I'm so excited to visit the Pyramids of Giza today! Gee! Sunshine plus flying equals happy falls. Arriving at destination, Pyramids of Giza. Oh no! Glitch has shrunk the Pyramids! They've been glitched! Not cool! To the Froobster! Launching Froobster in... Three, two, one! Seatbelt! There he is!  Oh grimbles! It's the No Jetters! The Pyramids have been shrunk! We need to make them big again! We need to fix this glitch! We need click-ons! Geomag! GeoJets! Geodime! Those No Jetters always spoil my fun! It's time for a souvenir selfie! Roll your mouse over the screen and click on the top right-hand corner for more information! Go play!


Hi there, my name is Emily. Thank you for joining me today for some yoga. Today's yoga, I'd like to show you two short techniques to help bring you into the present, make you feel more focused and more aware of what's going on. The first one is a simple one. Take five. This is appropriate for children or for adults alike.  So let's do that together. Now the second one is just a mindful activity using your senses to bring you into the present. So again, it's using the fiber. So the first step is thinking, well, in your area, take a moment to find five things that you can see. And if you can't identify five things immediately, that's okay. The important part is just being aware with your surroundings being present. So let's take a deep breath in and look around, looking for five things. The second thing is finding four things that you're touching or you can feel. So it could be the surface of what you're sitting on, the ground, the clothes against your skin, anything you can feel. Let's take a deep breath in, focusing on what you can feel. The next one is three things that you can hear. The next one, two things that you can smell. Did you get your two things? And then the last one is one thing you can taste. Perhaps it's the residue of coffee, perhaps your last snack, anything that you can identify. And if not, just taking a moment to check in with yourself is enough. Wonderful. Thank you for joining me for these two short strategies to help you feel more present. Let's take a deep breath in and move through the week feeling more present, more aware, and more focused.


My name is Kaye Felix and I will come you to Kaye Felix Inspire. Always remember if you're coming here for the first time, please don't forget to subscribe. Hit the bell icon so that you get notified whenever I post new videos. Please do stay tuned for more details in this video. You remember, around the 15th of September, if memory serves me correct, the Anti-Corruption Commission issued a series of statements and they, along with those statements, they made it known to the public that there were several, there were carrying out several different investigations on certain people that had been accused of some type of crime. And one of the things that the ACC announced, one of the things they said, among many other things, they said a plethora of things, but one of the things that they announced, and this is one of the items that made the news, at least on social media, made the ACC representative, a lady, said that they were investigating the activities of a known Lusaka counselor that had purchased or allegedly purchased a bank, full stop. That's where they left it. They didn't elaborate, they didn't tell us any names, they didn't divulge any information beyond that. They left it at that. Now, when they did that, what they, in a sense, did was, it was like taking a piece of meat and throwing it into a den of lions.  Well, the obvious is what happens. They will devour it. And so here it is, the ACC, the Anti-Corruption Commission, made an announcement, threw it into the public domain, and social media, being the vivacious beast that it is, took that piece of meat. And oh, I tell you what, we devoured it for all it was worth. In the public domain, the first, the former president's daughter's name was being mentioned as having bought this bank at 300 million. That was the assumption. Immediately, the former president's daughter issued a statement, and she said, and of course, this is all in the public. And she was very adamant, she was very clear. She said, I do not have the capacity to purchase a bank. I do not have the capability, the wherewithal or the dexterity, of course, I'm paraphrasing, but basically, that's what she said. She said, I don't have the capacity to buy a bank. These allegations are both defamatory and they are false. And anyone that is peddling this lie will be sued. A day after that, I received a letter from McKeby, is it McKeby? McKeby Zulu? I have it here. McKeby Zulu. This is it here. Can you read that? Can you see that? McKeby Zulu. This letter was a demand letter and it came to me and it said in here, no uncertain terms, it said, Mr. Mwewa, we are aware that you have posted information that has placed our client in bad light and we feel that your comments on your Facebook page were retrogressive and our client demands that you apologize and retract. Now, let me get to the crux of the issue. The reason, after I apologized, I received a writ of summons. You lawyers correct me if I'm wrong, if that was called a writ of summons. A document saying, Mr. Mwewa, we're taking you to court. Now, this was after I had apologized and when I went through the summons, some information has come to me, authentic information that shook me to the core. And I'm going to take a moment here and I'm going to pause because what I'm about to tell you is stuff that you hear about in the movies. I mean literally, this is stuff you hear about in gangster movies. This is Godfather's stuff. You know the movie The Godfather? That's what this is. This is the American gangster stuff. Remember the American gangster Denzel Washington and what's the other guy's name? The guy that did Gladiator. What was his name? Tell me in the comments. Russell Crowe. There you go. Russell Crowe. The information I'm about to share with you is it's gangster stuff. When this information, I came to the knowledge of this information, I realized the PF administration was a gangster organization. Are you hearing that? Are you getting that? I want that to sink in for a moment. When I receive the information and the data and the evidence that I have right now, this moment, I realize and understand that the patriotic front was a gangster criminal organization and it was from there that I decided to retract my apology.  Faith Musunda? You're talking about 65 million quatcha, which is about four million dollars? The information I have now here, and this is a fact and I'm willing to present this in court, it will make Faith Musunda look like little red riding hood on a summer's day picking daisies along the road. I'm going to say that again. The information that I have now, the information that has compelled me to withdraw my apology and I am willing to face to Sila Lungu in court, the information is so damaging. It will make Faith Musunda look like little red riding hood on a summer's day picking daisies on the side of the road. Listen to me, Zambia. They were gangsters. They were gangsters. And everything they did, they did for themselves. They did for self-profit. They did for self-aggrandizement. And they did it at the expense of this nation. Mark my words. They are in for a bumpy ride. And here's the thing. President Lungu is not there to protect them.  Let me go further and say this information is so damaging that if we were in Italy, I'd have been dead by now. If we were in 1935 America, New York City, I'd have been whacked by now. Are you getting what I'm saying? This is the type of information people get killed for. And just so you know, if anything happens to me, you know where to look. And I'm not joking when I say that. I'm very serious when I say that. Look into my eyes. If anything happens to me, you know where to look. Did you catch that? Did you hear that? That comes from a very serious place. You're not in Kansas anymore. This is serious. Okay. And that's all I have to say. Thank you for listening. God bless you.


Systems thinking is a way of describing the world in a more holistic manner based upon the model of a system. But let's start from the beginning. We can understand the world as things, that is parts or components, and their relations, that is how they are connected or fit together. So take a car for example. It is made up of parts, car parts such as engine, wheels and so on, and these parts are put together or organised in a specific way so as to make them function as a vehicle or transport. Now we call a group of things that are not organised in this way a set. So we would call a group of cups on a table a set of cups because unlike the parts to our car, they have not been designed to serve some collective function. Because the group of cups is simply the sum of its parts, we would describe them by describing the individual properties of each cup and this would tell us everything we need to know about them. This approach to describing things is called analysis or reductionism. Reductionism is a traditional approach taken within modern science that tries to describe complex phenomena in terms of their individual parts. Now take the human body that is highly organised through a complex set of relations between its parts. Out of the arrangement of these parts in a specific way, we get the overall functioning of the living organism. Because the parts are so strongly defined by their connections and function within the body as an entirety, to properly describe the parts we need to first understand the functioning of the whole body. This approach to describing things, that is that we can best describe things by understanding their place within the functioning of the whole they are a part of, is called synthesis and synthesis is the foundations of systems thinking. Thus we have two different approaches to describing things. On the one hand analysis that is interested in describing the individual components and synthesis that talks about the relationship between these components and their functioning as a whole. Ok so now that we know a bit about systems thinking, let's put our newfound knowledge to use. Say a car manufacturing company has employed us to design their next great model. Now we could take two different approaches to this problem applying analytical thinking or our friend's systems thinking. If we approach a problem from a traditional perspective we would start by analysing the car and looking for ways to optimise it. We might come away with a design that minimises the car's drag by reducing its height by a few centimetres to increase its fuel efficiency. Now if we applied systems thinking to this problem we would start by identifying the car's function, that is personal transportation and the system it is a part of, the transportation system. From this perspective we might not even need to design a new car at all but end up designing some service that connects pre-existing resources to provide the same desired functionality. From this example we can see how systems thinking is often employed when the current paradigm or way of doing things has reached its limit and gives us a fresh perspective on things. Systems thinking is the beginning of another closely related area called systems theory that goes on to give us a whole suite of tools for analysing and modelling systems and their interaction dynamics as they evolve over time. So we can wrap up by saying that systems thinking is an emerging paradigm within many areas from science to engineering and business management that presents an alternative to our traditional modern analytical methods of enquiry by emphasising the need for a more holistic and contextualised understanding of the world.


What's up guys, this is Giovanni from the options trading channel today is Friday, January 17, 2020 I didn't get to trade today as there weren't any signals in the strategy And so I thought I would make a video a fun video I haven't made a fun video in a long time and The main reason why I decided to make this videos As as I'm working I have YouTube playing in the background whether with music or or you know trading videos and this and then I just basically use it for background noise background music and YouTube was so kind enough to recommend this video to me and it played I went ahead and played it The title is I coded a trading bot and gave it a thousand dollars to trade So naturally as a day trader myself. I was intrigued by this. I Had my opinions Formed prior to the video Shame on me. I know I'm sorry, but you know what? Let's let's talk about it I don't necessarily want to say that I'm doing a video and Exposing quote-unquote. I'm doing air quotes here Exposing this guy. It's just it's amusing to me I think it'd be amusing to my viewers and subscribers and to the trading community Let's get this let's get this video started and I will be pausing the video and just putting in my own Commentary on the side again. This is just a fun video Disclaimer. This is my opinion my opinion only That is all my opinion. I have the rights to give my opinion out there, right? So let's get this video going. Let's hit play guys. Okay. Here's a challenge Can I write a program that trades stocks for me and how much money can I make in a week? So apparently this guy just said hey, you know what? Let's see if I can build a trading Program and see if it can make any money. Hey, that's that he woke up one day and decided to do this. So awesome Heldin All right, so that's the idea for what we're gonna do today I have no idea no clue actually how to actually get this to work So he has no clue no idea how to get this to work, but he's making a video of it Interesting, but we're gonna try it. We're gonna see how it goes. Hopefully it'll work now. Let's go The dramatic all the hoody the hoody is coming on guys That means he means business Monday and that means that it's time to test this thing out and see what it'll do in the wild The last week or so I've been spending pretty much like what you just saw like coding this thing out trying to build it and Been running into just a ton of different limitations and different problems that I didn't expect Like pretty much everything that I do on this channel I thought this is gonna be a lot simpler, but it turns out to be a lot more difficult So get this guys. So he apparently Woke up one day and said hey, you know what? I'm gonna try to make a trading robot here to see if it can make me some money and He thought it was gonna be easy He thought it was gonna be easy something that has been around for decades decades and decades and decades and I wouldn't say nobody but very few have cracked The mysteries or unlocked the mysteries of the stock market. So apparently he thought it was easy guys a Lot of the strategies in like trading and different things like that is a lot more complicated than I kind of thought it was gonna be You think Which is really naive of me to think that it's gonna be super simple Imagine that But that's kind of how I work. So let's go day one Okay, so I figured I would just kind of explain to you how this script works and how I was able to make this do what it does Awesome, so we're gonna get an inside look as to what this 100% beginner Novus trader in his process of how to day trade how he Decided to build this trading robots here So the first thing that I had to do is I had to find some sort of API that I could use to get the data for different stocks So the pricing of them essentially for different times during the day. Oh Like charting tools, right? I mean, that's we all need charting tools from one form or another candlesticks Indicators, you know That's that's that's what I think that he's talking about API API is I had to look it up I had to look it up. I heck. I still don't know what what really that is It's just data basically data feed, but really you need that you don't need like a trading platform and The second thing was I had to find some sort of way to find relevant stocks to actually look at because there's like Millions of stocks that you could look at Millions of stocks that you can look at guys He needed to find relevant stocks like a stock scanner. Yeah stock scanner. Yeah, I'm sure a Programmer because I think that's this guy his channel is having to do with programming. I don't know I didn't do my research on this guy but you would think that he would be using a sophisticated Program for a stock scanner you would think right and I can't look at all of them and it's not relevant to look at all of them so I needed to find some sort of way to actually find relevant stocks to look at and The third one probably the biggest one was trying to find some sort of strategy for how to Trade essentially so when to buy and when to sell different stocks so coming up with a strategy there and The first one finding the API what I used was something called alpha vantage Which I found a lot of people recommending and I used the free version which Let's see here. So we're looking at alpha vantage real-time in historical stock data Forex and cryptocurrency feeds 50 plus technical indicators global coverage. Okay. Hey, I've never heard of alpha vantage I'm sure many of my subscribers or viewers have So let's keep going. This this so far seems I guess pretty legitimate alpha vantage Which means that I was limited to just five API calls every minute That means that I kind of had to decide I had to figure out a way to find just a couple different stocks to focus on each Day because I couldn't make that many calls I Full disclosure Complete ignorance here. I'm not sure exactly what he's talking about only five API feeds Five calls of some sort That doesn't necessarily make sense To me anyways But let's continue on so I decided to just focus on five stocks per day And essentially what I use is yahoo finance.com. I use selenium yahoo finance calm this This is what he's using as a stock scanner to find relevant stocks. He's using yahoo finance The most unsophisticated form of scanning For stocks Okay, this is this is it. This is getting interesting you have to do some web scraping on there and Essentially find the stocks that have changed the most during that day And then I find the five ones at the top and then those are the ones that I'm going to be checking throughout the rest of this so Very easy very self-explanatory Um Yeah, he decided to just pick the five Stocks that had moved the the highest in percent change. Let's see here. No In actual dollar amount, it looks like if you take a look at the change here Yes Okay, I hey, yeah, that's the true in order to make money you need to find the most volatile stocks That are gonna move the most. Okay. I mean, I'll I'll believe that The run of that script and so that's kind of how I find the stocks that I'm actually gonna focus on and then the last Thing is gonna be the strategy. So when to buy and when to sell This was a very This was a part in the video that I was I actually excited to To watch and hear about Because that's what it's all about. It's the strategy, right? And since I can only do five API calls every minute that means that I kind of decided to Do one call for each of the stocks that I'm focusing on every minute So that means that I get the price of each stock every minute updating He's talking about the one-minute chart, right? Am I right or am I wrong? And so that's kind of what I had to work with and the strategy that I used was something that I found on this website And there'll be a link to this website in the description as well in case you want to look at this too But essentially what this was was that what they're using as an indicator is when The stocks move above the previous average High as far as I understood it Once the price has Crossed the High of the medium price. Wait, wait, let's let's go back. What do you say? What do you say? What do you say? The stocks move above the previous average high move Across the previous average high The average High As far as I understood it so as you can see here here it has a high up here somewhere and Here it has one that's pretty close to this one. Oh, as you can hopefully tell by now I'm not an expert at this at all really really kill What's your Kail How held in really you're not an expert in stock trading. Huh imagine that So I'm not trying to teach you this I would recommend that trying to learn all this stuff from somewhere else I probably should have focused a little bit more on actually learning this properly before Are you kidding me? Are you kidding me? Now now you're saying I kind of don't know anything about this But I'm still gonna build a trading bot to make me a crap ton of money We got started But yeah, so when I buy or when I sell is based on this particular diagram So this is what I used. Okay, so that's kind of how this script works and mind you mind you He just randomly went to investopedia.com and just picked a strategy. I mean that's simple Hey guys, you can build a trading bot just by picking any random A strategy that you find on any random website, I guess and now what we're gonna do is we're gonna invest a thousand dollars today and We're gonna leave it for five days each day It's gonna divide the money in five and then essentially it won't invest more than a fifth of the money in any of the stocks at any time and Then at the end of the day, we'll see how much we have and then the next day It will do the same thing. All right, so let's run the first day All right, let's run the first. Oh nice touch there. You guys see that You guys see that awesome hacker style Programming programming sort of touch there pretty awesome nice touch Coating intensifies Oh the sponsor You know All right, so that is day one done and This is what we ended up with $4.7 he made I create four dollars in 73 cents Hey, that's a win a win is a win a win is a win Jason file here where we essentially save every time we purchase a stock we save it here and this then Let's miss wait a minute. Wait a minute. Wait a minute. He went and built The coding for this training robots straight from this program That I've never even heard of but Hank. I'm not I'm not a programmer by any means. I don't know anything about programming But he was able to build a pro a trading robots Code for a trading robots, but how is he executing his trades? Who's his broker? How much is he trading? How how much is our our his commissions? We don't know He doesn't talk about this he doesn't talk about any of the specific details that us Traders actually need to know but let's continue on See kind of what what stocks did I buy today and what stocks did I sell and do I own any stocks currently? So right now at the end of the day here. We don't own any stocks, which is good Which that means that we sold everything before Again, mind you. He's not showing us his broker account He's not showing us the actual executions of his trades Let's move on stock market closed. So if we take a look at this first one here, for instance We can see that we bought this at eighty seven point five. Whoa. Whoa. Whoa. Whoa. Whoa He just now mentioned that he bought KRTX KRTX He bought it at eighty seven point five one one four According to to this information here, but if you take a look at this This is the close of if you know trading I'm just gonna explain it this way. This is the close of The price that it closed at the high the low the name of the stock the opening price and The volume total but he's claiming that he bought it at eighty seven point five one one four What Dollars and we sold it at ninety one point seven dollars. So he bought at This place that says close and then he sold this Where it says close What? So if we just do some math here Then we can see that we made about a five percent profit on that particular sale or that particular stock and as we can see we bought that several times during that day the highest that we sold it at was 97 dollars so We could have if the script would have been ideal It would have just bought it once and then sold it at its highest But I'm still pretty happy with this if we take a look at the second buy it bought at ninety two dollars and The second time it sold it at ninety four. So we still made a profit last one. It bought at ninety five sold at 97 so we only made profits today, which is really good as long as I'm like not losing money on this script I'm gonna be pretty happy now I'm thinking that we're just gonna run this script for the next couple days and then we'll see at the end How much money I made or lost and we'll break it down day by day to kind of see what's happened each day All right, so let's do that now. Oh Oh, I like that. I like that guys. I like how he oh, that's even better. I like how he just pressed a button all of these numbers and times and hacker style stuff just showed up on his laptop all You know coding coding stuff and then he's sitting down like he's not worried about this at all How sweet would that be if we could all find a way to do this? The greatest part about this is that he knows nothing about day trading at all He doesn't know anything about investing or trading anything at all, but he somehow was able to program a trading robot I like how I love I absolutely love like the coding here like Like it's scanning or hacking something Is the coolest funniest thing ever All right, so this is day five and we've now ran this script for five days and It wasn't as exciting of a result as I would have hoped As you saw the first day we made four point seven dollars. So with a thousand dollar budget, we made Four point seven dollars, which is okay That was the profit that we made that day and then on day two we made 18 dollars point six seven cents, which was quite an increase from the uh, I didn't sell anything at a loss actually which kind of makes me a little bit skeptical, but Kind of like how I'm feeling about you right now kale helladay hella din Well, however you say your name, I'm feeling pretty skeptical about you right about now I have a feeling that we both feel about the same way Uh, I believe that and then on day three we came in at 1023 point 2064 dollars Which is kind of where this Interesting story sort of ends because day three day four and day five all ended up with the same result. So we Got 1023 point zero dollars. So essentially So essentially during these five days we made 23 dollars, which is a pretty good profit, but the last Three days we did making 23 dollars in five days and being able to do that While you know, I push a button and then hacker stuff comes up on the computer and I get to sit back And get on my phone watch tv eat some snacks Go to the bathroom Do whatever I want. I would have I I would take that all day. I would take that all day Didn't make any profit or any loss Probably because the stocks that we were picking didn't actually change enough For the script to trigger to buy or they didn't change in the way that my strategy was set up so didn't end up buying anything on those days, but At the end of the week, we ended up with a two percent increase In profits, but compounding that over time over like a year or something like that That would end up being a lot of money Hey, that's like the one of the smartest things he said in this entire video compounding money After a year or so Would be like having a lot of money That's that's a pretty good, you know, uh Sort of analysis that you did there or findings And that would be a pretty huge increase if it kept increasing by two percent each week or each five days All right, so I'm gonna be honest and say that this I hope this was gonna be a little bit more extreme Like more extreme than just a two percent increase I was hoping like maybe 50 percent or like a hundred percent or maybe even a decrease in a hundred percent or something like that That's pretty much the entire video there Oh gosh, this is This is terrible Like this is if you're gonna make a video like this if you want to try to convince people that you're Really smart or you're an expert in something do your research guys Like really You know like anybody that actually trades the stock markets You know they know that this guy is just full of crap Nothing about this video seemed realistic nothing. He didn't talk about commissions What you know what broker he was using what the actual coding was for for the Trading bot that he coded. I mean this is a coding Channel youtube channel anyways, right? You would think that he would actually talk about him Scripting the code and whatnot Guys I mean at the end of all this There was there was something that I missed in the video That I didn't talk about he did mention that Out of that thousand dollars that he was gonna split up that thousand dollars into The way he said it is into five different lots or a fifth. I think that is how he actually said him Each day it's gonna divide the money in five and then essentially it won't invest more than a fifth of the money in any of the stocks So he was only trading $200 at a time and he doesn't go on and explain How many shares of the stock that he was trading? And apparently he only traded that one stock whenever He said that he was at least gonna have five different stocks. I I'm not sure Comment down below guys what you guys think about this Video of this guy. I mean, I don't even know if I'm pronouncing his name right kale Hell held in held in held in kale held in I'm sorry if I can't mention your your your name correctly, but you know what kale you were entertaining You were absolutely entertaining at the end of the day That's all you were doing was entertaining us and I thank you. I salute you Very much for your entertainment kale. So don't forget to hit the like button down below subscribe to my videos Maybe I do this, you know once a week once a month just for fun I think it's hilarious That there's so many people out there scamming people whether it be scamming people out of money or just Trying to make them believe that they are someone or something that they're not so Drop a like Let me know what you think about this video. Subscribe to my channel if you haven't already got you guys here on the next trading video Hopefully it's a green trade next week Thank you so much everybody. Have a nice weekend. You guys take care


Homework from last day number four sure So which resistors are in series? this is a Series means the same skiers go through them both for example the what what that? Okay, okay. That's so wow What's going on here? You know pink thingy there Let's do this Let's turn that back on again, and let's see if it's a there we go. That was a little weird Okay, I think I saved it Series means same skiers go through both these two here are in series with each other because as I look at this The same skiers go through both of those so I would say in terms of series R7 and r8 are in series with each other Can you find any more resistors where the same skiers have to go through and no more no less Exactly the same skiers have to go through both You see it selling In other words if I was analyzing this circuit, I could just add those two together and treat them as one I could add those two together and treat them as one The rest of these are all sorts of parallel and so this is a this is a nasty circuit They actually gave me this with numbers It would take me a while to analyze it unless they were nice enough maybe to give me total current and a lot of Extra stuff somewhere along the way R2 is in parallel with both of those combined R6 is in parallel with both of those combined R5 is in parallel with this whole mess Okay, is that all right? So that's the difference between series and parallel good question any others so less than five and the title is Mixed resistor circuits all we're gonna start doing is just practicing Using Kirchhoff's laws and the rules for parallel and series Resistors so mixed resistors miss mixed circuits have both series and Parallel parts and to solve them First thing we're going to do is make sure Sally and this is why your question earlier was so nice We want to make sure that we identify let's make it nicer number one mister do it first thing we do is we Identify what series and what's parallel because we're going to be using a different strategy for each of those And then we're going to simplify the circuit to find total equivalent resistance our total and to do that If they're in series we just add them up if they're in parallel one over our Parallel equals one over the first plus one over the second plus one over the third So that's the second thing we're going to do. Oh another late-comer. Let's see here Got a note. So we're going to try and find the total resistance Then we're going to try and find the total current and to do that almost always we're going to use v total equals i total our total and Then we're going to walk our ski rule Kirchhoff's rules We're going to walk through the circuit filling in what we can't so Example one and Sally again. This is great practice for the question you asked me It says identify the resistors in series or in parallel Well Those two are in parallel, right and then if I went one over this plus one over this and then took the reciprocal Then I would have this and whatever equivalent resistance This is Gordon would be in series and I could just add them up and find the total. What about here? Which resistors are in series in this second one? Can you see them? You know what? Let's give these names Let's call this R1 R2 R3 R4 and R5 Which of those are in series? 3 4 and 5 are in series In other words Dylan if I wanted to just combine this as a single resistor I could just add those three up Then these two this one and my mystery combined resistor would be in parallel I could go one over this plus one over this and get a parallel Combine it with that and then I could get a single solitary little resistor and go v total equals i total r total What would you say these two are series or parallel? Parallel what would you say these two are series or parallel? Parallel so hopefully that helps you spot the difference between them now We need to practice the actual math the actual physics the actual solving of the circuit. Oh No, I got one more still so what we're gonna do for this one instead as a little twist Is I'm gonna write up here Find our Total and I'm gonna make up numbers these numbers almost certainly will be yucky. I'm gonna say that this is 10 ohms I'm gonna say that this is 8 ohms and 4 ohms And I'm gonna say that this is trying desperately to do some math in my head Hoping desperately to make this work out evenly. I doubt it though. I'll call this 18 ohms How could I write that as a single solitary resistor? Well, the first thing I would do is anywhere that's in series I Would probably combine those can you see any that are in series right now? sorry the 8 and 4 and in fact what I would probably do is I would probably if I could change colors or I might you know what you guys can't change colors I would guess I would probably quickly resketch this and I would say right now I have and I would draw it pretty small 10 10 mr. Do it And I would get really sloppy. I wouldn't even put the resistor symbol in there. I just put a 10 right there And then I would say I got a 12 And I got an 18 Now I see I think I have two resistors in parallel. Can you see them? Which two Tyler? So I would say 1 over our parallel equals 1 over 12 plus 1 over 18, and I would bust out my calculator This is what I was trying desperately to make work out evenly, but I doubt it will 1 over 12 plus 1 over 18 and again the most common mistake Kieran is kids think oh, that's our parallel. No, no, no, that's 1 over our Parallel so I busted out my calculator. You guys might want to get yours out and follow along just a thought Where's your calculator? I? Was working my way up to that sir. Where's your calculator? Not here. Where's your papers? Not it. Where's your binder? It's yeah, yeah, yeah, you know it's you gotta be crescendo to it. Okay build up to it. Yeah, okay So a reciprocal. Oh, that's not bad. I Thought it was gonna be a long usually they're repeating yucky decimals this one actually not too bad So this is the same as a single 7.2 own Resistor in other words and here's where I would really start mucking up my scratch diagram over on the side here I would say hey, that's the same as a single 7.2 Because now I can tell you are total This 7.2 is in series with this 10 now now I could say our total is gonna be 17.2 ohms, and I can deal with whatever I need to deal with Boy those numbers actually worked. Okay Jordan does that make sense? That's how we're gonna handle these now all along We're always trying to look for shortcuts. Did they tell me total current then probably I don't need to nest this I might not even need to rewrite everything or is there some resistors that have two up two things because if I know two I know four But if they give me something bare bones like example two Where it says find all voltages and currents and there's nowhere where they've told me two things and there's nowhere Where they've told me total current then I've got a fall back on We write this as a single solitary resistor and use v equals i times r. So let's try this Says find all voltages and currents draw a summary diagram I think the first thing that I would like to do is I would like to combine this as a single these two parallels as a single solitary resistor So the work that I show for this Justin I go one over our parallel equals one over 10 plus one over 15 I draw a little arrow and I write our parallel equals So on your calculators Assuming you have them here. Oh, that's nice six. Yes so right now here is my equivalent circuit and Eventually, probably you'll stop redrawing them You'll get good enough to keep track of stuff in your head and if you do fine, but for now I'm gonna say right now I have 20 volts and I've told you I get sloppy. I just put the resistor in like that and what are these parallel resistors the same as Six I got a four and I got a six Sally these two resistors in series are in parallel Now this resistor this six isn't actually part of the circuit, but it is the equivalent mathematical of those two by the way, look up How big was this resistor? Not a trick question. You can how big 15 how big? Anytime you're combining parallels your answer will always be smaller than the smallest resistor There's a built-in error check. I knew this is going to be less than 10 always will be So oh and you know what? If I combined a two-ohm resistor right there So now I have three in parallel. It would be one over 10 plus one over 15 plus one over two You know what the answer is gonna be smaller than two Try it if you want to go one over 10 plus one over 15 plus one over two and then take the reciprocal guarantee It's smaller than two. It's a built-in error check along the way So here's my question Megan. What's my total resistance? See it these two are in series. So what's my total resistance? 10 I can now say okay our total is 10 ohms, and I know the total voltage. They did tell me the chair lift that battery 20 So I total equal well actually you guys haven't probably memorized stuff yet because then you haven't done the homework V equals i times r except we're talking total total and total and I've said to you once we find the total current these usually fall apart. Let's see um. Oh How would I find the total current? Get the it by the total by itself the current by itself Mitchell current by itself. What is it? I equals I? Equals the total over our total and this one's really nice if I make these up. They won't work out nice because it's yucky math 20 over 10 how many amps are there to now since this is part of one of the things they asked me to find I'll go sig figs just to be careful, and I'll go two amps. I'll draw a box around it So Gordon that means how many amps are right here? To how many amps are right here? How many amps are right here if I'm and if I know 2 I know 3 What's the voltage drop going through this resistor? How many volts do I lose 8? Now it looks like if I'm a skier I can go down this ski hill and then if I hang a right I can go down this ski hill and end up at the bottom. How many volts must I lose going through this particular resistor? Gordon got to be 12. Oh, if I know 2 I know 3 What's the current? 1.2 is that right? 0.8 over here because the skiers got to split up if I know 2 I know 3 if I go Oh, you know what? I don't need to go I times R because can I not go through this ski hill and end up at the bottom or better yet Are these two can we not shake hands and meet up? What must the height of this resistor be also 12 volts has to be oh, and could I tell you the wattage now? yeah, 12 times 0.8 and 12 times 1.2 and 8 times 2 I could tell you if these were bulbs which bulb was brighter Because brighter wattage is brighter bulb That would be actually to me a nice question would be giving you something like this and instead of saying find everything I could say call this bulb 1 bulb 2 bulb 3 which one is brighter and prove it Well, you're gonna have to find everything to prove it Usually what they'll do though is they'll say find the current in this resistor Which you'd have to find everything else to get there anyways example 3 Find all voltages and currents it says and draw a summary diagram Again drawing a summary diagram some of you will reach the point where you don't need to redraw the circuit You can kind of keep track of stuff. That's fine. I Think the first thing that I would look for whenever possible is are there any resistors in series? Are there any resistors in series? Okay, so Gordon. I think mathematically I can redraw this as a six ohm right there a five right there and and What's this whole set of hills the same as 12 6 and 20 yes, and then Jordan. I think these two are in parallel So I'm quickly gonna go one over our parallel equals one over five plus one over 20. Oh Don't put an equal sign there mr. Do it because you're flipping it. They're technically not equal yet one over five and one over 20 I'm good at fractions, but even first thing in the morning. I'm not gonna try that for Four ohms and this is where if you wanted to this is our scratch diagram I've tried to keep my original circuit clean if you wanted to Regan you could redraw or what are these two combined the same as Regan You know what? I'm gonna do I'm just gonna go scribble scribble scribble, and I'm gonna put a little four right there and say that's my new circuit If you're looking for shortcuts Because now I think I can tell you the total resistance What is the total resistance? What is the total current? I think it's gonna be 30 divided by 10 total current is Mr.. Do it go to two sig figs just in case 3.0 and Now we use Kirchhoff laws start at the chairlift usually Sally. What's the current right here? Three amps. Oh, hey, what's the current right here? Let's write that down Do I know to I know three? What's the voltage drop going through this resistor? 30. I don't think so Go I times are right vehicles I times are we know I we know current we know resistance It's got to be couldn't be 30. Otherwise the skiers couldn't go down these next few hills There wouldn't be enough voltage. So I agree 18 volts This five ohm resistor. What's the voltage drop going through here? Let's see random Got to be 12 because I can get to the ground from there. Can't I so I'll put a little 12 volts if I know 2 I know 3. What's the current in this particular resistor? 12 divided by 5 2.2 2.4 it's what I said 2.4 amps. Oh my total current was 3 amps. How many amps going through here then? 0.6 0.6 0.6 amps Now the voltage drop in each of these is not 12 volts Oh, but they're gonna add to 12 volts because these three small hills have to equal this great big hill I times are I times are I times are what's the voltage drop through the first resistor? 7.2 volts Voltage drop through here 3.6 Voltage drop through here 1.2 Double-check do those three add together to give me 12 volts? Yeah. Oh great. Oh What if they wanted the power loss in one of these? Let's see I times there's V times I 18 times 3 I'm willing to bet this is the brightest bulb 54 watts, but let's see 7.2 times 0.6. Yeah 3.6 times 0.6.  What's the what's the dimmest bulb here? Justin says my mom says I'm the dimmest. No, no, no, I mean in the circuit here Yeah, not the not the brightest bulb on the tree. Um, I think sorry this one's the dimmest one point seven two watts Right not very bright at all where How many amps total no how many amps total Three they split up here. How many went down this way because we knew we figured out the 12 volts We knew 2.4 must mean 0.6 gears went that way, right? True cause love really when you wrap your brain around them Tyler really nice It's one of those boy circuits really could have been ugly. Actually the rules are pretty clean. Oh Also, you'll notice Using the old method that I used to teach the non skier method systems I did need about this much room to solve everything we're now we're doing most of the math almost in our head We're getting a few things here, and then it's fill in the blanks So thank you. That was the teacher that I was with over at SRT on Thursday He's the one that gave me this method and I say to him. Thank you very much So here's a using principles of physics right to explain kind of a question And yes, there's going to be one of these on your desk are using principles of physics question One of the questions they love to ask in circuits is hey, what if you add a switch and close a switch? So what happens to the total current in this circuit as measured by the ammeter When the switch is closed well total current is Total voltage divided by total resistance Now I don't think our total voltage is going to change that's the chair lift We're stuck with a hundred volts whether this switch is open or closed doesn't matter. We're stuck with a hundred volts So the real question is when this switch closes What happens to my resistance? Does it get bigger? Overall or smaller? overall Now a lot of students would say oh you're adding it when you shut this switch Dylan You're adding an extra ski hill. You're adding an extra resistor. I think it gets bigger. Let's find out Let's do a before Before I think I only have two resistors and I think Evan They're both in parallel because before I close the switch all the skiers have to go through this one and this one Sorry, that's a parallel series. They're both in series. I think before my total resistance 25 ohm When I close the switch What's my total resistance? Well, I have these two in parallel Let's find the equivalent of those two. It's going to be one divided by five plus one divided by ten reciprocal oh Plus this 20 ohm here When it's closed our total is 20 plus 3.3 repeating it's 23.3 ohms so as it turns out and this is very strange, but it's just true if you add a resistor if It's in parallel. You're lowering the overall resistance actually making that kind of makes sense because actually what you're doing Even though you're adding a resistor you're giving the skiers an extra hill to go down We can fit more skiers on our ski slopes So if this gets smaller if this gets smaller Our total decreases the total is constant therefore What happens to I total stays the same increases or decreases Increases in fact it goes from four amps to whatever 100 divided by 21 I can do that 100 divided by it goes from four amps to 4.3 amps so if these were light bulbs Strangely enough when you close this switch this bulb would get brighter This one would get dimmer because now it's splitting current with this one And if you don't believe me you can actually well initially there's four amps going through here when it's closed You can work out how much current was going through there if you wanted to it's less current So shut the switch dimmer dimmer brighter homework two three four Five so so far everything Number six is a nice twist instead of giving you the chairlift. I'm saying find the chairlift. Oh I do notice over here. They gave me two things. That's probably gonna be my plan of attack if I know two I know three I know four as a matter of fact and what else can I get from there? So six is good. Yeah, seven eight. Am I gonna assign them all? Let's see Nine air resistance, which is nice review, but I won't worry about number nine. So right now one through eight It's a short lesson. What we're also gonna do today is go through our electrostatics test finally


Hi everyone. First of all, I would like to thank Mohammed and Victor for organizing an amazing conference and for including our paper in the program. I think it's very important to talk about big data in economic history and it's great that we have two days in order to do that. So thank you so much. I know that organizing online conferences requires even more work than in person conferences. So great job guys. So today I'm presenting my work on technology transfer in early industrial development which is a joint work with Boli and the motivation of this research is that technology transfer is a key driver for economic development that has been in technology transfer intervention have been widely used to push industrialization in developing countries. Moreover, it has been argued that the foray in know-how diffusion is essential for the creation of industry specific knowledge that can in turn allow the establishment and expansion of specific industries. Despite the importance of technology transfer on economic development, little we know about its causal effect on industrialization mostly because of lack of long-term data that are able to follow firms and countries involving these policies over time and because of lack of variation in how these policies are delivered. So we think that there are two major open questions about the long run and the spillovers effect of technology transfer but also about disentangling the difference between the transfer of technology embedded in capital goods versus the transfer of foray in know-how. So to answer this question, we use evidence from a unique historical episode which is the Sino-Soviet alliance, an alliance between communist China and Soviet Union that lasted between 1950 and 1963. It involved a bunch of different intervention including a massive technology transfer program that aimed at the construction of the so-called 156 projects. That goal was the construction of technology advanced large-scale capital intensive industry facilities and the projects sponsored through this program could be of two types. The basic transfer that had the goal of duplicating all Soviet plans as well as transfer in state-of-the-art machinery and equipment from Soviet Union to China. And an advanced transfer that on top of the basic transfer also included the training of Chinese engineers and technicians and technical assistants. Through this program that amounted to 45% of Chinese GDP in 1949 the country was able to receive the best technology available in Soviet Union that in some specific industries like steel and iron was the best in the world. So we collected data and on the projects that were approved under the Sino-Soviet alliance we found out that the projects indeed were with the project were eventually approved and signed were 139 and we matched these projects with the performance of the plant built in them. We have yearly data for plants in the steel industry between 1949 and 2000 and from level data in 1985 between 1998 and 2013 in all the other industries. So in terms of identification what we exploit is that the each project and more in general the project completion faced some idiosyncratic delays after the start mostly due to the fact that the Soviet Union didn't have the capacity to provide machinery all the machinery ask to China as well as the personnel to provide technical assistance and at the end of the 50s the Sino-Soviet alliance went into turmoil and specifically in 1960 the technology transfer program was cancelled. What this meant? It meant that projects that experienced fewer delays were completed before the split with the Soviet technology and this will be our treated projects while projects that experienced more delay that weren't finished at the time of the split and so they ended up being completed by China only using domestic technology and we will refer to these projects as comparison projects and we will show that they were very similar in terms of the observable characteristics as well the characteristics of the industry and the geographical areas in which they were located. So in terms of the results what we find is that technology transfer at the large and persistent effect on the performance on treated plant we document an increase in both the output quantity and quality and an average productivity increase productivity difference of 23%. We find that also these firms adopted more technology especially when China started to gradually open up to trade and employ better human capital and in the long run in the late 90s these firms had also more product diversification and innovation and engage in export to a larger extent. We also find that the advanced technology transfers so receiving the Soviet machines and training for the high-skill technicians further boost the plant performance the effects were larger more lasting there was a larger technological upgrade due to the complementarities between human and physical capital. And finally we document what the effects were in terms of local industrial development and what we find is that the program generates substantial horizontal and vertical spillovers larger for companies that locate close to plants that receive the advanced transfer while in the long run the productivity gain seems to persist only for firms that became privately owned and there are economic related to treated plants so either work in the same sector or in upstream downstream sectors of treated plants and in order to explain these results we look at some county level variables and specifically we document that in counties in which the treated projects were located the overall competition was high between the late 90s and the early 2000s as well there was a higher level of human capital. So in terms of contribution to the literature I think that this work contributes to the literature about the technological adoption and now a know-how of diffusion within and across countries. One key advantage of our setting is that we can exploit as good as random variation in the projects that were eventually completed with technology transfer and we are able to compare them with projects that were still completed but without technology transfer. And moreover we are able to disentangle the effect of transferring physical capital with the higher technology with the effect of also transferring the know-how that is necessary to operate these machines. We also contribute to the literature about economic agglomeration and industrial cluster estimating the long run effect of the construction of large industrial facilities and to the literature in terms of economic history looking at the post-war war two technology transfer programs that were widely implemented both in the economies related to the United States for instance Europe and Japan and in the economies more related to Soviet Union for instance China, Eastern Europe and other Southeast Asian countries. So the rest of the talk we describe Soviet technology transfer the data that we collected were empirical strategy our main results the spillover effects and then some conclusions. So to get started with the Soviet technology transfer when China with the the People's Republic of China was founded in 1949 after 22 years of civil war its economy was largely promoter and so the Chinese official press hard in order to get a technology transfer from the Soviet Union this technology transfer that was part of a broader form of assistance between the Soviet Union and China involved the signature of several agreements between 1950 and 1957 for the construction of the so-called 166 projects whose goal was building technologically advanced large-scale capital intensive industrial facilities this program was massive it accounted for 45 percent of Chinese GDP in 1949 and 144 percent of Chinese industrial production in 1949. The projects that the Soviet Union sponsors were sponsored were of two types the first one were basic technology transfer that involved the duplication of all Soviet plants the installation of state-of-the-art machinery and equipment through which China had received the best technology used in the Soviet Union in iron and steel some state-of-the-art machinery were installing Chinese plants even before being used in Soviet Union but there was also help in selecting plant sites applying the design and supervising construction of of the plants while other projects received the advanced technology transfer so on top of the basic technology transfer there was also training of Chinese personnel specifically engineers and high-skilled technicians and the sharing of engineer design product design and other technical data. Despite the two countries where a picture of rosy friendship on the ground the technology transfer program encountered many problems as most of the machinery equipment and design arrived to Chinese plants or start operation later than planned there were many examples that can explain the reasons of these delays some were related to constraints on the Soviet production capacity in the sense that machinery and equipment were in reserve where we're not available in reserve in Soviet Union and so for instance if some unexpected event in Soviet factories opened then there were some delays or even the block of some shipment to China because these machines were really needed in Soviet Union. Moreover the ability of human capital like Soviet experts and also translators that could visit Chinese plants was very limited again we have found some examples of teams supposed to go to China that were directed to some Soviet plants due to sudden breakdown that no one else could deal with and also some cases in which the travel of the team to China was delayed because the translator didn't make significant progress in learning Chinese and so they couldn't help with the translation as much as it was needed. Some other problems depends on miscommunication between Soviet and Chinese experts there were some initial misunderstanding, long-term communication apparently didn't work well, there were some lost correspondence and so for instance some Soviet design didn't fit the characteristics of the land in which the some plants had to be built up. Of course China was aware of these problems but it was very hard to relocate these limited resources towards the more promising projects machinery and equipment were plant-specific also expert and translators were really trying to use specific machineries and so at the end there was not that much that China could do in order to deal with these delays. In the same time for political and ideological reasons the Sino-Soviet alliance went in turmoil although the diplomatic relationship between the two countries formally continued until 1963 in 1960 the technology transfer program was cancelled the sense that the Soviet Union stopped providing machinery and equipment and which Joe is expert that were in China. What were the implications for the program? So 80 projects that experienced fewer delays were basically completed at the time of the split and so they maintained the Soviet designed machinery and equipment while 59 projects that have not been completed yet but for which the location and equipment was already being chosen were completed by China without any Soviet technical assistance so relying only on domestic technology. So in terms of the data we collected data on the projects that were approved under this program we're talking about 139 projects that we have collected from the the National Archives Administration of China and in order to perform our empirical analysis we matched this data with data of the steel industry that have annual reports with the performance of the 92 firms that were in operation between 1949 and 2000 in China. In 1985 and between 1998 and 2013 we can match our plans with all the plans that are included in the second industrial survey and in the China industrial enterprise database and we complement this data with province or county level data from the statistical yearbooks for the years in which they are available. So in terms of empirical strategy as I was saying what we are exploiting is the idiosyncratic delays in project completion that emerge after the start and that were largely unplanned due to which projects that experienced fewer delays were completed with the Soviet technology before the split and projects that experienced more delays were completed with domestic technology by China only without any support from the Soviet Union. So in terms of the empirical specification we are going to progress some firm performance output of firmai in sector as in county C at time t on a dummy for the the treatment that we define as being equal to one for for the plants that receive the Soviet technology we control for some initial project characteristics and industry county or fixed factor. In terms of the identification assumption what we need to argue is that the delays that projects experience we were talking about their characteristics or potential to be successful and even though if it may be counterintuitive at the first sight these delays really were not really expected and emerge after the projects started. So if we compare the characteristics of the treated in the comparison projects we can see that they are extremely similar in terms of many characteristics the number of firms supposed to receive an advanced transfer when these projects were approved when they were supposed to start how long they were supposed to last the number of workers so the investments involve the different measure of distance from the borders as proxy for accessibility of the project per se the major delay the major difference that we observe is in delays that it's less than three years for a treated project and more than five years for comparison projects. We also check whether the government may have decided to prioritize some specific industries that there may be more important for economic development but also in this case we don't find an association between belonging to a specific industry and the probability of receiving the treatment and we do the same exercise by looking at the location of projects at the province level and the smaller level of aggregation and they all confirm our results. As I was saying before a potential threat to our identification can come if the Chinese government was able to reallocate some machinery on personnel from treated to comparison projects however this is very unlikely to be happened so first of all we didn't find any evidence of capital good reallocation and we think that this is because it would have involved a have involved a significant slowdown in the completion and in the production of these projects that were the best projects that China had available. High-skilled workers were employed but only locally and as migration was highly restricted due to the UKU system the registration system we can also exclude that there was a large inflow of of workers between treated and comparison plants. We also propose an idea approach in which we instrument the delays experienced by the project sorry in which we instrument the probability of being treated with the delays that project experience but I'm not showing these results in the interest of time. So to get started with the first set of results we find that receiving the technology transfer has a positive effect for the outcomes of treated firms they increase the production of still by 24 percent they were 33 percent more productive and if we look at the persistence of the effect we can see that the effect on productivity for instance start being significant three years after the start of the program and the effects remain large and significant until the end of our samples of 50 years after this project actually started. We can also look at the composition of the steel produced and we find that there is an increase in the production of high quality steel that is declared steel and a decrease in the production of pig iron. There is also an increase of steel produced with the furnace open-air furnace and oxygen metal that were considered state of the art in the 50s and 60s but then later on in the 80s these metals became old-fashioned and were replaced by the continuous casting and we can see that after 1985 indeed the treated the plants adopted more advanced technology and this was also recognized by the fact that they were exporting more steel that is above the international standard 50 percent more so it's also an international recognition of the quality of these plants and finally we find that they increase the while the total number of workers is not different between treated and comparison plants they were employing more engineers and more skill technicians and consequently less low skill labor. The results between 1985 and in 1998 and 2013 for all the firms basically confirm our results treated firms have higher value added and their productivity and also they are able to produce at lower cost they have more product variety and systematically engage more in exports. We can also, given the feature of the program, disentangle the effect between the basic and the advanced technology transfer so what is the effect of just receiving technology advanced machines versus receiving technological advanced machines and training and know how needed to operate them and what we find is that receiving the advanced transfer had additional positive effect on firm performance there is 6 percent increase in productivity I find a 5 point sorry 6.9 percent sorry 3.9 percent increase in production additional to firms that receive the basic transfer 69 6.9 percent increase in productivity interestingly some plants thought that we're supposed to receive the advanced transfer but ended up receiving the basic transfer did not have better performance which is again an indication of how these delays were as good as random but also as the treatment is really driven the differences that we observe and we also find that these firms are mostly driven the results in terms of high quality labor employment with a substantial higher number of engineers and technicians than firms that receive the basic transfer the the major goal of the technology transfer program was to create large industrial facilities that could push economic development to local economic development in the remaining part of the paper we look at whether it was the case so first of all we look at whether there were any agglomeration effects so if firms either in the same industry or in upstream downstream industries of the treated and comparison plants were more likely to locate close to the to the latter and indeed we find that there is the case so there is a higher concentration of firms related to treated firms within 50 kilometers of them within additional gain for for being close to firms that receive the advanced transfer why we don't find anything going on beyond 50 kilometers or for firms in unrelated sectors and then we investigate whether the program created any horizontal vertical spillovers so in terms of horizontal spillovers the effects seems to be there but only for firms that receive the advanced transfer these firms are producing more and they are more productive than firms that are located either close to firms that receive the basic transfer or firms that didn't get any transfer while in terms of vertical spillovers we find that firms that are closer to treated plants are in general larger and i think these explained by the fact that treated plants are producing more and so they probably demand more from the supplier and they provide more inputs to their downstream firms so they produce more steel they employ more work or they use more inputs but they are not necessarily more productive while if these firms are located close to firms that receive an advanced transfer we also find effects on productivity in the sense that there is an additional increase in the production of steel that is associated with an additional increase in terms of productivity in the late 1990s China start a wave of privatization and the number of institutional changes that market transition towards more market oriented economy and so we wonder whether the technology transfer program interacted with these institutional changes that happen in the late 90s and specifically we look at whether firms that were close to treated plants were still able to maintain their economic advantage in light of this privatization and what we find is that firms that are close to treated plants are more productive or larger in size they export more only if they are close to a treated plant and become private between 1998 and 2013 which is the time period that our data covered with an additional gain for new firms for new entrants that enter the market as private firms between this time period and so we wonder whether the technology transfer created some local conditions that may have interacted with these important institutional changes and specifically we analyze two angles the first one is competition so as I was showing before there were agglomeration effect in the sense that there was higher number of firms that relate close to treated plants between their opening and 1985 this below risk effect persisted in 1998 and 2013 there was an average 20 more firms located close to treated plants and the higher fraction of these plants became private between 1998 and 2013 so at the county level we document and increase in the competition that probably forced private firms to compete more and to become more productive when they could do that we also look at what happened in terms of human capital and we find that in treating counties there is higher concentration of human capital in terms of college graduate and high-skilled workers and again we think this is an important factor for explaining our long-term results because when firms become private they start competing for inputs the registration system the uco system was still in place even though it was lifted gradually lifted but was still in place for most of this period so definitely having a higher level quality of human capital at the local level may have helped these firms in employing better workers with consequently better economic performance okay so I'm almost out of time so let me just conclude and then I look forward to discuss more with you what we show in this paper is what is the longer run effects of technology transfer we document that larger technology transfer program can have direct effect on the performance on treated plants that are highly persistent over time they and they can also create agglomeration effect and horizontal and vertical spillover effect and in the context of China that started important privatization campaign in the last 30 years we also find a substantial real location from state-owned to privately owned firms the last question could be what is the external validity and what are the policies implications that we can draw from this program so first of all technology transfer program were widely used in the 50s in the 60s to promote industrialization of developing countries I think that our work shows that technology transfer played an important role in the industrialization of these countries because the same results cannot be achieved by simply imitating foreign technology even when some plants imitate are available within the country and I think that our results also underscore the importance on foreign on the job training and know-how diffusion to create industry specific knowledge that can really allow these industries to flourish and the effects to persist in the long run through more technological adoption and innovation so I'll stop here and thank you very much for coming stop sharing so if there is any questions