So, thank you very much, I'm Nick Schnicke, we're with TrueRes Flow Spa and I just wanted to bring my whole team up here because even though we are selling isolation, definitely nothing is done in isolation and everything we've done is a collaboration, 100%. And so four years ago when we started this, I kind of looked at my wife, we saw the Joe Rogan video, I tried it one time and said, do you want to invest our life savings and max out a couple credit cards and start a float center and she said, yes, I want to support you. So, that's truly amazing and that really is and without that support behind you, you really have a lot harder time doing things and so I just wanted to bring her up here and thank her and just, every step of the way, she used to be a Montessori teacher and she quit that so she could learn how to like professionally tile a float store so it really is tremendous. And so Amir has been with us since the very beginning, he started when he was in college, he does all of our, some of our marketing stuff, the video you're about to see. He was a huge, huge inspiration for everything there. And then Alden, if you have a trouble pitching, what is the 30 second pitch, what is a float spa? Alden, when we worked behind the desk, it was mind boggling so people would come in and I would say, how did you hear about floating? Oh, from Alden. How do you know Alden? Oh, I met him at a gas station five minutes ago. And so truly spectacular. So yeah, it's just amazing. So I just wanted to give a little background about myself too, you know, when I was even a, yeah, sure, just don't eat the salt guys, but when, you know, when I was a little kid, my biggest passion was always in ascension and exploring consciousness so I researched everything I possibly could on the subject. For the last 13 years, I've been a Falun Dafa or Falun Gong practitioner, which is a meditation and it's unfortunately being persecuted in China. So on a very serious note, research, what's going on, they're using organ harvesting from people that are involuntarily not giving permission at all. So go to stoporganharvesting.org, it's really just incredible what's happening. But, you know, for me, why did I get involved in floating? So for me, it's a piece of the overall puzzle and it's a part of what is to come. And so that has something to do with the piece that can eventually offer a person. And so in true rest, we tout the phrase, float your way to euphoria. And we offer that to every single person that steps in our door. So it doesn't matter if you're coming in for pain relief, stress, the infamous Joe Rogan podcast, it really doesn't matter what brought you in. We offer everyone that opportunity to float their way to euphoria. And so, you know, this very enthusiastic gentleman who is not here, but he's looking at starting some centers in Chicago. He said, hey, Nick, I have a kind of a bizarre question for you. And I said, okay, shoot. He said, what do you think of Justin Bieber floating? I said, I think that'd be great. That'd be absolutely marvelous, in fact. But, you know, there's a genuine question there that I think we all need to ask ourselves, which is, how does that make you feel? If I pose that question to everyone in the audience, do you think that sounds silly?  And I think that could be the biggest impediment to the growth of the industry as a whole. And so, you know, do we really want more people floating? Are we taking concrete and actionable steps towards that goal? So for me, that starts 100% with education. And it's educating people past the therapeutic values of floating, and to that piece that they're truly seeking. But that, of course, takes a process. And, you know, I personally believe that we should be accepting of all people that come, no matter what their starting point may be. And so, regardless if you're a soccer mom, if you're a celebrity, if you're in the limelight, we should really just offer that float to euphoria for everyone. And what we call the true us, it's like that magic float. And I got my magic float after one float. Some people it takes three, some people it takes six, but once you have that and your heart's opened up, you feel it, and it's a passion, and you want to drive it. So, I could probably talk about this for an hour, but we do need to play a video, so. Floating is a way for you to simultaneously relax, not only the body, but the mind as well.  And due to the density of the salt water, there's no gravity.  It's unlike anything else in terms of relaxation and de-stressing, and just kind of unwinding at the end of your day. Floating can help everyone in so many ways. It can help with pain relief. It can help you sleep better. It can just give you this place to be at peace. And so, at Float Pod Therapies, we're moving away from what used to be coin sensory deprivation, and we're going into sensory acceleration. And so, what I mean by that is we're creating a tool that essentially is allowing the human being to realize their fuller potential. And so, whether that is healing the body through the body's own innate ability to heal, whether it's deep relaxation for use in meditation or just stress relief, or whether it's just a better night's sleep, this is a tool that humanity as a whole just needs. It's such a multifaceted tool. There's so many different people that enjoy floating. There's so many different ways in which you can use a float tank. And I think, depending on the kind of person you are, there's a lot for you here. And so, floating itself is a very personal experience, and we wanted to make it even more personal. And so, the Float Pod comes standard with an MP3 player and an iPod dock, and it's right on the side of the pod, and so the user has easy access to it. And whether I have a cell phone or an MP3 player, iPod, doesn't matter, it plugs right in. And now I can finally listen to all the tracks I've been wanting to listen to in the past few years of floating.  And so, everything is self-contained. And so, all you do is you have a little access panel in the back that is actually made out of fiberglass, so it's seamless if you're looking around.  Just everything's self-contained, and that's genius. The Easy Change filter is really from a spa owner perspective. We've been waiting for that for years. It's actually inside of the float area, and now I can do a change in 30 seconds. That, for me, is a game changer. The Float Pod has a multicolored LED system that's directly controlled from inside of the pod. And so, by simply toggling the button itself, you can switch through different single colors. You can pause on whatever color you'd like just for some color therapy, as well as you can engage a really soothing color cycle. Alternatively, if you're just looking for pure silence and darkness, it's very easy to just turn off the light and be left there with yourself. So with a float pod, the built-in heater keeps the temperature constant. No matter if you're floating for one hour or two or five, it keeps the temperature completely consistent throughout so that there's no fluctuation at all, which is very nice. Now that we have everything integrated into the body of the float pod, and we're controlling the air temperature naturally in the cabin, we've noticed that the air is a lot drier. There's not that dense feeling when you're trying to breathe. Now, what's really neat about this is it has very little condensation. And as float pods tanks go, everyone knows that condensation is a huge problem. The design of the pod makes it so condensation falls, and then now that we're heating the air around it, it's, we almost have no condensation. Truly remarkable. The float pod also features an intercom system, and what that allows is just an ease of condensation between the people working in the spa and the floaters in the back. So whether someone forgot a towel or needs you for any reason at all, it's just one push of a button and you're right there. One of the best features about the float pod is that it offers constant filtration when someone's not floating. It also includes ozone and UV. The ozone is basically an oxidizer, and now what's gonna happen is that's going to bubble, and you'll see all these wonderful little bubbles coming up, it starts to smell amazing, very fresh, and it dissipates within just 20 seconds. So when that shuts off and you're showering and you get in, there's no ambient ozone in the air. So it's just in the water, it does a great job of oxidizing it. The UV is interesting. So the UV will basically use photons, like UV light, and bombard cells with photons, and that's how it destroys things. And so even the beneficial things that could grow, such as algae in a saltwater fish tank, for example, is made inert by the UV. We have basically four inputs and two drains. Now what's really interesting is the four intakes to have ozone that are infused into it. So instead of having one jet that just pushes out of a single tube and doesn't really create that much of a flow, the four outputs really create this perfect flow of water. And so because of the combination of the UVs, the ozone, the flow, the filter system as one comprehensive system, there's no scum line. It's remarkable. And so if you've ever dreamed of opening your own float center, I think this is your chance. And what you have here is a product that provides relaxation unlike anything else on this planet. You're starting to see float pods pop up in yoga studios as the perfect shavasana after a practice. You're seeing float pods in locker rooms of gyms because they're really able to reduce recovery time after a heavy workout. I think float pods are miraculous in the pain center, any kind of physical rehabilitation environment, just because of the amount of pain relief and relaxation that a one hour in a float tank provides. Ideally, I see floating going into not only commercial spas, but also into residential homes, into hospitals. This is something that can be used across a variety of different markets. This is something that can be used in your home every single day. This can be used in a spa setting. It can be used in a wellness center in conjunction with other therapies. This is literally the tool of the future for wellness. Residential float tanks are gonna start around 5,700. The residential float pods are around 14,5 and then these commercial units are 19,5. But yeah, if you have any questions, just let us know. Thank you very much.


Tämä kriinkasta nähdään, miten teille teille tekemässä Zotero ja Pdf-tä tekemässä, jossa on tekemässä ja renameellä. Täällä on eri asia, joita tekemässä ja eri asia, joita tekemässä. Kun tehtäisiin eri asia, katsotaan joitakin käyttöön. Kun tehtäisiin eri asia, tehtäisiin joitakin. Joten, kun tehtäisiin, tehtäisiin joitakin tekemässä. boxi, ja luulen, että sinulla on kaikki nämä 4 boxi näkyvät, joten idea ensimmäinen box on, että jos haluat saada websitein tai webpagein, niin Jotero sairaan koko paikalla tulevaisuudesta, koska websites voivat muistaa, joten koko paikalla voit pitää, joten haluat saada jota paikissa, jota haluat saada, joten haluat saada, ja joten sain pitäisi taitsaa sen paikalla. Ja sitten pitää poikaa, joissain henkilö, jota pystyvät, jota posiittuneet, mikä on joku edellinen paikalla, jota käy yksi näin, joka on vähä-so HSUS-vaikalla, kun sehän kohti jotka tuotettavasti Joteroilta ja katsoi tarjottuna Automatic GreenMem attachment files using parent metadata. This is an useful setting because it makes the filenames inside Zotero a lot nicer. I'll demonstrate that too, but just check, make sure that these four boxes are checked. Let's assume that you have found an interesting article and you want to store it in your Zotero database. So how do you do it? The easiest way to save things in Zotero is to click on this icon here, or this button here by your browser's address bar. So when we click on that button, it reads the data on this website. It creates an item and then it attaches the file from that website to that item. So item is the thing that you cite and then the attachment is the actual PDF file. This is the easiest way and it says Sage PDF full text, but if we open this file here, we can see that it's actually named the author's names here and the name of the title of the article or parts of it. So that's a nicely named file for you and that's the easiest way. There are other ways of getting the same item to Zotero. Of course, you can do here file or this plus sign and then you can choose journal article and then just type the article data, but that's a bit tedious to do. Another way is that if you have an article that you have, for example, printed, then you can just use this DOI number. So that stands for Digital Object Identifier and we can use the magic one here and copy it based the DOI. It takes ISBNs, other identifiers as well and we give the identifier, then Zotero will automatically retrieve the item for us based on the identifier and also it gives us the PDF. This PDF is called submitted version here, but if you look at the file name, it's actually named nicely. Another way, if you have a PDF, let's assume that we download this PDF here. So let's download it on the computer and it's called, it has this technical, some kind of identifier number. We don't really like to have the files named like that. We want them to be named nicely. So how do we rename this file using Zotero and how do we get the file Zotero? Well, there are two ways. One is you can just drag and drop the item to Zotero and because we had the automatic metadata retrieval, turned on Zotero will scan through the article and it applies some heuristics and it will identify that this article, this PDF actually corresponds to this article and we have here the file, it's named nicely. So it renames the file. Another way if we want to have, if we have an item here that for some reason is not attached to an item, let's say that we have the PDF here would be attached to an item, but it would not be named nicely. So we can right click and choose rename file from parent metadata. So that renames the file according to whatever is the parent item. And we can move these PDFs outside from the actual items or back into the items and like so. So if we have a PDF that is not associated with any item, Zotero can also automatically retrieve the data for that item for us. So we right click on that item and we choose retrieved metadata for PDF and now Zotero will go through the file, it will look for the DOI identifier, some other identifiers or it takes some terms and uses Google Scholar to identify what article that PDF is about. We choose retrieved metadata and Zotero correctly identified that this was the article by Rollhouse. So you have a couple of different ways. You have first there are the button here. So if we just have this article page, then we'll save a PDF. If we have this website, so if we have this article page with data about the article, we can just import the article directly or you can use the DOI number or you can drag and drop the PDF to Zotero and Zotero will automatically recognize which article that file is about and rename the file. So these are the ways of getting the data to Zotero. An important thing that you need to remember is that you should have an item have all the files nested in these items and then it just works. If you have the files separately like that, then there is no data attached to this file and then you can't cite that file properly.


Hey guys, welcome back to my tiny channel As you remember or not. Well, I've gotten this 07 Toyota 2-Runner 2-wheel drive And I'm about to spray it or actually paint it with chassis saver by Magnet paint Because this this frame is Let me show you check it out. This is not even rusty. It's just dirt this What it mostly looks like Everywhere this frame and I want to keep it that way For a long time. That's why I'm taking what obviously the wheels off so I have access to the frame So I can paint this part of the frame still gotta remove the the bottom covers I have removed these these little guys here. Okay Now these are for the front and there are bigger ones for the rear here, but those just kind of fell apart Just just broken my hands So probably have to get new ones for the rear. I can probably probably reuse all the clips and I've been you know looking around and what I've noticed been poking around took the mudflap off in the front and rear Check this out This is vegetation All up in there Let me show you the other side. So managed to pull this fender flare Away from the fender and check it out. See all that That's a lot that's like up to here now there is a drain hole right here, but that's just clogged So that's how you There's another one there. That's also clogged Okay That's what it looks like. Ah, so that's how it starts guys the rusting process in some of the spots Still gotta Remove this plastic here. I'm Kind of trying to figure out how to remove these without breaking them probably going to break them and get new ones But I'm willing to do that so I can remove all the Vegetation all the leaves it I mean The bottom of it was wet Okay, you know that stays moist for a long time. That's how your Stuff gets rusted. I mean there's a lot look at that. I wonder what lives there in the rear remove the mudflap here so I can spray Or paint this here. There's no rust anywhere I Kind of want to remove this There's some dirt Up in here gotta remove that But these I don't know I would have to remove all this Probably not the rear bumper just these these fender fender flares. I think they are glued up on top or some Kind of clips and then you got a few bolts. I guess one bolt here and these should just pull away because I would like to spray something right in here, but On the kind of on the outside, you know behind this plastic maybe I can just remove the plastic and spray Here that's probably what I'm going to do. I'm going to remove the spare so just want to show you the These corners here how much stuff is in there and that's how it begins to rough Rub his reasons. Okay guys next stuff is gonna be Power washing the frame basically see you that's quite a bit


The topic before me today is development economics the Austrian contribution now The subject of development economics Really is not has has quite a much shorter history than economics in general, right? I mean economics itself is one of the youngest of all the sciences But development economics has a field within the broader field of economics has an even shorter life It really exploded and came into life soon after the end of World War two And it's associated very deeply or with the you know the fact that lots of colonized countries in Asia and Africa Won their independence and you know there was a huge wave of decolonization that occurred I'm starting soon after the end of World War two now There were many forces and groups of people driving this Process by which you know people were getting interested in trying to understand. How would we make and in those days? It was called the underdeveloped parts of the world today. We in more politically correct language called it the developing parts of the world Whatever term you wish to use how do countries that are poorer? How do you get them to be rich right? How do you get them to develop economically now the main? Groups of people interested in these questions of the driving force, you know Making this question more and more prominent within the economics profession was of course first and foremost the economists themselves Right There's this new phenomenon that Countries who were once ruled by colonial powers are now becoming independent and economists started pondering well How what what policies should we? In recommend that these countries as espoused so that they become richer Just the way the West became rich, you know as a result of industrialization and all of those other forces at work also within the Developing countries or the the countries that had just won their independence themselves. There was a lot of interest in this question I'm largely driven by the movements the nationalistic movements that Won the independence in the first place a great example of that is my own country India The the movement to throw the British out of India led by names such as Mahatma Gandhi and Jawaharlal Nehru Individuals you might have heard about that that that movement was itself An intellectual movement. It was a movement where you know people were asking well, how do we rectify the problems with? poverty In in you know in our country, how do we get? India to become like England or the United States or in those days They thought Russia was the Ursula Soviet Union was getting really rich because they believe those GDP numbers Coming out of there. We'll we'll get to that point later and of course there was the whole wave of International organizations that were set up soon after the end of World War two you had the United Nations you had You know the WTO in an earlier format And and lots of economists who were there were also interested in these questions now It's unfortunate that these questions rose to prominence at a time when the Austrian school Was at its probably the lowest point in its intellectual history, right? I mean you had very few important or prominent economists who were Austrian and who were prominent in intellectual life, of course Mises was alive and hike or alive, but they didn't hold You know the prominence that they did before I mean as a school It was probably at its lowest point in the 40s and 50s I mean that's when these questions really started becoming important So in a way when economists started theorizing about these questions in the 50s and 60s Lots of insights that the Austrian school of thought could have offered, you know We're not incorporated into those theories. And so in a sense my lecture is sort of trying to Give a background as well as give a short exposition of those insights, right? What what what insights from the Austrian school or various Theories of the or different parts of the Austrian edifice that you've been you know imbibing through the week How could they shed some light on this question of you know, what do you do? To make countries develop or to get them to be rich, right? Now of course the key question here as you notice or the key subject being being discussed is that of economic growth Right, so economic development or development economics first and foremost has to deal with the problem of economic growth Which is how and by economic growth one I define that not just as mere increases in the levels of output But as increases in standards of living so increases in the the range the variety the quantity and the quality Of consumer goods available. So ultimately growth is about improved consumption improved living standards So for example, you might think or you can do an intellectual exercise of you know comparing the average consumption basket You know of an American average American today and compare that to say 1850 or compare that to 1900, right? That's basket looks a lot different today than it did then more goods better goods, right? The same goods with better quality And and that's what we're talking about when we're talking about economic growth, right? So the question that the central question that development economics has to answer is well How can you get countries that are poorer, right in terms of consumption to the standards of The United States and the West, right? And that's the core aspect of the subject that I will be discussing today Now I should not to be I should prefer you know before I get into the core of my lecture I should note that some aspects that ocean economists especially recently have discussed with respect to development I will not be covering so for example, there is a huge literature Some of you might be aware of it on the institutional structure Undergirding growth, especially the origin of institutions. So for example, if we will discuss Aspects of what sort of institutions are important for economic growth to take place? But of a recently led especially by a professor bedkey many economists in the Austrian tradition have been asking the question of well How do these institutions which? We know are needed for growth to take place. How do they arise right? How are they? How do they come about? Can you for example? Impose them from the outside like say the World Bank tries to do or the IMF tries to do in developing countries If not, what are the you know underlying forces that cause a private property rights and the rule of law to emerge? Now these are fascinating questions, but unfortunately, I won't get into those in this lecture I will be focused more on the core economic insights that Austrian economics can offer for growth Now to just understand the magnitude of what we're talking about and how important it is This is a quote by Robert Lucas who was the father of the rational expectations revolution in macroeconomics He's talking about in a paper. He wrote about growth and economic development He says I do not see how one can look at figures like those of GDP growth without seeing them as representing possibilities Is there some action a government of India could take that would lead the Indian economy to grow like Indonesia's or Egypt's? If so what exactly if not, what did what is it about the nature of India that makes it so? The consequences for human welfare involved in questions like these are simply staggering once one starts to think about them It is hard to think about anything else. And of course, you know, if you start thinking about this you agree with Lucas So just think about how the standard of living even today of the average person in America is so much greater than The standards of living of the richest king or queen in Europe say three centuries ago Well, how did that happen right? What are the forces making? You know that possible? That's a fascinating question and affects so many millions of people In fact, even today there are parts of the world where if you want to get a picture of how Europe looked in the medieval era You can go to parts of India. You can go to parts of Russia You can go to parts of Africa and you will get a picture of exactly what life was like In medieval Europe or even early modern Europe, right? So it's still this this question if you know We can we can get some consensus on it and understand it affects millions and millions of lives all over the globe even today So before I get to the core of what Austrian economics or the school You know of Austrian economic thought has to offer on these subjects Let's step back a bit and let's you know engage in some an analysis of an imaginary construct, which is you know Analyzing the world of Robinson Crusoe. You might have already encountered it this week It's a neat analytical device simply because we cut out interactions between people We simplify and we get to the heart of the interaction between man and his environment and how that's relevant For economics, it's especially important in the field of economic growth as we will see Right now if you some of you might not have heard of Robinson Crusoe You might think of it more as Tom Hanks and that boring movie cast away, you know, feel free to do that I usually say that to my students in class You know, I was forced to sit through that movie. I hope you weren't So let's say Robinson Crusoe stranded on an island and he knows how to produce two goods Say fish and berries now Let's say that the met the production methods he adopts a very rudimentary So, you know, he just wades into the ocean and catches fish and climbs trees to gather berries Now, of course his productivity is really low He acquires a very small bundle of goods for the time that he devotes to production So his amount of a fish or berries per labor hour or per hour worked is going to be really low So the real question is that that kind of sums up the real heart of economic growth or the questions We try to answer there is how can Robinson acquire a larger bundle of consumption consumer goods, right? How can he become more productive? How can he get more? goods that he can consume now You might have seen this Graph here. This is the production possibilities frontier. I'm sure lots of you are familiar with it You know, you count the units of one good on the y-axis unit of the units of the other good and the x-axis And what the the graph shows you is in all the combinations of goods on the line are The ones where you're making the best and most efficient use of your resources anything that lies outside the frontier, right? It's unattainable given the underlying Production possibilities. So really the question that we're trying to answer is how can Robinson push his PPF out, right? How can he acquire points like N? You know on the left on the graph on the left How can you acquire points on like N which lie outside his PPF as of today, right? Now one Obvious way is for him to work harder. That's what maybe he was working 10 hours He should work 14 hours, right? Don't change the methods. Just work harder spend less time talking to your volleyball, right and and spend more time and dancing around Bonfire and all of that stuff and instead work harder But of course, this is still on relatively unproductive, right? Of course, he can be economy can grow this way, but and this is one engine of growth, but nevertheless He's still using the same rudimentary methods, right? So so let's ask the other question, which is How can he push his PPF out by becoming more productive, right? In other words, how can he push his PPF out not just by working more hours? But by being more efficient in what he does so that he gets more fish and more berries for our work as Compared to before now, of course the first step for this to happen is he has to have ideas He has to know of methods that actually will if adopted yield him higher, you know productivity, right? So this is where you know what economists call technology or techniques of production comes into play, right? You have to know say he might know that if I construct a raft and a net I can, you know Strike out to deeper waters. I can cast my net there and I can spend the same amount of time fishing But I will get more fish for our work, right? So he knows of a better technique or better technology than he's the one he's adopting right now Similarly, he could think that he might know that well if I just shape, you know a stick In a long enough, I can just shake the berries off the tree. I don't need to climb up. That will make me more productive, right? But when you try to adopt better technology, you have to You know, you have to actually put your ideas into action, right? And for that you need resources Right, so so when if you if Robinson for example wants to switch from producing You know fish by wading into the ocean with his bare hands and instead wants to switch over into actually producing into using a raft and a net he has to Use resources in order to produce the raft in the net and then he'll be able to fish longer, right? now These goods like the raft and the net and the stick are capital goods Again a term I'm sure you're familiar with Defined as the produced factors of production. So labor for example is not a produced factor of production It's given endowed by nature to Robinson But the the raft in the net or the stick are capital goods, right? So he's produced them and then he's going to employ them not if he's not going to consume these goods He's going to employ them in further production. So they're produced factors of production Now the key to many of the the insights that the Austrian school has to offer on economic growth is to ponder The costs and benefits and the trade-offs involved in moving from a less productive Process to a more productive process, right? So let's think a little deeper about what all are the costs and benefits involved in Robinson say Moving from fishing with his bare hands to fishing with a raft in the net, right? As we discussed he was going to have to devote Some amount of his resources to producing the raft in the net first, right? Now assuming he doesn't work longer or he doesn't decide at the same time to work longer hours So assuming he has the same number of hours as before you can see straight away that First and foremost moving from fishing with his bare hands to producing a raft in the net involves an inter-temporal choice right When he begins producing the raft in the net the fish the consumer goods lies further away in the future as Compared to when he would just wade into the ocean right and fish with his bare hands Right so in taking time away from fishing with his bare hands and devoting it to producing, you know The raft in the net he is therefore Essentially making an inter-temporal choice in other words. He is giving up consumption today Right or he's reducing his consumption below the maximum level that it could attain today and instead He is shooting for what he believes will yield him greater consumption in the future, right? So he's trading off present consumption for future consumption, right now this process of reducing consumption in the present Allocating resources towards some production process and then getting more consumption in the future right with the goal of getting more consumption in the future we Use the term saving and investing right to describe this process So saving refers to the reduction of consumption below its maximum investing or investment refers to the actual use of resources to produce or to You know Obtain the higher consumption in the more distant future, right? You will notice that there is a That adopting the more productive process is necessarily more time consuming that according to the, you know, one of the great insights of Oregon one Bombay work is one of the sort of givens in our environment, right? We always face the possibility of trading off a shorter less productive production process for a longer more productive Production process right but that involves saving and investing and in fact if you do not save then you cannot release the resources needed to Put into that longer more time-consuming process, right? So this is a different way of pushing the PPF out and it's a way that involves him being more efficient Not just working harder right at the same old methods now Carl Manger the founder of the Austrian school Came up with or devised, you know a sort of classification for Various goods that can be used to satisfy human wants again I'm sure you're familiar with this the the orders of goods that the consumer goods are the first order goods Producer goods are what he called the higher order goods, but those hired order goods themselves can be You know broken up into second third fourth and fifth order of goods and so so on so for example The labor that Robinson uses to produce the fish by wading into the ocean that labor is a second order good The fish is a first order or consumer good when he produces the raft in the net The labor used to produce the raft and net is a third order good the raft in the net itself is a second order good And the fish is a first order right so Manger's insight was to not just classify goods into consumer and producer goods, but to classify goods into first order goods and the producer goods to sort of Do the homogenize them into an array of different orders of goods what this helps us see is the Temporal connection between something we do today in the production sphere and the consumption that we expect to receive in the future Right so the higher the order of good that you are engaged in producing the longer the Period of production or the longer the time that is going to need to elapse between the time when you produce that good and The time when your first order good or the consumer good right comes to be right and so you can consume all right and In a sense this gives us a really good typology and a classificate a classificatory device to Help us understand this point that I just made which is the point of inter temporal decision-making saving investing giving up a less You know a shorter production process for a more time-consuming excuse me a longer production process, right? Manger himself I'll get to that next slide before that. Let me note that In a sense economic growth can be thought of as consistent lengthening of the production structure right consistent Or one big force making for economic growth along with the fact that you could work harder at the same methods Is the adoption of techniques that involve more time right looking forward into the future? You have to you're shooting for consumption greater consumption in the more distant future You're giving up consumption in the more near future in the present All right, and but in doing so you're lengthening the production structure of your economy in the in Robinson's case or in You know Tom Hanks's case. It's a very rudimentary economy, right? But in in a modern economy, of course, there are many many many decisions made in many different production processes that can lead to such growth Now Manger had a great has a great quote which sort of sums up How you know this this process of growth? He says the sumo people which extends its attention to goods of third fourth and higher orders Instead of confining its activity merely to the tasks of a primitive collecting economy That is to the acquisition of naturally available goods of the lowest order We shall see the hunter who initially pursues game with a club turning to hunting with bow and hunting net To stock farming of the simplest kind and in sequence to ever more intensive farms forms of stock farming We shall see men living initially on wild plants turning to ever more intensive forms of agriculture We shall see the rise of manufacturers and their improvement by means of tools and machines And in the closest connection with these developments, we shall see the welfare of this people increase So in other words a key Austrian insight is that the heart of economic growth lies in consistent Lengthening of the production structure and that involves Continuous saving and investing right sacrifice of the present in order to get more in the future Now digging a bit more into into this Let's not think not of one Robinson, but many different robins I already think of like a whatever survivor island series where you have different islands and different guys, right? You have a helicopter. You see one guy is lazy, right? He or he he's a you know He's really present-oriented. He only wants to do things for the present. He doesn't care about the future. Well, you know He will have a relatively underdeveloped economy, right? He will still be Talking to his volleyball a lot, right? He will still be dancing around the fire a lot He will still be looking at the stars a lot. He's not really going to have a house. He's not gonna have a lot of fish He's not gonna have plenty of berries Maybe he won't have any meat because he wouldn't have constructed bow and arrows, etc. On the other hand a Robinson who Is rich right is a guy who has saved and invested a lot in the past. He's already done that He's lengthened the structure of production in the past and today he the fruit of that is the capital goods that he has with him that he Can then utilize, you know, he has a raft and a net. He has a set of bow and arrows. He has a stick He has a home, right? Now, of course, you will notice that once you see that it's saving and investing and the lengthening of the structure of production that allows you to Grow and become richer in this way that there is a virtuous cycle involved The richer Robinson will now be able to save more and be able to devote a larger part of his overall Time to producing more capital goods because his flow of consumer goods is now going to be much larger because of the saving and investing He's done in the past, right? So if he so desires, of course, he could at some point just completely give it all in You know, he saved an investor a lot in the past. He puts his feet up and says that's it, you know, that I'm done Right, I'm just gonna enjoy whatever the fruit of my past labor are now, of course capital goods depreciate So soon he'll be poor again, right? But assuming he's not that kind of guy. He remains thrifty He remains future oriented. He's able to do more the richer. He is So another feature of a developed economy is that you a large share of Labor time or a large proportion of labor time or larger and larger proportions are devoted to Producing goods that will only, you know, of very high order which will only result in consumer goods well well into the future Right, so it's a virtuous process involves a growth is a sort of a virtuous process the more you produce capital goods The more you lengthen your structure production the more consumption possibilities you have therefore the more Possibility for you to reallocate resources from the present to the more distant future, right and so on and so forth. Okay Now to give you an idea and I hope most of you can see this I pulled There's a great paper written by the Indian economist Sudha Shannoi who was one of the few Development economists who you know was very very Austrian or really use the insights of the Austrian Theory of growth that I just briefly elaborated upon now in a paper Titled investment chains through history She what she did was she was primarily an economic historian So what she did was she went and she actually looked at the production structures of different economies of different Levels of development or different levels of growth and consumer welfare, right and to see well How would an economy with like a short sort of not not not very long production processes being employed How would that look and can we compare that to like a developed economy of today? Which of course is very hard to do because the production processes for any good In a developed economy like today are extremely complex. You have many capital goods and you have many You know different steps involved before consumer goods finally clear So this is for garments being produced in upper Paleolithic Europe And as you can see, you know if you look at the the sort of capital goods involved and and how time consuming the Production that their production must have been in the past as well as the number of capital goods involved the number of stages of production Of the steps involved It's it doesn't look that complex, you know, you still have you know stone tools, you know, you have Bones which have been shaped into butchering, etc. Very rudimentary right now don't really require a lot of time consuming production activity We could on the other hand look at Millet porridge production in Mali in the late 20th century, of course, this is a very You know poor economy, but it's in the late 20th century But it's richer than upper Paleolithic Europe or has more sophisticated production processes than upper Paleolithic Europe and you can see already There are more capital goods involved more stages more complex production processes, right? So you have things like coal charcoal You know you have wood many many Goods with wood you have aluminum vessels You know things which require more time consuming production processes, which is so this is like this this Robinson is a little richer than the other Robinson, right? Or of course you could come to cotton garments being produced in a developing country in the late 20th century And this is just a segment of a much longer You know All the goods are listed in the paper you can you can take a look but you can see already. I mean this is there are many more capital goods of You know kind of proving the basic point of the core inside of the Austrian theory of growth. So one big conclusion we can draw then is that the the act of saving or reducing consumption below its maximum in the present is the same one on or the absolute Necessary precondition for any economic growth to take place and All extensions to the production structure require more savings moreover the maintenance of the existing capital goods also require persistent saving so Robinson will have to You know take away time from consuming in order to maintain his raft and net in order to maintain His bow and arrow, right or even to replace them, right? Replacing capital goods as a depreciate is also a very important aspect of keeping up the levels of all the standards of well-being In any economy and and this point is summed up well in a quote by Rothbard and he's talking about and some some modern growth theorists Take place a lot of emphasis on technology To the exclusion of savings Rothbard is saying that well what is lacking in these developing countries is not knowledge of Western technological methods That is learned easily enough the service of imparting knowledge in person or in book form can be paid for readily What is lacking is the supply of saved capital needed to put the advanced methods into effect? The African peasant will gain little from looking at pictures of American tractors What he lacks is the saved capital needed to purchase them that is the important limit on his investment and on his production Right so now let's think a little bit more about the institutional structure needed I'm a what can we say about the institutional structure needed for economic growth to take place? Now you will notice that any process of growth even in a poor economy like Robinsons involves a real transformation of his capital structure right so as he lengthens his production You know his the production processes in his economy He's going to transform the capital goods that exist right some of the capital goods He might not replace anymore or he's going to add to the capital goods that existed before right so growth So if you take snap a snapshot of a poor Robinsons economy and a rich Robinsons economy you're going to see a very different what Austrian economists call us Capital structure a very different structure of capital goods in these two, you know different levels You know different economies of these rich and poor guys now and the transition from a poor to a rich state involves these sort of transformations or a series of transformations of The capital structure so for example when he decides to allocate an hour of labor time From fishing with his bare hands of production of raft and a net that's going to change his capital structure now Each step in this transformation involves Robinsons to make a decision. He has to make a choice He has to say yes the the the costs of doing so are lower than the expected benefits, right? So in other words when he for example takes an hour away from fishing with his bare hands to producing the wrap in the net He he has to make it. That's an allocative decision. He's making a decision and saying I will take less fish now But I will take X number of extra fish in the future and that makes this Decision to take resources away from this process to that process worth it, right? So in any decision to allocate producer goods you need to be able to compare costs and benefits, right? Which and the costs and benefits must always ultimately lie in consumer goods So if you're thinking about allocating an hour here or an hour there you're ultimately deciding on the basis of well How much of what consumer good am I going to lose my cost my opportunity cost and how much of my of what? Good am I going to gain my marginal benefit, right? So you have to be able to isolate these costs and benefits in order to make such a decision now and this is what we call economic calculation, right? So the the the decisions of Robinson Crusoe to Engage in this process of growth to save and invest and transform his capital structure involves Economic calculation on his part on other words. He has to calculate the costs and benefits involved in any such decision on how to allocate his resources now There are some characteristics or features of his economy which make economic calculation Easy relatively, right? So for example his production structure that the production processes in his economy are short They're not too many capital goods involved There are not too many steps that lie between a certain allocation of labor and the consumer goods that will arise right in the future So for example if he's deciding whether to sacrifice fish now in the form of you know fishing with his bare hands versus Fishing you know devoting that time to producing the raft in the net he can easily isolate the costs and benefits involved he can survey the production processes involved and he can isolate okay This is how much fish i'm going to lose in the present. This is how much fish i'm going to gain in the future Right and similarly you can think of other such decisions He might make he might make a decision say to take away an hour From fishing today and devote it instead to constructing a house right once again He can easily see or perceive in his mind the benefits and costs in terms of consumer goods Associated with this you know decision to allocate resource so then therefore he can make a rational decision He can make a meaningful decision, right? That's what we mean when we talk about economic calculation that precedes Choice or or any decision of allocation? now You even once we move away from the simple economy of robins and crucian move to a more modern Complex economy there are some things that stay the same but there are some aspects of this process that are different, right? So even in a modern economy The process of growth involves a radical transformation of the capital structure, right? So so for example a poor economy people will be you know Will be spinning cloth with the you know with some rudimentary machine that you have to use your hands with Right or in a modern economy on the other hand you'll see that being done with automated machinery in a poor economy Someone will be you know whipping his you know the ox or the cow to plow the land But in a modern economy you'll be sitting you know happily in instructor, right? So you can see again if you take a snapshot of a poor versus a rich modern complex economy You see a very different sort of capital structure. So again growth involves transformations and capital structures even in a modern economy but This process now becomes much more complex you have many many more production processes You have some of them very very long, right? Many many capital goods must be produced before your consumer good finally comes to be, right? and because of that Economic calculation is no longer possible, right? The way Robinson was engaging in it in a modern so for example And this of course cuts to the heart of something again, which I'm sure you you've learned already this week the calculation debate And Mises is argument about how calculation is not possible in a socialist economy To understand this point think of the difference between Robinson making that decision in that simple economy and say The czar of you know socialist economy who's deciding whether or not he should allocate say a ton of coal To producing more electricity, right or to say producing more steel Right now in order to do that just the way Robinson had to do he had to he in his mind He has to isolate the cost and benefits and will he has to be able to trace through and say if I devote this ton of coal to producing electricity this is the Consumer goods that I will get at the end of you know a very long process with many steps Right many interconnected production possibilities involved there, right? And on the other hand you have to do the same thing for the steel now Of course you can see that this is not going to be possible for any You know normal human being to do who's not who doesn't was not blessed with superhuman powers, right? So because of that one comes to another very important conclusion again that Austrian economics has for growth Saving and investing is very important for growth But that for that saving and investing to actually make any difference to people's lives in terms of their in their roles as Consumers in the economic system. You have to have the right institutional structure, right? Now, how do you get the answer to what the right institutional structure is simply because If you cannot engage in economic calculation in this complicated setting the way Robinson did so you you cannot just compare in kind Right, you know this consumer goods versus that consumer is what I'm gaining or losing, right? You need a common denominator to be able to engage in economic calculation And that's produced by money prices and private property in the factors of production, right? So Given these institutional conditions The growth process will actually be driven by private entrepreneurs, right? It's a private entrepreneurs guided by money prices, right engage in their economic calculation That costs will be so much money lost their benefit will be so much money gained. They do not need to Think about what the final consumer goods gained and lost are they don't need to engage in that Process which intellectual process which is our of the of a Soviet economy would have to engage in right? So they their decision is simplified, but also they get a common denominator because you know if you otherwise they wouldn't be able to compare say Atta so much electricity versus so much coal versus so much steel, right? So if you're allocating a ton of coal You can if you can somehow magically know the consumer goods that are contingent upon so much electricity versus so much steel You can make a decision But if the production processes are so complex that you can't isolate those costs and benefits Well, what do you how do you make a judgment about electricity versus steel? They're not consumer goods, right? They have no Relevance to your satisfaction. You can't say I prefer this to that But if you do have a common denominator like money, right? You can make such a judgment Right, and that's that's the key point that me this is making in his arguments about economic calculation Now of course in the in a market system You have private entrepreneurs calculating using money prices and of course the profit loss system rewards those who cater to Consumers wants and a punishes those who do not on the other hand, however I've already discussed this when you don't have these prices. You don't have the profit loss system this sort of Economic allocation becomes impossible. And so making any meaningful decisions in the growth process become impossible now, let's try to Look at some of the implications of this for You know and try to make it relevant to some of the experiences We've had in the 20th century with respect to growth, right and experiments Conducted, you know various socialist experiments construct conducted in different countries now What happens of course is that if you cannot if private entrepreneurs aren't there? You know if on the other hand these markets are suppressed these decisions are still made on some there's still some decision criteria Going into them, but it hasn't have any relationship to the preferences of consumers instead. It's just political whims and fancies, right? You have a Different interest groups you have, you know all the different machinations of power emerge in this context now What such a system is characterized by therefore is a rampant? Malinvestment of the existing capital goods, right first and foremost and also the whole saving and investing process doesn't really produce anything Right, it's like Milton Friedman once, you know when he went to India in the 50s He had a great line he looked at all the dams and all the big factories being constructed and he said yeah They're like the pyramids, you know, they're like they're like the modern monuments They they're not going to actually result in anything, right? in terms of consumer goods, right and Why because they're conducted in an environment where economic calculation is highly highly impaired if not impossible And you have the state making these decisions the same would apply to the Soviet Union and other countries now it's important to note that GDP can grow When these decisions are made due to political, you know by those in power in a highly controlled or socialist economy, right? There will be in production of capital goods in the short run, right? There will be a more that you can have increases in output Except that those increases in output will not lead to any increases in what matters which is consumables, right? It's like it just gets lost in the process Actually, you'll have factories coming up. You'll have dams coming up You'll have all this stuff, but the average consumer is still going to be dirt poor All right, simply because of the impossible because of the lack of economic calculation possible and therefore What happens is that in such an economy once you have the the onset of socialism you have an increased GDP growth But that's that's a result of the consumption of the capital goods in the past It's almost like Robinson decides, you know what I'm going to use the existing goods I have right and maybe assume that those goods can be used to produce other capital goods So, you know, he has some coal. He has some steel He has all these things that he can use to produce other capital goods but I'm just going to produce them without any care or Consideration for my consumer welfare and about my wants about my needs So I can produce a lot of stuff, but I'm not at the end of that process There's going to be nothing there for me to consume So what I've done is I've taken goods that were capital goods and that were you know Assuming that at some point the socialist era began and before that you had the market-based era You know, you had resources aligned to consumer preferences through the the the actions of private entrepreneurs, right? And then you had the socialist government coming in you Malinvested and consumed all the capital all the savings all the investment of the past and in the process you you produce a new structure of Capital which doesn't have any bearing or any sort of relationship to consumer preferences Right, so you have mal investment and you might have increased GDP growth in the short run But ultimately you will you'll not have much improvements in the way growth actually matters, which is Increased consumer welfare now a perfect example of this of course is Venezuela For example, Joseph Stiglitz went to Venezuela a few years ago and he said oh the economic growth looks pretty impressive, right? Except now you have, you know people killing Dogs and cats in the streets trying to you know make ends meet because they wanted they want to eat you don't have any You know goods on the on the grocery shelves, you know in the supermarkets people are flooding You know moving running across the border to try to get essentials Of course, we've seen this before we've seen this in the Soviet Union We've seen this in India as well when you know India engage in a huge amount of Doing the socialist era So this is the but but this intellectual structure that the Austrian school has given us helps us to understand what's going on here Right. Yes, you do have more production. Yes, you do You know a lot of that production does go in to new capital goods But that doesn't result in any improved consumer well-being Not to you know, I've done some research on India on these points And I'll have to skip through some of the slides here because I'm running out of time But I want to get through the main You know some of the data on what actually went on so India had its you know Real peak socialist phase in the 50s and 60s a lot of it Ironically guided by the development economists who you know came on the same then Who said well you have to do a lot of saving and investing if you want to rapidly grow you have to save and invest a lot But you know state has to guide everything it all has to be state-driven And that's what you know India did and what you can see here For example the difference in the production in a rate of growth of output over the decade of 55 to 65 In the capital goods and basic industries like again the capital goods really Versus the different consumer goods whether agricultural non-agriculture, right But you also see stagnation of living standards. So for example the per capita Availability of food grain or of caught did not significantly improve in the 50s or 60s But importantly didn't improve later as well in 70s or 80s or you know India was still very very poor even in the 90s It's not like India was super rich because of this investment made in the 50s and 60s. So what happens then is Something like this if you go back to your PPF now In a country like India the logic is reduce, you know take away resources from agriculture Right and invest them in longer production processes in industrial production. Let's let's make Factories to make steel and let's make factories to make heavy-duty machinery and all that stuff And the logic of it is that afterwards you should get a point outside a PPF But what happens is the PPF collapses? Right and that's what happens when you have mal-investment and capital consumption of the existing resources right and Again, we see the two main lessons you know that that come out of the work of the Austrian school is helping understand this process So my time is up now, so I will stop. Thank you


You would rather say what's on your mind and talk about expansive, interesting things or maybe subjects that you're interested in instead of small talk.  Hey, how are you? And how was your weekend and blah, blah, blah. Sometimes when I get asked those questions in my mind, I roll my eyes.  Can we just talk about some aliens or something? Geez, let's talk about the expansion of the universe and how God created this all. Let's talk about our soul contracts and all of these things. And I'm just like, this small talk is so unstimulating. And so a lot of times what we tend to do is stay quiet in those types of situations that aren't stimulating our mind where we don't wanna talk. And so then what happens is people think that we're more introverted, but we're not, we're just not interested.


law enforcement is bracing for potential violence following the release of the supreme court draft opinion that was published earlier this week on roe versus wade cnn has learned that the u.s capital police are bracing for large demonstrations that are being organized by far right groups to protest abortion rights oh yes when is the right wing or far right not the go-to boogie man for left wing party shills strangely all the video and threats of violence that i've seen have come from fanatical left-wing democrats speaking of that isn't it odd how mere moments after that supreme court decision was leaked there were protesters outside the building with signs that were ready for the occasion as we're all quite used to by now the media can never portray their left wing movements negatively so when you have left wingers out there fighting with police and putting out the personal home information of supreme court judges under the guise of women's rights they have to create an alternate reality that refocuses that negative attention on their critics and political opponents watching this clip is like watching a scene from the running man they just replace the bad guys with the faces of their opponents uh britney uh sorry whitney what are authorities fearing could happen well the major risk here based on the conversations i've had with several members of law enforcement throughout the week is that there is a very real concern here that people who are committed to committing acts of violent extremism could use the roe v wade opinion as justification for that and that could include left-wing attacks against supreme court buildings threats and attacks on conservative judges antifa or blm riots that include taking over highways which entails violating people's rights safety and outright assaults any of those things maybe you'll find out in 30 seconds after i tell you about the special offer for preparewithdronetech.com friends the world is in serious danger right now inflation is causing food prices to skyrocket the global supply chain continues to collapse and the coming food shortages will be worse than anything we've lived through in times like these what should you do go to preparewithdronetech.com and invest in long-term food storage from my patriot supply while you still can when you need it you'll have it and you'll avoid the government lines act quickly and save $150 on a vital three-month emergency food kit go to preparewithdronetech.com and save $150 on every three-month food kit that's preparewithdronetech.com protect your family and secure this emergency food today preparewithdronetech.com the possibility that someone would commit an act of violence against abortion providers uh against the clinics against members of the judiciary members of the federal government and that also includes members of the supreme court they are also very closely monitoring threats that have erupted really on social media i should caution though there are no specific credible threats i just want to point out that they make all these claims about right-wing threats then just kind of sneakily throw in there that there are no actual credible threats but in fact there are from left-wingers left-wingers from a group called ruth sanas who have right on their website that quote we must rise up to force accountability using a diversity of tactics along with the addresses of all the conservative judges these activists posted a map with the home addresses of the supreme court justices is that the kind of thing this president wants to help your side make their point look i think the president's view is that there's a lot of passion a lot of fear a lot of sadness from many many people across this country about what they saw in that leak document so he doesn't care if they're protesting outside the supreme court or outside someone's private residence i don't have an official u.s. government position on where people protest translation it's different when we do it however social media chatter is being taken much more seriously in the wake of january 6th and here in washington you're seeing uh one of the really the new reactions that law enforcement has in the wake of january 6th and it's these non scalable fences that law enforcement puts up just take a look up behind me here at the supreme court this is this eight foot non scalable fence that went up late wednesday night once again she's deflecting from the truth by referring to january 6th when the reason those fences are up is because of left-wing violence and yes that was a communist hammer and sickle flag you saw them waving next to that are these concrete barriers which is you know really shutting down the road here and it is truly the physical representation that law enforcement is concerned yesterday uh officials had a call with 150 participants across the country warning state and local law enforcement that the possibility for violence is very real and they must be on high alert sadly the city has seen far too much of that fencing around the capital around black lives matter plaza and now we fear that there could be violence over this potential ruling at supreme court witty wild at the supreme court this morning thanks very much unreal at the end there they continue to imply that it's right-wingers who are the reason for all this fencing being up when in reality it originally was erected to keep blm and antifa rioters from entering the white house where they were rioting fighting with secret service police and almost burned down a church how did the media report it as an opportunity to frame trump as hitler hiding in his bunker so what did we hear we heard about far right demonstrations against abortion rights attacks on abortion clinics like when's the last time one of those happened then finally attacks on the supreme court and judges but then they go on to reference january 6th again putting focus back on cnn's and the democrat party's political opponents there hasn't been a single mention about left-wing protests riots or threats against conservative judges why would right-wing groups just suddenly organize demonstrations against the supreme court when they're doing exactly what they wanted doesn't it make a lot more sense that these demonstrations are actually counter protests against the left-wing protests and riots that are already going on instead we get a running man style alternate reality brainwashing it's what they're good at help support my effort to expose them by using one of the links in the description or pin comment you can also hit that like button share and leave a comment to help the algorithm thanks a lot keep checking back daily for new content