I. Factors of Production Human Capital Physical Capital Technology October 7 I. Factors of Production Human Capital Physical Capital Technology Institutions Note to students: Some of your UVM mailboxes are full. Read and empty. Aplia: I drop the two lowest scores. I cannot override the grades if you make a mistake. If you are going to miss class, you do not need to contact me. In case you have not noticed, I do not take attendance. You should get class notes from someone.

Is More Physical Capital (Investment) Good?

Technology: Once it’s there, it’s available to all-- Fiberoptics

The Bet (1980) Julian Simon Paul Ehrlich

The Bet Mineral Pounds 1980 real price Copper 195 $ 200 Chrome 51 Nickel 64 Tin 229 Tungsten 14 Total $ 1,000

The Bet Mineral Pounds 1980 real price 1990 real price Percent Change Copper 195 $200 $163 -19% Chrome 51 $120 -40% Nickel 64 $193 -4% Tin 229 $56 -72% Tungsten 14 $86 -57% Total $1,000 $618 -38%

Rev. Thomas Malthus 1766-1834

To understand how to alleviate poverty, we must understand growth and progress. Progress comes from new and better ideas. Ideas come in two flavors, technologies and rules. To foster growth and development, the world's poorest residents need an opportunity to copy existing technologies and existing rules that are known to work well. --Paul Romer

Street Market in Accra, Ghana

Indian Ambassador: Produced 1958 - Today

The Good Old Days?

Minimum # Correct (40 Max) % of Class With This Grade Exam 1 Minimum # Correct (40 Max) Equivalent % % of Class With This Grade A 34 85% 16% B 30 75% 28% C 26 65% 26% D 20 50% 20% F 19 49% 9% Average 28