Well, first of all, there is no SIAMD instruction. So one operation is only able to get one operand or two operands in float. You cannot do double the operation at the same time. On the other side, the MAC, so multiplication and accumulation takes one cycle, which is only true for the F7 or M7. There is a big difference on the M4, it was three cycles. So for the floating point, there is also a nice improvement. And what is also not so known that if you enable the floating point unit by hardware, you get another 32 registers inside the core, which makes the life much more easier for the algorithms to store some intermediate result, so you don't need to reload the coefficients all the time. So if we are considering which numbers you would like to use, it's not so easy. First of all, you need to consider what is the input. If you get 12-bit ADC directly, this means you can fit easily into 16-bit numbers, so you don't need to convert anything. Or if you get the floating points already from some external device or from some other algorithm, for sure it's easier to always use the numbers which you get already, but sometimes you cannot evict to have the conversions. Usually the problem comes with the 8-bit or 16-bit numbers when you consider these signals with high dynamics. So you go very from the 1 to very close to 0 and then you got all the issues with rounding. If you get this, you either can work about your algorithm or you can convert to float where all these problems are very minor. So developing this floating point is usually much more easier, but typically the algorithms take a little bit more time to execute. I did some comparison here. So the typical algorithm FFT, big watt, which means IR filter, with four stages and filter with 100 coefficients called steps, compared between M4 and M7, exactly the same code running at the same speed. So how many cycles you need to perform such operation? So you see mostly the F7 or M7 is almost double the speed of M4. And also you can compare that typically if you compare here, the 16-bit for both architectures is faster than floating point, 32-bit, because of usage of the SIMD. But if you compare the full 32-bit in fixed point, it is slower. So usually if you have 32-bit numbers in fixed point, it doesn't make too much sense to use it. It's better to use floating point or to shrink the data if you can if you don't really need the precision to 16-bit. So we can move to the very last part, which is the spectrum analyzer or analyzes. So classical FFT, which will be run right now. Very often you would like to have the properties of the signal not only in time, but also in frequency. So for this, we typically run the FFT algorithms. There is a multiple variant of those. For our signal, which is audio, which is for sure a real signal, it's enough to run the real FFT. For this, the ARM CMC library offers ARM RFFT function, of course. The usage is pretty much similar to the filter. You need to have an instance which was initialized before. Then you have pointer to source and pointer for the result. In our example, you simply use the doFFT1 flag and it will switch on the part where the FFT is computed. Even the input is real, the output is complex always. So to show something, we need to perform the absolute value of the FFT to be able to show at least the absolute value or the amplitudes of each frequency on the screen. And this is done also in this example. So what we can do is to just change the flag in your live watch window. And then on the screen, you will have, I think, a right channel still in the time domain and also the same channel in the FFT domain, in the frequency domain. And then to really check what's going on, it's quite good to have some signal generator because then you can see the sweep of the frequencies in the pinkish color. You've got the frequency analysis and in the bluish color, you've got the time analysis. So as usually, what you can do is to export your result to the variables, to the hex files. Then you can load it by Sylap and doFFT by Sylap and compare the result. In my case, the last file is the Sylap process 3, which is doing the same thing. At this point, I was close with the sine generator to the microphones. This is the result I got computed by the function of STM32 and the same thing done on the PC. OK, so again, you can compare the result. If it works, you are happy. If not, at least you know where to investigate. Again, the same trouble with the amplitude. Here we get much more resolution than in the MCU, which is limited to 16-bit numbers in this case.


Hey, this is Brett and this 2019 Ram 2500 Crew Cab Short Box Limited Level 1 is stock number 14031ZA. I'm here at Summit Automotive in Fond du Lac, Wisconsin, you're new and used heavy duty truck and Ram headquarters this 2019 Ram 2500 has the 6.7 liter Cummins diesel engine. The 6 speed 68 RFV automatic transmission this truck has been fully safety to 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 that being said I'm going to go all the way around in this video inside underneath start it up and take a look under the hood to give the most accurate representation that I can of the truck Delmonico red pearl coat is the color I shoot all my videos in 4k and if you like the video you can subscribe to my YouTube channel which is youtube.com slash summit auto click the bell notifications get updates and videos I do each and every day as well as having access to one of the largest catalogs of vehicle and heavy duty truck walk-arounds on YouTube this one comes with the 20 inch polished aluminum wheels with the chrome inserts and it has open country Toyo tires these are all terrain tires and they are 35 by 12 and a half are 20 LT's in the front here I would say they have 50 to 60% of the tread left on them frame and underbody is exceptionally clean very little to no corrosion under there front fender is in fantastic condition I didn't see any dents or dings on there does come with the LED headlamps LED running lights and the LED fog lamps front bumper is in very nice condition you get the front bumper parking sensors and the chrome tow hooks you also get the chrome grill this one has a 360 cam and the hood is in excellent shape as well I didn't see any major dents or dings on there I'm gonna turn all those lights on at the end of the video so stick around for that passenger side front fender is absolutely perfect and the passenger side front wheel no scuffs or scrapes on there check out that delmonico red pearl coats got just a little bit of metal flake to it really a good looking color and as you go down this side of this 2019 Ram 2500 take note of how clean that body is how reflective and mirror like that paint is I take these HD videos so if you're 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 when you do get here there's absolutely no surprises and you can make a smart and informed buying decision wherever you're at if this video helps you make that fine decision let your salesman know that you saw the video that it was helpful in that Brett sent you very nice on that side his back wheel is in excellent shape as well no scuffs or scrapes and the back tires have just as much tread as the front tires maybe even a little bit more more like 60 65% on the back tires frame in the underbody is in really nice condition back here as well as all the remaining factory exhaust so it hasn't been altered and it's very very clean under there almost no corrosion lower rockers look great this one also has the power step bars these are the factory step bars and they work nicely they'll go up right now passenger sidebox is in fantastic condition no denser dings on there you get the LED tail lamps rear bumper is in great shape those have the backup parking sensors full towing package of course with the receiver hitch four pin and seven pin wiring and the only ding I saw in the entire vehicle it's one tiny little ding on that rear bumper but it does not affect the performance of the truck tailgate is in excellent shape as well no denser dings on there and it does have the power drop down tailgate which you can do from your key fob has a Yira motor fold-up tonneau cover I didn't see any rips or tears on there and it comes with a very nice spring and bed liner and the LED bed lights some side box tie-downs and you can turn those lights on with that button right there that bed liner goes on to the tailgate which is really nice as well tailgate shuts nice and solidly you also get the LED tail lamps not sure if I said that or not down the driver's side box looks really good didn't see any dense or dings over here and for full disclosure this back wheel is in excellent condition as well driver's side cab and doors are in fantastic condition too it's like that all the way down the side here does have the heated fold-up tow mirrors blind spot monitoring built-in directional signals they fold up like that they also power fold in like so and you get LED side lights on there 360 cam as well take a quick look at the back seats get the heated leather bucket seats back here no rips no tears very nice condition power side and rear window with the built-in rear defrost these seats fold up you get a storage load floor right here so if you got muddy boots or tools put them out there you're not going to get your seats dirty or if you got pets put both sides down they've got a nice flat place delay and they're not going to get your seats dirty storage underneath there in-floor storage with removable bins for easy cleaning you can put ice and drinks in there it's like you have too many coolers wherever you go or if you're not in Wisconsin just extra storage space there are your heated seat buttons two USBs two USB C's and 115 volt 400 watt plug-in side curtain airbags on there I like the trim on the doors back here and the child safety locks on the back doors as well once again inside and bottoms of the doors all look fantastic on this truck let me show you the VIN sticker real quick no Canadian trucks here and you get the tire and loading information sticker right there inside the Laramie limited or the limited level one package gives you the black leather bucket seats these are the full leather seats you get the gray piping on there as well no rips no tears smells very clean inside this truck I don't think it's ever been smoked in both these front seats are power heated and cool to get the nice factory carpet floor mats in front auto headlamps power pedals power windows locks and mirrors get that cool leather bolster there with the woodgrain trim and then these mirrors do power fold in I was like showing both sides so you know that both sides are working properly you also have memory driver seat and power blind spot mirrors so you can check out that mirror on the outside there that is power same thing with the passenger one which is what's really neat if you had to adjust that passenger side blind spot mirror get out and check out check it and then get back in the truck that wouldn't be fun so that's a nice feature to have inside you get the 7 inch LCD display digital speedometer compass display you can do miles to empty you can change all the corners to read what do you have whatever you want this screen is also custom for the limited package you get the heated leather wrapped woodgrain and trim steering wheel this one has adaptive cruise controls forward collision warning cruise controls gear selector on the right Bluetooth and information center controls on the left audio controls in the back of the steering wheel there is your shifter for the six speed 68 RFE automatic transmission there is your uconnect 4c 12 inch radio does have the factory navigation system on there there is highway 41 so that is working very nicely you do get AM FM and serious XM radio capabilities as well as CD USB 2 3 and then aux jack you have all your different apps on here including projection manager we can project your cell phone to the screen via Android Auto or Apple CarPlay we actually did demo on in 8.4 with Android Auto if you want to check that out smaller radio but the same system you can set up phones in here and connect them so that's pretty cool and then you have your surround view camera which is pretty sweet so you have your 360 camera right there your backup cam a wide view of the backup cam a wide view of the front cam a narrow view of the front cam and then the cargo cam which is right there there your side cameras so you can adjust that imagine if you're backing up bolt camper or trailer and being able to see down the side that you're backing it into that'd be great I wish my truck had that then you can do your just your backup cam and zoom in on the receiver hitch to get hooked up to your bolt camper or trailer the first time every time and you have your cargo cam on there which is pretty sweet too so that's everything with the radio you get stability control you get the Harman Kardon premium sound system here your more tactile climate volume and tune controls push button four-wheel drive factory brake controller factory exhaust brake tow haul mode front and rear parking sensors you can turn those off and on your CD player your wireless cell phone charge pad two USBs two USB C's and an aux jack keyless entry with your remote start and power drop down tailgate get your sliding cup holders and coin trays and down there is a 115 volt 400 watt plug-in you also get this limited center console which looks really good passenger side floor mat and seat are in excellent condition as well no rips or tears smells very clean once again I don't think this trucks ever been smoked in and you get a power sunroof up here our assist and SOS buttons sunroof and power sign rear window controls map lights and your power drop down tailgate controls home link buttons for your garage door security systems and lighting systems and an auto dimming mirror start it up take a look under the hood and go check out all those LED lights in the front starts right up no check engine lights or anything like that I would personally like to thank you for checking out the video today there's your LED side light super bright and hopefully from this HD video you've been able to verify the quality condition options and of course cleanliness of this truck all the way around inside and out look at all those lights they are very bright under the hood we have the 6.7 liter Cummins diesel engine engine base very clean runs very smooth once again this truck has been fully safe deed and inspected by our service shop has a fresh oil and filter change all the fluids have been checked and topped off it is 100% ready to go there is the emissions sticker shocks are doing a nice job pulling that hood up and I would highly recommend this truck from a quality and condition standpoint I'd ship this one anywhere California Texas New York Florida whoever's going to get it's going to love it and to see more pictures of this truck or one of our other 550 new and used cars trucks SUVs minivans wranglers half tons to quarter tons one tons you name it we got to go to that website right there summit auto.com full pictures and descriptions of every single vehicle all at summit auto.com if you'd like to check out more HD videos you can go to youtube.com slash summit auto click the bell notifications you'll get updates on the videos they do each and every day as well as having access to one of the largest catalogs of vehicle walk-rounds on youtube almost 8,000 videos in fact in a second you will see a link to subscribe to my youtube channel the upper left a link to more ram 2500 truck videos I've done in the upper right link to this vehicle on our website and lower left and a link to one of our latest youtube videos and more right click those checks out we're super excited to help you with this ultra clean 2019 ram 2500 crew cab short box limited level one in delmonico red pro coat thanks again for checking out the video remember like subscribe and share on the youtube channel I really appreciate it thanks again


It came out of several sources or several impetuses. One was we were concerned that there wasn't much high quality training that was available, particularly for the developing world, in the late 90s or early 2000. There were some training courses by contract officials and by contract houses, but none of it was did we consider it particularly rigorous or did we consider it particularly clear about what was going on in evaluation? And we'd linked this at the same time. We had one other thing going on at the same time, which was ideas, that we needed to sort of start a professional association of people from around the world. And now ideas is more than a thousand people, a thousand members, but we sort of thought we'll do the training and we'll do the professional association and between the two of them we'll kind of start making a momentum towards trying to strengthen particular development or evaluation in the development context, highlights. I kind of, I don't know that I would point to particular episodes or events. I mean, there were some really wonderful presentations by Mike Patton and others that, I mean, much like last year. I mean, this was this blue marble event of Mike's was really good, but I think the point I would say is one of the real highlights is the stress on community. And we had community of learners. We had a community of people becoming professionals in various ways and we had a community of people who liked and trusted each other. And those communities gelled. They came together in a way that created a strong kind of synthesis of people from different places and it brought them together into a community that was really quite bonded. And now multiple years later from the first years of IPDENT I still get emails from people that were in 2007, 2009 who, I mean, 10 years ago, 12 years ago, 14 years ago who asked about a question, something they thought IPDENT could try to help them on a bit. And so the highlight was probably the coalescing of the communities. It was not episodes per se. I mean, there were a lot of fun times, times we went downtown and listened to the jazz festival and times that, I mean, we saw some really good jazz performances and so on. But the bigger, the broader issue was, I think, the fact that all these people found a way to come together and they were not sort of just left by themselves. I think this is a bit difficult to say, but I think evaluation has fractured a bit. I think evaluation is less under one umbrella. It's under multiple methods. It's under multiple strains. It's got the quantitative and qualitative, which are less combative now than they were. But they're spinoffs. There's like the whole discussion on big data, which is kind of like really on its own terms and kind of in its own world. This is not a shared conversation in evaluation. In fact, I think there are very few shared conversations right now. I think we're kind of splintering in a way that's, for example, other new disciplines like social psychology and the way that you see geospatial measurements and so on, sort of splintering off a bit from wherever it was the core, the core is less clear. And what there are now are just lots of pockets of interest. And the consequence of that is we don't talk to each other very well and we don't talk to each other very precisely because we're starting to increasingly have a fracture of the language. The different people are doing different kinds of things. I've just published a book, or I'm going to publish a book, about the consequences of bringing the economics language into evaluation. Evaluators don't have the same understanding of supply and demand that economists do. And yet, evaluators use terms like supply and demand without a lot of precision or a lot of clarity as to what they in fact mean. And by sort of default, there is a presumption that if you know economics, you know what we mean in evaluation. It's not true. We have got a transposition of language happening that's leaving us somewhat more fractured and less capable of talking to each other because we're using different disciplines. And the consequence of using different disciplines is that people don't start from the same position. Where do I see the future? I see it sort of emerging in a couple of ways. I think one way is going to be like what's happened to other new disciplines. And I use social psychology as my example. It's going to fracture. Different academic environments create different kind of fractures. And the only pipeline we have really is the pipeline from the universities. We're not getting trained people out of government. We're not getting trained people out of private sector. The only place we're really getting people is from the university. And every university kind of has a variation on a theme. And so the consequence is we're not very coherent. And I think that I don't know that that will be a problem because it'll be the evolving of the discipline. But we won't be very much affiliated or linked to each other in 10 years the way we are now. And even now we're less affiliated and linked than we were 10 years ago before this. But the language problem, the pipeline problem and the schism sort of between first world and developing world is getting greater rather than smaller. I'm sad to say that but that's kind of just what I think is happening. I mean as I sit and look at this discipline it's less and less a discipline. It's multiple smaller disciplines each with their own take. And universities are not helping. Universities are in fact exacerbating the distinctions because it's the only pipeline we have. And every one of these universities kind of has its own pipeline. And they're each kind of pushing their particular orientation on their students. And not so different that's been going on in other disciplines. But we're maturing. And part of maturing is also fracturing rather than coalescing. I mean now you look at some disciplines like astrophysics and they're fractured all over the place between the people that are sort of debating whether to go to the moon or Mars or whether the people are debating that it's even worth going to the moon or Mars. And those are pretty significant debates for them. We're having our own debates.


Well John, thank you very much, and also thank you for doing the advert already for tomorrow's session. So this is basically a discussion on state business relations in two sessions. I've got a paper as well where we've contributed to, so if you want to have a hard copy then maybe I'll start circulating it now. So I'm at the Overseas Development Institute in London, and we've been interested in the work on state business relations for some time. And together with Kunal Sen in a research programme called IPPG, we started in 2005 to 2010, we did some work on state business relations in Africa and in India. And that's also what Kunal will talk more on. And we thought it would be useful to have a session now where we have an introduction and then where Kunal will talk about the academic side of state business relations and then where we also have a practitioner's view, somebody from the Wobeng Lily who's done work on state business relations itself in Cambodia, as she will no doubt tell you about. And what we hope to do at the end of these two sessions actually is also to say, well, what is the research agenda moving forward? And what are the sort of policy relevant questions that we might want to be asking ourselves? What do we know and what are possible next steps? So in my presentation, in my overview, I will talk about a few things. First of all I will highlight the renewed interest in industrial policy and the context here of structural transformation and job creation is very important. There's a renewed interest there and also we need to understand how industrial policy fits in. I will say we know already a lot on the appropriate role of industrial policy in development. We will then make a link to the relevance of state business relations for industrial policy. And then think a bit more about what characteristics are effective. What are the effective characteristics of effective state business relations that will lead to good industrial policy making. One thing that I will argue is that despite of course the fact that we've worked on it and others have worked on it, John Page has got an action paper and there will be some other papers. There are still a huge gap in the literature out there. And I suppose there are two areas where there's been research in this area and I'll explain it a bit more with. There has been work from the sort of political science point of view. How do state and business interact? How has this been institutionalised? And on the other side the economists have looked at this question and sort of how can we measure state business relations if at all. And then how has it led to industrial policy and how has it led to economic performance. And I will try and finalise with a few ways to suggest further types of research. First of all I'll talk about the growth policy pendulum because I think that we've gone full circle. Or the pendulum has one. We started early on thinking about we need to manage the economy. And then we moved to thinking much more about freeing up the economy and don't think about industrial policy at all. Towards now thinking much more of a pragmatic view. So we started out with the structuralist thinking about previous and thinking through import substitution as a way forward for industrialisation. That quickly moved as in the 90s after the debt crisis in Latin America and the failure of some of the policies led to the Washington consensus. John Williamson said well you need to sort of liberalise, deregulate. And there was a 10 point list and then it became the post was in the consensus 20 point list. So that swung to the other side, the growth policy pendulum swung to the other side. The World Bank's investment climate report, maybe John knows more on it. I think I had a discussion with Warwick Smith and he basically about the present of market failures. He said well what market failures I can't see them. Government failures are much more important. And that report doesn't really mention industrial policy or industrial development hardly. Then in mid-2000s, 2005 around came Roderick and Velascon Houseman with the growth diagnostic. And that's again a different way of looking at the economy is saying well where are the most binding constraints to growth. And thinking in those terms means that you are not thinking about freeing up all constraints at the same time in the economy. But you thinking specifically about freeing up the most binding constraint which is by definition almost a more targeted way of looking at growth policy. But of course it's not completely targeted either. You need to do it in a market friendly way. So that's more in the middle. The growth report, Danny Lightseeker's report and others also were thinking more in terms of not just in terms of freeing up markets, but also thinking and they reviewed a number of successful case studies of successful growth experiences. And they mentioned issues like leadership is really important. And then we had a book launch of Justin Lin at the ODI a couple of months ago. I'm thinking much more about an active role for industrial policy although it had a six-step approach towards growth identification and facilitation. But some are saying well you need to go where the market is compared to Vanthyrtu and so on. But others say well you need to actively involve the state and push forward, especially the economic zone and so on. And of course there are others that are still far more on the left. So Hajun Chang for instance and others. So in terms of thinking about industrial policy I think we are now back to thinking more about industrial policy. And we don't dismiss it out of hand either say well it's the only way to go about or we can't do it at all. There's now a much more pragmatic way of doing it. And if you think about literature and I'll go over it very quickly, I think in this literature on industrial policy there is a general agreement that there's a presence of market government and coordination failures in industrial development. And it's related to skills and technology and there are information related market failures. And there are authors like Packenwass, Stiglidge, Rolych yn Lall, who have all suggested there are market failures that need to be overcome. But there are still differing and involving views on the relative importance of market failures vis-à-vis government failures in driving industrial development forward. So on the one hand you can say well there might be specific market failures out there but then if the state thinks about a way of addressing this market failure well through intervention or market friendly way it could go wrong and it has gone wrong of course. And we actually don't know, we don't have an assessment framework to say this is how large market failures are and this is how large government failures are. What we do know from historical experiences is that industrial policy has worked in some cases or in some sectors or in some areas sometimes and so I am Singapore, Mauritius, Malaysia for instance we know that certain particular specific policies that target particular sectors have helped in certain circumstances. But we also know that it has failed in many other circumstances. Again I suppose there is a lack of an assessment framework to really assess the success of industrial policy. But acknowledging that industrial policy could play a role in theory and in practice means that some attention has shifted now to thinking about design principles for effective industrial policy. So maybe it is the case that industrial policy works as long as it has been designed well. So Roderick has said something on that, even the World Bank has now began to also talk about it in some of the inclusive green growth publications and others. Justin Lin would say well as long as your industrial policy is in line with your comparative advantages, Latin comparative advantages it would be alright. So it is the area that matters. Some others might say it is actually also the design principles. But finally we have come to think about institutional setting for industrial policy making. So that actually we need to think about what are the effective principles for design and what lies behind that. So as long as you have got that right maybe then that setting can design good policies and that can help drive the economy forward. So that is the institutional setting question and then there are questions about the role of state business relations within this. I do that in fours, four or four issues. So there is a theoretical in the pinning. There are some principles behind benign state business relations which is more at the historical institutionalist level. And then there are issues about forms and practices of state business relations. And then I have some suggestions for next steps. First of all think through the economic functions of state business relations. And there has already been early literature on business associations that suggested a particular market functions or market complementing functions of business associations. There is a price signal but in addition if there is a market failure there is not enough information around or it is dispersed then a business association can help address this. And in the book that Kunal Senville has edited and will talk more about we have taken it a bit more formalised. And we have suggested well there are ways where state business relations could solve market failures and coordination failures and government failures. So they could for instance help to solve government failures by making government spending plans more relevant for private sector needs for instance and more appropriate quality. For instance how could effective state business relations have an impact on the budget process and how can they engage best. How can they engage best in the reform process? When do they have more an impact? And effective state business relations could help to reduce policy uncertainty so that you have a framework in talking to each other that you don't engage in knee-jerk policy decisions and reactions of either side as it becomes a bit more predictable. The literature on principles behind effective state business relations comes from the political scientist's corner and sort of people like Evans and Snyder and they talked about a number of principles, transparency, reciprocity, credibility and trust. So as long as these principles hold then there is a particular way in which state and business can talk to each other, can communicate, can become embedded and that can then lead to a particular way in moving the economy forward. Roderick mentioned in his paper on industrial policy three issues of industrial policy processes so there is policy design but also thinking about the processes behind it. He mentioned three issues, political leadership at the top, coordinating deliberating councils and mechanisms for transparency and accountability. So those three principles would need to be there for an effective process. So that's sort of on the high level stuff and those are sort of deep institutional ideas of transparency trust building. It's not something you can put in place like that. It comes in an economy, it takes a long time to foster this. But practices and forms, so state business relations come in many forms. They can be highly formal, they can be informal, they can be national, they can be sectorized, they can be ad hoc, they can be regular ways of talking to each other. They can be informed in terms of position papers in place or not and they have different functions and there are lots of different categorizations here. And there is an interesting question then to think through what sort of practices are useful. So if you think about principles behind, the deep principles behind state business relations on the one hand, but on the other hand maybe the practices also help. And there are a number of tools that have been developed over time that will bank, you will talk about it I hope, and ITC and others have thought about some practical tools and say well if you score high on this then you're more likely to have an effective state business relations which is more likely to have a positive impact on the reform process and lead to good policy including industrial policies. So two types of studies have looked at this and so the historical and institutionalist types of studies have looked at it from the political economy point of view. And so I just mentioned three examples here, sort of the Malawi in the case of Chincaupin Lethwych, Vietnam who Smith's done some work on that and Nartrath and Seekings also part of this IPPD project have looked at South Africa. And here they've looked not just at formalised ways of talking to each other, state business, but also looking at informal and what happens in the longer term. And particularly in the case of South Africa for instance there has been a long standing discussion between big business and government which happened already in the 80s and 90s. And that has been continued more recently and despite efforts to create other ways of discussing and other forms of public-private dialogue. But this has led to insights such as that trust matters, that informality matters as well as formal ways of discussions between the state and the business. And then there's sort of the more economic angle to the state business relations and I will talk more on that. But there we thought in more detail about maybe we can measure the principles behind effective state business relations and then if we can measure this maybe we can then say well if there's variation in this, if some countries or parts of the countries have done that more effectively and the principles hold and maybe they've been able to perform better. And there are different ways again to do look at this, you can look at it in terms of whole economy, you can look at it at the micro level, have small firms improve their performance if they are linked into networks, linked through membership of associations and so on. And there were also studies that looked at economic functions of state business relations such as affecting the budget process in Zumbia. And there's a process behind the budget process and there's a formal way, informal way, of course there will be lots of informal discussions between different types of business, different types of stakeholders and government. But there's also a formalised way through shepherding proposals for the budget process, for the budget through process and then you can sort of trace those proposals and see which ones have had the biggest impact and why. These literatures have had challenges, think about cause and effect, what has been the cause, what has been the effect, how can you measure this and what has been the policy implications of this. So if you think about a deep institutional structures of behind state business relations and if you agree that trust is very important then what do you do next on Monday morning is of course then a very difficult question. But both of these trends I think are very important and why are they important and I want to introduce one example and maybe Lili can talk more on that. But in the Cambodia case there's been a government private sector forum has been initialised and promoted an open dialogue between the government and the private sector and that has been very successful. At least the government of Cambodia itself will acknowledge that it has led to lots of savings for the private sector and we looked at this more recently in some work with Asian Development Bank and then there were questions about the sustainability of the public private dialogue and there are questions then about so you can maybe improve the practices of state business relations maybe in the short term and if you support it maybe through external support but for how long can you do it and on what circumstances does it become institutionalised if you help the practices does become institutionalised or on the other hand do you need to think through first are the institutions right are the basic principles right and can you then support it. So what are the next steps and I think that's my last slide John then we can hand over to Kunal and Lili for more discussion on each of these trends. I think in terms of next steps we need to think about sort of scaling up we know already a lot about industrial policy we know we've suggested that institutional settings and state business relations are in principle or in theory important for effective policy making but we don't know that much yet about what works where and how and we have got a number of case studies but it's still dispersed and therefore I suggest two strengths to think forward. First is to think about these core principles and do historical institutions types of analysis and do systematic analysis on the characteristics of effective state business relations across case studies and particularly in low income countries. So we know a bit more about maybe the Asian context less about Africa context where there is still distrust among state and business in some quarters. But secondly I think it's also helpful to to think through the model practice of state business relations and do more more detailed econometric studies there and we could even go to the completely to the cold standard of so-called standard of impact of elevation. Maybe even do RCTs you can say well there might be some provinces that conduct state business relations in some way maybe the case of Vietnam. And maybe you can support certain forms of dialogue between the state and the business through technical assistance in the form of position papers or provide the training for state business relations or better ICT forms. And maybe that will then help you to evaluate and say well you do some and others and that's of course one way you could do but there are lots of other ways through which you can do it and you can need to bring them together as well. So let's now move on to the other presentations. I've given you sort of an introduction into why I think industrial policy is important but particularly thinking through it's important to think about the processes behind industrial policy and within this context we need to think much more about what type of state business relations work best.


For the verdict on the tribunal in Nassar al-State, which sacked governor Ablai Hussuli of the all-progressive Congress and declared the People's Democratic Party candidate David Omogadou as the winner of the March 18, 2023 governorship election in the state, a PDPUD group has called for tolerance among residents. The group named coalition of PDPUDs in Nassar al-State urged the residents to show religious and tribal sentiments saying it could destroy the peaceful coexistence currently being enjoyed in the state. Chairman of the coalition down near Agbo stayed at least on Friday during a press conference at the NUJ Press Centre in Lafayette, the state's capital. He called on the public not to be deceived by the state's politics which have taken a bad side of causing chaos and in that it's not good for the development of the state. There is just no way, is it, we function and we maximise goods. That is why we are taking this position, to appeal to the good people of Nassar al-State to become and throw the line of peace and unity which Nassar al-State has always been known for. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.