I just ate up the one remaining minute.  All right, this is going to be a bit of a potpourri here, because there are a bunch of different issues I would like to tackle under this overall heading. When this topic was proposed, I found out later that what Joe Salerno had in mind was that, at least for some portion of it, that I might comment on the thesis of Gabriel Colco, because he's a historian who died not that long ago, and Rothbard was quite fond of his work. Colco didn't like the fact that Rothbard was fond of his work. His Colco was a leftist, and he thought, how come the leftists aren't getting my point, and only Rothbard is? Just, I'm sorry to do a show of hands, but I am curious to know with how many of you does that name Gabriel Colco ring a bell? Okay, all right, a handful, all right. Oh, well, good, all right, well, that's why you're here, right? You get to learn stuff. All right, so here, it's going to be four things that I'm going to do. First, I'm going to do some history, American economic history, entrepreneurial history, looking at real live examples of American entrepreneurs, because there's a lot of warnings that are largely theoretical about how dangerous so-called monopoly can be on the free market. And I want to give you actual examples of people who were accused of being sinister and terrible and let you decide for yourselves. Secondly, I want to take a revisionist look at the data to determine whether or not these people, these business figures in the late 19th century were really guilty as charged. Were they, in fact, monopolists in the standard textbook definition anyway? Then thirdly, I want to look at the issue of so-called predatory pricing, which comes up in this context, because this is the means by which it is alleged a lot of people have acquired a monopoly position, and that is by driving all their competitors out of the market, by pricing their goods below cost. This is the standard way you will hear it described, and I want to talk about the problems with doing that. It sounds easy when your friend describes this strategy to you and says this is how the free market works, but it's actually quite difficult to implement it. And then fourth, I will explain to you what the Colco thesis was and then give you my own analysis of it. Now, I can speak only for the American students here, but I can say with certainty that unless you were homeschooled, you got the same version of American economic history that I got when I was in high school, certainly. Actually, beginning in junior high, I think we all got the same thing, which was that back when we had the bad old Neanderthal as a fair economy, monopolists ran rampant and exploited consumers and exploited workers and took advantage of everybody and thank heavens, eventually, wise public servants intervened and put a stop to this, and as a result, we have the level playing field of today. And I would say every aspect of that story is wrong. Now, I'm not going to talk about labor history today, but I will refer you to a reading on that if that interests you. So that's really what I'm using this for. I'm extremely low tech. The idea of having a screen and a marker to me is the highest tech presentation I've ever done. So I would refer you to, oh, hey, this still amplifies, even when I'm over here, how about that? Okay, so I'll refer you to... Let's make sure... Yeah, okay, so we'll start. Okay, good, okay. You can Google this article and for people listening, I think it's around 1990, but you wouldn't need to know that. You can just Google it. The article is Charles Baird, who is a labor economist and historian, really, too. Labor Law Reform Lessons from History. It really is... I mean, the reform stuff takes up a tiny sliver of the article. It mostly is a historical review of major episodes in American labor history. And normally, when you read these episodes, they have... it's just a big morality play.  And they treat them as two groups, owners and workers, as if workers are all just one blob. When it turns out they're all different kinds of workers. There are union workers. There are non-union workers. There are workers who belong to Union A. There are workers who belong to Union B. There are workers who belong to Union C. This is all left out of the standard account. They're all workers who all agree against the owners. What Baird actually does in this article, by the way, is a great example of what you guys can all do, which is he doesn't do a lot of primary research. He just goes back and he reads the New York Times accounts of these events written by contemporaries. And he just interprets it differently. And it turns out that you can find a free market non-sinister explanation for how the owners behaved in case after case in these 19th century cases, whether it's the Pullman strike or the truth about what happened at Haymarket or whatever. He's got it all in there. And just by not looking at it through a unionist lens, he's able to tell you a different story. So I'm not doing labor stuff, but I do want you to know about that article. Okay, so there's the traditional caricature. Then we have something a little different thanks to Bert Folsom. So some of you will know about this book, but if you don't, you have to get it immediately. I believe the first edition came out in the late 1980s or early 1990s. The myth of the robber barons. A new look at the rise of big business in America. This is a short book. You can read it in no time at all. And Folsom took down the caricature by composing biographical sketches of American businessmen and entrepreneurs that you're familiar with. So there are a lot of people who are covered in this book, and he shows that the analytically helpful distinction when studying people like this is between what he calls political entrepreneurs and market entrepreneurs. That's the central thesis of the book. A market entrepreneur is somebody who prospers by offering people a product at an affordable price that that person wants. And that person gets ahead in that way, that particular businessman. But then on the other hand, you have the political entrepreneur who prospers by getting special government privilege. He says, if we leave those people out because they do deserve our moral censure and we look only at the market entrepreneurs, there's nothing to be upset about. They have done nothing to harm us. The only reason, I don't think Folsom says this, the only reason we might dislike them is out of sheer envy. And you cannot underestimate, by the way, the power of envy. That Helmut Schuch book called Envy, I've got to, I've heard so much about it, I've read reviews of it, I've got to get to this thing because it apparently makes an overwhelming case for how dominant envy is. Because apparently, I mean think of it this way, I'll just put this in parentheses. Remember in my opening talk, I talked about Rothbardian welfare economics and he said that when you have two people voluntarily entering into an agreement and each of them winds up better off, therefore we know social welfare has been increased.  Both parties to that are made better off. But there are a lot of envious people in the country who are made worse off because they're so envious and bitter that their welfare has decreased through this. And so maybe it is actually indeterminate whether social welfare has gone up or down. But my own view would be those people's opinions don't count because they're jerks. Okay, so I want to give you some examples of market entrepreneurs. And I like to give the example of Cornelius Vanderbilt and just focus on his time in steamboat traffic. Because as some of you may know the history here, but in New York there was a monopoly granted to Robert Fulton and Robert Livingston. They got a monopoly on all steamboat traffic in New York for 30 years. On the condition that they could get a functioning steamboat up and running within two years. So they did that. Now naturally when you have a monopoly that's, and in this case of course Rothbard would say that the only meaningful definition of monopoly is a government granted privilege, an exclusive privilege to offer some good or service. Well obviously the fares are going to be higher than they would be under conditions of normal market competition. So a New Jersey steamboat guy, Thomas Gibbons, hires a man named Cornelius Vanderbilt to defy the New York monopoly. To have him actually run passenger steam traffic and try to evade capture. Because you're not allowed to do this. Going to New York, well New York, there's a monopoly on steamboat traffic. He's not allowed to break it. But he was running it constantly and charging much lower fares. And he got a kick out of this. He enjoyed doing it. He hoisted a flag on the ship saying New Jersey must be free. We've got to break this monopoly. So he goes from Elizabeth, New Jersey to New York City starting in 1817. And he manages to evade capture. Well eventually, again as some of you may know with the basic outline of the story, the court strikes down the monopoly. I don't know if that's one of the cases the judge is covering, but I guess you guys wouldn't know because you're not in that seminar. You're stuck with me. But Gibbons versus Ogden was the case from 1824. So now Vanderbilt can run a steamboat and not worry about the authorities. And immediately the fares go down. So the trip from New York to Albany goes from $7 to $3. So everybody going from New York to Albany now has an extra $4 to spend on something else or can go at all because they couldn't have gone at $7. Vanderbilt at this point seeing limitless opportunities makes his break with Thomas Gibbons and strikes out on his own and establishes all kinds of routes all over the place in the northeast. The trip from New York to Philadelphia under Vanderbilt goes from $3 a fare of $3 to a fare of $1. New Brunswick to New York City $0.06 plus free meals. Eventually he lowers the fare from New York to Albany down to zero and he figures if people are hungry I'll feed them on board and meanwhile I'm putting pressure on my competitors. New York City to Providence goes from $8 to $4 and eventually all the way down to $1. And very significantly the New York Evening Post refers to Vanderbilt as, quote, the greatest practical anti-monopolist in the country. Anti-monopolist, right? This guy we're all supposed to hate for some reason. If you haven't come upon any reason we're supposed to hate him yet I agree with you. I still don't see what the problem is why we're not supposed to like him. Now I suppose one reason could be that after he died that he turned out to be the least generous, let's say, when you compare him to Andrew Carnegie and Rockefeller who gave away hundreds of millions Vanderbilt didn't really do that. He endowed Vanderbilt University and then he didn't really do that. But all the same he had obviously improved his welfare by making transportation accessible to a great many people and lowering the price. Harper's Weekly said this about Vanderbilt. He said that they said that what Vanderbilt has done, quote, must be judged by the results and the results in every case of the establishment of opposition lines by Vanderbilt has been the permanent reduction of fares. So everybody's better off here. In the late 1830s and especially into the 1840s the British now begins subsidizing steamships. The British government begins subsidizing steamships. So it becomes fashionable in the United States to advocate the same thing. If the British are subsidizing steamships we don't want to be like some loser country so we should subsidize them too because in doing so we will be able to demonstrate to the world the great shipbuilding ability of the United States. We can flaunt this. This will also assist in the delivery of the mail overseas and also it will give us as a subsidiary benefit a potential military fleet to use if war should break out. So a guy named Edward Collins pledges to the U.S. Congress that he will outdo the passenger service of the British if he can just get a down payment from the U.S. Congress of $3 million plus $385 grand a year he will go toe to toe with the British. He's going to build five small to moderate size ships and he'll deliver the mail as well. Congress goes along with this. Congress also gives a half million dollars per year to two lines that would get mail to California one line going from the Atlantic to Panama and the other one going from Panama to California. Now Collins winds up building only four ships but they're absolutely enormous and they become notorious for their ostentation and luxury. I mean these are ships for the cream of the crop. The average Joe is not going to be able to sail on them and they're not really cost effective. They're just, they're big and lumbering. So he winds up having to go back to Congress for a bigger subsidy. So what is it, what do you suppose he does? So he winds and dines congressmen, winds and dines, people in the administration, lobbies heavily and he gets the annual subsidy increased to $858,000 a year. Now he'll make it work. Meanwhile a Kentucky congressman, John Breckenridge said that this increased subsidy had been brought about quote by the most powerful and determined outside pressure I have ever seen brought to bear upon any legislative body. Well meanwhile 1855 Vanderbilt is still on the scene and he pledges that he can deliver the mail for less than half of what they're paying Collins but the Congress continues with Collins. They stick with their original horse. In 1855 however, President Franklin Pierce surprises everybody by vetoing the Collins subsidy bill that year. Now this is a surprise, today this would be a complete shock that a standard renewable annual subsidy would actually be stopped by somebody. But Pierce said this, that if I were to grant this subsidy he said doing so quote would be to deprive commercial enterprise of the benefits of free competition and to establish a monopoly in violation of the soundest principles of public policy and of doubtful compatibility with the Constitution. I remind you by the way that historians hate Franklin Pierce. They just can't stand this guy because he didn't do enough. He just vetoed things. There was a bill by the way to provide for I think mental health facilities and he said this is a very wonderful intention that people have but there ain't no support for it in the Constitution so historians just think this guy's just a pathetic jerk. But when you hear even a president say things like this it does kind of, I don't know, brightens my day a little bit. Well he was unsuccessful though because they got Collins' subsidy rammed through by forcing it into a naval appropriations bill. So it's just like today. You can't get it one way. You figure out some sneaky way to get it in up. So Vanderbilt then is just going to compete with no subsidy, no payment. He's just going to deliver the mail on his own, no problem. So he comes up with all kinds of creative ways to save money and he also carries second and third class passengers. The Collins ships were so fancy it was all first class. I mean it was really like what the airlines were like until the despised non-skeds came along and began to cater to the average person. No frills kind of trip. Well likewise Vanderbilt realizes that I can make a ton of dough by offering no frills accommodations. The subsidized California lines meanwhile were being paid $600 as a fare to get people to California. And Vanderbilt is able to charge about $150 and he's not being subsidized. By the following year 1856, two out of Collins' four ships have been sunk leading to the deaths of about 500 people. So he spends a million dollars of government money trying to replace them, building this huge replacement that was so cumbersome it was able to make a grand total of two trips and then had to be sold at a $900,000 loss. This is the guy who's getting the government favors. A U.S. senator from Virginia said the whole system was wrong. It ought to have been left like any other trade to competition. A U.S. senator from Kentucky said give neither this line nor any other line a subsidy.  I want a tabula rasa. The whole thing wiped out and a new beginning. Well, again, sound things being said incredibly. In 1858 finally the Collins subsidy was revoked. Collins is just going to have to operate on his own merits and you'll never guess he goes bankrupt. How about that? Vanderbilt becomes the leading operator of steamships in America and there's your story of Cornelius Vanderbilt whom you're supposed to hate. I'm still not seeing it. I love this guy. It seems pretty good to me. Another guy who is either, you're either supposed to hate or you're not supposed to know about him at all. Historians can't quite figure out which is the better approach in the classroom. Usually it's just don't tell you about him and that's James J. Hill. Now you may know about him partly from if you've read the Folsom book but also from Tom Di Lorenzo. Let me give you another Folsom book by the way. Brand new one just came out this year. I just had him on my TomWoodsRadio.com podcast to talk about it and now I can't think what it's called. Oh yeah, it's called this. He wrote this with his wife so my first question was tell me what it's like writing a book with your wife. Does it bring you closer or does it alienate you from each other? Then he gave a very diplomatic answer to that. The book is Uncle Sam Can't Count and it's one of these three paragraph subtitles about the problems with government investments of various kinds. So that's also a fun book to read, very informative. So Hill is featured in both of those Folsom books. Well for the story about James J. Hill you have to give the background of railroads in late 19th century America or at least after the Civil War. And the gist of this is that the government subsidized the building of many railroads and it subsidized it in two ways. One was to give land grants to the railroads and the idea of the land grants was that the railroads would sell the land for cash. They would sell the land to settlers for cash and then would use the cash to fund their operations. And in doing so, of course, they're also building in a market for the services of the railroad because if people are living alongside the railroad their fortunes are going to rise and fall with those of the railroad so they have a built in market for their services. And also low interest loans. Can't see any problems arising from offering low interest loans to anybody. So those two were the main forms of subsidy. So land and loans were granted in proportion to the amount of track laid. So the more track you put down the more free goodies you get. And this means that there is a well of course a perverse incentive built into this. That you're not so concerned maybe with the quality of the track or the amount of curvature because normally you would think I want to build the shortest possible route to save money. If this is A and this is B I want the route to go like this. But if I'm getting extra dough the longer the route is maybe I want the route to look like this. Or if I'm getting more subsidies if the line goes through mountainous territory then I'll go through mountainous territory. Or I'll just lay track like there's no tomorrow. I'll lay it down on ice and then we'll cross that bridge when we come to it next year when we have to inevitably rip the track up and start over again. We just got to get the subsidies while the getting is good. I can't confirm this by the way so if anybody is from Long Island come talk to me afterward but I recall once in a while when I used to live on Long Island I would come home from the airport taking the southern state parkway. And the southern state parkway goes like this the whole time you're heading back from the airport I would do that sometimes when I was tired because I knew it would keep me awake making all the turns all the way like this and I heard that that was actually laid down on the same sort of principles and that's why it's so curvy. It's not like there were just huge rocks everywhere and so they had to do it this way. I can't confirm that but I would like to hear from somebody who knows. So meanwhile, okay, so you've got the two major lines that are going to meet up and form the transcontinental railroad that's been so long desired are the Union Pacific and the Central Pacific. Now we haven't yet gotten to James J. Hill. So the Union Pacific and the Central Pacific eventually meet up in Utah but as they approach each other they realize if we meet up we stop getting subsidies, right? It's all over. We don't get any more subsidies. So they meet up, they meet up, they meet up and then they just keep on going. They just build the track parallel to each other and then both of them apply to the federal government for subsidies on the basis of the parallel track. They start blowing up each other's track. It becomes very unpleasant and then they take this picture of them when Congress finally forces them to meet. They take a picture and they're all friends. Sure we just tried to kill each other five minutes ago but say cheese. So that's the background of what's going on. Hill is not doing any of this. Hill is not getting government subsidies of any kind. Hill is the sort of person we're told does not exist. He comes from modest means, very modest means. He worked in a grocery store as a kid to support his family because his mother was a widow. He lost the use of his right eye in an accident. He's got all kinds of disadvantages but nevertheless he and a group of other Canadian investors eventually buy out an incomplete and bankrupt line that eventually they transform into the great northern which is going to go from St. Paul to Seattle. And throughout the history of this line while Hill is involved the fares consistently go down. So again not really fitting into the standard morality play involving monopoly in which the fares are supposed to go up because the monopoly is strangling everybody and choking them to death. That didn't happen. During the 1893 recession when other railroads were going bankrupt Hill was turning a profit and doing very well and still keeping fares low and he even privately kind of exalted in this. Like they were all saying that this would fail or that if other railroads went down we'd go down but look they're all in bankruptcy and we're still standing. And he said things like he was fully aware that he got no subsidies and others did and he celebrated the fact that it showed that it's possible to compete honestly. And of course he wants to help settlers along his route he has to build in his own he doesn't get the land grants he has to build in his own market so he imports thousands of cattle from England and he gives them to settlers because he knows that he's going to prosper or fail as they prosper or fail. He establishes experimental farms in order to test new seed and livestock and equipment. So he becomes extremely efficient he of course naturally wants to limit the amount of track that he's laying he doesn't want to be in the situation of the chief engineer of the Union Pacific Grenville Dodge who looked at the finished product and said I never saw so much needless waste in building railroads. Well you never saw so much efficiency as in the case of James J. Hill. He said that what we want is the best possible line the shortest distance, the lowest grades and the least curvature that we can build we do not care enough for Rocky Mountain scenery to spend a large sum of money developing it. And then he said it really seems hard when we look back at what we've done in opening the country and carrying at the lowest rates that we should be compelled to fight political adventurers who have never done anything but pose and draw a salary. So in 1893 when the railroads many of them had gone bankrupt and they're begging the government for special loans Hill really stuck the dagger in and said the government should not furnish capital to these companies in addition to their enormous land subsidies to enable them to conduct their business in competition with enterprises that have received no aid from the public treasury. Well then around 1906 we get the federal government enacting something called the Hepburn Act the Hepburn Act which is cheered by every US history textbook on the market today and forces an older requirement that railroads have to charge the same rates to all shippers. Well Hill had been charging lower rates giving discounts to shippers who were shipping freight to the west coast for the purpose of selling to markets in Japan and China. Hill wanted to play some role in opening up these markets to American products like cotton and wheat and to facilitate this he said that if that's your intention that's what you're going to do with your freight I'll give you a special discount if you ship that freight on my line. But now the Hepburn Act says he can't do that if he's going to offer that discount he's going to offer it to everybody and he can't afford to offer it to everybody so he starts to offer it to nobody and now the egalitarians are satisfied now everybody pays the higher fare as opposed to the discount so what yay for social justice it has triumphed and by the way when you look at statistics for US exports to Asia around that time you see that they actually do fall noticeably in a non to a non-trivial degree. Alright so those are two examples I'll give a couple of brief ones so we can move on to the other sections but Andrew Carnegie in steel almost single-handedly managed to reduce the price of steel rails by almost 90% in the last quarter of the 19th century and of course we can see how that would that would help the whole economy almost everything in a modern economy in the production process uses steel so if he can keep that cost low that has a ripple effect through the whole economy he was so efficient that the 4,000 people who worked at his homestead plant in Pittsburgh 4,000 people at that plant in Pittsburgh were able to produce three times as much steel as the 15,000 people who worked at the Krupp Steelworks in Germany which was Europe's most modern and renowned facility now it's true that for a time you know there are caveats here Carnegie did support steel tariffs but he did substantially reduce the price of steel rails so this political position that he took did not have harmful effects on the consumer or other people will point to the Carnegie Foundation the Rockefeller Foundation they'll say these foundations have done terrible things and sure they've blown a lot of money on stupid and evil projects that's true but that's irrelevant to the question of Carnegie as an entrepreneur or likewise John D. Rockefeller boy is it fashionable to hate John D. Rockefeller but he was able to reduce the price of kerosene from one dollar a gallon to ten cents a gallon and so people could afford to illuminate their homes it was a new thing for people after dark to be able to do some work around the house to read this was new in the 1870s and they could afford to do it because of Rockefeller he gets into oil refinery and so in the process of refinery of course you have a lot of waste you have a large quantity of waste product and Rockefeller doesn't like the idea that he's got this waste product there's nothing he can do with it so he comes up with 300 products out of the waste now we hear that Rockefeller was an unfair competitor because he engaged in so-called predatory pricing we'll get to predatory pricing in just a minute well it turns out that this is not actually how Rockefeller achieved his domination of oil refinery where he would get up to 80 to 90% of the market and by the way by the time the federal government got around to hauling him into court in 1911 his market share had already been reduced to 25% just through normal market competition so that they finally get him in there you know okay we need to break you up but you're already kind of small now so we're going to break you up anyway I mean that was what happened to him well there's an article by John S. McGee that your professors will not know about I absolutely guarantee you this is the Journal of Law and Economics I think it's 1958 yes see if I were David Gordon I would know that it's October 1958 and I would know the page numbers by heart 137 69 I've seen him do that by the way I'm not joking not joking if you guys don't realize what you have here in David Gordon you've got to talk to him for a while don't let him tell you any jokes though it turns out that what Rockefeller did was he bought out his competitors now okay a lot of people say well that's no better but that was you know it's legitimate to buy you know another company and he would do that and apparently paid them reasonably because then he turned around and employed these people he employed the managers he employed the workers so if he had screwed them presumably he wouldn't want these bitter people sticking around waiting to sabotage his operation there's a case of at least one person who opened three different refineries and sold each one of them to Rockefeller open one sell it open a new one sell it open a new one sell it worked out well for him but meanwhile the prices fell time and again alright now let's see I want to so I've done Carnegie and Rockefeller I just want to make sure I don't leave out the Tom Di Lorenzo stuff because he has done such important work for us okay yeah here it is okay good okay so Tom Di Lorenzo did some important work in the International Review of Law and Economics in 1985 wow 29 years ago he is old right he did this he wrote this article in which he tried to evaluate the claim that the US economy was dominated by monopolists that all these industries were monopolized by one or a handful of firms so he thought he would go and go back and look at the data now for that I'm going to assume you got all this so for that if you don't want to dig out the journal the International Review of Law and Economics he did a popular version it's got all the data in it and all the citations in his book How Capitalism Saved America now you know so it's got a playful title and thing is that he and I have both written books that have playful titles and it makes it sound like well there can't be anything valuable in here but it's misleading there's a lot of valuable stuff in this book and that's where he took a lot of that stuff from 85 and put the data in there so what he found he actually bothered to look he says alright the neoclassical economists are going to say that when you're dealing with monopoly you're dealing with an antisocial restriction of production that results in higher prices he says okay well let's look he finds 17 industries for which data is available where there were accusations of monopoly he says alright well let's just see were they restricting output or not and it turns out no it turns out that the industries that were alleged to have been monopolized their output rose 175% during the 1880s when real GDP rose 24% so so much for restriction of output what about prices well prices were falling by about 7% in the economy as a whole but much more substantially among in those industries that were alleged to be monopolized so the exact opposite steel rails go from 68 dollars to 32 dollars a ton during the 1880s zinc falls by 20% refined sugar by 22% this pattern holds true for all 17 of these supposedly monopolized industries with the trivial exceptions of castor oil and matches can you believe it took about 100 years for somebody to bother to look to see if what's in the textbooks is correct now I as I say I guarantee you there ain't no professor who knows about this article these guys just don't and high school teachers those of you who are fortunate enough to have your head screwed on this well at this age oh your high school teachers are going to run for cover if you ever bring this up well you know as it was shown in the international review of law and economics oh my gosh are you going to be hated if you bring that up alright so that's that D Lorenzo thing is very very good finally now on this I want to talk about or I want to move into the section on predatory pricing we'll do this sort of quickly ish predatory pricing is a theory that says that somebody can establish a monopoly position and by monopoly position they mean being the only firm or the firm that's so dominant that it's not worth thinking about the other firms and you can do this by lowering your prices to a point that your competitors can't match and that drives them out of business and then when they're this is the key when they're out of business then you raise your prices back up again and you enjoy this monopoly windfall that's how it's supposed to work and everybody thinks he can come up with an example of this we all think we've seen examples of this but what we've actually seen examples of would be retail stores that lower their prices and other retail stores can't match them and they go out of business and then that's it the then raising their prices high again is the part that we don't generally see in fact George Stiegler a Chicago school economist noted that this theory has fallen into disfavor in professional circles he actually says quote today it would be embarrassing to encounter this argument in professional discourse it's not embarrassing to your 12th grade teacher though because this is what you will get repeatedly but among professional economists this is embarrassing and as we all know it takes an awful lot to embarrass professional economists so that does mean something in case you are not familiar with this there's a great Austrian who specializes in antitrust and he's done a tremendous review of some of the key cases in this book he has another book called antitrust the case for repeal which is shorter this is more of a review of some of the major antitrust cases most of which you will never have heard of I won't spend the time writing out the subtitle but it's antitrust and monopoly anatomy of a policy failure very useful book if this is especially if this stuff is new to you he's a professor emeritus of economics from the University of Hartford and he surveyed all these antitrust cases and he could not uncover a single successful example of predatory pricing this strategy that we're told is just around us and it's just easy to do but it's actually not that easy to do for this and there's a good discussion of it in George Reisman's book capitalism which is only a thousand double column pages so you can just zip through that the book is a the book is a murder weapon they're thinking of including it in the next version of Clue by the way was he killed with a dagger? no he was killed with Reisman's capitalism over the head he has a very good discussion of this but one argument would be that let's say a firm has 90% of the market in something then if you're competing with let's say one other firm and that's got 10% of the market you're suffering losses during the predatory pricing strategy where you're pricing below cost you're suffering losses temporarily to drive your competitors out then you'll raise the prices you're suffering losses on your 90% share like why would that be brilliant you have nine times the wealth of the business but you're losing money at a rate that's nine times as great would you want to do that once you do drive all your competitors from the market you now have to drive prices back up without attracting new entrants into the field who then see the high prices and they want to jump in and moreover these new entrants will be at an advantage because your previous competitors will have gone out of business unable to match your low prices but when they go out of business they will typically go into bankruptcy proceedings they've got all these physical assets and they're going to want to sell them off try to make as good as they can with their creditors but that means that whoever buys them is buying them for pennies on the dollar and those people can enter now can enter this field very very easily and so now you'll have still more competitors that will be even more able to compete with you so now you'll have to make losses for for still longer so you have to further postpone the moment when you'll get your hoped for premium profits also during the period excuse me of below cost pricing when the would-be predatory firm is offering products at a very low price consumers stock up on the products at that time when I used to live alone and I would do my own food shopping once in a while progressive soup used to be 99 cents a can for the big size can now I now know that progressive soup does not actually have a lot of nutritional content I didn't know that at the time so I would stock up I would buy as much progressive soup as they would let me get away with and I would come in under new identities with a false mustache whatever I had to do to get the cheap soup and so that is makes go even longer before they can get the monopoly price because the consumers already have plenty of the product now Reisman gives this example he says there's a chain store variant of the predatory pricing model is if you're a chain store you've got locations all over the country you've got a whole lot of money you're earning profits from all these different stores so you can draw on the profits that you're earning in all your other stores to sustain you through the losses you're making in just the one let's say you're trying to break into a new market you're going to use predatory pricing drive everybody out you're going to break into that and to break into it you're going to use as a cushion all the profits you were in from your other stores so you're unstoppable basically you once you're a chain store you're unstoppable but Reisman says that's actually not true because he says let's stipulate that you've got a place called mega mark and they've got a thousand locations around the country and they've got a billion dollars of capital invested so they've got a million dollars per store and people warning of monopoly say that mega mark can bring its entire fortune to bear to drive all competitors from one particular market in which it wants to expand now leave aside all these difficulties with predatory pricing that we've just looked at let's suppose mega mark really could drive could use all its resources and it could drive all competitors out all potential competitors out because they would all be terrified that mega mark would crush them even still it does not make sense for mega mark to use its entire fortune because you think about it let's say mega mark returns 300 grand profit every year from a new store then you capitalize that into the future and it winds up being like it would be worth a 3 million dollar investment but no more for mega mark to get this flow of returns I mean now this is assuming we know what the going rate of return in the economy is and you know that this is problematic and so on but the point is there is a finite amount that it makes it worth mega marks while to do this for because you can capitalize into the future the stream of income that you expect to get from this particular store and it's not an infinite amount because there is time preference so you have to think about that so anybody who has 3 million dollars would be at just as competitive a level in bidding to try to get hold of that market as mega mark does which has a billion dollars it would not make sense the flow of income they are going to earn from that market does not justify pouring a billion dollars into it alright so finally another thing about predatory pricing the reason that we expect it not to work is this the market has a built in way to stop it and the built in way to stop it is through minimum and maximum resale price agreements and basically that would work this way think about what would happen now leave aside the fact that you don't like a lot of American pharmaceutical companies it doesn't matter it's just a good example suppose that Walmart is offering cheap drugs because it wants to use predatory pricing to become the only drug dispenser in the country and then it's going to jack the prices up what happens when Walmart jacks the prices up on drugs fewer drugs are sold economics 101 the price goes up fewer drugs will be sold merc doesn't want fewer drugs to be sold so therefore merc has an interest in making sure that Walmart does not become a predator because then it will sell fewer drugs so it can build this into its agreement with Walmart and the agreement would be a minimum resale price maintenance agreement it would say that you have to sell the product at at least this price so you can't sell it at a predatory level or if Walmart somehow if everybody at merc falls asleep and they find that Walmart has already done this then they can have maximum price resale agreements saying if you're going to try to then get premium monopoly profits you can't because your agreement with us is you can't sell above this particular level and now that cuts out the prospect of predatory pricing because now you can't raise the price to the predatory monopoly profit level because your contract with the supplier won't let you do it and the anti-trust laws forbid the use of minimum and maximum resale price agreements and yet they solve the problem the market solves the problem through that but I want to give you a flesh and blood example of predatory pricing and how you fight against it and this is an expanded version of a story I've told in the past but it's the example of the great chemical magnate Herbert Dow, American about a hundred years ago he's an extremely innovative chemical I don't know, manufacturer I guess so the key chemicals we're going to look at are chlorine which is used as a bleach and bromine so first we talk about chlorine chlorine is selling at $3.50 a hundred weight Dow gets into the business and in the mid 1890s just at that time the British they start lowering their price of chlorine to $1.87 Dow matches them he's got an efficient process he can match them then they cut it to $1.65 he matches them then they drop it to $1.25 and make a loss obviously trying to get rid of Herbert Dow other American firms drop out but Dow stays in in 1903 the price goes to $1.04 Dow barely hangs on but he stays in the British then say they'll sell for 88.5 cents so Dow said look there just ain't no way they're driving me out so in 1904 he enters into contracts with buyers that he will sell at 86 cents and as soon as he locks in those contracts the British say oh never mind we're going to sell at $1.25 so now they've manipulated him at this ridiculously low price and he's stuck because he's made all these contracts but he honors those contracts and that gets him tremendous renown that he somehow did this the British themselves come to respect him and no longer decide to pull this on him but the real story that grabs you is bromine because here the Germans are the dominant sellers and the understanding is the Germans sell this chemical which was used in film developing and for some other purposes but they're selling this in Europe and no one else is really allowed to sell other than the German cartel they're selling it at 49 cents per unit and he's selling it in Europe at 36 cents and he actually gets a visit in his office from a representative of this German cartel explaining to him that he, you know, we have evidence that you've been selling bromine in Europe and he said yeah as a matter of fact I have and they said I don't think you understand the rule is that you can't do that well I intend to do it and they threaten him they say well we're going to just drive you out we're going to crush you well he keeps on doing it so the Germans start selling at 15 cents and so Dow decides well if they're going to sell that cheap I'll buy so he uses his purchasing agent to purchase up huge quantities of this German bromine then he goes and sells it in Europe because he figures they've got to make a profit in Europe to sustain the unbelievable losses they're suffering in the US but now they can't because now they're making losses everywhere and they cannot understand what's going on why is the American demand so high so they keep on so then they get down to 10 and a half cents that'll show them so he just keeps on doing it well a representative before they figure out what's going on they meet with Dow again and they say look we're just going to keep flooding flooding you with cheap bromine indefinitely alright well I'll manage so as Dow leaves the meeting this guy is actually screaming threats at him well eventually they figure out what he's up to but they don't know how to stop it they don't really know what to do and Dow says when this 15 cent price was made over here instead of meeting it we pulled out of the American market altogether and used all our production to supply the foreign demand and this as we afterward learned was not what they anticipated we would do we are absolute dictators of the situation one result of this fight has been to give us a standing all over the world we are in a much stronger position than we ever were so Dow just stuck it out and turned their own strategy against them in fact his lawyer said to him your mind does not work according to any normal law but it makes him great alright let me close with just a brief overview I guess I have enough time of the work of Gabriel Colco and for here the two key books would be railroads and regulation and the triumph of conservatism let me give you the background on Colco Colco was a leftist actually and the point of his work was to try to show other leftists that attempts to reform capitalism were fruitless it couldn't be reformed because your attempt to reform it would be hijacked by the very people whose behavior you were trying to reform the business firms would dominate the regulatory process you were trying to use so of course you can see why this is a congenial thesis for free market people who would say yeah so don't be naive about what regulation can achieve it tends to be dominated by the industry or the big firms and there is something to this by the way I don't want to suggest to you there's nothing to this thesis at all there is something to this and Stiegler whom I mentioned earlier has a whole capture theory of regulation the regulatory bodies tend to become dominated by the industry that they're dominating either because there's a revolving door between government and the industry or even sometimes because the regulators themselves gradually come to be more or less absorbed into the world that they're regulating they've come to use the same language of the people that they're regulating and it becomes hard to tell at the end of the day which one is a pig and which one is a human being that's an animal farm reference I'm not trying to say that they're actual swine although if the shoe fits I suppose alright that's what Kolko is about so he's trying to tell people if you want to reform capitalism forget it replace it with socialism alright well that conclusion is obviously not going to be leaped upon by libertarians but they're interested in this thesis so when Kolko says the triumph of conservatism he's not talking about Edmund Burke or Pat Buchanan he doesn't mean that kind of conservatism he means he's talking about the progressive era the early 20th century and he's saying that what was actually happening in the early 20th century was that competition contrary to what we've been told by all the textbook writers was actually very vigorous and big established firms don't like this because competition means they could be knocked off their perch so the conservatism that Kolko is talking about is an economic conservatism of maintaining the economic status quo and what he's going to say is that at this time from 1897 to around 1901 or two there was a well-known merger movement in the US tremendous effort to engage in mergers most of these mergers failed and so once the mergers failed Kolko says you have the business firms now looking to the government to try to protect their profits because they are overwhelmed by competition and indeed Kolko says this that standard oil was not like the only game in town he says this in 1899 there were 17 petroleum refiners in the United States only one of whom was of any consequence over the next decade the number increased steadily to 147 refiners until 1900 the only significant competitor standard was the pure oil company by 1906 it was challenging standards control over pipelines by constructing its own and in 1901 associated oil of California was formed with 40 million dollars capital stock in 1902 the Texas company was formed with 30 million dollars capital and in 1907 Gulf oil was established with 60 million dollars capital in 1911 the total investment of the Texas company Gulf oil tied water associated oil union oil of California and pure oil was 221 million from 1911 1926 the investment of the Texas company grew 572 percent Gulf oil 1022 percent tied water associated 205 percent union oil 159 percent and pure oil 1,534 percent it was very difficult he says for top firms to maintain their positions in many sectors and many industries in the United States in the late 19th century we see this in oil, steel, iron automobiles, agricultural machinery copper, meat packing and telephone services now this is the strong this is Colco at his strongest this stuff about de-concentration ratios in the 19th century is very very valuable corrective to the standard old story about one guy with a cigar dominating the whole economy this is very very important but his wider thesis I more or less accepted this for a while and I'm a little bit more skeptical now as I look back on it and there are two things I would refer you to now unfortunately Brian Kaplan's comments are hard to find this is an article co-authored by Rob Bradley in the independent review and it's called something like Colco Revisited 2013 should be easier to find and he goes back and looks at the evidence that Colco has that really regulation was totally dominated by industries they wanted the regulation because it boosted their competitive position so he claims they wanted it this was not wise public servants carrying out the common good it was actually dominated by the big firms it turns out there are weaknesses in the argument so it turns out for instance when you look closely at Colco's argument it looks more likely that what's really happening is that business firms don't like the crazy quilt patchwork of regulations in all the different states and they would rather if they have to have regulation they'd rather have it be uniform and imposed by the federal government but that's not the same thing as saying we like regulation it's given that these are our choices this is what we would prefer or he'll say look even the railroads themselves said they favored having a government commission well yeah because what was the alternative so for example he cites Chauncey Depew who was the attorney for the New York Central Railroad and he says Chauncey Depew prefers a government commission so you see the businesses wanted this regulation because it gave them some kind of advantage but what Depew says in his memoir in 1922 is it seemed to me that it was either a commission or government ownership well that puts rather a new light on things doesn't it it's not that he just arbitrarily woke up one day and said we need a government commission it was that if he didn't have a government commission the government was going to take over the railroad so he said you know what I'll take the commission well that's different I think from what Colco is saying then also he's got in the Bradley article they dig out a quotation by James J. Hill and Colco it turns out totally mangles this statement by Hill he inserts ellipses all over the quotation to make it say what Colco wants Hill to have said but when you restore the words that are omitted by those ellipses Hill is saying like the opposite which makes you think that you can't trust this guy you have to actually now go back and review all the quotations in Colco so I think there is some merit to what he's saying and I do think there are some circumstances where business firms think they can use regulation to harm their smaller competitors or whatever but that doesn't mean that they wouldn't necessarily just prefer a laissez-faire situation it means that given that such and such intervention is coming we might as well turn it to our advantage that's still a valuable thesis but I don't think the evidence is quite as strong for his strong thesis as he might like it to be so anyway that has been a bit of a potpourri but it's a lot of stuff that I certainly didn't know when I was in college so I hereby hand it over to you thank you very much


to today's video on the video today we're gonna focus on a hair color technique that technique is going to be for your guest that is a little bit more low maintenance what I mean by low maintenance they don't want to come into the salon as often but they want something different so the way that we're gonna achieve that I got a new product from Joico called Blonde Life Hyper High Lift series we're gonna use the champagne tone I want to take this natural level six on the mannequin I want to see how high this product can lift the mannequin just to do a little bit of a test to show you guys what it does also we're gonna use demi hair color and we're gonna just shift the natural tone at the natural level so I'm not looking to change her level I want something that just brightens up the face and just gives me an overall very natural appearance so I know you guys are gonna love this technique let me know in the comments below if you have any questions let's get started here we go welcome to the video guys today we're gonna check out the new Blonde Life Hyper High lift series this is the champagne tone I'm gonna use 40 volume it's a 1 to 2 mixing ratio so 1 ounce of color to 2 ounces of developer I want to see how much lift I can get with this especially using a mannequin head which you guys know is a little bit harder to lift so I think you guys are gonna be surprised when you see the end result and how much lift I actually get with this hair color so mixed up the color the sectioning is simple nice circle out of the top of the head about 2 inches away from the forehead and then I find her part and I take a nice little triangle section right at the part and really what I want to do there is I want to pop that brightness right at her part and then I'm gonna pivot off of that point so my goal with this is just to create a technique that lives underneath and creates that pop of brightness right around the face and using that champagne tone I just love the the end result that happens here so start my foil work real typical just no weaving in the very first section and then I pivot off of that point creating a diagonal section and then I weave that so the rest these sections I'm going to weave the reason I am is because that breaks it up I don't want you could do panels if you wanted to but I just don't want that much of an extreme color I want a little bit of diffusion in there and a little bit of depth with the old hair color as well the other thing is we are gonna add Demi to the rest of the hair so this is a technique that when you have a guest sitting in your chair they want just a little bit of brightness they don't want too much change and also maybe a little bit more low maintenance they don't come into the salon as often so we're popping this hair color right in the front but they're not gonna have that growth all the way along their part line if that makes sense also I'm using Demi hair color in between these foils which you'll see at the end and the reason I'm doing that is because that's more of a low maintenance thing as well if they have gray hair that might be a question you could ask I would do this same technique might not use the Demi if they want a hundred percent coverage I would just switch that out and use permanent hair color so the other thing you'll notice in this technique is I split that little bit in half because I was working with more than I had available for foiling so I break it up into two foils but notice how that section how those partings are wrapping the round of the head that's gonna give me a more natural feel and when you think about how this is gonna fall it's gonna fall very blended and just right along that head shape so you can see I'm not really feathering it in because I'm using hair color right this is not lightener so I'm using hair color I'm gonna get a more soft result so I just make sure I get the hair nice and saturated but it will have a softer feel and it's more toned feel so I don't have to like tease highlight or anything you could with this technique as well change it up make it your own but this is just the way that I chose to do it today so this will be about my last foil what I wanted to do is just go to the ear you could continue all the way through the back if you wanted to change that up a little bit I think understanding taking these techniques for what they are right you're gonna be able to see the difference you're gonna see how bright we pop the front but if you wanted it all the way through you could do it all the way to the back and then just have that top veil fall over that's still a low maintenance approach and you might like it better so know that you can change these techniques you don't have to mimic exactly what I'm doing so I'm gonna do a few more sections on the weak side the skinnier side right on the part and I'll do those sections all the way back to behind the ears so as I'm finishing up the foils I just want you guys to know we're gonna go in and do the demi color I'm gonna speed it up my choice for the demi color was a 6 ng it's a natural gold the reason I chose that color is because I just wanted to enhance her natural level I didn't really want to change it so we're gonna get that color on and then I'll show you guys the end result at the end so you can see as I finish up I get the foils I get that out of her face I clip everything up we let it process and here is our end result nice pop of color in the front keeping our hair looking natural tones go together hope you guys like this technique let me know in the comments I'd love to hear your thoughts thank you so much for watching


Great. Thank you. Great. Well, good morning everybody. I really love this lightning talk format, but nobody told me I was going to go between Rajiv and Shawna. So, boy, tough, tough act to follow and tough act to proceed. Anyway, glad to be here. Good morning everybody coming to you from Los Angeles, California. I want to share today some information about a project we implemented here in California, supporting students to develop a student advocacy toolkit. My partners in the project were, oops, sorry, can I have some technical difficulties here? Hold on a second. Sorry, everybody. My partners in the project were our good friend Barbara Elowski, a longtime open education advocate in the United States, and Ryan Erickson-Coulas with the Michaelson 20 Millie Mines Foundation, headquartered here in Los Angeles. Today we would like, I would like to, let's see if I can, I'd like to share with you why we developed a project to support OER student advocates. Secondly, how did we engage them and finally identify some lessons learned. For me, being here participating in OE Global makes me think about the story of student advocates really in the framework of OE Global and the increasing participation and presence of students in the global OER movement or field. I think back to the OE Global Conference in Cape Town in 2017 when at the end of the conference, our friend Jenny Heyman raised her hand and challenged all of us to ask ourselves where are the students, why aren't there more students here. And if you look at the conference this year at the conference program this year or even at the conference program for the open ed 2020 conference last week, there were a lot of sessions devoted to student participation, student activism, which is terrific. I don't want to give, I don't, I don't know if we can give Jenny the entire credit for this but certainly she helped me to think about the importance of centering students in our efforts. And later that year in 2017 at the open ed conference in in Anaheim, California, there was a wonderful opening keynote panel featuring students from Santa Ana College. The following year OE Global recognized student work with the first open education student award I was super, super honored to have a student from my institution. Natalie Miller received that received that award she had done a lot of great work with us at College of the canyons implementing a developing and implementing a marketing campaign. And she helped me to think about the or understand the power of involving students in our open education programs which seems like a such an obvious, such an obvious step to take. Then last year are when we when the OE OE Global Conference was hosted by our friend Paulo, Paulo in Milan, she organized a student panel as the opening keynote. So there's been a lot of great work in the past couple of years to really center the student experience and the student voice here and open education. And this this made me think and and my friend Barbara helped us to think about what we could do in California in our massive state of California you see some statistics here on the screen about how large this is the higher education systems are in California in the California community colleges in which I work we have 115 institutions serving over 2 million students 62,000 faculty, our state university system you see the statistics on the right hand side. So massive system, there's, there are many pockets of innovation and and work with ZTC degrees and OER in both systems. And we wanted to do something to really raise up the student voice and to help center the students in the, in the, the developing open education space in California. And for Barbara and I were very fortunate to have the support of the Michael's 20 million minds foundation to develop a student advocacy coalition that would permit us to recruit students, train them engage them and most importantly pay students honor their work, pay them to work as student advocates. The output for them would be developing a student advocate toolkit that could be used by other students to learn how to become an advocate for OER. We engaged and leverage the existing network of institutions in California to identify eight students from three from different community colleges and three from state universities. We recruited them we train them in OER basics we trained gives us training on how to use OER Commons which would be the ultimate destination for the student advocate toolkit. And we also gave them some support in public speaking in outreach how do you differentiate approaching a faculty member versus approaching a member of the community versus working with the student government versus working with your public boards. And most importantly, I think we encourage them and they really took this on themselves to build a community of practice as as their working group, so that they were helping each other. Just, just want to share a couple of a couple of highlights of the stories of this students we were able to work with some friends at Grossman College in Southern California had already engaged some students on internships to learn about open educational resources so you see two young men who were involved in the project and they were they were they're the first people first people in their families to attend higher education. And they were incredibly honored and enthusiastic to to support the idea of open educational resources as you can imagine. As all of you know, once students start learning about open educational resources they quickly grasp the power, particularly if they're coming from life circumstances that have not been filled with privileges. Another great student we worked with Jennifer at San Jose State University. She was an immigrant first person her family to attend higher education as well. It was a wonderful student ambassador for open educational resources on her campus organizing on campus events and conferences. Overall, we we worked really hard to engage the students in teamwork on the on the left hand side, you'll see an image of us in our first meeting coming together to introduce ourselves to to our students and them to one another. On the right hand side you'll see a picture of some of us last year at the open end conference in Phoenix, sharing out our project as well. It was a fantastic journey with these young people as they learned about we are and learn to trust themselves learn to become more, more effective advocates on their on their own campuses and across the state. The final output of the project as I mentioned was a toolkit a collection resources. We saw here on screen some of the, some of the major topics covered in the toolkit, ranging from what is we are and why do we need it to how to create we are how to market we are, and then we are activism on your campus and beyond your campus. Those of you who may have worked in these areas before will recognize many adoptions and adaptations of existing resources in in in this work. One of the one of the great things I think about the what our students did was to adapt it for use in California you make it make it make it contextual and useful for for their realities in our system. You can find the toolkit at these links you can go follow the links, I'll put that in the chat, or and or you can go to OER Commons and search for the OER student advocate toolkit and few lessons learn challenges on one on the one hand and lessons learned on the other hand. I'm working with, let's say, young people and oftentimes people for whom this was their first formal engagement timelines and paperwork sometimes were a challenge getting people to respond going to be able to fill out paper paperwork and turn it in. So of course you have to be flexible you have to be explicit. So you're asking somebody to turn in an invo an invoice of course it might be they might not know what the word invoice means so you have to be patient and and very explicit and walk them through what what that means and why it's important. One minute remaining. Thank you. The communication channels were quite interesting we did we had expected our students to communicate in some in some ways via email and some some shared space on OER Commons we created, but they really just like to engage in group chat and they were very comfortable working Google docs and so on so you have to be ready to learn where where they are and accept them where they are terminology for their roles differed all over all over their institutions so it's really important for us to understand and adapt to the local context. We also, in many cases encountered challenges or students encounter challenges and not really being recognized or valued by their own institutions so if you're considering engaging students in similar kinds of work across institutions. We're just connecting with the administration at their host institutions or home institutions, so that the home institution can understand the value that they're bringing to their institutions as ambassadors, but


Man, this retreat has been absolutely amazing. The time that we've gotten to spend with other power players, other great agents, has just been absolutely amazing. Just literally having the top power players in the entire industry from all walks of life and the insurance industry, literally breaking down every one of them, exactly what they need to have success. I just want to walk through what we do at our office with both of our sales teams. Google only cares about getting their users the best answers to their questions. You can make a lot of money in the under 65 space. You just have to know what you're doing, right? You've got to have solid people that can really give something for your agency and your organization to really stand on. Little things lead to huge things. But when you go to the events, that one thing you pick up. I want to get down to the nitty gritty and something that kind of changed my life or saved my life financially. Let me give you a couple of examples. We're not doing these things.  I just got in this mindset that just brainwash yourself into success. Average, unsuccessful people that's in our brain that we've been growing up since we were little kids, right? Money doesn't grow in trees. I've never heard that one. But they never told you where it did grow, did they? I met a millionaire and I said, I bet you heard money doesn't grow in trees, right? I said, well, yeah, he goes, guess where it does grow? I go, I don't know. He goes, other people's pockets. Whoa. If you take it without getting them something returns called stealing, if you give them a product or service and return for their money, it's called capitalism. Sales is competitive, right? And it's even though we're all competitors in some areas, great that we're all here helping lift each other up. But we always have to remember, there is another person out there doing the same business I'm doing, fighting for the same piece of market share. And that guy is waiting for the day that you sit on the bench and decide to put it in cruise control for a little bit. And you're never growing if you're not getting around people who are doing more than you. And I think that's the biggest value in going to these events is just getting around people who are doing bigger and better things than you. You can just learn from them, you can copy them. But I know that my practice couldn't be where it's at without the people who are playing pickleball right now. So I waited seven years before I came to my first networking event of being an insurance industry. And I can tell you that I've missed out on huge opportunities. I think one of the best things that I've really gotten out of this conference is really how to view my business. Not just as a business, but it has a practice as a company as something that people may want to invest in. And so to really have that vision to see my business growing into something much more. Those guys, I mean, they push me, they may not know it, but they push me in the right direction just by what they're doing. So I- Unfathomable, the ROI that we're getting here. So if you didn't make it this time, hopefully we'll see you at the next one. Just amazing. The information I learned here was so valuable. Don't miss the next one.


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They wanted to know if you exercise long enough, if you exercise hard enough, can you rival some strolling plant eaters over here? And the answer is exercise helped. No question, but literally 5,000 hours in the gym appeared no match for a plant-based diet.


It's me Mario Hey guys real is the game and you're welcome back to another video today We're gonna be playing super Mario the Lord now I just found this game on game Joe nice. I was Mario so I mean like what game is not fun It has Mario in it so we're gonna be playing this today, and uh, let's see how this goes. Oh Look, there's a note falling from the sky Mario straight sleeping right there Okay, let's see what this is. Oh, it has a printing from Bowser Okay, this must be terrible news, dude. He's just like me. Okay, so There must be something bad going on. Oh, it's like a original Mario game.  Oh, there's a flower power up there. Let's grab that. Oh Nice. It says press P. Oh It actually shoots fireballs Yeah, can we go up here? Okay, let's stop that. We don't want it to hit us. Oh look there's another flower power Oh Okay, let's keep going Okay, oh, okay, let's try to see maybe one of these teleporters. Oh, there you go. That's what I'm talking about Hey, it's like an underground secret tunnel and let's go this way. I Wonder if it's a shortcut. Oh Okay, it seemed like it was Yeah, that's pretty cool Eat my fireball. Oh look another flower power. Dude, there's just like flower powers everywhere. No Wait for me elevator or floating platform Whatever you want to be called They remind me of like s'mores. I don't know why Okay, let's go over here Okay, let's go up this way My god, it's so it's like we're playing an action mario game not too bad Hey, press this Uh, okay, let's take it Oh nice What's that a piranha plant? Oh great Like we're at a boss level now. Ow.  Okay, so how do I defeat this thing? I think I have to shoot it when it's like looking down. Oh great Mario do something buddy Why is he saying no? Oh Dude now he's dropping spikes. Oh, there you go Okay, so we got to be careful of the spikes and the fireballs. Oh my god, that was close Can you please stop shooting at me, bro? What Okay, so we don't always have a shot to hit him on the head Because he doesn't always drop it. Oh my god Can you stop shooting at me? I am an innocent man Oh, there you go. This is our chance Okay, so that's two Oh my god, we need one more Okay, we got it. We got it. Why does he keep saying no? I'm gonna take you down buddy regardless of what you say Okay, be careful with those things. Oh, there you go. This is our shot three And we beat him. Let's go go go get out of here mario This is the only chance only the flag Oh, man, what? Time's up. Dude, there was like 800 seconds left I think this is part of the game This game is trolling me now What I can't even collect anything Oh guys, what is going on here? I think this is where like the freaking part of the game starts happening Okay, um, let's just keep going I mean we can't collect anything and the time's at zero This is a little odd. I don't know man. Okay, let's just complete the level. Oh Did you guys see that? It was like a glitch Okay Let's keep it moving Keep it moving mario. No way you jumps. Why did he jump like that? All right, what we can't even go up there Okay Okay, maybe we have to go on one of these tunes Oh, dude, that's scary Okay, now what we're like in the nether world, but if mario Oh my god, okay. This is a little too demonic for me, man This is not the mario. I remember but whatever. Let's continue Okay, I guess we go back this way We go down here.  Dude, why is there an eyeball following me back there? That is creepy Okay, we go over here No Okay, nice. I don't know where I was jumping off to I just jumped Okay, at least we lost the scary eyeball in the back. Oh my god. Look at those marios right there What?  Dude, what is that? You guys see that? It's like possessed mario. Yo It's a me mario over here, man Okay, whatever. Let's keep going. I do not want to know what that even is Leave that devil mario alone Okay, so we have 900 seconds to get out of here Oh god, hopefully we make it. Okay, so I wonder what the guy that made this like what was he thinking? Because it's a little freaky out here Okay. Oh god Hey, that's not cool. Man. Those things block your view Okay, so nothing took right. Oh my god. Look at this mario head right here That is so creepy, man. Let's keep moving Um, do we jump across? No Okay, what no now I'm stuck down here. Uh-oh Okay, this thing is rising and there's a lot of mario heads Maybe all of these are like the dead marios like the times that people have played and died I don't know man. I'm just trying to make something of this right now Oh my god. Oh Great now we have to fight the piranha plant, but he's like super evil now Why doesn't he have so many eyes? Oh my god. Oh no, I'm bleeding out Dude this guy is shooting lasers now This is way worse than the fireballs. You gotta be kidding me, man And I'm bleeding out like what where did I even start bleeding from? Uh-oh Uh-oh Okay, when can I hit this guy? Oh No, no, no Please thank you. I almost missed that All right, so we got him one time in the head Most likely dude now there's spikes coming out of the ground. What what kind of game is this man? Oh my god, what did I get myself into? Okay poor mario. He's bleeding out like no joke Okay, um Do something bro. Come on Why is he just moving around? uh-oh Okay, I'm gonna get my mouth closed My god Hey, nice. We can hit him one more time Oh, that sounds painful. It sounds like his neck cracks Oh great. Now his head's spinning everywhere Oh my god, though. Okay, I think we need to hit him one more time Third time is a charm Okay, come on buddy My god, please can I hit him now? Nope. Oh my god. That was so close. I thought I was a goner there Yes, please let this be the final time Oh, that was the last crunch was it was it the last and final crunch or was nice, dude Why is he twitching everywhere? My god, let's get out of here, man We seem too many of this Okay, hopefully we can make it out. What? Bled out Dude what oh his body dragged across the line Okay, so he just dropped because we bled out which he was bleeding the whole time Just like that Hey, that was something else It was like a mario exe type of situation Oh my god, okay, so now there's level two and I guess that's the third level right there All right, so that was pretty intense We fought the piranha in the normal world then we came across like the glitch in the game And then send the selected nether of the of the might of the mario world or whatever you want to call it Well, I don't know that was pretty crazy. I liked it Well, if you guys want to see a part two on the second level Let me know in the comments below and this was super mario the lower I leave the link for you guys if you guys want to check it out Well, thank you guys for watching Thank you guys for the main support If you guys enjoyed the video make sure to slap the like button If you're new to the channel make sure to subscribe and turn that notification bell on and I will see you guys in the next one Bye


Hello, welcome to another module on wireless communications in this massive open online course and the previous modules we have looked at the basics of wireless communication systems also the basics of the 2G wireless communication system or standard that is GSM or the global system for mobile communications. We now look at a more advanced standard that is a third generation standard which is known as WCDMA which stands for wide band CDMA and CDMA is a very interesting multi user technology CDMA stands for code division for multiple access. As we have seen FDMA is based on division and frequency, TDMA is based on division and time while CDMA is based neither on division and time or division and frequency, but where different users use different codes that is each users are assigned different codes and these codes are sort of the different languages in which these users speak to the base station. So, you can think of CDMA as sort of a cocktail party this is a very popular analogy used to analyze CDMA or understand CDMA let us say you have different groups of people are having conversations at a cocktail party, but all these conversations are going on softly let us of course if they all the conversations are going very loudly then no one can hear anything, but if all the conversations are going on softly and each is using different language then you can make out what your friend or the person who is talking to you is conversing with you while the other conversations in languages which you do not understand appear to you as interference and that is precisely the backbone of CDMA where people use with different devices use different codes. These codes are akin to different languages and each user or each device speaks sufficiently softly so that it does not swamp the conversation of the other devices and since other devices are on different codes they are like different languages which appear as interference and since they are soft this interference in turn does not swamp the communication of the particular device. And so it is a very interesting technology and has a lot of interesting properties which can be analyzed in detail, but for this module since it is concerned with the basics we will go over some of the basic overview features. We have already seen that UMT 2G wireless systems consists of standards such as GSM and another standard CDMA 1 or the IS 95 which support basic wireless communications, SMS features, basic data and such as for instance EDGE and GPRS the general packet radio service etc. UMTS which is universal mobile telecommunications system is widely is a widely adopted 3G wireless cellular standard and the physical layer or the central technology of UMTS is what is known as WCDMA or wideband CDMA and that determines the air interface or how the signals are transmitted over the air and this is created by this umbrella body which is termed as 3GPP or the third generation partnership project and it is designed primarily for multimedia communication just not just voice communication like the previous standards but also transmitting high quality images, video and access to a variety of information and services. A brief history of WCDMA it was the effort was initiated in 1992 in the World Administrative Radio Conference and the original target was to again develop an advanced single third generation air interface in 1998 it was adopted by the Etsy of the European Telecommunication Standards Institute and the first commercial networks rolled out in Japan and Europe in around early 2000s it is 2001, 2002 and here is a brief timeline for the development of UMTS in 2000 3GPP release 99 was developed followed by the 3GPP release 4 in 2001 and the commercial deployments in Japan followed by 2002 deployment in Europe and release 5 what is known as HSDPA which increases the data rate further it stands for high speed downlink packet access around 2004 the uplink counterpart of that was or release 6 was formalized and release 7 further increase the data rate which is known as HSPA plus or high speed packet access plus which supports again a variety of features. So this is again a brief graph showing the increase in data rate through the generations the release 99 or the initial version supported about 300 to 400 kilobits per second further releases with HSDPA, HSUPA and HSPA went all the way from about 14 megabits per second to 28 megabits per second and this is followed by LTE or long term evolution which can support a data rate of about 160 megabits per second that is really a 4G wireless standard which we are going to look at in some of the later modules and so therefore is also beneficial to understand how the data rate evolved across the various releases in the 3G. The R99 the initial release has about 400 kilobits per second while with HSDPA and HSUPA supported about 40 megabits per second in the downlink and 5 megabits per second in the uplink respectively. The HSPA evolution or HSPA plus is capable of supporting about 28 or about 30 megabits per second in the downlink and 11 megabits per second in the uplink and LTE which is the ultimate evolution which is capable of supporting about 100 megabits per second in the downlink and 50 megabits per second in the uplink and it has a huge bandwidth of about 20 megahertz. So some of the salient features of WCDMA it can support bandwidths of very high bandwidths of 2 megabits per second which make not only voice calling but also video telephony possible. It enables to multiplex speech, video, data on a single link that is you can talk, you can communicate by video and you can also transmit data on your internet etc access internet on a single link and it handles a variety of delay requirements for instance for the internet which is you can sort of tolerate a certain amount of delay to voice which cannot tolerate any delay and it can is capable of achieving really low bit error rate about 10 to the power of minus 6 which means the link is very reliable. And some of the other features are WCDMA is backward compatible with other 2G services such as GSM. It has a very high spectrum efficiency that is in the given amount of spectral band or spectrum it utilizes it very efficiently by transmitting it a large data rate supports symmetric uplink and downlink capacities and also supports both the modes of communication known as FDD and TDD. FDD stands for a frequency division duplex and TDD stands for a time division duplex. And these are some of the salient specs or comparison between WCDMA and GSM as you can see GSM has a basic bandwidth of 200 kilohertz while WCDMA has a significantly higher bandwidth of 5 megahertz. And more importantly WCDMA has a frequency reuse factor of 1 which means it uses the frequency spectrum very efficiently while GSM has a frequency reuse factor of only somewhere between 1 and 18 which means it is very inefficient in frequency reuse. WCDMA supports packet data it supports transmit diversity which means it can use multiple antennas this is one of the other advanced aspects of WCDMA where multiple antennas can be used to significantly enhance the reliability of the communication link and this is something that we are going to look at also later when we talk about other advanced technologies. So CDMA as I already said in comparison to GSM which was originally designed for voice services CDMA or WMTS was designed to provide high data rates about several megabits per second and in fact going beyond 10 megabits per second release 5 and also the other important aspect is to improve the round trip time. The round trip time is sort of for instance it is the sort of time that takes to get a response back from the communication system and this is very important for instance in live applications such as video conferencing and also online gaming where between the action of a particular user and the time you get a response it is important to minimize that delay and that is known as the round trip time and the WCDMA one of the main advantages it sort of minimizes the round trip times significantly and there are several types of services for instance person to person such as peer to peer for instance these are the push to talk or the walkie talkie kind of services that are available. Content to person that is basically not just voice calling but transmit content such as video content which is hosted on a server such as music or live video streaming streaming of movies streaming of TV etc. Business and enterprise connectivity for instance providing dongles and data cards for laptops at the same time video conferencing facilities for businesses at a high data rate that is voice simultaneous voice and video calling and sort of group voice and video calling that is video conferencing and also images to support transmission of high quality images and multimedia content and minimizing the delay between taking a picture scanning the environment and transmitting it to the other side and that is important to support image and multimedia transmission and here is a brief list of the key characteristics of the different services for instance voice calls can tolerate a delay of about and still video transmission has a background delay requirements about about 1 minute but the moment you go to real time video sharing the delay needs to drop below 5 seconds and for the circuits which for video telephony video transmitting video along with voice the delay requirements need to be significantly lower about 400 milliseconds and lower and there are various services such as the content to person services such as streaming applications web broadcast which target a large audiences which are broadcasting of for instances live news conferences live conferences live games video streaming on demand such as streaming of video clips highlights of games or lectures or movies etc these are the different services and just to give you a brief idea of the WCDMA network the WCDMA network again is sort of similar to the GSM network it has three components the user equipment which is your device along with the same the terrestrial radio access network which is composed of the base station the base station controller etc or its analogous components and the core network which is responsible for the switching and routing calls to the other networks other carriers the landline network the internet etc so this is a schematic you have the user equipment the core network at the end and the terrestrial radio access network in between the user equipment consists of the SIM similar to GSM and the mobile equipment the base station is known as the node B and these base stations of the base station controller is also known as RNC or the radio network controller these are connected to the core network which consists of various gateways which consists for instance can talk to other GSM based cellular networks other carriers or the landline network or also the internet that is interface with packet database networks etc so these are the different aspects that is user equipment the subscriber identity module that is similar to SIM that stores the authentication algorithms the encryption keys the subscription information the service information the identity etc the radio access network which again is similar to the base station which is basically receives the signal from the user equipment or the device and relays it to the other aspects of the network and the radio network controller which controls these node B's or these base stations and manages the handover and the frequency resources and also a brief intro to the high-speed downlink packet access HSDPA which has been designed to further increase the data rate from about 2 megabit per second in WCDMA to about 30 megabits per second and this is basically done with a large a large number of smart schemes such as fast retransmission link adaptation that is basically adapting the transmission strategy to the nature of the link to the strength of the signal adaptive modulation that is adaptively changing the signal strategy or the number of bits that are transmitted per symbol depending on the strength of the link efficient retransmission and also scheduling decisions which means what kind of users have to be scheduled or what kind of users have to be provided service for instance let's say there are users who are using video some users are on voice some users are on the internet or email or browsing applications which users need how many resources which users need to be schedule so making a lot of smart and intelligent decisions to schedule the users appropriately to increase the overall efficiency of the network these are all features advanced some of the advanced features in HSDPA these are some of the table which summarizes some of the features that is a soft handover which increases the signal strength fast power control which increases the reliability adaptive modulation and control multi code transmission fast retransmission again to retransmit drop packets thereby decreasing the time of delivery and scheduling appropriate users to increase the overall efficiency so that concludes this brief introduction to the third generation wireless communication standard that is WCDMA and its various features and some of the salient aspects thank you.


Hi guys! Before getting started, Psych2Ger just wants to say thank you for watching our videos and supporting the work we do, getting us to 100,000 subscribers and over 4 million views. We will do our best to release more quality videos on psychology, so please continue to support us. Thank you so much! Now let's get into it. 10 Types of Emotional Manipulators 1. The constant victim. This kind of individual will always find a way to end up as the victim in their relationships. 2. The one-upsmanship expert. This person uses put-downs, snide remarks, and criticisms to show that they're superior and know much more than you. 3. Powerful Dependents. Powerful Dependents pretend to be weak and powerless, then use their helplessness to dominate relationships. That is, they send the subtle message, you must not let me down. 4. Triangulators. These people always try to get others on their side. They're quick to say nasty things and put you down. They separate good friends and drive wedges in between families. 5. The Blasters.  That stops you from asking questions in case there's a showdown. 6. The Projector. The projector thinks they're perfect and that others have all the flaws. They take no ownership because they're never, ever, wrong. 7. The Deliberate Misinterpreter. This person seems nice, but they twist and use your words. This person spreads misinformation and misinterprets you, deliberately presenting you in a false, negative way. 8. The Flirt. This person uses flirting to get their way in life. They want to be admired and have an audience. However, your needs and interests are of no concern to them. 9. The Iron Fist.  10. The Multiple Offender. This person uses several of the techniques we've described, and they'll often switch between the methods depending on what suits their purposes. So have you ever encountered these types of people before? If so, how did you deal with them? Feel free to share your stories in the comments below. And as always, if you enjoyed our content, please check out our other social media, and don't forget to subscribe. Thanks for watching and have a wonderful day.