1. 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.

2. Is More Physical Capital (Investment) Good?

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

4. The Bet (1980)
Julian Simon
Paul Ehrlich

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

6. 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%

8. Rev. Thomas Malthus

9. 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

10. Street Market in Accra, Ghana

12. Indian Ambassador: Produced 1958 - Today

13. The Good Old Days?

14. 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