Aloha, thank you for joining us again today with SBA and today I'm going to be talking with Jay Fidel about some of the things that are going on with SBA. We talk a lot about what makes small businesses successful and what it takes to be successful in small businesses and how we communicate that out to the community and one of the best ways that SBA has done that is with our annual SBA Small Business Awards. Small businesses are just around the corner so we thought we'd talk a little bit about that today because on this program we're also featuring some of those small businesses who have been honored and recognized for their accomplishments through the SBA awards over the years. This program has been going on for probably about 35 years as the President of the United States has always celebrated National Small Business Week to honor the accomplishments, the contributions to the economy and just what small business in America is all about. And we see outstanding achievers here in Hawaii and this legacy goes on and on. The SBA awards are among the most prestigious that we see in the islands and I think some of that has to do with our process. So we're going to talk a little bit about the awards, what they're for, who can apply, how to apply and just, you know, why this process is make such credible awards and recognizes the right people in our small business community for the right things that small businesses do. So James, join me to talk about that. I was telling you before this show that the Hawaii Energy Policy Forum had its energy day on the 16th of August and it gave six awards out. I mean, and this has been the last two or three years but it's growing, it's a growing feature of what they do and why because A, it recognizes achievement, it recognizes commitment and B, it also tells everybody that the people who won have done a good job and that they also want to consider being committed that way, they want to try to get an award themselves. And this raises all boats when you do that. Right. It's a very inspiring thing. It is. You know, other people's story and say, I can do that. I believe that and it's a good thing to replicate. So people also learn. They can find mentors through the program and we've got, you know, a long, long legacy of doing this, these programs and we do. We see remarkable stories come out. We see community leaders step up out of the ranks of these award winners who kind of gain their confidence as well or increase their confidence in some different areas. So we find it's a great thing for SBA to be able to do but it's also a very worthy accomplishment. One of the things that people are always amazed at is our process that we go through because there is some serious vetting. It's not like just a puff piece or anything to get one of these awards. Oh, I'm sure it's not. So how tough is it? Well, it just takes, it does take a little bit of time for the nomination. So we'll be opening the nominations in middle of September and then they run, the nomination term goes for a couple of months. So they'll be coming into our office around November 11th or so. But we do ask for our small business awards. There are a number of different categories. We recognize the small business person of the year, which is probably the big cheese, the biggest award that we have. We recognize an entrepreneurial success and that award is looking at somebody who has started as a small business but have grown their business into a larger business, no longer eligible for SBA's assistance, but have gotten SBA assistance at some point in the life of their business. So they're great role models. They've created a lot of jobs, different things like this. One of the things that does make our small business awards different is we do look at financial criteria. We do ask for kind of abbreviated financial data, revenues, you know, you're... You're looking for dynamics. You're looking for a business that is growing, improving, doing it the right way. Each award is a little bit different, but that financial piece, what are your revenues over the past three years? How have they increased? What are your sales? What is your pre-tax income? How many jobs have you created? So sometimes people are very sensitive about reporting that data, but we also keep it very close to the vest. We treat it with a great deal of confidentiality. We shouldn't worry about the competition taking advantage of that. Yeah, no, we don't disclose any proprietary information, but we need the financials for the small business person of the year, the entrepreneurial success, the exporter of the year, the young entrepreneur of the year, and the family-owned business. So each one's a little bit different, and we have... We, out of all of our nominations, we vet them and kind of scrub them up. We have a committee that comes in, very different personalities and people... From the community. From the community, bankers, small business owners who've gone through the process before. It's a really sharp thing.  You don't have to get on stage until you've won, but, you know, they come through and some of these guys are accountants and CPAs, so they're looking at the numbers. Other people are community leaders. They're looking at how you give back. Some of them are involved in human resources and unions, and they are looking at how you treat your employees. So it's a real comprehensive picture for each one of these small business awards. But it's been really gratifying, and some people say, please let me judge again this year because this is just so motivating. It's so cool to see what these small businesses are really doing and how involved they are in their community. It establishes aspirational values. You know, it establishes the things we ought to strive for in this business community. It brings the community together, doesn't it? It really does. People get to know each other. They get to admire each other. They get to mentor and mentee each other. All that is a positive thing to bring it together. And we're very inclusive because we do pull in all of the islands. We do make sure that we are hearing about what's going on in Kauai and who's really working with the community, who's excelling in their business, what projects are going on, and we look at all different kinds of industries we've had for overseas and retail. So who should apply? Should I apply? Any industry works? I mean, anybody doing business work or, for example, if I'm struggling, should I apply? Or maybe I should wait. You should probably wait if you're really having, you know, you haven't found your footing yet. And maybe you're not considering yourself a going concern because we do look at your staying for the small business person of the year. It's staying power, increase in revenues, creation of jobs, how many jobs have you created? We have winners who have maybe created over, you know, a period of time or four to five years may have created five or six, seven jobs. And that's a big gain for their industry. But we also have people who have created over 200 jobs, you know?  But seven jobs, you know, in Camuella can be a lot of jobs, you know, it makes, it's the impact on your community. So it kind of scales itself. So yeah, it's a relative thing, but look at all the factors, circumstances. Those CPA judges are going to look at, you know, your revenues and say, okay, yeah, you are increasing year over year, or you've reinvested in your business.  What are you doing? Making all the money out of your business. So they do, I mean, the numbers do tell a story. So you have runners up, I mean, there's one winner or you have a winner and a runner up, something like that. Our process, we have objective scoring. So out of, we have about 14 judges and they all come in and they score the nominations, all individually, numerically. And so then we figure, we calculate the scores and we pull the top candidates based on those scores. That's it. The top candidate wins the award. Not always. We have a discussion about that, too. Oh, to be subjective. You know, so there is that factor of, you know, what did you put into your nomination? What is it impressing the judges? So we have a lot of really close ones. This year, the first time ever, we had the small business person of the year had an exact tie, numerically, on Maui. And the conversation with the judges couldn't break that tie. They couldn't pick one over the other. They were both very, very different industries. Two awards. One was in a restaurant and hospitality industry and growing, creating a lot of jobs. The others was a much longer term, steady contracting business who did air conditioning, fuel format, manufacture, and things like this. So they were very, very different, but they couldn't decide. We went to the whole board and had everybody vote and they were just dead even. So we had co-winners for the first time ever. And it was the right thing to do. They're both, you know, just solid businesses and proud of their awards and excited about their next ideas. When you do look at the innovativeness of the product or service, you know, if you've just kind of, you know, hanging on, you know, and doing the same thing, either tell us why you're just doing the same thing and why that makes sense or tell us how internally you've changed or innovated. Yeah. And so small business owners. Sometimes it's real value that nobody can see. Exactly. So you look closely. Sometimes a lot of it is internally focused and it may be in their management systems, it may be their human resources, it may be what they're doing with their employees that you may not know outside the company, but you still see a strong, steady business going on. So this is largely paper. I mean, I submit an application to be considered for the award. There's the application. There we go. There's the application. This is just a four-page application. There's some very simple information on it and usually there are four or five criteria for each award and you just get a little paragraph to describe it. A lot of our nominations come from the bankers. You know, that's, they've been a real solid community. We have a nominator's hall of fame that's been around for about 25 years to recognize these people who've done a lot to make the success of our small business community more visible. So we've got staying power growth in your number of employees, increase in sales. So you have to write up subjective answers.  Response to adversity, like a natural disaster or a downturn in the economy. Then we just have you verify that you're submitting the information. You have a sponsor, generally. You can self-nominate. That's perfectly fine. Or you can have somebody else nominate you. You both sign off and send it over to the SBA and we look at it. It could be SBA clients or anything. No. They don't have that any relation with you. There's only one award that we ask that you've had SBA assistance, but it can be any small business. You don't have to work with us. You don't have to know for us. You may have to look up our address. But that, and that one is the entrepreneurial success award. A couple of questions. Small to big. One is, what about nonprofits? The nonprofits can apply for this? For most of these awards, you have to be a for-profit business for SBA awards. There go income and all that. Yes. You can be the entrepreneur. You can be the exporter of the year. An exporter of the year award honors an individual who generates a good portion of their revenue from exporting outside the United States. We're looking at not just outside Hawaii to the West Coast. Could be Canada, but you do want to be exporting outside the United States, working with that trade deficit, bringing more dollars to the United States. That includes, exporting can include tourism. Educational tourism, cultural tourism, sports tourism, anything along that line. So I write this up and I'm tooting my own horn when I do that. And I'm saying, I'm telling you, this is real. This is true. I'm not shading it, it's true. Now, are you going to talk to me? Are you going to say, Jay, let me talk to you about what you wrote down here. I have some questions about what you submitted. Does that happen? Okay. Well, if you self-nominate and you write me a fairy tale, we'll probably... Fairy tales are nice. Fairy tales, you know, it has its time and place, you know. We have you verify that, you know, the information that you've submitted is factual. And then if it pencils out, you know, we do scrub them so we do check your NAICS code. There are some facts. We do chase down with this and look at a vetting process and kind of scrub the nominations to make sure that everything kind of fits. You're putting an imprimatur on it. Yes. We've looked at this and whatever they said, it's true. Yeah. The other thing I want to ask is, you know, it reminds me of a situation where, yes, you can have a sponsor. But suppose I have a lot of friends in the community and, you know, I'm a popular fellow and I want to give you five sponsors, more 10 or 50 sponsors. Is that going to make it better for me? Nope. Okay. It's first one. The first one that comes in, you know, they can all vouch for you and they could make statements, but I'll tell you a little bit more about that when we come back from this day. Okay. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Aloha. Hello. Aloha. Ah... Aloha. Aloha. Aloha. Aloha. Welcome to this past five week of your interview four up and we'll be looking at the next two or five hot days. I'm John. Now, your turn, so you decided if you were letting your heart get to it, why we go through this. A lot of us are not making our livings doing this and a lot of us would do this with our last dying breath if we had that choice. And that's what I love to talk to people about. I hope you enjoy watching it and I hope you get inspired because there's an artist inside you too. Join us on center stage at two o'clock on Wednesdays. Bye. Talk about preparing for the storm. So we're back again talking about the 2017 SBA annual small business awards, some of the most prestigious awards for small businesses here in Hawaii, and recognizing a variety of businesses, all different industries, all different types from across the state. As long as you're a small business that's doing well, has a likelihood of success, and you're willing to tell your story and share it with all of us to be inspired and motivated to do better things here in Hawaii. So we're back with Jay, who has 50 friends who are going to nominate him for our SBA awards. Again, the nomination forms will be available in the next week at our office. If you're interested in getting more information, you can just call us over at the SBA Hawaii District Office at 541-290 or email me. That's fine too. We'll get you a copy of the nomination forms. Very simple forms, about four pages, and it just is basically what are you doing with your business, how do you measure success, and some very simple information. If you have a lot of people who are vying to nominate you, you really have to work with them to pick one. The write-ups do make a lot of difference in what you're going to be conveying to the judges. Oh, they write up stuff too. They nominate you and they say why. Right. It doesn't have to be self-nominated. Typically, we get almost 100 nominations every year, and the majority of those come from bankers who are recognizing their customers or their clients, and they have a lot. They're pretty savvy about what's ticking with your business, so they'll identify a candidate who's doing some interesting things, who is growing their business, so they hit all of those measures or criteria, and the bank may also encourage them to recognize small businesses, so it's good for their customers. Suppose I win. If you win? Suppose I win, and now you vetted me with the committee, you've checked my bona fides, my presentation, you're satisfied, I win. I get the points, I guess, and I win. What happens is there a... You want the good news first or the bad news? No. Really? It's bad news? What, what? No. I don't think it's bad news. I mean, we do try to, we celebrate, we start the nominations in the fall. They go through the selection process that usually starts about December and finishes in January, but we also do have, since these are SBA-hosted awards, we do vet them, you know, through our EEO office and some things like that to make sure that, you know, your business is legit. They don't want to be embarrassed. You know, so, and we don't want to embarrass anybody else either. We haven't ever had any problems with that at all, except it does make some people a little bit nervous, but, you know, it's a very simple process, and it just does assure us that we made the best choice. And then we start, we make the announcement in the early spring, and then we have a series of activities or events that, you know, to honor them. The state winners go and are recognized by the governor and the state legislature. We have a number of events, a big annual statewide small business awards luncheon, where we bring all the awards in or award winners from all the islands in, because when you, as we look at the scores and we, the judges submit their evaluations, we select at the county level and from each of our county winners or our top winners, we select state winners. State winners go to a regional competition and often regional competitions and every small business person of the year for the state of Hawaii goes to Washington D.C. to compete for the national title. Ray Jardine, who was on this program a couple of weeks ago, was the state of Hawaii small business person of the year for 2016. He went to Washington and he was just knocked out because he was named second runner up. So that means our small business person was evaluated as the number three small business in the United States. Pretty good. Pretty good. A lot of publicity attached to that. It wouldn't hurt your business to be named and to have an award like that. Right. And we get commendations for the winners from the mayor, the congressional committee, our congressional team recognizes them and often wants to come out or goes out to meet them or visit their businesses as well. So it can be, as I said, it's a pretty heady award. It's pretty prestigious. If I decide I want to apply and I fill out the form, and that's going to take me a little while to write it up in a way that's accurate and persuasive. How much of a commitment of time is it for me to go through this process? Well, once you write the nomination, then the time is ours to kind of get through everything. And then it depends on what events and where the events are that you want to or like to participate in. Because there is usually some of the travel costs are borne by the winner and things like that. We don't have that kind of sponsorship or ability at this point to pay for that. It's going to give me a physical award, a plaque, a framed award, maybe some kind of trophy type award. Yeah, we give you a trophy. You do? Yeah? Yes, of course. All right. I put it in my office. I might even look at it. Sometimes you have to build one of those, I love mewalls in your home. I love mewalls. Because there are recognitions and things like that because we do try to put it out there to the community as well about, as I said, who's doing these amazing outstanding things for our community and for their employees. Some people win multiple awards. I mean, year after year they win an award. Does that happen? Not as much with our award categories. We have seen several people get over time multiple awards. For example, Town Lam, who owns Latour Bakery, started as Ballet Sandwich Shop, started a brand new business just making sandwiches and his business has grown phenomenally. I remember at the beginning. He started with a small SBA loan to get his sandwich shop open and then started adding more. So, Tan was a young entrepreneur of the year. As the business grew and he started getting more locations and franchising it, he got bigger. He became the small business person of the year for the state of Hawaii. Then that year he won the national award. He was the top small business person in the United States basically for developing his growth plan for the increase in number of employees, the increase in revenue, and all these kind of started this kid out of Vietnam. And now he and his sons have the big operation in the Latour cafes all over the place, but he was the top small business person in the United States. You've been following him with him. He's been in your family for decades, many decades. And just how they've carried on that entrepreneurial tradition and the commitment to a quality product. He said when he first started out and he got that first loan I want to be the best and the biggest bakery in Hawaii. You're making me hungry. I'm sorry. But he has a great story and a great business so we're hoping to have him and his sons on this program soon. Is it a pay forward kind of thing where, so I win in say 2016 and in 2017 you call me up and say, Jay come on down and participate in giving the award to the next group of winners. I mean is this an ongoing continuum? We have a lot of the winners continue to be involved with the program and we have many of them who have come on board to actually be judges as well. So there are different ways that they do participate sometimes they come on into some of our workshops and our programs to again tell their story or share their expertise or that little thing that help them differentiate themselves. So Dave Erdman, Ray Jardine, it's amazing people. They become household names. They have done these or gone through these awards programs. So can we shift gears and talk about the storms? Yes, I guess we better do that. Just one more thing that we do, but please if you have any questions about the SBA awards, don't hesitate to contact our office. We're available at sba.gov backslash hi. Get to see Jay. But we'll be happy to talk to you about them and give you some recommendations. But we do have the flip side is that we have Hurricane Madeleine coming our way. I guess she's up to a category four and expected to hit the big island. But one of the things a lot of people don't realize is what SBA's role is in disasters and disaster recovery. So since 1953 we have been stepping right in with FEMA to help small businesses, big businesses, homeowners and renters recover from disaster. So FEMA does that first initial piece but within two to three days sometimes even sooner than that, SBA is on the ground. So we look at how we can really help small businesses get back to work, get their doors open again, get their employees back. That means loans, what does that mean? SBA loans are the primary. Initially FEMA may be helping with housing and some capital outlay, some cash to keep people going, get you food security, red cross steps in. But the next step in really initiating recovery is to get the resources available to get started again. So SBA will do long-term low-interest loans. Special to disasters. Right. And usually it's a result of a declaration by the president. The governor will help bring in a team and they come in. First thing SBA and FEMA do is start to assess the damage, go out into the communities and see what's really happened. How many homes are damaged? How many businesses have damaged? What is the evaluation of the damage? What's needed to get them going again? So often a lot of people, the biggest thing they need to do is really prepare. And the time is now. It's not just getting water and batteries and filling the gas tank. You really need to take a look at where your identifying papers are. Get some of those key accounts. Make sure your contact numbers. First and foremost, it's people. It's property because those losses can be hard to recover. If your people aren't taken care of, you can't open your doors again. So make sure you have a way to contact your people. Email may not be working. Make sure you know phone numbers. Make sure you have some addresses, just in case you need to go and check on them and hopefully be able and willing to do that. First reaction is always, we need to take our family and home. But your business is critically important too.  Back up your documents. Make dual copies. Keep one and put them in a safe, dry place. Keep a copy away from your business and maybe with you or away from home or in a safety deposit box. Because all of these things too, you're going to have to show what your ability is, what your capacity is. Because if you're going to ask for, okay, my building blew down in the storm, you're going to have to be able, and the contents are all gone, you're going to have to be able to justify a request for assistance as well. So you've got to have some documentation. You don't have to have that for your insurance anyway. Right. Well, I wouldn't wish it on anybody, but the possibility of another iniki is right here. A few days away, and we've been lucky for the past few decades. Yes, we've been really lucky. It's roulette. And we could have a bad time any time, especially with the increasing number and severity of storms and climate change. So I think we have to attend to these things. I'm really happy you mentioned this, because I think you can survive. You can live. You can eat. You can be okay, but you don't want to die of a business. At the end of the day, you have to have a way to continue and support yourself and your employees. And we've seen some really heartbreaking stories in the last couple of weeks about the floods and the other storms that have been going on in the mainland. Yeah. But it can happen to us any time. I'm very grateful.  So we've been very, very fortunate to miss. But do prepare. Do be ready. Take a few minutes. Go to sba.gov and look for disaster recovery or disaster readiness.  We'll see you next week.


What's up everybody? Jason here for jasby'scasebrake.com. 2022 Panini Flawless Football just sold out. This is a one box brief case break. Pick your teams number four. Now again guys, this is the second half of the case and here we go guys. First half had a lot of vets. Feel like rookie could be hiding in here guys. So there is the customer names.  So here's number four. Obviously labeled on it right there. All right, here we go. First one is a Reggie Wayne for the Colts. Five out of 15. Colts, Steve Locke straight up. We have a Sam Howell, nice three color patch to 15. That's going to go to Thomas and the commander straight up. Leonard Fornette, seven out of eight. I don't think he's signed with anybody just yet. That's Bucks, Michael L. So a nice couple of hits there for the straight up customer so far.  All right, we have a Terrell Davis, nice bust. Autograph there and then in there is a six out of 10. That's Broncos, Gary Gordon straight up. All right, well straight up hits doing pretty well. Nice, about a little Nick Bolsa. Two color patch in autograph, nine out of 15 straight up. Sean Maddock with the 49ers. Very nice, is that a piece of the glove? I don't think it's a piece of the glove. signature gloves, out of 10. Drake London, that's a rookie relic autograph, wow. And that's Atlanta Falcons, 12 team R&B. There we go, first one, three out of 10. That's going to Carl. There you go, on the board, Carl. And then last one is a very nice laundry tech. Don't want to see too many Tony Romo Autos out there. Five out of five, nice little laundry tag in there. Pretty thick actually. Dallas Cowboys are about straight up, Gary Gordon, nice one. Let's see, get out of here. Maybe this side? No, it's a one of three. Wait, is that a relic? Might be a relic, I don't know. Let's go with this side, let's save that. Maybe this is the diamond or something. It is flawless and it is a rookie. And it is Chris Olave, two out of five. That's going to go to the Saints, R&B two. That's going to Sean. There you go, on the board as well with that one for the R&B. I'm afraid now, maybe I'll just go with this. All right, let's see, it's a tag probably? Probably is a tag, right? One of three or not. It's Hall of Fame autographs, Randy Moss, one out of three. That's going to go to the Minnesota Vikings and Michael. Michael L. All right, middle has to be a hatch autograph or something, right? Oh man, is that one of one, is that? Oh my God. That is a one of one, that is a one of one. Issue. Oh my God, it's an eagle. Look at this, dual autograph, AJ Brown and Jalen Hertz for the Eagles. And that's going to Sean who bought the eagle straight up. Wow, it's actually four. Holy sniggies. I wanted to write this yesterday. Well, look at this, it was meant to be. Look at that, why do you think it was meant to be? That's true, that's true. It is meant to be. It's a quad shield. Wow. Miles Sanders, Devonte Smith, AJ Brown and Jalen Hertz. Perfect. There you go. Perfect. And you were going to let me up. That's the update. It's perfect for Jason. There you go. He loves the eagle. And then Sean, got him straight up. Very nice, finally got a shield. So there you go folks, that was the break. Very solid half-caser because like I said, the first half I feel like didn't really have too much. So there you go guys, appreciate it. Jasper'sCaseBreaks.com.


Yeah, I mean, I think yeah, the basketball stuff is just trying to make a move set somebody up So in man coverage, I mean at the top of routes when someone's Squatting on your hip or waiting for you to make a move being able to kind of be subtle at the top and give them a fake one Way and go the other way is just Something I've helped at the top of my routes and learned over the years So I've been trying to keep working on that None particular I mean all through I mean high school college and learning from older vets I mean just all around and kind of seeing the game progress is just Kind of just how I played instinctually Yeah, I mean I think a big thing is like timing and trust with your receivers and Everyone runs routes differently. Everyone has different stride length different moves at the top of routes So just being able to Trust where we're going and when we're making our move so he can throw it as a timing because there's only so many So much amount of time and space that you're open for so it's got to be quick and on time And he's just got to be able to adjust and know each player's specific skill set Yeah, I mean it's a combination of both. I mean, yeah, we got to be in the certain route depths at the certain time So I mean yeah being able to adjust with that and he'll give us tidbits coaches will give us pointers on What we can do to get there faster or get there sooner or get out of our brakes better So it's all just a combination of that Yeah, it's exciting to compete against other guys. I mean we've been going against our team for Almost two weeks now so it'll be good to compete and be able to show everything we've worked for in training camp and be able to assess That on another opponent. Yeah, no, I'm excited to work with them I know they're fast and physical guys So it's gonna be a good matchup and our tight ends and backs you're gonna have to do a lot to Work on technique to be able to get open and run the ball on them Yeah, it was exciting to be in the stadium I mean been a while since we've been down there having the fans there to your son and just getting back in that atmosphere It's awesome. So we're excited for the year to start. Yeah, it was great getting to meet all those guys at the top level I mean kiddo Kelsey Waller Hunter Henry There's a bunch of guys out there. So I was able to just kind of Get little pointers from them They were all given speeches and be able to get in the field and learn from their skill set and see how that applies to my game And how I can use that With the tight ends and how I can help out some of the younger guys as well Yeah, yeah, no a couple guys were encouraging congratulating me on the year and wishing me well in this year and just excited for me So it was good to have that connection and good. Thanks guys


different ways you can add value is basically like what what I do with coaches is I help them to create similar to what you're doing now like print memberships where what there is though there's accountability away from the pitch so a couple of ways you can do that is you can give your your customers homework that they can do. Yeah. Okay, so homework and you can run workshops with them. So this could be the in person or through zoom where all your all your players come on and you talk about a topic. Yeah. Right. So you can run these once a month. Yeah. You can you can charge an extra on top of the what what parents already pay or you can add this into your your monthly membership. Yeah. Okay. Or another way is going to watch your your players at their matches. Yeah. Okay, so those of those are three very simple ways that you could you can add value. Okay, so again, if you add more the more value you add the more that you can charge for your program. Okay, because if it separates yourself from your local competitor.


All right. This is the fourth and final lecture on basic economic concepts. And what we're going to cover here is the all-important subject of specialization, division of labor, and trade. The elements of the lecture are, first of all, why do specialization, division of labor, and trade increase output for humanity? And then the second topic we'll get to is that wonderful concept of comparative advantage, the law of comparative advantage, which explains why it's always better to specialize and trade, no matter how much of a dunce you may be or how much superior to everyone else you might be. Okay, so first of all, there's consensus among economists that specialization, division of labor, and trade make humanity's standard of living higher. As specialization, division of labor, and trade have spread around the world, humanity's standard of living has increased. So what we're going to do now is look at why that is. By the way, it's worth emphasizing there's a lot of disagreement among economists about a lot of things. There's not much disagreement about this. Specialization, division of labor, and trade makes everybody better off. Okay, let's start with this quotation I've given you from Matt Ridley. This comes from his book, The Rational Optimist. Would you like to read it? As I write this, it is nine o'clock in the morning. It's terrific. I can't recommend that book highly enough. It's just a wonderful book. Matt Ridley is the rational optimist. He captures in that passage the tremendous depth of global trade now and global exchange and the extent to which we specialize in different things. So let's look at the world as a system of cooperation. I had a friend once, I won't take time to give you the context, and I was talking about the market economy in my usual enthusiastic terms, and he said, but how the market economy is about competition? And it brought me up short because I realized that's not the way I've been thinking about it for a long time. The market economy is about cooperation. It's about, certainly there's competition in there, but as some great economists have said, we compete to see who can cooperate better. Competitors are competing cell phone makers. They're all falling over themselves to see who can cooperate with you better by giving you what you want better and cooperate better with their suppliers so as to provide you with a less expensive phone. Certainly there's competition in the world economy, but it really makes sense to look at the world economy as what Hayek called the extended order of human cooperation. This vast pattern of human beings all working hard to contribute to the well-being of other people in the confident expectation that others are going to be doing the same for them. So keep that cooperation in mind. We'll talk about Leonard Reed's eye pencil in a couple of lectures. That's another good thing to have in mind by way of illustrating how wonderful human cooperation is and how remarkably extensive it is. Now to emphasize a point, each of us in an advanced economy is constantly producing for others rather than for ourselves. I'm not giving this lecture to educate myself. I'm giving it to educate those who will listen. And the car makers aren't producing cars because they want thousands and thousands of cars. They're producing them for other people. We're all specializing in one small part of the evolving pattern of production, trying to get as good as we can at doing that little part of it because this output will be as abundant as possible and there'll be as much to go around as possible. That's a really good way of thinking about the world economy. We each are producing for others and then we trade out of our income from that for what we want. Okay, now, why do specialization, division of labor and trade increase output? And I'll put that question to you all. What are some of the main reasons why specialization, division of labor and trade mean there's more for everyone? I think there are two main reasons. The first one is specialization. You get better at doing what you're doing. Okay, good. As I work on an assembly line, I get better and better at my own task and everyone else gets better and better at their own tasks and at the end we produce more cars. Okay, you've taken me out of my planned order, but that's great. Let's go with that. You get better and better. People develop better skills at doing whatever they're doing. Think of a skilled welder or a pianist or an architect by practice. This is your point. By practice we get better at what we're doing. That's one main reason. Somebody give me another. I'll prompt you then a little bit since it's quiet. These people who are specializing at production, not only do they practice and produce more because of their skill at what they're doing, but they're also thinking all the time about what they're doing. And often when they think about what they're doing, they come up with... Innovations. Innovations, better ways of doing things and better tools for doing it. If you focus all on one job, often you're going to think, there's a better way to do this. If I just had a watch and would call it, I could do it better and you invent the watch and would call it. So another reason why specialization, division of labor and trade mean more output is that we develop better tools and processes. We figure out ways to apply devices to what we're doing. Some of the examples, I love the applications of the laser, which when it was invented people thought, well, what is it good for? It's a neat toy, but what's it good for? Well, people have used it to emit a plane of laser light over a field so as to get the field exactly level. The plane of laser light directs the scraper on a big earth mover thing that scrapes it off. If the laser shows that the field is riding up a little bit, that tells the blade to engage and cut the field down a little bit. If it dips down, the laser sensor says we've dipped down a little bit and so the hydraulics of the machine push out some soil. And so we drive these machines merrily back over these 40-acre fields and get them like a billiard table because people have figured out ways. You know, the farmers know we need to irrigate. In order to irrigate effectively, the field needs to be smooth. We don't want these dips and valleys and so on. It needs to be flat. A laser plane of light is flat. How do we apply this? And so the specialists figure out ways to develop tools and processes and devices which make them more productive. Other reasons why specialization, division of labor and exchange make us more productive. I got two more on my list. It allows for a division of knowledge too. Very nice. If I had to go to work every day and be a pharmacist and a bicyclist and a doctor and a pilot on a plane, I couldn't have all of that knowledge in my brain to do any of those jobs well. Very nice. Well done. Let's add that that was not on my list. I think of it as implied in the division of labor and knowledge. But increasingly, and even from the first really, for human beings the most important kind of labor we do is the mental labor, is the knowledge, the thinking. So yes, that's one. Two more still to go. Why specialization, division of labor and trade make us better off? I'll give you a hint, ready? Economies of... Scale. Scale. Economies of scale. Specialists can do things on a massive scale using really cool equipment that can produce large numbers of things. And when they do that, the unit costs are lower. Because let's take what might be an obvious example. In order to build a jet airliner, you need a big building, right? With some really good equipment in it. If you tried to pay for the building and all that equipment out of one airliner, that would be a very expensive airliner. But if you produce hundreds of airliners using that building and that equipment, you can spread the cost of the building and equipment over hundreds of airliners and each one costs less. Things are cheaper by the dozen. Things on a larger scale allows us to do them more effectively. That goes right along with the division of knowledge and the specialized processes and tools that we use also. In this regard, let's enjoy the famous passage about the division of labor from the very first couple of pages of the Wealth of Nations. Would you read it for us? But in the way in which this business is now carried on, not only the whole work is a peculiar trade, but it is divided into a number of branches of which the greater part are likewise peculiar trades. One man draws out the wire, another straightens it, a third cuts it, a fourth points it, and a fifth grinds it at the top for receiving the head. To make the head requires two or three distinct operations. To put it on is a peculiar business. To whiten the pins is another. It is even a trade by itself to put them into the paper. An important business of making a pin in this manner divided into about 18 distinct operations, which in some manufactures are all performed by distinct hands, though in others the same man will sometimes perform two or three of them. I have seen a small manufactures of this kind where ten men only were employed and where some of them consequently performed two or three distinct operations. But though they were very poor and therefore but indifferently accommodated with the necessary machinery, they could when they exerted themselves make among them about 12 pounds of pins a day. There are in a pound upwards of 4,000 pins of a middling size. Those ten persons therefore could make among them upwards of 48,000 pins in a day. Each person therefore making a tenth part of 48,000 pins might be considered as making 4,800 pins in one day. But if they had all wrought separately and independently and without any of them having been educated to this peculiar business, they certainly could not each of them have made 20, perhaps not one pin in a day. Okay, now notice the advantages of specialization division of labor and trade that you've identified for me are all advantages of specialization as such and that's good. I think they're the most important ones. Specialists just because they specialize develop deeper skills. They develop better tools and processes and they can use economies of scale. Most of the time my students come up with other advantages. So what have you missed here? Advantages of specialization and trade. They think about interregional trade and they think of the natural advantages of place. Okay, they think for example that one of my favorite examples is where should we produce blue crabs in Maryland or Iowa? Maryland. Maryland because Maryland has the Chesapeake Bay. Okay, natural resource that's just great for producing crabs whereas Iowa has these long flat fields. Is it possible to produce blue crabs in Iowa? I guess. Sure, you could get giant aquariums and truck in seawater at great expense. You could do it but it would be very expensive. It makes much more sense to take advantage of the natural advantage of the Chesapeake Bay and for growing vast quantities of grain take advantage of the fields of Iowa. Makes more sense to produce skiing in the Colorado Rockies and in Switzerland than in the desert somewhere. Although they have skiing in the desert, some of the wealthy Arabic oil countries have built ski hills but it's much more expensive to do it that way. Columbia and Brazil should produce our coffee. Taking advantage of these natural advantages which provides the ability to produce whatever the goods are at lower cost, at lower resource cost. Take the ski hill in the desert. You have to use a tremendous amount of energy to cool the building that has the ski hill to cool the water and blow the snow onto it. It's very, very expensive to do it that way. But when we take advantage of natural resources of climate and soil, we can do things less expensively. So there are your two main categories of the advantages of specialization and trade. One category, use the natural advantages of geography and climate. The others take advantage of these efficiencies from specialization as such that we started off talking about. Okay, next. Does it make sense for someone or for a region that's better at producing several things to trade with another region that's not as good at producing any of those things? The answer to that, and this is one of the really cool counter-intuitive insights of economics, is the answer to that is yes. Even if you're better at everything your country is better at everything. It still should specialize and trade with other countries that aren't as good at doing these things. And this was explained to humanity by the great economist David Ricardo in what he called the law of comparative cost, but it's come down for reasons I can't explain in our textbooks as the law of comparative advantage. Now, to understand comparative advantage, we need to distinguish it from absolute advantage. The Chesapeake Bay has an absolute advantage over the plains of Iowa for producing blue crabs. The plains of Iowa have an absolute advantage over the Chesapeake Bay for producing corn. Brazil and Columbia have an absolute advantage over Maine and Idaho producing coffee. Absolute advantage means the ability to produce something at lower resource cost. You just need fewer resources to get the results. But what if one region has an absolute advantage or disadvantage in everything? Let's look at David Ricardo's law of comparative cost. It's not intuitively obvious and it's a terrific insight. Okay, we'll do this with a simple arithmetic example. This is taken from my textbook, Gartney, Stroop, Sobel and MacPherson, excellent textbook. And the example they set up assumes that we have two countries, Japan and the United States. Japan has 50 million workers in our imaginary example. The United States has 200 million workers. And then look at the output per worker day that we imagine. We imagine that a worker in Japan could produce three units of food or nine units of clothing in a day. A worker in the United States could produce two units of food or one unit of clothing in a day. So sing out for me, guys. Which country has the absolute advantage in producing food? Japan. Which country has the absolute advantage in producing clothing? Japan. So Japan has an absolute advantage in both. Do they still get any benefit from trading with the United States? The answer is yes. Let's see how that works. And to try to make this clear and simply understandable, let's take two different scenarios. In the first scenario, we'll imagine no trade and specialization. Rather, each country splits its workforce in half and let's see what then they have by way of food and clothing to consume. In the second scenario, we'll imagine that they specialize intelligently and then each country trades half of its output for half of the other output. And what we'll see is both countries would be better off as a result of this specialization. Okay, so to begin with, suppose Japan and the United States each split up their workforce, devoting half the workforce to food, half the workforce to clothing. How much food could Japan produce in a day? 75 million. 75 million units of... Is it million? Yeah. 75 million units of food in a day. And how much clothing could they produce in a day with the other half of their workforce? 225... 225 million units of clothing, all right? Now for the United States. Again, we're imagining no trade. They consume what they produce. The United States puts half its workforce on food, so how much do they produce? 200 million units of food. And how much clothing? 100 million units of clothing. So then add those up. Okay, let's get the total produced in this scenario with no trade. It's going to be a total of 275 food and 325 clothing. Is my arithmetic right? Okay, good. So you can think of that as the... When there's no trade, a country can only produce... can only consume what it produces. So these figures will put the limit on what each country can consume and the total that can be consumed. Now let's suppose that they concentrate the workforce where they have what Ricardo called a comparative advantage, and we'll get to more of that. So they specialize at what they are... Well, let's do it this way. Compare Japan's advantages.  In which would you say it has the greater advantage? In clothing. Clothing, right? It's 9 to 1 better at clothing or it's only 3 to 2 better at food. They're clearly much better... Here, I was going to save this for later, but I'll give it to you now. The best way I could remember comparative advantage as a student was to think of it in an intentionally ungrammatical and therefore memorable way. They should do what they're more better at or in the case of the United States where they're worse at both, they should do what they're less worse at. So let's look at the case where Japan focuses on what it's more better at, that is clothing, right? Think it through with the United States. They're worse at both, right? Worse at food? They have an absolute disadvantage in food and absolute disadvantage in clothing. In which is the disadvantage smaller? Food, right? So they're worse at food, but they're less worse at food than they are at clothing. So now let's assume that Japan focuses where they have a comparative advantage, that is on clothing, puts the entire workforce on clothing and the United States puts its entire workforce where it's less worse that is on food. So give me the numbers again. How much food does Japan produce? None. None. They put the whole workforce on clothing and how much clothing do they produce? 450. 450 units of clothing. The United States puts its whole workforce on food. How much food do they produce? 400. 400. And how much clothing? None. Zero. Zero, all right? But now add up the total food produced and the total clothing produced. The total food produced is all from the United States. It's 400 food as compared to only 275 food when the countries were not specializing. And the total clothing produced is 450, all produced in Japan. Instead of the, that's the total produced whereas the total would have been only 325 if each country split its own workforce. Okay? So we can see clearly there's more produced and maybe this is the way to remember the lesson. When people, regions, countries specialize according to comparative advantage there is more to go around. That's the great insight to remember from this. But now suppose the countries do agree to trade half of their output to the other country in each case. What that leaves us with then now Japan has instead of only 75 food it has half of the United States 400 so instead of 75. Did I say that right? Yeah, Japan has 200 food from the United States and half of its clothing left of 225. Meanwhile the United States is left with 200 food but it has half of Japan's 450 clothing which means it has 225 clothing to consume instead of only 100. Now all the textbooks use simple examples like this which make the point clear. If you can do the arithmetic or the math you can do it with tens of countries and hundreds of products and it works out the same way but this simple two by two example shows you the principle. It's good not to get lost in the arithmetic and remember the main lesson that comes out of it when people specialize according to comparative advantage and trade they have more. Now let me add just one thing for completeness sake there are three ways I recommend to find countries or regions comparative advantage two of them I've given you already one is to compare the absolute advantages if the country or region has an absolute advantage in both and look which is the comparatively larger advantage that's its comparative advantage. To do that for the country with an absolute disadvantage in both we'll look at the disadvantages and find the one that is comparatively smaller we say that as its comparative advantage. My preferred way as I said is to look at what you're more better at or less worse at that's your comparative advantage. The textbook way of doing it is to look at what the region can produce not at the lower resource cost but at the lower opportunity cost there's an opportunity cost to putting a Japanese worker into the field producing food every unit of food that he produces means nine units of clothing he didn't produce so the opportunity cost of producing food in Japan is nine units of clothing that opportunity cost of food is much higher than in the United States if you compare those you'll see that the Japan has the lower opportunity cost of producing clothing and the United States has the lower opportunity cost of producing food that's how we find comparative advantage to sum up the main lessons we benefit from specialization the division of labor and trade and when we specialize according to comparative advantage and trade there's more for everybody. Questions? So does the principle of comparative advantage only apply to countries or does it apply to individuals as well? It applies to individuals as well in fact in my courses I try to avoid talking about international trade and talk about inter-regional trade to make it more general because obviously some wheat is grown profitably in Maryland because some regions of Maryland have really good fields for wheat so they would have a comparative advantage with them I like to use a somewhat silly example to illustrate the general applicability of comparative advantage in this way suppose that Towson where I teach was having a benefit basketball game where Michael Jordan was coming to play with a group of faculty now to tell you a little bit about my basketball skills I was a terrible shooter and a terrible dribbler but as a former football player I was a good rebounder and I'm proud to say in my younger days I was a white man who could jump so I was a good rebounder suppose you're the coach and you have to determine where will we position on the offensive end of the court where will I position Michael Jordan you're the coach, you tell Michael Jordan where to play where do you position Bature where do you position the other three guys who would you put out at the point shooting the three pointers making the lightning drives to the basket Bature or Jordan Jordan because he's better I should ask it differently who's better at shooting long shots Jordan or Bature Jordan who's better at driving to the basket Jordan or Bature Jordan who's better at rebounding Jordan or Bature Bature who's better at rebounding Jordan you compliment me Savannah there's no way I'm as good a rebounder Jordan's better at everything right he's got an absolute advantage in every aspect of the game by miles you've got to decide where to put us where would you put Jordan under the basket to get rebounds or out at the point to shoot at the point out at the point to shoot right where would you put Bature rebounding under the basket rebounding and I thank you for that because by that you have acknowledged that I have a comparative advantage over Michael Jordan in rebounding I'm worse at all aspects of the game but I'm less worse at rebounding that's why you would put me under the you want to position us according to comparative advantage the opportunity cost of putting Michael Jordan under the basket to get rebounds would be absurdly high he's a good shot okay same thing applies and as you look at the different kinds of human activities you'll find the supplies very generally my wife and I for example you'll see this example in the textbook in the kitchen I have a comparative advantage in cleaning up she has a comparative advantage in cooking and so we divide the labor that way so it's very generally applicable to regions, to individuals and to nations


Hi everybody it's Sal at Mixed Up Craft, thank you for watching today. So I just quickly wanted to pick the complete random, I've got one of the random generator apps here on my phone, the winner of my hidden giveaway and that was to win these brush pens, the Arteza brush pens. So I've already programmed in the YouTube link and it's saying to me that there were 130 of you that commented with the word brush pens. So thank you to everybody that did enter, so I'm just going to start now and it's just going to pick somebody. I don't know how long this usually takes, there we go. So the winner is Jean Savage. Thank you for entering. If you can send me a message on my Facebook, Mixed Up Craft Facebook page. If you aren't on Facebook for some reason, you know not everybody likes to have a Facebook account, you can email me on contact at mixedupcraft.com, okay. And if you would just kindly send me your address we'll happily post that out to you. So it won't go now, it might go before Christmas but you won't get it before Christmas but I might get to the post office before, if not it'd be between a Christmas and a new year. But yeah well done, thank you very much to everybody that entered. I do do these random giveaways, I'm not going to say where they are because it's the whole point of them being random and hidden. So yeah just keep watching my videos so you never know, you might be the lucky one next time. So thank you to everybody for watching and I'll be back again soon with another tutorial. Bye!


Alright, let's try to simplify some sigma notation using some formulas we've seen in the past. So if you're, so kind of imagine if you're trying to calculate a derivative or an anti-derivative or something, let's think about derivatives, which we know pretty well by this time in calculus. If you wanted to take the derivative of x times 4x squared minus three, probably the first thing you would want to do is distribute. If you distribute the variable through that kind of avoids some unnecessary product rule here. Sigma is no different. We like things to be distributed out if we can afford it. So if you distribute the i through, you get 4i cubed minus 3i. Take the sum as i goes from one to n. And also if you were taking the derivative of a polynomial, you would break it up into pieces. So like if you broke it up into a difference there, you're going to get the sum of 4i cubed minus the sum of, let me draw that sigma again, the sum of 3i as i goes from one to n, one to n. This is exactly what we do like with derivatives and those constant multiples, right? We have this factor of four, factor it out. We have this factor of three, factor it out of the sum. Because sigma is a linear operation, we are justified in pulling out this factor. So we get four times the sum where i goes from one to n of i cubed minus three times the sum of just i as i goes from one to n, right? And so at this moment, if we're taking derivatives like we're taking the derivative of i cubed and the derivative of i, we would apply the power rule for derivatives. We did the same thing for antiderivatives. Well for sigma, we have to apply basically the sigma power rule. What do you do with powers of i right here? And we talked about these in the previous video. Look at the links below if you want to see what exactly those were. But as a reminder, we saw that if you take the sum of i cubed, this is equal to n squared times n plus one squared over four. And if you take the sum of i, this will be n times n plus one over two. And so we're going to apply those formulas in this context here. We end up with four times n squared times n plus one squared all over four minus three times n times n plus one over two. And so it's going to be helpful if we can combine like terms if possible. Some things to note here, four does divide with four. But in order to add these things together, I do want a common denominator of two. So I'm only going to cancel, I'm going to rewrite four over four as two over two. And so then we can write this sum together as the following. We get two n squared times n plus one minus three times n times n plus one all over two. So we have that common denominator. Let's also factor out any common factors we have. We have a factor of n that's common to both. There's also an n plus one that's common to both. That should be a squared right there. I forgot to write it earlier. And so when we factor that thing out, you can factor out an n and n plus one that leaves behind two n times n plus one minus three. There's not going to be much more hope of factoring that until you distribute the two in through the n plus one there. So if we do that, we have n times n plus one.  Like so this all sits above two. And there's really not any other. The two n squared plus two in minus three, there's no factorization that's going to work on that thing right here. So we're going to leave this thing. We're going to say that's done right there. We found a formula for the sum of the original function. And it's going to be a rational function in terms of n, because each of the power rules for sigma give us a rational function in terms of the variable I right there. That is that is it's going to be in the end. Sorry. How about the next one right here? Let's evaluate the sum where I goes from one to n of I to the fourth minus one minus I to the fourth again. Well, I can pause this right here that if we go back to the previous video about this sigma power rule, we don't have a sum for the fourth power. So what do we do with this? Well, we could try to derive the fourth power or we could try to kind of remember where it came from. If we write this in expanded form, we're going to get one to the fourth minus zero to the fourth. The next one, if we do the second term, we're going to get two to the fourth minus one to the fourth. The third term will look like three to the fourth minus two to the fourth, etc. And this will continue on until we get to the end. We're going to get n to the fourth minus n minus one to the fourth. And so this principle of a telescoping sum comes up again. This is what we call a telescoping sum. The principle of the telescoping sum is going to come up here because we get the one to the force cancel, two to the force will cancel the three to the force will cancel, and that everything will cancel except for the n minus one to the fourth here. And so the only thing that said don't cancel is the final into the fourth and also the original zero. So we end up with the sum using this telescoping principle here. Telescoping sum, we never actually finished writing that you get into the fourth minus zero to the fourth, which that of course simplifies just to be into the fourth. So it's important to look for telescoping sums. It turns out they can help us simplify many of these types of sums. Well, this is a calculus class after all. So our goal is going to be taking limits of the sigma operations here. So what if we take the limit as n goes to infinity of the sum where one goes from I goes from one to n of the quantity of the sequence three over n times I squared over n squared plus one. Well, that sounds like a mouthful, right? There's a lot going on there. But why why do we even care about such a thing like that? Well, guess what? We will do that later. These these type of limits will actually be quite natural things in the right context. We're not there right now. We're sort of going to be the karate kid right now. We're learning to wax the wax the car and paint the fence. But we're really learning karate the whole time. So let's not worry about the limit process yet. We'll come back to that later on the problem. Let's try to work with this sigma right here. So we take the limit as n goes to infinity. What can we do here? Well, one thing to note is that let me get rid of these parentheses for a moment that when it comes to the sigma, the variable with respect to this operation is the I. And so with regard to sigma, every other symbol you see is a constant, the three, the plus one, those are constants. But with respect to the sigma, the variables I and therefore this three over n is itself a variable. It's I shouldn't say it's a variable. It's a constant. It doesn't change as I changes. So we can factor it out the same way we factor out a seven. And so if we factor that out, we're going to get the limit as n goes to infinity of three over n. And then we get the sigma of I squared over n squared plus one right here. As in as I excuse me, goes from one to n. So we can factor out the three over n because it doesn't depend on the I. Next, we have a sum inside of our sigma. So we can break it up into two sums using the linearity property of sigma. So we get the limit as n goes to infinity of three over n. We're going to get the one over n squared sigma of I squared, as I goes from one to n. And then we add to that sigma of one as I goes from one to n. You'll notice also over here, I took the liberty of taking the one over n squared out of the sigma, because again, the sigma's variable is I, the one over n squared is constant with respect to sigma. And so for the sum of I squares, we can apply the appropriate formula for that one. And as a reminder of what that is, we saw this in the previous video, that if you take the sum of I squared, as I goes from one to n, this will always turn out to be n times n plus one times two n plus one, all over six. So we're just going to kind of memorize this and use it in this place right here. So the so we get this, the limit of three n times one over n squared times the n times n plus one times two n plus one all over six. And then we have to add up together the sum of the ends, sorry, the sum of one. But this is just one added together in time. So that just becomes an n. So we put that right here. Oh, maybe for the sake of simplicity, I'll try to squeeze it in. So what do we have? So if you look at this all the eyes are now gone, this is the advantage of those formulas we have for sigmas all the eyes are gone. And now we're taking a limit as n goes to infinity of a rational expression in terms of n. This is stuff we did earlier in the semester. Let's try to compute this thing. If we take the limit as n goes to infinity, we're going to end up with the following. We are going to get if we distribute some things through. So we're going to distribute this three over n to both pieces. Doing that, we will get three times n times n plus one times two n plus one all over six in cube. That's the first fraction. For the second fraction, we're going to end up with a three n over n like so. And so we want to take the limit as n goes to infinity. Now you could try to simplify these fractions a little bit. Because after all, there's like a common factor of n right there. There's a three that goes into a six, this n kind of cancels out with this one right here. You can do all those things. I'm gonna I'm gonna wait to do that because as n goes to infinity, when you have a rational function, all that matters is the leading terms. So when you look at this, the first fraction, the the six over n cube to denominator, this is our dominant term. But who's the dominant term on top? Well, you would take the product of all the leading terms. So three n times n times two n on top. And so what we're going to see is that as n goes to infinity, this rational expression is no different than just three n cubed over six in cubed. And then the second term, as you take the three n over n, well, there's those are just monomials already as it is. So you can ignore all the fluff and only look at the dominant terms right here. So as n goes to infinity, this thing can be these things can now simplify down right the n cubes cancel the ends cancel, and we end up with three sixth plus three. Three six, of course, is the same thing as a one half. Oh, I'm sorry. I made a mistake. I got to correct this before anyone punches me in the face or something. When we did this one over here, this wasn't just an end, this was a two n. So we got we get three n times n times two n, which actually makes us a six n cube. Sorry about that. And so that gives us a six right here. Six over six is going to become a one, we get one plus three, which is equal to four. And so the limit of that sum from the very beginning is equal to four. Let's come back to this thing. This thing is equal to four. All right, I see how that calculation works. But what is this thing? Right? What does that even measuring? Well, young grasshopper, we will have to learn that next time before we're ready to battle the Cobra Kai. Stay tuned. For for upcoming lectures, we'll she'll give some answers to the questions I posing at the end of our lecture right here. If you did like the videos you've been watching, feel free to subscribe from further updates, post some comments, like it if you do. If you have any questions, feel free to post them in the comments this time in this video, but all the videos, I'll see your comments and I'll try to respond to them in a quick manner. If you have any questions, let's learn some calculus together. See you next time.


Hi, my name is JJ Asghar, and I'm the senior partner engineer at Chef. That didn't go. Or should I say a crippling introvert? A short generalized description of the difference. Extroverts are energized by interacting with people, and introverts are drained by interacting with people. OK, cool. I realized my introversion a while ago. But as you can tell by what I mean being up here, I figured out how to energize myself with conferences. First, these are my tactics. This is how I've learned over the past two years around the world, and how to cope to get the most out of it. As you can spell, see, I've misspelled cope. See if anyone's actually reading these lines. Second, these may work for you. But you need to find it in yourself to make conferences enjoyable. No one likes a conference, eh, crabby conference goer. Oh, perfect, thank you. Third, your first conference is always the hardest. It's like riding a bike. You'll end up wanting to do this all the time. I keep thinking about putting a picture of my daughter driving around on a bike and almost hitting me. It's actually quite good little gift. First, assuming this isn't your first conference, these tactics can work for me for now on. And you might have already seen me use some of these. First tactic is carry around a game or two. As you can see, I have one.  Find a table at lunch that is close to everyone but empty. Take a seat facing the crowd. You'll be surprised on how quickly people come to you. I'm going to get patient.bear at chef.io one of these days. Booze helps. It really does. Know your limits, though. You'll turn people away if you go overboard. As they say, drink responsibly. Do your best not to open your laptop or notebook. You want to play your work, and it's really hard to have a conversation of our laptop. Recently, I found a group of people working with the Elk Stack and learned about how crappy Kibana 4 is in 10 minutes with them compared to months and months of research. You know it's true. If open spaces are an option, be willing to start an open space that is so off the wall and so weird and curious. People will come talk to you. I'm famous for dwarf fortress, if you know what that is, we're using it in piracy. I like piracy. Find a conference buddy. That's off. Find a conference buddy. Ideally, someone you've seen at other conferences. You'll be amazed how many doors open by one other person. It's OK to slip away. As I say, naps are awesome. Take breaks for quite time. If you identify as an introvert, it's not an excuse not to enjoy tech conferences. You need to figure out what makes them enjoyable for you. Ideally, people are actually reading these. OK, cool. You'll be surprised how many other people identify as introverts. Hell, I'm up here, and I do. And I'm more than willing to talk about this. And one of the open spaces I will be asking for is an introversion talk. Very introversion one. You know yourself the best. If something tells you you need to recharge, go do it. Like this cat. Funk. Everyone wants cat pictures. Carry around a gamer, too. Seriously, it really can open up a lot of doors. And, hell, you just see I am. I even tell myself to pick up the game in that card. Uh-oh. There's a huge chance I put this talk together so people would come up to me, instead of me having to go talk and making the first move. Thank you. And if there's anyone want to play a game?


Do you guys ever, ever just think about how many books that you really want to read and then get like super excited and super sad because they aren't released yet? Like I'm talking about series here or like popular authors that haven't written a book in ages and I just get so overwhelmed by emotions and that is why I've decided that I'm gonna just have an outing for these emotions by telling you guys and basically yelling at you guys the books that I just need. I just need the next book, you know? I need the next book. I need the next book in the Madness Chase series. So if you haven't heard of Madness Chase in the Sword of Summer by Rick Rodden, what are you doing with your life? Kidding! You know this is one of Rick Rodden's like fun, paced, easy to read book with wonderful characters that you really love and I just need another one of his books like sometime soon. Especially Madness Chase and the Gods of Asgard, The Hammer of Thor which is like a green cover as well which is my favorite color coincidentally. And I just need it. It's so pretty and I just, I just need it. Like the first comment on the review area is we need it. So you know it's true, we do. When does it come out? What? Fourth of October. Fourth of October. We have to wait till the fourth of October. I just need the next book now. Please Gods now! So this next book, I just recently read it and I already need the next book and luckily it comes out very, very soon. So the first book is an Emperor of the Ashes by Sabata here which is like a Roman based novel and the second one, A Torture Against the Night. I pre-ordered, I pre-ordered it because I'm not excited for it. I just need it. So that comes out the 30th of August and I'm, I'm yeah, I'm very excited. But the only problem with pre-ordering the second book is that I'm gonna tear through that. I'm gonna finish it and I'm gonna need the third book but I'll have to wait an entire 365 days, give or take, for it. And to me, I should probably put it like a little disclaimer by the way because I'm currently recording this video on the 27th of August. So when I actually publish this video, A Torture Against the Night will probably be released. I would have probably read it by then. So just pretend that it's a different date today. Pretend it's the 27th of August, do that for me. Thank you. The next one is not actually a series. It is more of an author and I need the next Mark Azuzak book because those of you who know, he's like my all time favourite author. He wrote some of the greatest books that I have ever read and he hasn't written a book in a very long time and I just really miss that. I need the next book by Mark Azuzak, please. So a little while ago there was a post flitting around that there was going to be a second book following Aristotle and Dante Discover the Secrets of the New Universe by Benjamin Alias Sands and it wasn't until I jumped into Goodreads this morning that I saw that there is an actual title for a second book in the series, which is There Will Be Other Summers and I believe it is going to be a duology, which, you know, just the fact that there is going to be more of Aristotle and Dante, my absolute cinnamon rolls, my children, my babies that I must look after for the rest of my life. I am so happy, but there's not even a release date yet. So I'm just, like, overwhelmed by all the emotions because it's Aristotle and Dante and if you guys haven't read this book, just do me one huge favour. Read it. For me, I will give you a cookie. So this next one is also a recent release because I like to torture myself like that and that is The Crown's Game by Evelyn Sky and I just, I wish that this series was completed because the ending of this broke my heart into like six different pieces. And now we have to wait a long time for the next book. And I just need the next book, but it's so great. It's a beautiful fantasy book that is amazing and lovely and heartbreaking, so you guys should read that too. In fact, just read every single book that I mention and the crazy part is that I've just, like, looked at my pile of other books that I need the next book in and they're all equally amazing and heartbreaking. So I'm about to get real emotional, more real than what I have been reeling about before. So this next one is like amazing and it's by one of the most adorable authors ever, which is Lynette Nome and that is Akane. This is the first book in the Medoran Chronicles. The second one at Raelia is also out and the third one, Draycora, comes out I think like at the end of this year. So let's just start next. But I just need it. Like I am so invested in this series that it breaks my heart knowing that I have to wait. But you know what is also amazing is that Lynette Nome, who I got to meet when I went to Sydney, said that she wrote this book and most of the books that she writes in just a month. She just goes into like writing hibernation. It's all she does.  Just like in Ember and the Ashes, the sequel for this book comes out very soon and that is Illuminae by Jay Kristoff and Amy Coffman. And the second book is Gem Enough, which is a beautiful sci-fi with a cover just like this one. And it's just going to be amazing and I really love it. And I am also really prepared to have my heart destroyed by reading it. And so many people that I know have already read it and told me how great it was. So I am so excited because it's going to be amazing. And I really hope that I'm not, you know, putting this on a high pedestal and I'm not hyping it up enough for myself because the ratings on it are so good that I think it will live up to the expectations. I hope it does anyway because I just need it. I need it. I needed it like yesterday. I also pre-ordered the second and final book in this series. And I don't know if you guys know my shelves well enough but you will notice it is missing from its spot right there, which I do because it is Six of Crows by Leigh Bardugo. And Crooked Kingdom comes out. And I'm very mixed about this book because Leigh Bardugo made a post saying that not all the characters are going to come out alive. And for once in my lifetime, I'm actually hoping that she will pull a Cassandra Clare, like the Moreland Instrument series, where she told everyone that like, I think seven or nine, some ridiculous number of main characters would die but didn't actually kill off any of the main characters, just side characters that she deemed as main because she wanted to terrify us all. But I have a feeling that Leigh Bardugo actually means she's going to kill off some of the main characters. And I am not ready. I'm gonna have to start preparing. I'm gonna have to start preparing for this. So these next two are by the same author, but they are two different series and you guys can probably already guess because these books make an appearance on like every single video that I do. And that is Throne of Glass and A Quarterthlaw and the Roses by Sarah J. Mas. Empire of Storms, which is the fifth book in the Throne of Glass series, comes out very soon, which I'm excited for. But I also know it's going to be a really heart wrenching book with most likely a cliffhanger ending because it is the second last book. And then the year after that's gonna be the last Throne of Glass book. And I'm not prepared for that, but I still need the book because I could never stop reading the series. And as for a quarterthon on Roses, well, the cliffhanger of A Quarter Mist and Fury was just too much. And I just need to read the third book because, you know, if you've read the book, you know. So those are a few of the series where I just need the next book. Maybe I'm just a really impatient person. I know I'm a really impatient person, but it feels like a lifetime of waiting for the next book in some of these series to come out. But I'm sure it'll happen very quickly and I'll be very happy or very heartbroken. We don't know until they are released. Thank you guys for watching. I'll be back in another video soon. And until then, leave a comment below saying what is your highly anticipated book release that you are anxiously awaiting for? And have a lovely bookish day. Thank you, why they can close the being perfect as always.


Do you just cringe inside when you think about having to give feedback? Today's tips will help you make it a more pleasant experience for everyone involved. Welcome back and congratulations on taking one more step towards becoming one of the great leaders of tomorrow. Effective feedback is so important to helping our teams be successful, but a lot of us hate doing it. Today I've got five tips that will help make giving feedback a much more pleasant experience for you and the person you're giving feedback to. And stay tuned to the end, I'm going to give you a link to download our free leadership development plan workbook. That'll help you set your career goals for the next two, five, and ten years and build a plan of action to achieve them. Giving feedback to others can be really hard and a lot of us have an aversion to it, partly because we've had some bad experiences getting feedback in the past, partly because we don't like giving bad news to other people and almost certainly because we want other people to like us. But giving feedback doesn't have to be an uncomfortable or unpleasant experience if we follow a few steps and make a conscious effort to think about the feedback we're giving and prepare ourselves before we actually go give that feedback. And these five tips today will help you do that. It'll help you get in a conscious mindset and put together your thoughts in a conscious way to help make that feedback a positive experience for both you and the person you're giving the feedback to. Tip number one when you're giving feedback is to focus on improvement, not on criticism. What we want to do with feedback is we want to build people up, not tear them down. And sometimes as human beings, our first emotional response is to tear that person down, but that's what we want to avoid. There's a thing I've heard before, and you've probably heard this before too, called the Sandrish method, where you start out with something good that the person has done, then you get to the meat of what the the feedback you want to give them, where the room for improvement is, and then close with something that positive that they've done as well. And that's an effective technique if you're looking for a place to start. Now sometimes the Sandrish technique isn't always appropriate. Sometimes there's a lot more that needs to be improved than there is positive. But in most situations, there's very rarely a case where there's nothing positive to build on. You almost always have something positive that you can build on, and you need to start the feedback with that or end the feedback with that, and then talk about the areas that need improvement. Tip number two is to make sure you choose the right venue for giving the feedback, and this is really important. If you've got to give someone negative feedback, you really want to do it in public in front of everyone else.  The rule we used to use in the Air Force as a general rule was to praise in public, punish in private. And again, that doesn't cover every situation, but that's kind of a good general rule. So if you're getting started giving feedback, or if you're looking for a tip to improve, think about the venue, praise in public, punish in private. Now there are times that punish in private, well, punish in private should always be. But if you've really got to give some negative feedback, like in a safety situation or a security situation, sometimes it's important to gather the whole group together and say, look, here's the thing that happened. Here's what we need to do to improve it. This can't happen again because it's a safety or security issue, and we need everyone to knob their heads up and down saying they understand this, they need to look you all in the eye and make sure you understand it. So praise in public, punish in private is a good general rule, but think about the situation and if something's urgent, you might need to gather everyone together and talk about, here's the problem, here's how we're fixing it, let's go forward. As you're preparing yourself to go give this feedback, go back to what the expectations were of what you asked the person to do in the first place. Did they meet the expectations? Did they fall short of the expectations? Or did they exceed the expectations? And it's important to think carefully, was that expectation communicated clearly to this person? So many times people fall short of expectations because they might not have been communicated clearly, whether that was by us or by someone else. When you go have this conversation, if the person comes back and says, I didn't understand that was the expectation, now there's a whole new conversation to have about setting that expectation clearly and what do we do going forward. So, but if it turns out that expectation was set clearly, focus on the expectation. Did the person meet it just barely, but met it at the bare minimum? Did they exceed it, which is great, we want to give them a lot of recognition for that? Or did they fall short? And if they did fall short, why did they fall short? What areas they fall short in? And what can be done? What are the steps forward going to be to get to that minimum expectation? Tip number four is don't make it personal. We want to address the behavior and not the individual. As much as we might feel hurt or disrespected because someone didn't do something that we asked them to do, we don't want to attack them personally. Their value as a human being isn't tied up in whether they met a deadline we gave them or not. If we insult them or judge them or make them feel like they're being judged while we're talking to them and giving them this feedback, they're probably going to tune out all the important, valuable feedback we have for them in addition to the insults we might be hurling at them. So, what we want to do, even when someone's done something egregiously bad, if it's not bad enough that we're getting rid of them, that we're taking them off the team, we want to improve them, we want to focus on that behavior and not the individual. We aren't attacking the worth of an individual. We're trying to improve the behavior. Final tip for you, have a plan going forward. Don't just tell whoever it is that you're giving the feedback to that they didn't do a good job. Have a plan for how, as a team or even as an individual, they're going to go forward and improve the situation and improve their skills and traits in order to keep this from happening again in the future and develop them as an individual and as a leader. If you've got positive feedback to give to someone, think about how you're going to do this. What's the plan you're going to use? What are you going to put together to make sure that they get praised, they get recognized, and you do it in such a way that it encourages that same kind of behavior among the team, like we said before with the praise in public, punishment in private. If this is behavior you want to encourage on the rest of your team, you probably want to have a plan to recognize this person in front of the whole team so that it encourages the behavior that you want to see as part of your team. I presented these five tips as if you're a manager trying to give feedback to one of your team members and improve your team member or multiple team members. These five tips work just as well if you've got to give feedback to a peer or even to your boss. Telling your boss that their idea is not a great one or having to give them some bad news is probably more difficult than trying to tell someone who you're a manager of that they didn't meet the expectation. But try to apply these five tips. If you've got a peer you've got to go give some feedback to or even give some feedback to your boss on some of their decisions or the policies they're putting in place or the path forward. Try these five tips. I think you'll find that these will make what could be a really unpleasant experience for anyone giving feedback. You can turn this into a really positive experience where your folks done improvement not just for yourself but for the team and everyone around you. If you found this helpful please like comment and share it with a friend or co-worker. Click on that link below in the description. That'll take you to where you can download our free leadership development plan workbook and that'll help you set your career goals for the next two five and ten years and build a plan of action to achieve them. If you have any leadership or business questions leave us a comment below. We love to hear from you or email us at info at EvilGeniusLeadership.com. EvilGeniusLeadership.com is also where you can find out about all of our leadership coaching and training programs. So if you want to do some one-on-one work or even have us do some work with your team check that out and we'll set you up with a free consultation and talk about how we might be able to help you. Thanks for watching today. I really appreciate it and remember the future is out there. Leave the way.