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Quantitative_Finance_by_Yale_University
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2_Utilities_Endowments_and_Equilibrium.txt
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Prof: So for those of you who weren't here yesterday-- or, last class, first class, I'll say a couple words about what happened, basically four words. The course is really made of up four different elements. The first part is the standard financial theory course that grew up in the last ten years at a lot of major universities, pioneered by a bunch of guys who won Nobel Prizes in business schools. And it's the method, some of them quite clever and I think fun, methods for pricing financial assets and making optimal financial decisions. So you're going to learn all these tricks and how the financial system works, and you'll learn it both from a theoretical point of view, the way they thought of it in these finance schools, and also from a practical point of view since many of these very same problems come up all the time in the hedge fund I helped start. So that'll be the main part of the course, but there are three other things that I want to concentrate on in the course. So the second point is reexamining the logic of laissez-faire and regulation. This is a dramatic moment in our history now where there's tremendous pressure on-- temporarily anyway--on the government to establish all sorts of new regulations. There's also tremendous resistance to establishing the new sorts of regulations. So there's a debate going on now in Congress and in the halls of academia about what kind of regulations should we put in place, what regulations would have prevented the crisis we've just lived through. The crisis, by the way, which I don't think we're done with yet. So there's a very powerful argument in economics. The most famous argument in economics, the invisible hand argument that basically says markets work best when they're not encumbered by government interventions. So we're going to reexamine that argument in the context of financial markets. Then the third thing I'm going to discuss in this course at some length is the mortgage market and the recent crisis. After all, my hedge fund is a mortgage hedge fund. We founded it in 1994, by the way, which was-- the five years before that I was running the Fixed Income Research Department at Kidder Peabody, which was the biggest player in the mortgage market then on the sell side. The hedge funds buy mortgages, investment banks create and sell the mortgage securities. So I was running the research department at the firm that did twenty percent of the market in what's called CMOs, and then I changed to the buy side and was at a hedge fund that bought those kinds of CMOs, and bought sub-prime mortgage, CDOs, everything. So it seems I suffered greatly through the last two years of the mortgage crisis and it would just be foolish not to explain what was going on and what it felt like to be in a mortgage hedge fund while the rest of the world was collapsing around us. And for quite a while it's given me some great embarrassment to have been part of it all. On the other hand, now I feel like one of those survivors. Hundreds of our counter-parties and much bigger mortgage players went out of business and we didn't, so I don't feel quite as bad about it as I did before. And I don't know every detail of what went on in my hedge fund, because after all I'm only part time there, but there's a lot I do know about and so I'll try and tell you some of that. And then the fourth thing is Social Security. This is the biggest government program and it's a financial problem what to do about retirement, and Social Security is the biggest government program of all. The only thing close is the military budget in terms of annual expenditures. And so I'm going to explain how that works, and what the problem is, and how it arose, and what I think the solution is. So those are the four things the course is going to concentrate on. The mechanics of the course, again, are homeworks, every week there's going to be a homework with little problems illustrating what we're talking about. So there's one already on the web, Tuesday, today, every Tuesday there will be one on the web. It'll be due the next Tuesday. The sections will always meet between Thursday and Monday, so the problem set will come Tuesday. You'll have two days of classes on the material that the problem set will cover and then you can talk to the TAs about stuff between Thursday and Tuesday when I presume you'll do the problem set. And that's twenty percent of the grade. Twenty percent is the first midterm. Twenty percent is the second midterm and forty percent is the final. Two midterms takes a lot of class time, on the other hand, and it also takes a tremendous amount of effort by the TAs. And so I appreciate their willingness to grade two midterms, but I think you'll find it's helpful to study the course in two pieces than try to do the whole thing-- It'll be much better for you I found in the past to have two midterms. Oh, and one warning. The course doesn't require difficult mathematics, but for me, as I said in the first class, it's very interesting that there are so many subtle things that affect a financial decision, and you have to think about what you know and all the different things you know. You have to think about what the other guy knows who's taking the other side of the market. You have to think about what he knows about what you know, and you have to think about what he knows about what you know about what he knows, and all that thing in the end boils down to one number, the price. So it's a philosophically interesting problem, interactive epistemology. Some people have described economics as interactive epistemology. It's more complicated than standard epistemology and philosophy because there they go in circles thinking about what one person knows and whether you can know that you know and stuff like that. In economics you have to worry about what you know, what the other guy knows, what you know about what he knows about what you know etcetera. So it's a more complex problem, and yet at the end there's just one number which can be right or wrong. And so when I was a freshman here at Yale my roommate who was a classics major said that his subject was much harder than mine-- that was math--because all I had to do was be right. And so I'm going to take advantage of that simplicity and every problem is going to have a number that you're supposed to find. And so it's not complicated mathematics, but it involves lots of numbers. And so if you hate numbers you shouldn't take this course. And as I said before, there have always been people who, you know, you can be very smart. You can also have a great future in finance and not like numbers. You can like making deals and things like that not thinking in terms of numbers. So just because you don't like numbers and maybe shouldn't take this course doesn't mean you should be discouraged about finance. It's just how I happen to teach the course because that's what's comfortable for me. So I'm just warning you about it. It won't be hard, but it'll be relentless. I want to talk today about that second problem, about the logic of the free market and to do that I'm going to have to introduce a model. So it raises the question of what is a model in economics. Many of you have taken economics before. You sort of know what this idea is, but I think it's worth spending a minute on it because it represented a revolution in thought. So for an economist a model means you distinguish exogenous variables from endogenous variables. The exogenous things people can't control. They're just the weather and things like that. The endogenous variables are things they can control and you're trying to predict what the endogenous variables are going to turn out to be like, what will the prices be, what will the consumptions be, things like that. How much income will people have? Those are the endogenous variables. So you have a theory. So the theory is couched in terms of equilibrium. There's a bunch of equations which have to be satisfied, F of E and X. So given the endogenous variables and the exogenous variables, exogenous and endogenous, I wrote them in that order, there's a set of simultaneous equations, F, that have to be satisfied. And so you find equilibrium when given the exogenous variables E you find the endogenous variables X of E that solve that system of simultaneous equations. All our equilibrium models are going to have that form, and one very important thing they allow you to do, which is the heart of economic analysis is comparative statics. If you change the exogenous variable E it'll require a different X to solve the equation. So E has an effect on X in order to restore equilibrium. And so the prediction that a change in E has a certain effect on X is called comparative statics. Now, how would a historian describe that? A historian would say, "Well, that's counterfactual reasoning. The environment is E. Why are you bothering to tell me about what would happen if the environment changed from E to E-prime?" Well, that's the heart of economic analysis. So in history you hardly ever get much. People talk about it a little just to raise the question. How would the Vietnam War have gone if Kennedy hadn't been assassinated? So they all bring that up, but you get two sentences. "Oh, he was really going to pull out," or "Oh, he had been sending more advisors. It would have gone the same way." That's about it. In economics the heart of the thing is to go off on a tangent and figure out what would have happened if the environment had been different. So why do a model? Well, because many different settings can be described by the same model. So it just saves time. It makes things much simpler. From the counterfactual reasoning you're making predictions. It helps your understanding. And then for the purposes of the next few lectures the most important thing is there's some properties of equilibrium. Like, for example, equilibrium is so good you wouldn't want to interfere with equilibrium because it makes everyone so well off and it would be a terrible thing to regulate. So those properties of equilibrium are what we have to test the logic of. So there's an obvious critique you can make of modeling. The first person to make a model was Ricardo, who you I'm sure have heard of, the principle of comparative advantage. He was the first guy who didn't write verbally. He said, "Okay, I'm talking about international trade and why free trade is a good idea. I could make a verbal argument. That's what everyone else has done, but I'm not going to do it. I'm going to say, 'Suppose that England produced with one hour of labor three bottles of wine' and so on, " and he had a little numerical example. And he solved it and he showed that in that numerical example it's better to have free trade as paradoxical as it might have sounded at the time. The Portuguese had such lower labor costs why shouldn't English workers be afraid of being thrown out of their jobs when trading with Portugal where the labor was so much less expensive. Well he explained why that turned out not to be the case, but in terms of a model. So Malthus, who you've also heard of, a contemporary of his and his rival but also his friend, said, "This model stuff is ridiculous because if you start making a model the point of a model is to make deductions from it, and to analyze it, and analyze it deeper, and deeper, and deeper, and of course the model to begin with is going to be wrong and as you go deeper and deeper into the analysis of the model the error that you made at the beginning is going to get compounded." Like he said, "The tailors of Laputa, who by a slight mistake at the outset"-- doing their stitches, go wrong--the stitch goes further and further wrong-- you "arrive at conclusions the most distance from the truth." Anyway, that's what you might think is wrong with models, and the very first model was critiqued by that reasoning, but it's turned out historically that modeling is the way to make progress in economics and everybody does modeling now. You'll find out as I talk more about it that the Cowles Foundation, which has been at Yale since 1955, was founded by a Cowles [correction: Yale] undergraduate. You'll hear the whole history of it. I was the director of it for nine years. That was the one most important institution in the world promoting the uses of mathematics in economics, and the revolution succeeded and now all economists use models and mathematics. Anyway, let's take an example of the simplest model. There are so many different ways of organizing price and trade. At a supermarket the seller just sets the price and you decide to buy it. If you go to Jerusalem or something in the old city you know that you're haggling over everything. You offer this and the guy says no and you walk away, and you come back and it takes a half a day to argue the price, but that's another way of arguing the price. Then there's--the government could set the price. In the Paris Bourse the way it worked is there would be a temporary price set and then supply and demand-- people would announce how much they wanted to buy, and if the supply didn't equal demand the price would get changed. So it was--tâtonnement means groping, or groping to the price. There's the commodities futures just like the experiment we ran where people yell at each other. There's computer bid/ask prices where you do everything online. There's the specialist in the stock exchange. There's one guy everybody has to come to, and so he's responsible for clearing the markets. So I might, in fact, mention a little bit of the history of this sort of thing. I don't know if I can hit escape. It might be somewhat interesting. So the first people who had these well-developed markets and money were the Lydians. They invented money in 640 B.C. and they had gold coins, and with all this money and trading they got very quickly to gambling and prostitution for money. And Midas, the Midas touch was everything turned to gold was Lydian. They've discovered all these mints where their capital was so they know that they were making all this money and gold and stuff like that. So they had open-air markets. They invented the retail markets. Croesus was one of the most famous Lydian kings, and he's the guy--rich as Croesus is a famous expression. He's the one who went to the Delphic oracle and asked if he should fight the great Persian, Cyrus the Great and the Delphic oracle as usual mysteriously said a great kingdom will be destroyed, and since it was Cyrus the Great he figured it must be Cyrus' and it was his kingdom that was destroyed. So the Greeks copied a lot of that stuff. They had their agora which was the open market and they had lots of trade, and they understood supply and demand, by the way. This isn't the modern example. In the politics there's a story of Thales who predicts a bad harvest. He's a great mathematician and astronomer, and he predicts a bad harvest and he figures if he corners the wheat market he'll make a fortune, which he does. Aristotle was famous for saying, "Money is just a convention. It's not really worth anything. People just agree it's worth something even if it's just pieces of paper or coins that worth much more than the coins and how could that be," and anyway there's a long political connection to that, the difference between nature and convention, but anyhow he also said, "Loaning at interest was unnatural and terrible," but all the while he was saying it the Delphic oracle was lending at interest. Economics is a Greek word, household management, Xenophon wrote a whole book about it. And just one more little history or historical thing, Hermes, the messenger god, the god of information, so remember the modern financial view of information, markets and information, anyway he was the Greek god, messenger god, and god of information. The word commerce comes from Hermes. And the Romans who took over the same god and called him Mercury that's where we get the word merchant from and market. Anyway, all right I'm not going to bother with all this. I used to go on and on about this. So the point is that in ancient times the market was already established and this idea of supply and demand had already been created but there are many different kinds of markets, as I've just said, and they work in many different ways, but we're going to describe them in one model. So just to mention a couple of others, the model, the experiment we ran in the class last time is called the double auction, and the experiment I told you about and had you do was actually an experiment that has been run before. And for the last ten or twenty years many economists have run these sorts of experiments. It's amazing that before that, before twenty or thirty years ago no one thought to do that. You didn't think that students with no training and no experience could ever be led to do something that was sensible, but actually you did quite brilliantly. And by the way, I've been told that those of you who performed, maybe you're still in the first two rows, you have to sign, even those of you who were left at the end unable to trade you have to sign a release form so you can't sue Yale for your disappointed faces appearing on the internet afterwards. So anyway, the fact is we're going to see that the people who were left at the end were actually very rational. In fact nobody made a mistake. I've done this experiment now ten or twenty times and I would say that half the time somebody buys something for more than it's worth to them. Nobody made a mistake and it almost came out exactly as it should, but we'll come to that in a second. Anyway, that double auction is the most complicated kind of auction, but auctions have been run for a long time. The first recorded auction you may have heard about was--Herodotus describes the Babylonian auction in 500 B.C. These are all going to be very politically incorrect, but a lot of economics is politically incorrect. Anyway, the first auction in 500 B.C. was the Babylonians auctioned off all the 18-year-old women as wives and they auctioned them in order of most beautiful to least beautiful. And so they got a very high price and the price went down and down and down until it hit zero and then it started going negative, but they used the revenue from the first wives to subsidize the husbands who would accept the other wives as it kept going down. The next most awful auction was the Roman Empire itself was auctioned off. So if you saw the movie Gladiator you may remember that Marcus Aurelius is the great emperor, and he dies, and then the evil Commodus takes over, and he dies as a gladiator there. And then there's the senator who you sort of hardly ever see, but you know he's the good senator who somehow-- he appears a few times--you know that he's a good guy and he's going to take over. So his name is Pertinax, and he does take over. But he's a good guy and he gets killed almost immediately by the Praetorian Guard and the Praetorian Guard then doesn't know who to make emperor so they auction the whole empire off. And so it's bought by Didius Julianus, and he doesn't last very long, and he gets killed too. The Roman legions come back and kill him. So anyway, I grew up in Urbana, Illinois and I used to go to these livestock auctions where they'd sell something. They'd talk incredibly fast <<speaking gibberish very fast like an auctioneer>> They talk like that and I don't know how anybody can understand them, and then there's the famous slave auction, so--where they'd actually auction slaves, and you've seen it in the movies maybe. And that's where the expression, "Going once, going twice, third and last call, going, going, gone," that's what they used to say at the slave auction. So the double auction that we saw was kind of what happened at the beginnings of the New York Stock Exchange. The first traded securities--there were only five of them, so how did they start? There was the Revolutionary War. A lot of states had borrowed money and issued their bonds, and there are two banks, Bank of New York and the National Bank of the U.S. that had issued bonds. Those were the only tradable securities. And so a bunch of states had issued bonds. So what happened was after the Revolutionary War most people expected the bonds wouldn't be paid back. After all, there was a huge expense fighting the Revolutionary War. The government didn't have very much money. The price of the bonds had already collapsed, and Jefferson wanted the U.S. to just, you know, wanted to leave the states and let them default. And Hamilton said that that would be terrible, that the reputation of the country was going to be made at what happened at the very founding of the country and it was important that the U.S. never break a debt. So he persuaded Washington to have the federal government buy all the debt of the states and basically pay it all off, so none of the debts were broken. Jefferson argued, "That's crazy. The people who originally bought the bonds, who lent the money to the government, the farmers who did it they didn't own the bonds any more. They probably all sold it for twenty dollars. It was all this despicable speculators who held the bonds. You're only going to enrich them by paying them off." So he just wouldn't budge. And finally Hamilton, supposedly--this is a famous story, I assume it's true--Hamilton went to Washington and said, "All right, move the capitol from New York to Washington. That'll make Jefferson happy because it's near his dear Virginia and in exchange get him to concede that we have to pay off the debt." So Washington brokered that deal and the debt was paid, and the U.S. since then has never defaulted on its debt and virtually no other country can say that. For example, Russia has never paid a thirty-year debt. It always has defaulted, and we'll come back to that a little later when we talk about the crisis of '97-'98. Anyway, so these five securities--three government bonds and these two from the Revolutionary War and two banks-- were the only securities sold and they used to be sold every day in a double auction exactly as the kind that we described where people would yell and scream at each other and the whole thing would be over in a few minutes, and that would be it for the day, and then the next day they would do the same thing over and over again. Well, they had to stop that when Alexander Duer, who was Hamilton's assistant, started using his inside information about whether the government was or wasn't going to make all its payments and whether they're going to issue new bonds and stuff like that to try and speculate on the market. And he would do it all by borrowing. He'd borrow a huge amount of money and with the borrowed money he'd buy bonds, and if the price went against him he'd lose a lot more because he was leveraged. And so it caused gigantic gyrations in the market and the whole thing had to be changed, and it was made a much smaller group of people. Anyway, so that was the beginnings of it. And we're going to come back to that because that view of the gyrations of the market being caused by too much borrowing and speculation is exactly the view that I'm going to take in explaining the most recent crisis. So anyway, you remember what we did in our experiment. We had eight buyers whose reservation prices are those eight numbers up there. That's what each person thought it was worth to him. Each person knew his own price, but not any of the others. I told you almost nothing about what was going on. There was some context. I gave an example of a person who thought it was worth fifteen, so you had some idea, probably, from that example that the numbers weren't ten thousand, plus you knew your own number. But other than that you knew absolutely nothing and each buyer knew her own number and not any of the other numbers. So here we have sixteen different pieces of information. Everybody has an incentive to keep her information secret. Why should anybody admit that she's willing to sell at six? She'll get a worse price. She's going to lie and say the thing is much more. She's going to make an argument that says, "Well, these are football," okay, I better try the guy here. The forty-four guy, he's going to say, "This is a football ticket." No, sorry. What am I going to do? Let's say she's a forty-four. She's going to say, "Football tickets, they're completely worthless." I'm doing a stereotype. "These are completely worthless. Who would want to go to a football game? I certainly don't want to go to a football game. They can't be worth any more than twelve or something." So all the buyers, the blue buyers, are going to be making arguments suggesting the price should be low, reasons why the stuff really isn't worth very much. All the sellers are going to be making arguments saying the stuff is intrinsically incredibly valuable. Football tickets are incredibly important. So that's the facts. Now you need a model and a theory that fits the facts, and I'm belaboring the obvious, but the obvious is always central to everything, the obvious theory would go something like, well, somehow these people are going to get matched up and maybe thirty-eight will sell to forty-four and all eight things will be sold. And the more transactions you have the better. And what else might a theory say, a wrong theory? It might say the more people in red, or the more people making arguments that the price should be higher the more compelling the argument will be. You'll be overwhelmed by numbers and you'll think that the price should be higher because more people will be arguing for a higher price. But the theory, the economic theory is the exact opposite of all that. So the economic theory is quite a shocking theory, I think. It starts with a situation where people are arguing and talking about the price. They're not doing anything else but making arguments about the price and making offers about the price. They're haggling about the price. The whole of the activity is about the price and how to change it and what it should be. The economic theory, the first theory, the most important theory of economics, supply and demand, is that--so that describes what happened, is the exact opposite. The theory says let's suppose that a price appeared out of thin air. There was no arguing about the price. Nobody even thinks they have any chance of changing the price. Somehow a price gets into everybody's head, the price of twenty-five and at that price of twenty-five everybody who wants to buy buys as much as they want. So mister forty-four he thinks the ticket is worth forty-four. If he can buy it for twenty-five he'll want to buy. Forty thinks it's worth forty and the price is only twenty-five so, again, he's going to gain by buying, he'll want to buy. Twelve thinks it's only worth twelve. He's not going to pay twenty-five for it. And similarly the sellers, seller number ten, she's going to say, "Okay, I can get twenty-five for it. It was worth ten. It's a good deal for me to do." So the theory says somehow miraculously the price comes out of thin air. It's given. Everybody taking that price as given, figuring they have no power to change it, buys or sells all they want at that price. And so that's the theory. So it's price taking, out of thin air. The price comes from somewhere. Everybody acts by maximizing, doing the best for them given the price. They all understand what the price is, and the price has miraculously been imagined at exactly the level that will clear all the markets. So everyone who wants to buy is able to, and everyone who wants to sell is able to. That's the theory. The theory's completely the opposite of what common sense suggests since, as I said, the whole thing was this grappling and groping and pushing and shoving and yelling and arguing about what the price should be and the theory says nobody says a word about the price. They just take it as given and then they act after that. So the most basic economic model is a paradox, and good economics is almost always a paradox. If you want to make a convincing economic argument you almost always say it in a paradoxical way. And so going back to the very beginning where we said what a model is, the standard economic model is you take the exogenous things, which in this case are the reservation prices of all the people, you have to solve equations which are here, supply equals demand, which determines the endogenous variables, which are the price and who buys and who sells. And the reason the theory is always often paradoxical is if you change some exogenous variable it looks like it's going to move things in a commonsensical direction, but then when people react to the changed environment-- X is a reaction to the change in E-- and the change in X might be so big and so important that it reverses the apparent change in E. So you get these surprising conclusions. "If everybody tries to save more," Keynes said, "It may be that everyone will end up saving less," things like that. So economics at its best takes advantage of its paradoxical nature at its heart and uses that as a rhetorical device. So it's a non-obvious theory. Now, why do we believe the theory? Well, all those different examples I gave you of markets they all seem to fit. I forgot where they were and I don't even remember what they were. I don't remember what they were. The shopping center thing, the haggling, the tâtonnement Bourse, the commodities futures, all that, if you look after the fact at what people wanted to do and what price emerged it seems to fit the theory. So there's overwhelming evidence that this theory seems to work. And you saw that in our own example, in our experiment where you had no training at all, it came pretty close. So all these five red sellers they all sold, I think, and the five buyers the only difference was that instead of twenty-six buying twenty bought, and the prices were all between twenty and twenty-five, so they weren't exactly twenty-five, but they were very close to twenty-five. And the ten people who were supposed to have bought and sold, well nine out of the ten actually did buy and sell. So it's pretty hard to match a theory like that with so little practice. I mean, I've always found it quite astonishing. Why is this happening? Does anyone want to make a comment or ask a question about this theory? All right, well what are the properties of equilibrium you get out of this? Well, everyone trades at one price. So this is going to be very important for finance, the idea that there's one price for everything. Then you can also define the--so you know what the theory is. I already told you the exogenous variables are the reservation values. The endogenous variable is the price that emerges and who buys and who sells. So why is this such a good outcome? It seems like a terrible outcome. There are those six people standing there at the end unable to trade, facing the camera, looking slightly embarrassed that all their friends managed to buy and sell and they couldn't do it and what's the matter with them. So they feel bad. They feel discriminated against. It doesn't look like it's such a great thing. We know that there's another way of making all eight buyers purchase from all eight sellers just by doing the corresponding one above. What's so good about the market outcome? It actually doesn't sound so great. Well, the answer is it is great and what's great about is that within two minutes the market figured out enough about what everybody valued the football tickets at to put the football tickets in the ten peoples' hands who valued them most. All right, so in the end those five blue guys-- almost without that one exception--and the one, two, three red sellers, those three sellers and those five buyers, the top eight people ended up with the eight football tickets and the bottom eight didn't end up with any football tickets. So the football tickets got put into the hands of the people who valued them the most. And so, as I said, if you just simply sat there and went through sixteen tickets and sorted them into most and least and then tried to arrange all the football tickets it would have taken almost as long, and that would have been with benefit of knowing what all the numbers are. Here the market does it not knowing what the numbers are and the only accessed information is through people who don't want to reveal their numbers, and still the market figured it out. All right, so that's the message. So we have a model which is surprising, which seems to describe the facts, and which gives us a surprising conclusion and an incredibly important conclusion. The market is an extremely useful mechanism of eliciting information and turning the information into something that allocates things efficiently, and you couldn't do better than that. No other arrangement would have put football tickets in the hands of people who like them better. So Hayek described the market as a great calculating machine, and well so it is. Now, there are a couple other things that you can get out of this model. Another lesson of this model is that the equilibrium price is equal not to the average of the price of the buyers, or the average of the price of the sellers, or the average of all the prices or something like that. It's equal to what the marginal buyer thinks it's worth. So there's a critical marginal buyer and marginal seller. They're almost indifferent to buying or selling. They could go either way. They're pretty close to buying or selling. The price is going to turn out to be very close to that valuation of the marginal buyer. So somehow the margin is going to play a big--so the word marginal, this is an invention in 1871, is going to play a big role in economic reasoning. So it gives us a completely different understanding. You might think that the price of tickets has something to do with their total value or average value or something like that. It's got to do with the value of a marginal person, the person just on the edge. So then the comparative statics are that the, as I said, the surprising thing that if you change a non-marginal person, you take mister forty-four, the buyer at the top, you change him to fifty. Looks like the buyers are now more desperate to buy, won't have any effect on the price. You change that seller, miss six, you change her to two or to eight, again, it'll have no effect on the price, because those two people, the guy at forty-four and the lady at six, they're not marginal so they don't affect the price. You add some more buyers you might think that they're arguing for the price to be lower, as I said you're going to end up raising the price or else having no effect on it if they're not marginal. Now one more thing, one last thing, one last message of this model, if you didn't know-- we knew the reservation prices ourselves because I set up the experiment, but if you didn't know it you could infer something from the price. So part of finance is going in the backwards direction. The theory says take the exogenous variables. Predict what the equilibrium's going to be. Financial theory does that, but often it goes in the reverse direction. We can see what the prices are. That must tell us something about the exogenous valuations. So financial theory says, "Well if the price is such and such it must mean that at least the marginal person values it at such and such and so that's why the price is that. It's the value of some special persons." So we'll come back to that argument. So that lesson of economics, that's the first economic model, the most important economic model, we're going to now have to generalize it in all kinds of ways, but it's always going to come back to that same message. And so Adam Smith he was the one who first invented the invisible hand. There was nothing mathematical in what he said. Ricardo was the first one to make a model. Marx said, I don't have time to talk about Marx, but he had quite elaborate models, actually, and his verbal arguments conceal a huge mathematical apparatus. On his deathbed, by the way, he was trying to learn calculus, incidentally. So Jevons, Menger and Walras 1871 right after Marx's famous Kapital came out in 1867 they invented the idea of the margin and things like that and the critique therefore of Marx, and Marx was trying to figure out what they were all about. Anyway, Marshall was a great economist, Fisher, Samuelson, Hicks, Arrow, Debreu; these are the most famous people who extended this model and the logic of laissez faire and regulation which we're going to come to. Now what are the two ways we have to generalize, there are three ways we have to generalize the model. We have to think of many commodities, not just one. We have to think of people buying more than one unit of a commodity. That's called general equilibrium. And then we have to put in financial things. We have to put in stocks and bonds and things like that. It sounds like things are going to get so complicated, but in fact it turns out I'm going to spend another class after this talking about this. There's not that much complication to get all those things in. There'll be two more classes about this. So I'm recapitulating all that you have to know for the purposes of this class from introductory economics and intermediate economics. The only thing you have to know you'll hear now in these two classes and some of you will find it's incomprehensible, and so that's one good reason for doing it now. You find out right at the beginning whether it's too complicated to bother with. So anyway, I'm going to keep going now to extend the model. So the biggest advance, the next advance, sort of, which was related to this is Adam Smith said, "How could it be that water which is so valuable has such a low price, and diamonds which are so useless, basically, to everybody has such a high price? I mean, there's not some marginal buyer who thinks that diamonds are somehow more important to him than water, so how could it be that water's got a much lower price than diamonds and everybody would say that it's more valuable?" Well, to answer that question what we have to do is we have to imagine that people are capable of consuming more than one good. So for instance, let's imagine that there's good X here which is the football tickets we had before, and you remember our numbers. Let's just go back to the numbers for a second. I'll stay here for a while. The first buyer thought one ticket was worth forty-four. A second ticket was useless to that buyer. Well, suppose we write utility here. Now, this first buyer--let's put this forty-four here--this first buyer you might say got utility of forty-four for holding one ticket. If he held half a ticket maybe his utility would be twenty-two. Now, in fact we know that half a ticket doesn't get you into a game so his utility would really be zero. When we're talking about thousands of tickets to a football game a half or one it's not so important. Let's just say his utility went up linearly with the quantity of tickets he had. To make a discrete variable a continuous variable his utility goes up linear at the rate of forty-four per ticket. Well, after one ticket he gets no extra utility out of holding any more tickets so his utility might look something like that. But now let's imagine he wanted two tickets and that the first ticket was important to him and the second ticket he could take his girlfriend, let's say, but he's not quite as worried about her as himself. So let's say that he, for the second ticket, gets an extra forty utils. So after you get to ticket number two his utility is going to be up to eighty-four, which is forty-four and forty. Now you notice that the rate of increase of utility per unit of ticket is forty-four here and then it switches to forty. Okay, now, why do I--why do I--okay, and if he wanted one more ticket maybe he'd only get utility of one-twenty for the last ticket. So for a third ticket his utility would--three goes up like that, utility would go up like this. It's a little flatter again. So here we have a utility function which is increasing the number of tickets you hold. It's not restricted to just having one ticket, but the rate of increase goes down as you get more and more tickets from the rate of increase of forty-four, to the rate of increase of forty, to the rate of increase of thirty-six. Now, if you ask this person how many tickets does he want to buy, well what's he going to say? How's he going to figure out how much to buy? This is his utility, but now I claim this person buying multiple tickets is going to behave exactly like the top three people up there would have behaved. So his utility at the top for three tickets is one-twenty, for two is eighty-four, for one is forty-four. Those sound like important numbers, his total utility, but actually they're not important numbers. The important number is the marginal utility. So the marginal utility, so if you go one, two and three here, the marginal utility for the first ticket was forty-four. The marginal utility for the second ticket was forty, and the marginal utility for the third ticket was thirty-six. So those are the important numbers, the same numbers that are up there. Why is that? Well, let's ask the guy. This person who now likes three tickets, after here let's say he's flat so it goes down to zero, let's ask him how many tickets would he buy at the price of forty-two. Well, from this utility function you have to say if I bought one ticket I'd have a utility of forty-four minus-- let's say my utility function now is U of X and money is this function of X. I'll call this U of X. I don't want to write it out. This is U of X plus M for money. So he says, "If I buy one ticket at a price of forty-four I lose forty-two from here, but I gain forty-four from here, so I probably should buy one ticket. If I buy a second ticket this number goes up to eighty-four and now this one goes down by forty-two twice, so maybe it's not such a great idea." So what is he actually thinking? All he's doing is he's looking at the price in this axis and comparing it to his marginal utility, the extra utility out of getting an extra ticket. So if the price is forty-two here he's going to say, "Well, at a price of forty-two the first one's worthwhile. I'm getting more utility out of that. After that it's stupid to buy another ticket because I'm getting extra utility of forty compared to a price of forty-two." So he's going to do exactly the same thing as our single ticket buyers did over there. One guy whose utility goes from forty-four to eighty-four to one-twenty is going to behave exactly-- provided he's got enough money to afford to buy at these going prices-- his behavior will be exactly the same as the three separate individuals over there. So in fact the marginal revolution-- so Jevons, Menger, and Walras in 1871 all came up with the idea at the same time of diminishing margin utility, and they said if you have people who consume multiple amounts of every commodity but they have diminishing marginal utility they're going to behave very much the same way as this little example. So this little example, in fact, is going to be extremely instructive. In fact it contains all the kernels of truth of a more general model where people consume huge amounts of every good. Just that they have diminishing marginal utility. So I'm going to now describe a slightly more complicated--so I'm going to describe this more complicated model. So what's the way of building a much more general, but hopefully still very simple abstract model of general equilibrium that will capture and generalize the example we already had? Well, the idea is to start with the exogenous variables-- this isn't going to move so I don't want to do that-- do this--the exogenous variables are going to be the people, so I'll have individuals, i in I, so let's call them individuals. So you see why I use the word I. i in I, and what is it that characterizes every individual, a utility function. So each individual is characterized by a utility and an endowment. So to start with let's say--so the individuals and we'll call the individuals and the goods c in C. So let's just say there are two goods X and Y. So an individual's going to be characterized by utility function, it's a welfare function of X and Y equals u_i of X plus v_i of Y. And an endowment, E_i equals E_i of X and E_i of Y or (E_iX, E_iY). So for example you could have, I don't know, you could have, this could be--so let's just think about this. So this is exactly the kind of situation we had before. We had precisely this going on before. What was the endowment? Every person began with money. It could have been money before and with football tickets. And we said that the story that--so these original marginalists argued that it's part of human nature that the more you get of something the less and less extra advantage it brings you. There may be exceptions. Maybe you need two of something. You need both shoes in order for the shoes to help, but every pair of shoes after that was going to be less and less valuable to you. And so beside from these small blips that come from indivisibilities or things like that peoples' utility increases but at a smaller and smaller rate as they get more of everything. That's just human nature, they claim. They even tried to measure utility. So they would try and measure the temperature of the skin and things like that and see how it increased when you gave people more of something and whether the rate of increase and how much they smiled and stuff like that whether that would actually change in a lesser and lesser way as you add more and more utility. Well, they abandoned that sort of thing eventually. But anyway, they kept the idea of diminishing marginal utility. So we want to keep the idea that u_i of X and v_i of Y show diminishing marginal utility. So the way of saying that, I told you this is one of the-- so the first handout in the reading list was review of mathematics you should know, or if you don't know you have to learn, diminishing marginal utility means something that looks like that. It's a concave function. So here's X. Here's utility, and here's u_i of X, say. It goes up as you get more X, but at a rate that declines. So the slope is getting smaller and smaller. That's diminishing marginal utility. So this curve that's increasing, but a lesser and lesser rate we can approximate with a continuous differentiable curve that looks like that, so it doesn't have the kinks here, and that's exactly the kind of assumption that seems reasonable to fit the facts, and at least for consumption. Our main interest, of course, is at the bottom here in financial equilibrium, but we have to know what's going on in the economy. All these finance professors, as I said in business schools, they ignored the part above. They started right away with the assets and the bonds. Said they didn't need to pay any attention to what was going on in the economy, because everything was going to be great. But we're going to find that there's a big interaction between the financial sector and the economic sector. That's going to be the heart of what we're doing even though it was ignored in finance most of the time. So anyway, diminishing marginal utility for both of these, so for instance we could have a hundred X minus one half X squared plus Y. That's one example of a utility function. So that's going to be a standard kind of utility function. So the only two ones I'm ever going to use are things like this, or one-third log X plus two-thirds log Y. Whenever I write log I mean natural log. This is linear quadratic. So this is quadratic, in fact linear quadratic, so maybe both will be quadratic, and this is logarithmic. Now both of these have this property of diminishing marginal utility because I can take derivative of this, the derivative of one hundred X minus one half X squared so the marginal utility of X is equal to one hundred minus X, and that obviously declines. So it's diminishing marginal utility. And then the derivative here--the marginal utility with respect to X depends on X again-- is going to be one-third times one over X because the derivative of the log is one over X, and as X gets bigger that also declines. So these are the two functions that we're going to use over and over again because I want to make things concrete with actual numbers. So we'll always solve examples with quadratic stuff, maybe everything will be quadratic or linear, and with logarithmic stuff. Those are the only two functions you really have to be totally comfortable with. So you have to understand what a derivative is. This is a partial derivative. So how much extra utility do you get out of consuming more X? If you've already got a certain amount of X in your possession it's a hundred minus X. How much more utility do you get out of consuming more X? If this is your utility when you're consumption's already a certain amount of X it's one-third times one over X. So those are the two things you have to be comfortable with using. So that's utility. What else do we need to describe a person? It's his endowment. So with only two goods, so here's X and here's Y, so we could have an endowment E_iX, E_iY. That's the endowment of X and Y of a certain person, E_iX and E_iY. So this person, let's say it's this top guy-- a hundred X minus one over two X squared plus Y-- he has a certain utility function, he's got a certain endowment. Maybe there's somebody else over here who I can put in a different color. Aha, I think pink is a good color. So another person might be over here and this is E_jY and E_iX. So J has a lot more of Y, and I has a lot more of X. They're two different people, but you could imagine not two people you could imagine 150 of you with different endowments and different utility functions, or 300 million of you with different endowments and different utility functions. And what general equilibrium is about is saying, well, if you've got all these people with well defined utility functions, those are the data, we may not know them but they know them themselves with all those utility functions and all those endowments, and you throw 300 million of them together, or 150 of you together, can you predict what's going to happen and is the thing that happens good for the society. So that's the problem of general equilibrium. And it turns out that with these simple utility functions it's very easy to solve for equilibrium, predict what'll happen, and things look great until you get to financial equilibrium. And we'll be able to solve them either by hand or on a computer, and we're going to take advantage of that because we want concrete answers to concrete problems, and we want to interact it with the financial world to see what happens. So remember, what's the next step? The first step is exogenous variables. So we define the exogenous variables. The next step is endogenous variables. So what are the endogenous variables going to be? And the endogenous variables are going to be the prices and the trades, or final consumptions. You can always deduce a trade from a final consumption because if you know your endowment, the exogenous thing, and you're consuming more of X than you're endowed with you must have bought that difference somewhere. And if you're consuming less Y than you started with you must have sold some of that Y in order to end up consuming less. So the endogenous variables are the prices and the trades. Now, how can we make a general theory that for an arbitrary number of people, an arbitrary number of goods, you can solve and figure out what's going to happen that looks very much like the example and has as a special case the example we did to begin with? That's what happened with general equilibrium, and I'm about to describe it. So the next step is always to write down the equilibrium as a bunch of simultaneous equations. So what are all the equilibrium equations going to be, and that's what's going to be our model of what happens in the world. Are there any questions? How are you all doing here? Is this painfully repetitive of what you know. I need some feedback here. How many of you haven't seen this before? Everybody's seen this before? What about all these people who e-mailed me and said they were scientists and philosophers and psychologists and they wanted to take economics the first day. So you're one of those people. Maybe you didn't e-mail me. So this is a first for you, but everybody else you've all seen this before. Well, that's good. I can move along here. So I'll keep looking at you as I proceed here. So don't feel bashful. Speak up if it's not making sense. So what was the great conceptual advance? It was--one conceptual advance was the budget set. Now, this will turn out to be, in economics-- the rest of the 140 of them have all got this down, but as soon as we turn it into a financial problem they're not going to be able to do it again even though it's going to be the same idea. So this budget set was an extremely clever idea which I'll now repeat for them and tell you for the first time, but I can almost guarantee that although they all think it's obvious, when we do the first financial problem they aren't going to be able to do it even though it's the exact same idea. So what's the idea? You begin with your endowment, E_iX and E_iy. So this person has to buy and sell X and Y. So the person says to himself, "I've started with this X and Y, I might like something that's better." Now how can you illustrate what's better for this person? Well, Edgeworth, as I mentioned, Edgeworth invented the idea of the indifference curve. So he says, "All the goods that are of the same utility can be described by this indifference curve X." This person, her utility is one-third log X plus two-thirds log Y, well if she consumes less of X, enough extra Y will make her just indifferent to where she was before because there's a tradeoff between X and Y. Economics is all about tradeoffs. So this is her indifference curve. Maybe his indifference curve looks like that, a different slope, entirely different. So he thinks a lot of Y. A little diminution in Y you better get a lot of X to compensate him. She's kind of more balanced in things, X and Y, unless she starts to get too much of X in which case Y is more important to her. She in general is more balanced than he is. But anyway, so they have different tastes, different utility functions, and different endowments. So what's going to happen in the end? Well, the budget set describes what she can do. We're going to assume, as we did before, that cornerstone of economic reasoning, somehow when these hundred million people, 300 million people get together they're going to miraculously discover the price. They're going to be screaming at each other, but we don't care about that. We just say for the purpose of the big picture, some price of X and Y is going to emerge. So equilibrium is going to be a price of X and a price of Y. It's going to emerge and now what can she do? Well, she can say, "Given my X I can buy more X than I started with, and if I do that the price of X is P_X." So if I want to buy more--I have this already. So I want to end up consuming X_i, so final consumptions will be X_i and Y_i, this is the final consumption, so my trade, if I want to buy more, I can express the idea that I'm buying more by saying my final consumption is bigger than my endowment. So I've had to buy, I've had to trade to get this much more which means I had to pay P_X times this difference. Now, how did I get the money for that? Well, I got the money for that by selling some of Y. So I sold Y. I started with E_iY and I sold some of it because I ended up with less than I started. So the money I got by selling Y I can use to spend on buying X. That's the basic budget constraint. Now, the cleverness is in realizing that it doesn't matter which one--So here X_i is bigger than E_iX. You're buying X. Here Y_i is less than E_iY. You're selling Y. And so the revenue you get from selling Y equals the expenditure you make on buying X. So the cleverness is in realizing it doesn't matter what the signs are. If X_i is less than E_iX this equation still makes sense because then you get a negative number. You've gotten money by consuming less X than you started with so that's money you can use to buy Y. And then Y_i--you'll be able to buy more Y than you started with so this number will also be negative by the same amount as this. This is the extra value on Y. This is the extra value on X. So whether the X's and the Y's are bigger or smaller than the E_iX's or E_iY's this equation defines the budget trading opportunities of the agent. Did that go too fast? You got that. So you can write that a little bit more simply by saying, putting a plus here and reversing the order, making it more symmetric. So this is Y_i minus E_iY equals zero. So that's the budget set of agent i. And in the diagram the budget set--I'm out of colors that show up I think-- all the others got vetoed, I think orange was okay-- the budget set, then, will be something that looks like this. That looks terrible. How bad can you get? So that budget set might look something like--let's make it this way. It looks something like that. It's a linear line that goes up--just forget this guy's budget set. We'll do the other one. I can get it better in the picture. So this one's budget set, his budget set might look something like that. So his budget set, never mind hers, it goes off the page, his budget set he starts with this endowment. If the prices are given P_X and P_Y, P_X and P_Y define a linear tradeoff between X_i and Y_i, in this case j, because the more X you consume the less Y you have to consume and there's going to be a linear tradeoff between the two given by rearranging these terms. P_X and P_Y are fixed, so this is just a linear equation in X_i and Y_i, and so that tradeoff is given by that budget set. So mister pink is going to try, given his opportunities on this budget set, to pick the combination of X and Y that's best for him. And so that's going to turn out to be something that's right here because no other combination of X and Y will give him as much utility as that. Did that make sense? All right, so that's it. That's the main lesson. So how do you describe now the whole equilibrium conditions? Well, so equilibrium now, if you can see this, equilibrium is defined by what? It's defined by P_X, P_Y, and X_i and Y_i for all i in I. It's just the prices that emerge and final consumptions that everybody chooses of X and Y. There are only two goods here. So the price of X, the price of Y what every person i ends up with X_i and Y_i, and what has to be the case? What has to be the case? The first equation is going to be that the final consumptions of everybody have to equal the final endowments because everyone who buys has to be met by another seller. Remember equilibrium was price taking, agent optimization, rational expectations and market clearing. Price taking means everybody knows what the prices are, miraculously P_X and P_Y, before they act. Agent optimization we're going to come to. It means they do the best thing they can. Rational expectations means even though they're only buying one good and there are thousands in the economy they understand all the prices, and when they act they're taking into account all of the tradeoffs they could make. So they realize the whole vector of prices. And market clearing means for any buyer there's a seller, so market clearing means summation from i in I of X_i has to equal summation i in I of the endowment, E_iX of X. So in this picture if I added this to this, this is the endowment, so I add this vector to that vector I get this thing over here, and this is going to be the total endowment in the economy. So this total endowment E_iX, I add over every person i what the total endowment is. So I add his endowment of X to this guy's endowment of X and I get the total endowment of X. I add her endowment of Y to his endowment of Y and I get the total endowment of Y. So the first two equations are summation i in I. Y_i equals summation i in I of E_iY. The third equation is everybody is going to choose on their budget set. Everyone, this person--mister pink here-- he's going to choose not inside his budget set, he can't choose outside of it because there's no point in wasting money. He's going to buy the combination of X and Y that lies on his budget set that does as well as he possibly can. So the equation here is going to be that P_X times X_i minus E_iX plus P_Y times Y_i minus E_iY is equal to zero. I could do this for j too just since I've got a picture of--this is P_X, this is P_Y. P_X times X_j minus E_jX, so I'm doing a special case now with two people, Y_j minus E_jX equals zero. Everybody's on their budget set. So he's on his budget set, she's going to be on her budget set. Her budget set, by the way, is better than his because her budget set is going to look like this, right? It's got to be parallel to his because the prices she faces are the same and her endowment is worth more than his. So her budget set is further out. So that's what he does, that's what she does, or that's what she does, that's what he does. And now the fifth one--so now we have the two mysterious equations that are left. So how do we express the idea that the choices X_i and Y_i by i, that's her--and she's going to optimize by choosing here somewhere. This is her indifference curve, right, looked like that. So that's what she's going to do. And remember he's going to choose here. So how can you turn her choice and his choice into an equation? Well, this was invented by a German guy Gossen in 1851 and then rediscovered by Jevons, Menger and Walras, the same three I mentioned several times now. This is the marginal revolution in economics. What they said is you can turn the behavior of individuals, of humans as Gossen said, "I can do for the bodies on earth what Copernicus did for the bodies in heaven, find equations that describe their motion." What is it that people are going to do? To say that you're choosing the best possible thing means that the slope of the budget set is equal to the slope of your indifference curve, but what is the slope of your indifference curve? That's the tradeoff between X and Y. So what does it mean? If you get a little bit less X you're losing the marginal utility of X. If you get a little bit more of Y you're gaining the marginal utility of Y. If the price of X and Y are the same then it had better be that the marginal utility of X is equal to the marginal utility of Y because you can always give up one unit of X and get one unit of Y. If this is optimal, and you can give up one unit of X and get two units-- sorry, if the marginal utility of Y was double the marginal utility of X then you would give up that one unit of X and you'd get two extra utils by taking the one unit of Y which you can afford by selling one unit of X, and the utility would be much higher than it was here. And so you wouldn't be optimizing by doing that. So the final equation is you're optimizing if and only if the marginal utility of i of X divided by the marginal utility of i of Y equals P_X over P_Y. And the last equation is the same thing for j, the marginal utility of j of X divided by the marginal utility of Y has to equal P_X over P_Y. So why is that again? That's the trickiest equation. That's the one that Marx and Adam Smith and not even Ricardo, the most brilliant one of them all, not even Ricardo could figure that out, this equation marginal utility, wait until 1871. And again, to repeat it, it's of course very obvious now but wasn't at the time, how can you describe what these people are doing? You have to figure out the budget constraint, that's what they can afford, and then they're going to choose the point on their budget constraint which maximizes their utility. But that just means in the picture it makes the indifference curve tangent to the budget set, which means that you set--so and what is the slope of the indifference curve? Well, the tradeoff between X and Y that leaves you indifferent--how much X do you have to give up to get an extra unit of Y and still be indifferent? It's determined by the ratio of the marginal utility of X to the marginal utility of Y because those are the, you know, when you give up a unit of X you're losing the marginal utility of X. When you're getting a unit of Y you're getting the marginal utility of Y. If you can trade them off in the market at 3:1 you optimize when, in your own personal evaluation, you're trading them off on the margin at 3:1. You really follow that? That's an idea that took fifty years to figure out and you claim you figured it out now in five minutes, so that's good. So you'll have a chance in the problem set to get practice. So those are the equations. We now basically have described economic equilibrium. So we now have the ability to play with all kinds of models, as we'll start in the next class doing, solving for economic equilibrium, figuring out what will happen, and then complicating it by adding a financial sector and see how that affects what goes on in equilibrium.
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Quantitative_Finance_by_Yale_University
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7_Shakespeares_Merchant_of_Venice_and_Collateral_Present_Value_and_the_Vocabulary_of_Finance.txt
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So, so far where have we gotten to? We started summarizing what general equilibrium was. We saw that Irving Fisher of Yale reinvented general equilibrium in order to study finance, and we saw just by reinterpreting the variables of general equilibrium we could start to say a lot of things about finance, and in particular we had the idea of free markets, an argument in favor of free markets. We had the idea of arbitrage and no arbitrage so you could deduce a lot of prices without solving for the whole equilibrium just by knowing what other prices are. And we also learned that the price of many things is going to have to do with the utility and marginal utilities of people, and that's going to have a lot to do with what their impatience is, and whether they're rich people or poor people, redistributions of wealth, who's got the money and how impatient the people who have the money are. So those are the basic lessons that we're going to now carry into the course. And so for several lectures now I'm going to leave the abstract theory of general equilibrium and start teaching you some of the basic vocabulary of finance that you have to know and that everybody in finance knows like what is a mortgage, what's an annuity and stuff like that. So before I go there, though, I want to remind you of what Shakespeare had done 300 years before Irving Fisher. So Irving Fisher, remember, he cleared up the confusion of what interest was. He said interest is crystallized impatience. It's not some horribly unjust thing. It's not, as Marx thought, exploitation, but Shakespeare had discovered all this 300 years before. Now, when I was your age or a little bit younger than you in high school we all had to read the Merchant of Venice. I have two Indian coauthors who are vaguely my age, maybe a little older, but anyway they sort of grew up in India and they had to learn the Merchant of Venice, and actually they learned it a lot better than I did. They both have memorized the Merchant of Venice. They can recite almost the entire thing by heart. But anyway, when I was in high school it was completely typical to study the Merchant of Venice. I wonder how many of you have actually read it. Who's read the Merchant of Venice? Whoa this is Yale, I'm shocked. So a quarter of you have read it. Well, I recommend to the other three-quarters that you do read it. Now, when it's taught nowadays, especially at Yale, it's taught as a love story and a commentary on anti-Semitism. Now, of course, it's both. It is a love story and commentary on anti-Semitism. Shylock the lender is Jewish. And remember what we heard about the great religions? They were all forbidding lending at interest except for Judaism which let you loan money at interest to non-Jews. So Shakespeare [correction: Shylock], who's the money lender, is Jewish and lending it to Christians and that plays a big role in the play and what happens to him, and what people say about Judaism is a big element of the story. But the way the play is read now that's the whole story, and I don't think it's the whole story. In fact, I think it's quite an unimportant part of the story. I think the heart of the story is Shakespeare's commentary on economics. And so I'm going to try and argue in the next ten minutes that Shakespeare was not only a great writer, a great psychologist, but a great economist. And you're going to see that almost all the elements of the course are in this play, and that if you read it the way I think you should read it, it should be obvious that it's really about economics and not about love. So how do you know that? Well, the very first line of the play, Antonio walks in and he says, "In sooth, I know not why I am so sad." And there's an interlocutor, a minor character, whose name I've forgotten, Salario or something, says well it must be that you're so nervous. All your riches are on these boats and they're at risk, and so anyone who had so much money at risk on boats would naturally be nervous and therefore maybe depressed. And Antonio says, no, no, no, no, I'm not worried about the boats because every boat is on a different ocean and so I'm not worried. They are on a different ocean and they're sailing at different times. I'm not worried about my boats. And so then the interlocutor says, well then you must be worried about love. And he says, no, no, that's not it at all. So what do we see at the very beginning of the play? It's business first, love second; and secondly, he understands diversification. Now, what is the plot of play? Bassanio, who Harold Bloom--so it happens that went to talk to Harold Bloom-- I saw him in the Whitney Humanities Center-- one of Yale's greatest scholars. He's a polymath, he knows about everything, but including about Shakespeare and he has a much advertised photographic memory. So I happened to run into him at the Whitney Humanities Center, actually in the men's room of Whitney Humanities Center. While we were there I asked him about the Merchant of Venice and whether he happened to remember the rate of interest that Shylock ends of charging Antonio, and he said, "Dear boy, I remember almost everything, but that I've forgotten." It was so unimportant to him that he didn't even remember the rate of interest. But he said, "I happen to be lecturing about the Merchant of Venice in my class this afternoon," so I went and heard his lecture on the Merchant of Venice. So Bassanio, who's one of the heroes of the play, according to Harold Bloom is a complete loser. He's the one who needs the money to woo Portia, who's this beautiful woman living outside of Venice. And so he's got to borrow a huge amount of money. So when he enters he's described as a Venetian, a scholar and a soldier. Now, whenever Shakespeare says a scholar and a soldier, sometimes it's not a Venetian, when he says that the guy's always a great guy. So this occurs repeatedly. So anyway, Bassanio comes in as a star. He's a Venetian, a scholar, a soldier. What more can you want to be? And so he needs the money to woo Portia and he's got a business plan to do it. He's tried wooing her before and it's come to nothing and he's lost his money. But he says, "If you shoot an arrow and you lose it, shoot an arrow again the same way and then follow the second arrow more closely and you'll figure out where the first arrow goes." So he's a man on a business venture with a business plan. So here's Bassanio, and here's Shylock and Antonio. Now, he needs 3,000 ducats and he doesn't have any collateral or anything. And so he goes to Antonio, who's an older man, and according to Harold Bloom there's some potential gay relationship and maybe they're lovers and maybe they're not lovers. That's half the lecture. Anyway, so Shylock lends the money, 3,000 ducats, and it's so much money he has to borrow it from another money lender named Tubal who's even richer than he is. So they argue over what the interest rate has got to be. And so Antonio says--oh dear I've forgotten to change this, so this is out of order--so they argue over what the interest rate should be and Antonio and Shylock make this argument. Antonio says, it's disgusting that you want to charge me interest. I mean, good Christians never charge interest. I'm appalled at you. It's because you're Jewish you're charging me interest. So he's throwing up epithets and insults at Shylock, but really he just wants a low interest rate. And so he says, Antonio says, "Shylock, I would neither borrow nor lend by taking or giving interest, but to supply the ripe wants of my friend I'll break a custom." So "ripe wants of my friend" that's saying because Bassanio was so impatient to get his hands on the money to find Portia, she's going to get married if he doesn't hurry up and marry her himself. Because of his impatience he's willing to pay a high rate of interest. And Shylock says you're always complaining about me that I charge interest--I've left out a whole bunch of stuff--but I'm patient. All of us are patient. That's the badge of our tribe. We're patient and so that's why I'm willing to lend you the money. So here Shakespeare has laid out, and it goes over five pages patience and impatience. So then they get an argument, again, about interest. So I forgot a slide. So the argument is Shylock tells a story. He says even in the Bible, you say that it's un-Christian to lend at interest, but don't you know the story in the Bible where Jacob was asked to do, perform a service in the field, using his fields. Somebody wanted to use his fields for a while, and so Jacob said okay you can use my fields but I have to charge you a fee and the fee's going to be that however many spotted lambs are born those are the ones that I get. And so it turned out that there was a huge number of spotted lambs, and so although Jacob had lent some of his sheep and his fields to the person who wanted them he got back vastly more than he lent at the beginning. And so Antonio answers, well, this isn't interest this is a risk. Jacob got so much more because he took a risk. Who would have known how many lambs were going to be born. And so you don't really charge interest, you're an investor. So they haggle over this for a while and they come to the conclusion that he's going to lend the money. And so what is the interest that they actually end up charging, the thing that Harold Bloom couldn't remember? Well, 0. "I'll lend you the money and take no doit of usance for my monies," not a single interest for my money. But they have to negotiate something else, something besides the rate of interest. They have to negotiate the collateral. And so they say, "Go with me (blah, blah, blah, blah), and then if you don't pay let the forfeit be an equal pound of your fair flesh to be cut off and taken in what part of your body pleaseth me." The other half of the--there were two lectures by Harold Bloom, the second half of the first lecture was what part of the body is he really talking about, and there seemed to be only two possibilities, the heart and another possibility, and Harold Bloom favored the second possibility. But anyway, it's collateral that they're putting up for the loan. So there's collateral. So now what we found is that Shakespeare has understood the impatience theory of interest. You've got an impatient borrower and a patient lender, and it's the tradeoff between patience and impatience which is going to decide what the rate of interest is. So that's already Irving Fisher's biggest message. And then the second thing he's noticed, which Irving Fisher didn't notice at all, and this is going to be a large part of the rest of the course, how do we know these people are going to keep their promises. Why is Antonio going to keep his promises? Well, it's because he's putting up collateral. And Antonio is stepping in for Bassanio because his collateral is worth more than Bassanio's. Shylock wants his pound of flesh, not Bassanio's pound of flesh. So all right, so that's the beginning by the way. Just how does the play unfold? It gets more interesting. So what happens is after getting his money Bassanio then goes to woo fair Portia. And how does he woo her? Well, it turns out the way that her fabulously wealthy father has set up the marriage is, there are three caskets, a gold one, a silver one and a lead one, and he has to pick one, and one of them contains her picture, and if you get the one with her picture you get to marry her. If you pick the wrong one, and here's the shocking thing, if you get the wrong one you swear before you choose if you choose wrong never to speak to lady afterward in way of marriage. So not only don't you get Portia, you don't get anybody. So what is the purpose of this absurd contract? Well, the purpose is maybe to make sure that people really want to marry her. Maybe the father set it up so that only someone who really wanted to marry her would bother to enter this competition because the risk is so high, but another way of saying it is it gives an excuse to Shakespeare to talk about risk and return and how people who have a higher risk are going to expect a higher return. So they talk about risk and return. And Aragon basically says she's really not that good looking to justify such a high risk. But anyway, all those other guys picked the wrong casket and Bassanio picks the lead one and gets her, and so she becomes the wife. Now, of course, she's delighted by this. He's the one she wanted all along, and so she says, "Let me give you this ring." This is yet a third contract. The first contract is the loan of Shylock. The second contract is the choosing the caskets and a contract that you won't marry again if you choose wrong. And now we have a third contract, which is Portia deciding that she gives a ring to Bassanio and she says, "Let this ring represent your love." And he says, "When this ring parts from this finger then parts life from hence." I'll never lose this ring. I'll never give it up. I love you so much. So, of course, the boats appear to sink. Calamity appears. "My ships have all mis-credited [correction: miscarried]." Shylock wants his collateral. So Portia now, who turns out to be incredibly wealthy--so we realize, again, the play's not about love. She's beautiful, but she's fabulously rich, much richer than Shylock is, much richer than Tubal was. They had to scrounge around to get the 3,000 ducats. She hands 6,000 ducats, and then 12,000 ducats, then 36,000 ducats. Says, look, offer Shylock all this money. Tell him, here, I've got the money. Tell him not to take his pound of flesh. So they hold the trial to decide whether Shylock should get his pound of flesh or not. And so Shylock, by this time, is incredibly pissed off, to say the least, at Antonio and Bassanio. And why is he so angry? Because among other things his daughter Jessica has run off with a Christian named Lorenzo and stolen his money. And so he yells, "My daughter, my ducats." And so she sold his wife's ring for a monkey, or his ring that was given to him by his wife Leah. And he says, "I had it of Leah when I was a bachelor. I would not have given it for a wilderness of monkeys." So Shylock believes in keeping his promise. He would never have broken a promise. He never would have given away the ring that was given to him by his wife. He absolutely wouldn't do it. He believes in keeping promises unlike everybody else in the play, his daughter, everybody as we'll see. So Lancelot says, "This making of Christians will raise the price of hogs." This Jewish girl Jessica has become a Christian so now she's going to be able to eat pork so it's going to increase the demand for pork and therefore raise the price of hogs. So Shakespeare--the play is full of economics. It's all about teaching economics. So anyway, they go to the trial and Shylock thinks the guy is a complete fool. He doesn't understand interest. He doesn't understand the whole point of a lending contract and getting interest, and basically he says--I've got to skip over this a little quickly. He says, we've got a contract. Your city, the greatest commercial city in the world at that time, can't possibly survive if you don't uphold contracts. So, "If you deny me, fie upon your law. There's no force in the decrees of Venice. I stand for judgment." I stand for keeping promises and the law is supposed to enforce promises. I stand for law is what Shylock says. Now, at the trial, who turns out to be the judge? Well Portia has disguised herself as the judge and she's actually the judge. And so she comes in and she has this famous line, "Who is the Merchant here and which is the Jew?" So, again, this confirms to me it's about economics. If it was about Judaism it would be, who's the Christian and who's the Jew? She's saying, who's the borrower, and who's the lender. That's how she comes in. And so then she says, "You've got to show mercy." And this is the most famous line in the play, "The quality of mercy," blah, blah. You all remember it who've seen it. And he says, and then Bassanio says look, I've got 6,000 ducats. I've got more than that, take that. And he says a contract is a contract. You've humiliated me, all kinds of humiliations have happened to me. I've got feelings too. I've been humiliated. I want the contract and the contract says that I should get the pound of flesh. And so Bassanio says, "To do a great right do a little wrong." So let him default. So what does Portia say? What is the judgment? She has to play the judge. It seems like the whole city depends on enforcing contracts and here it seems like a horrible thing to do. You're going to have to kill somebody. So what judgment can she possibly make? She says, well, the state has to enforce contracts, of course. Contracts have to be enforced, but only good contracts should be enforced. And so what's wrong with the contract? Does she say we're going to reduce what you owe from 3,000 to 1,500? That's principal forgiveness. Does she say you don't have to--what does she say? What she says is that what was wrong is, the contract wasn't right. It wasn't the interest rate that was wrong. It wasn't the amount you owe that was wrong. It was the collateral that was wrong. So she says the right collateral was a pound of flesh, but not a drop of blood, and so the state intervenes not to change the interest rate, not to change the principal, but to change the collateral. So all right, that's going to turn out to be, the leverage was wrong. So then the play ends with Bassanio asking the judge, he's so pleased that things have turned out right, if he can reward the judge. He doesn't know who the judge is. And he says, I've got all these ducats that I've just gotten, why don't I give you some of the ducats? And the judge says, well no, I don't want the ducats, but I notice you've got this ring on your finger, why don't you give me that? And he says, well I can't do that, my Portia, I've promised. And the judge says, well, give it to me anyway and he gives her the ring. And so the play finally ends with her revealing herself and he's incredibly embarrassed that he's given her the ring. So this is another contract broken, another default. And then he says, but I'm never going to default again. And Antonio steps in and says I'll guarantee again that he'll never default again, and of course, we all know that he's going to default. So the whole play is just about contracts and breaking contracts. And so at first it's about what the rate of interest should be, then it switches to, should contracts always be enforced, and yes they should be enforced, but the enforcement should be the taking of collateral and sometimes the amount of collateral put up is wrong. So that's going to be the conclusion of this course that what went wrong in the last two years or three years was a horrible mistake about how much collateral to be put up, and the Fed instead of just monitoring the interest rate, which is what you're taught in macroeconomics it's supposed to do, should be monitoring collateral as well and maybe even most importantly. So with that introduction to the rest of the course-- I don't know how convinced you are about Shakespeare the economist, but anyway, let's now switch to learning some of the basic words of finance. So I'm going to now follow pretty closely what the notes are. All right, so let's imagine a world where we've solved for the equilibrium. This could be the real world or one of our models, and there are many time periods, not just two time periods. So let's suppose that there, as there are as we're going to see in great detail later, suppose it's possible to pay money today in order to get a dollar next year, or pay some amount of money today in order to get a dollar in two years, or pay a different amount of money today to get a dollar in three years. So pi_t is the amount of money you pay today to get a dollar at time t. That's called a zero because there's no coupon. You just get something at the end. And so we'll see next class we're going to start talking about real markets and what the prices of all those zeros are. So anyway, that pi_t is something that is traded in the market and everybody at every hedge fund and every Wall Street bank knows what pi_t is at the beginning of each day. Now, Fisher said, well don't get too lost thinking about pi_t. Think about p_t. Take out inflation. You have to make an expectation about what inflation is, but assuming you're right you can figure out from these pi_t's what p_t is, the present value price: how much would you pay today in goods to get an apple at time t? Not a dollar at time t, but an apple at time t, so it involves knowing what inflation is and what the price of apples is going to be at time t. So Fisher said, there's a lot of stuff you can do, but the pi_ts--there's also more important stuff you can do with the p_ts. You should always keep those in mind. So let's take the simplest case where pi_t is a constant interest rate. There's a constant interest rate i. So if you ask what's a dollar worth today in terms of how many dollars you can get next year it's 1 i. What's a dollar worth today in two years is (1 i) squared. So putting it backwards, a dollar in two years--the price of it today must be 1 over (1 i) squared. So a dollar in t years, the value today is 1 i over t [correction: 1 over (1 i) to the power t]. So this is just a simplification. So we'll see that lots of the jargon of economics assumes that there's this constant interest rate that's determining all these prices. So the first thing to realize is what Fisher calls the present value price. If there were some asset that paid off money in the future, m_1 through m_T, you don't have to solve the whole equilibrium to figure out what its price would be if you knew the prices of these zeros, pi_1 through pi_T. Because to get m_2 dollars at time 2 just cost you pi_2 times m_2 dollars today. So you add up the cost of buying all the cash flows or the asset. That has to be the price of the asset today. And if the prices of the zeros are given just by the interest rate discounting it then it's just m_1 over (1 i), m_2 over (1 i) squared, and m_T over (1 i) to the T. I see there's a typo here--oh no, no there's no typo--it's (1 i) to the T. They're all these (1 i) to the T. So and now if the price weren't that, if the price of this bond were, let's say, smaller than this, what would you do? You would buy the bond and at the same time you'd sell promises to deliver m_1, m_2, and m_T in the future. If you sold those promises and nobody doubted that you would keep your promise-- so this is something Shakespeare would have been suspicious of-- but if you made those promises and no one doubted you'd keep them you could raise this much money by selling all the promises. So you'd get this much money and if the bond cost less than that you could make all the promises, get all the money, buy the bond, have money left over, and then you'd have to keep all your promises, but the bond itself would be paying you money in the future that you could use to keep all your promises. So it has to be that this is the price of the bond provided that everybody will allow you to borrow and lend at those rates of interest, because if it weren't you would either buy the bond and sell all the promises, or in the other case were the prices higher you'd sell the bond, get all this money and then use that money to buy all those promises. Then you could make the payments of the bond because the promises would come due to you. So in that case you'd have to believe people who made promises to you. So as long as nobody's doubting the other people keeping their promises it has to be that by no arbitrage, the price of a bond is just the discounted cash flow. That was Fisher's main principle. So we saw that last time. We're just going to do it. So we're now going to introduce a few vocabularies. So the first thing is the doubling rule. So I think at least half of you probably know this, but it's much better if you can do things in your head than having to calculate them all. So the doubling rule says how many years at i percent interest does it take to double your money. So you can just solve this. So (1 i) to the n means that if you take the logs of both sides and you know that log of 2 is .69, then you take the log of both sides, n log (1 i) has to be log of 2, so n = .69 over log of (1 i). So now log of (1 i) is approximately i. Why is that? So this is Taylor's rule. You don't actually have to know this if you've never seen Taylor's rule before. But an approximation of log of (1 i)-- for any function F of X, it's F of A F prime of A times (X - A) 1 half F double prime of A times (X - A) squared. That's the standard Taylor's rule thing. So therefore log of (1 i) is, you know log of 1 is 0, so it's going to be 0 i because the derivative of the log is 1 over X and if X = 1 that's 1 over 1. So it's 0 i, and then the second derivative is minus 1 over X squared, and if X = 1 that's minus 1. So with the half here log (1 i) is approximately 0 i - i squared over 2. So you can replace log of 1 i with, I mean .69 over log of 1 i with .69 over i - i squared over 2, so for very small interest rates i squared is practically nothing. So .69 over i if the interest rate is .023 percent and .69 divided by .023 is 30. So it says that at 2.3 percent interest you double your money in 30 years. Well, if i is 7 percent, say, then i squared is starting to get a little bit bigger. So i - i squared over 2 is .07. i squared .0049 over 2 that's .0675. So if I put in i = .07 it's .69 over .0675. That's around 69 over 67. There's a decimal thing, so it's a little over 10, say 10.2. That's like .72 over .07, so .72 is the doubling rule. To get for interest rates around 7 percent, or 6 percent, or 4 percent, something like that, you're going to divide not into 69 but into 72. The interest rate is .07, right? The interest rate is a percent, so it's a decimal thing. So .06 is like 72 over 6. So at 6 percent it takes 12 years to double your money. So the rule, the basic rule is, if you want to know how long it takes at 6 percent interest to double your money you just take 72 divided by 6 and it's 12 years. If it's 8 percent interest 72 over 8 is about 9 years. If it's 10 percent interest it's a little over 7 years to double your money. And so that rule is incredibly useful to keep in your head because you can shock and amaze people by how fast you can compute things if you just remember that rule. So let's just check the rule, by the way. So suppose that you have 24 dollars in the bank, and you have 6 percent interest. So here I took the 24 dollars. You look at the top you see that's the B1 number, and I've just multiplied it by the interest rate, 1.06, and so I keep doing that. Here I've multiplied the thing above it by 1.06 again. So I keep investing the money at 6 percent interest, and over here I've invested the money at 7 percent interest. So anyway, after 12 years you see that 24 dollars, this is year 1, so at year 12,24 dollars has become 48. So it's a very good approximation. And so 7 percent it's supposed to take a little over 10 years. So at 10 years you're not quite there, but 11 years you're past it. So you can see how we're starting with 24, you can see how good the doubling rule is. So that's just something to keep--so we can now do in class lots of concrete examples without having to take out our calculators and stuff because we can do them in class in your head. All right, so let's just do that now. Okay, so in fact why did I pick 24 dollars? Well, this is a famous story you hear in second grade. The Indians sold Manhattan for 24 dollars in 1646, so how bad a deal was that for the Indians? It looks incredibly stupid, but actually interest accumulates pretty fast. So if you look at 6 percent interest, so 360 years gets you to 2006. That's a sort of round number at 6 percent. So at 6 percent how long does it take to double? It takes 12 years to double. So that means at 6 percent interest you're doubling every 12 years. So in 360 years you're going to double 30 times. So in your head you can figure out that doubling 30 times is 2 to the thirtieth, and of course 2 to the tenth is something you should know. It's 1,024. So I'm sure you know that number, right, 2 to the--anyway, that's a good one to remember 2 to the tenth is about 1,000, so 1,000 cubed is about a billion, so basically 24 becomes 24 billion. So at 6 percent interest they sold Manhattan for 24 billion in today's dollars. So that's pitifully low, but if you look at 7 percent interest you can do the same calculation. So at 7 percent interest you should do this in your head now. So it's going to double every 72 over 7 years. So there are 360 years, about, 360 is a very round number, so 360 divided by 72 over 7 that's 5 times 7, it's 35. So 2 to the thirty-fifth, well it's like a billion times 2 to the fifth which is 32. So 1 dollar becomes 32 billion, but we started with 24 dollars so it's 768 billion. So now you're starting to get a little bit closer to what the value of Manhattan is. I mean, the value of all the real estate in the country, all the houses in the country used to be 20 trillion. I'm not sure how far they've gone down now. Let's say they're 15 trillion. So 15 trillion you add commercial real estate, maybe in the whole country that's worth 25 trillion, but that went down too so let's say 20 trillion. Now how much of the 20 trillion could possibly be in New York City? I've actually got no idea, but it can't be that much more--the whole country is 20 trillion. New York can't be worth more than 1 or 2 trillion of the 20 trillion, so you're not that far off. So the deal's not that spectacularly bad although it sounds ridiculous. Anyway, the point is you can do this in your head. So now the next thing that you realize in this example is how huge a difference a percent makes. So why is that so important? Well, managers, hedge funds, we all charge a percent interest. So look at what's happening. I mean, if you look at our Indian investment of 24 and you look--I don't know how many years you want to look over, but you can look over 36 years. That's a sort of typical--you're young and making an investment. When you get old what's the difference? This was the 6 percent growth and this was the 7 percent growth. This is the difference and this is the, I guess, the percentage difference. So it's 28 percent. Of course I didn't label these, but yeah so this is the difference and this is the percent difference. So the percent difference I just showed it to you. Over 36 years it's a 28.6 percent difference. So a typical--you're putting money away right now. You might be giving it to some fund. You might be investing it--whatever fund you're investing in, they could be charging 1 percent interest. And it seems, what's 1 percent, it's a tiny amount, 1 percent, but over 30 years they're taking 28 percent of your money, 36 years. With the Indians over 360 years we saw that it was an astronomical amount that they took. They took almost all your money, right? So look at the percentage that got taken, so 768 billion versus 24 billion, I mean, it's astounding. So giving 1 percent away to a money manager is giving away a fortune if you think you're going to stick with the money manager for a reasonable amount of time. So if you want the secret to how hedge funds make money that's the first way they make it and the most important way. They charge a fee that sounds small, but it adds up over a few years and it amounts to a huge amount of money. Now, you can make it much smaller. Why does it amount to so much money? Because the money that you put in the fund you're keeping in the fund, so it's growing and growing and growing. So they're taking 1 percent of your 24 dollars today. That sounds like nothing, but the money is still there and now 40 years later they're taking 1 percent of a much bigger number. That's why that number gets to be so large. So that's the second thing. So now, let's keep going. So that's the basic thing. So now let's go to define a few terms that everybody should know. What's a coupon bond? A coupon bond is the simplest kind of bond, the first one that was created, and it pays a fixed coupon, dollars, every period for T periods. The T's called the maturity. So it's defined by the coupon which is the fixed payment it makes every year until period T which is the maturity of the bond, and then it also, at the end of period T, pays a principal which is usually how the bond is denominated-- the face value of the bond--it pays the principal or face value. That's usually 100 or 1,000. So a coupon might be 6,6, 6,6, 106. That would be a 6 percent coupon bond. You can also define the coupon by the percentage of the face that it pays every year as a coupon, so little c is the percentage, so .06 times 100 is 6, 6,6, 6,6, 6. I could use big C as 6 dollars. So it's defined by its percentage, by the face and by the maturity. So the first obvious thing to say is if the interest rate is 6 percent and the bond is paying a 6 percent coupon then it has to be worth its face-- so let's always assume the face is 100. So why is that? It doesn't seem totally obvious because the formula is you take 100 times c (that's the first payment) divided by 1 i, then 100 times c divided by (1 i) squared etcetera. It's not so obvious that's going to turn out to be equal to 100. But so you just have to think for a second why that should be. And the way to think of this is if you had 100 dollars in the bank at 6 percent interest you get 106 dollars the next year. Take the 6 and spend it, you'd still have 100 dollars in the bank. That would give you 6 dollars again the next year. You could take that 6 dollars and spend it, you'd still have 100 dollars in the bank. You keep doing that until the last year when you've got 106 dollars. So at 6 percent interest putting the money in the bank and spending the coupons would give you exactly the same cash flow as the bond's giving you. So therefore whether you put the money at the bank at 6 percent interest or buy the bond you're getting the same cash flow, so it has to be by no arbitrage that the initial outlay was the same, so it has to be 100 dollars. Well, that's obvious. Now you can prove it many different ways. Now you can also imagine keeping a bond forever paying 6 percent interest. Then you get--a 100 dollars at 6 percent interest would give you 6 dollars forever. So if there was 6 percent interest and you were getting 12 dollars forever, how much would that be worth at 6 percent interest, 12 dollars forever, 6 percent interest, you get 12 dollars every year forever, what's that? How many dollars is that worth originally? If the interest rate that all banks are giving, and the whole world's agreeing 6 percent is the rate of interest and someone is offering to give you 12 dollars every year forever, how much money in present value terms is he giving you? Student: 200. Prof: 200, right? Because 200 at 6 percent would give you 12 dollars every year, so these are the most basic formulas to keep in mind. So those you may be hearing these things for the first time so it takes a second to adjust to it, but there's no cleverness involved in figuring these out. Now, so we've got the doubling rule, we've got coupon bonds, so that's simple. Now, somewhat subtler thing is an annuity. So an annuity pays you a fixed amount for a fixed number of years. So it doesn't pay the principal at the end, so it pays that C. That's supposed to be a capital C. It pays C, C, C, C for a fixed number of years. So it's a T period annuity. Now annuities also can be changed in two important ways. They can be indexed to inflation. That's a much better annuity because now you're protected against inflation. It also could be timed to last the rest of your life. So we're going to come to this when we talk about Social Security. The most important annuity by far in the whole economy is the Social Security annuity. Once you retire and you're in Social Security they figure out what your coupon is going to be every year. I'll tell you the formula in a couple of classes. So depending on how much you've contributed they calculate what your coupon is every year. So from the day you turn 65 for the rest of your life you get the same C inflation corrected. So we're going to have to talk about why they decided on that contract. But anyway, that's an annuity. So it depends on the length of life. So these annuities are famous in history. Jane Austen in Sense and Sensibility said it was a disaster because whenever you give someone an annuity they live forever. And she said that, some character says her mother gave the servants in the houses annuities after their husbands died and she figured that they were so old-- she gave the annuities. They were the servants of her mother's and she gave them the annuity after their husbands died, and since they were so old she figured she'd pay them a few years and that'd be the end of it, and they just went on and on and on, and she got tired of giving them all the money. But anyway, so obviously when you're giving a life annuity you have to calculate how long the person's going to live, and so we're going to come back to that, the selection of who takes annuities. Do they know that they're going to live longer or not? Anyway, that market's all screwed up and we're going to come to that later, but it's a famous market, the annuity market. Now, how can you figure out the value of an annuity? So this is a very simple thing to do once you've come this far. So this is the next thing to remember. So remember, an annuity's paying C, C, C, C up to period T. Here are the periods T. So how much should this be worth, the present value, what is the present value today at time 0? Well, we know that if it actually went forever, C, C like that it would be--forever, it would go C over the interest rate i. Annuities are often inflation corrected so I wrote r for the real rate of interest. So you could call it C over r for the real rate of interest, whatever. Let's say it's nominal. Let's keep to i even though I haven't used that notation there, so C over i. If you get C dollars forever it's called a perpetuity. So a perpetuity we already know how to value. We said C over i, right? At 6 percent if you're getting 12 dollars every year, it's worth 200 dollars. Now, what if it gets cutoff at T? It sounds like there's going to be a very complicated formula to calculate, but actually it's a very simple formula. Why is that? Because the T period--so here's the perpetuity and the T period annuity equals the perpetuity minus a perpetuity starting at time T-- minus perpetuity contracted at time T-- right? So why is that? Here we have a perpetuity. At time 0 you say to someone, the state, the government says, we'll pay you and your descendants C dollars forever. So we know what that's worth, C over i. Now we say suppose the state tells you we're going to pay you C until time T? What's that worth? Well, it's worth this, the whole thing, minus this part of it, but looked at from this point of view here the whole part of it is just a perpetuity again. So it's just the perpetuity which is C over i - C over i, another perpetuity here, but as of time T because that's like the 0 time-- the money's coming, the next period, forever. Just like at time 0 the money came starting at period 1 forever, so at time T starting 1 period later forever, so therefore it's this divided by (1 i) to the T. So it's just C over i times (1 - (1 over (1 i) to the T)). So this is the next thing you have to memorize, unfortunately, but there are only a few things you have to memorize. So this is a very famous formula for the value of an annuity. So let's just do an example. Suppose somebody--maybe I can just do the same examples, so you've got the proof of that, right? This is no surprise? Remember the whole perpetuity is obviously, it's 6 percent. Let's just think of something at 6 percent. So let's do the 6 percent annuity. At 6 percent interest a 12 dollar perpetuity is worth 200 dollars. That's what we said before. So what is a 36 year? So at 6 percent interest a 12 dollar perpetuity is worth 200 dollars. So at 6 percent interest what is a 12 dollar 30 year annuity worth? It's worth what? How much is that worth? So if it went on forever it would be worth $200 dollars. If we cut it off after 30 years--30 years is a bad time to cut it off. Let's cut if off after 24 years. So you have 6 percent interest. You get 12 dollars, not for every year in the future, but for 24 years, how much is it worth? Well, it can't be worth 200 dollars because it would be worth 200 dollars if it went forever. So it's worth less than 200 dollars, but how much less? So my uncle died, left my sister an annuity. She just had no idea what the annuity was worth. So do you have any idea what it's worth? Yep? Student: 150 bucks. Prof: It is, and how did you get that? Student: The doubling rule at 6 percent interest it takes 12 years to double your money so in 24 years you're going to quadruple your money. So then you just put that 4 into the equation. Prof: So it's 1 - 1 quarter, so that's 3 quarters, and 3 quarters times the 200 we got before is 150, exactly. Exactly right what he said. So does everybody get that? Let's try another one. So let's suppose I pay 8 dollars. Let's see, how long is this going to be? Let me say that again just in case you didn't follow that because I'm going to give a slightly harder one this time. So he's saying how do you figure out the value of an annuity? Something by next class you'll be able to do in your head. It's going to be, take the cash flow that you get over here. If it went forever it'd be so easy to figure out what the value was. If it's 12 dollars at 6 percent interest that's like having 200 dollars in the bank because then at 6 percent interest you're going to get 12 dollars every year forever. So we know that 12 dollars a year forever is clearly 200 dollars. That's C over i, 12 over .06 is 200 dollars, but it's going to get cut off in year 24. So we're going to lose all this future stuff, but the future's not worth very much. Why isn't it worth very much? Because by the time we get here we've already discounted by a lot. So a dollar starting here is actually only 1 quarter of a dollar starting back here, because in 24 years at 6 percent interest you've doubled twice, so it's worth 1 quarter. So you just take 1 quarter of the same annuity. So it's 1 - 1 quarter of the same annuity. So the one that ends in 24 years is like 3 quarters of the value of the perpetuity, 3 quarters of 200 is 150, that's how we did it. So let's reverse the thing. Suppose we know the present value's 100. You're now the company, and you're trying to figure out how much to pay. So what is the C going to be? Let's say it's 8 percent interest, and I'll just do the same example in the notes. In 30 years a typical thing, so it's not going to work out exactly evenly, so 8 percent interest for 30 years. So we know it's worth 100. So let's get rid of all the irrelevant stuff so you don't have the board cluttered. We've got something that's worth 100. There's the formula down here. So the thing is worth 100. You know the interest rate is 8 percent now, and it's a 30 year annuity. So if somebody tells you the interest rate's 8 percent these days, you're going to get a 30 year annuity, you've got 100 dollars to invest. You go to the annuities company, the insurance company, you tell them, "I want an annuity," how much do they give you every year? Well, you just have to figure out what C is. So you put C over .08, so what does that tell you? What would that be? What would they be paying you if it was a perpetuity? If it was a perpetuity what would they be paying you? They'd be paying 8 dollars a year, right? So but they're only going to pay you for 30 years, so how much are they going to pay you, (1 I) to the T. So this is 1.08 to the thirtieth, and what's 1.08 to the thirtieth? Well, 1.08 to the thirtieth by our rule is what? It's equal to 1.08 to the twenty-seventh-- in 9 years at 8 percent interest it'll double, so after 27 years it's going to double 3 times, 1.08 to the third power. So after 27 years it's going to double 3 times, so that's eight, right, 2 to the third power is 8 and then at 8 percent over 3 years it's 108 goes to about 116, goes to about 124, but you know it's going to grow a little faster because 1.08 times 1.08 is a little bit more than 1.16 so it's going to grow to like 1.25 instead of 1.24, so that's 10. So this is just 1 over 10. So the whole thing is 9 tenths. So basically you get almost all the value. After 30 years at 8 percent interest it's such a high interest rate that after 30 years you're getting 9 tenths of the value of the annuity [correction: perpetuity]. So you're going to have to get paid 10 ninths, the 8,000 dollars. It would have been 8,000 dollars if it were a perpetuity--you have to pay the guy a little bit more. You have to get a little bit more because you're only getting it for 30 years. But because the interest rate's so high the stuff after 30 years isn't very important. You have to be given an extra tenth. So it's 10 ninths times 8,000 so it's 8,888 is what your annuity's going to be every year. So just to summarize it, to say it all again, we know how to compute perpetuities with ease, and so if you want 100 [thousand] dollars and a coupon forever, and the interest rate's 8 percent this is 8,000 forever. If you only get it for a shorter amount of time, obviously you have to get more. How much more? Well, it depends. Each year for only 30 years it depends on how much you're giving up at that end. And at 8 percent you're only giving up a tenth of the whole value. So you have to be compensated for that each year by getting 10 ninths of what you would have gotten before, so we're up to 8,888. So those are the words that everybody has to know. So now let's just do a couple more simple computations here just to give you an idea of how Fisher helped here. So I'm going to do a few mortgage things. I haven't defined mortgage yet. Why didn't I do that? So a mortgage is just a 30 year annuity. So one more thing--a mortgage is an annuity. A fixed mortgage, a fixed rate mortgage is defined by a principal. So when we talk about the crisis this word principal will come up all the time. So that's the face value, a principal, a mortgage coupon rate, and a maturity. This is a fixed rate mortgage. So the most common kind of maturity is 30 years, 30 years is the most common and then sometimes there are 15 year mortgages, and then there's a whole host of other mortgages we're going to come to later where there's floating interest rates. So the 30 year mortgage, how much do you have to pay? Well, if it were on an annual payment and it were an 8 percent mortgage for 30 years on a 100,000 dollars, so if it was a 100,000 dollar principle at 8 percent coupon for 30 years we just calculated that you would have to pay, the payment would be 8,888 dollars a year, because 8,888 dollars a year discounted at 8 percent is going to give you 100,000. So that's how the mortgage works. So whenever you hear about a mortgage you always hear the mortgage rate, that's the coupon rate. The maturity is usually 30 years. Then you'd have to be told how much the mortgage is for. Then you can figure out what does the guy have to pay every year. You just figure out the annuity payment that at this interest rate makes his payments have present value at this interest rate equal to the principal. So we just saw it was 8,888 a year. And there's one more little twist with mortgages. So that's not literally true what I said. Mortgages have monthly payments. There are monthly payments and so the monthly rate--at monthly rate equal the coupon divided by 12. So if it's an 8 percent mortgage then it means that they're taking 2 thirds-- so in this case we'd have 8 percent over 12 which equals 2 thirds of a percent. So the mortgage would be .67 percent, and so then you do the monthly calculation. So you have to figure out the C. So it's the summation over 1 2 thirds percent so that's 1.067 in other words, 1.067 to the t, t = 1 to 360 has to = 100,000. That's how much you'd have to pay every month. And so it wouldn't be 8,888 a year it'd be slightly more than 8,888 divided by 12 every month. This is the last of these definitions for today's class. So everybody who's on Wall Street knows what a perpetuity is, and they know how to compute its value at a given interest rate. They know what an annuity is and how to compute its present value. A mortgage is almost the same thing as an annuity, the only twist is that the mortgage is computed monthly instead of annually, using a monthly interest rate, but when they say the monthly interest rate, instead of telling you the monthly interest rate they tell you the monthly interest rate times 12. It's just a convention. All right, so those are all the things you have to memorize. Now, let's try to use the way we can think and do some practical problems here. So here's one of the simplest and most important ones is let's say you're a Yale professor. I gave this example on the very first day of class. You're a Yale professor. When I first gave the example a few years ago when I wrote the notes the average Yale professor, so this was quite a few years ago, eight or nine years ago, was making 115,000 a year. And as it happens the average Yale salary now is 150,000 a year. But anyway, when I wrote it, it was 115,000 a year. So let's suppose this year's professors are making 115,000 and let's say your salary will go up at 3 percent inflation every year, and that's inflation that's equal to the general inflation. So your salary is keeping pace with general inflation and no more. So professors, we're not doing that well. So the salary is 115,000. Now it would be 150,000, but anyway it was 115,000 on average and let's say you're just going to be kept up with inflation. You're going to be told every year you have a 3 percent raise, but that's just going to keep you up with inflation. Now you know you're going to work for 30 years, let's say, and retire for 30 years. That's a little ambitious about how long you're going to live, but let's just suppose that's what you think. You're going to live for 30 years after that. So how much should you spend every year? Well, you can't answer that--and let's say you want level real consumption. So you want to consume the same amount every year for the rest of your life, which is going to 60 years, 30 at Yale, 30 retired. So how much do you spend every year in consumption? Well, you can't answer that until you know the interest rate. So let's say the interest rate, the nominal interest rate equals, let's say, 5.3 percent about, a little bit more than 5.3 percent. So if the nominal interest rate is 5.3 percent, inflation you know is going to be 3 percent and you've got 115,000 coming going up with inflation every year, how are you ever going to figure out how much to spend starting next year when your job starts? It looks like a hopeless thing. You'd have to say, well, if I get 115,000 next year, I consume some of it, I put the rest in the bank, it makes interest, it grows at 5.3 percent, but then inflation is 3 percent, so I take that into account and I figure out how much to spend the year after that, but then I'm going to get 115,000 more of that so I'll save something, maybe more from my next thing and then I'll deposit that at another 5.3 percent, and I have to take into account inflation at 3 percent. It sounds like it's going to get very complicated. How are you going to figure this out? But in fact it's very simple, and Irving Fisher pointed the way to do it and we can now do it in our heads. So Fisher said, don't figure out all this year by year stuff and don't get mixed up with the rate of inflation. You don't care about inflation. You're going to look through the inflation and only care about the real consumption. So the fact is you care about the real rate of interest. So the real rate of interest 1 r = 1 i over the rate of inflation which equals 1.053 over 1.03 which is about 1.023, right? We're doing things in our head now so we have to be a little bit approximating, so, right? If I divide this by this these numbers are so close to 1 that I'm basically just subtracting the bottom from the--the denominator from the numerator. If I multiply 1 g times 1 i, all right, 1 g times 1 r that's going to equal 1 g r rg and if this is .02 and this is .03 then the multiplication is .0006 so this is practically irrelevant. So multiplying numbers like this, or dividing them, is just like adding these things. So it's just like taking this term and subtracting that. So when you get a number near 1 divided by another number near 1 you just take the difference from 1 in the numerator minus the difference from 1 in the denominator. It's pretty close to doing actually the division. So this is about 2.3 percent interest. So the real interest rate is about 2.3 percent. So Fisher would say, ah ha, use the real rate of interest. You're getting 115,000 real payments every year for 30 years at a real interest rate of 2.3 percent, but we know what that is. So what is 115,000 of real dollars every year at a real rate of .023 percent? Well, remember what our formula was. It's the cash you're getting every year-- if it were a perpetuity, you got it every year forever, it would just be the cash you're getting divided by the interest. So 115,000, that's over a tenth of a million every year forever at 2.3 percent interest that would be worth-- that's 5 million so far, but you're not getting it every year. You're getting it for 30 years. So 1 - [1 over] 1.023 to the thirtieth, so what's that equal to? It's no longer 5 million because that would be getting the money forever, 1.023 to the thirtieth is what? Student: It's like > Prof: So we said that 2.3 percent interest, 2.3 into 72 is--2.3 times 30 is 69. So because it's close to 0 the 69 rule almost works. So anyway, an approximation would say 2.3 into 72 is just a little bit over 30, so it doubles every 30 years and you've got it for 30 years, so it's just going to be 2. This number's about 2, right, 2.3 percent into 72 is approximately 30, so every 30 years at this interest rate it doubles. So therefore you've got 115,000 over .023 times 1 - 1 half. You've lost half the value by not getting it forever. So that's 2.5 million. So Fisher says, look, remember the budget set. In GE we studied budget sets. We put P_1 X_1 P_2 X_2 P_60 X_60, that's on the left hand side, is less than or equal to P_1 endowment 1 P_2 endowment 2 P_30 times endowment 30. You're getting 115,000 of real goods every year for 30 years. P_1 is 1 over 1.023. P_2 is 1 over 1.023 squared etcetera. So this revenue on the right is just the annuity of 30 years of 115,000 of real goods. So it's worth 5 million reduced because it's not a perpetuity, it's only an annuity for 30 years and so it's worth 2.5 million. So we've got the right hand side. That's this, 2.5 million. That's how much the present value is. So that's what a professor at Yale can look forward to his entire, her entire career if she started 10 or 20 years ago would be, she'll make 2 and 1 half million in present value terms. If she'd gone to Wall Street, in five years, if she were a Yale undergraduate and went to Wall Street, in five or ten years she'd be making more than that every year. So well, not everybody, but anyway. So how much should she spend every single year of her 60, or life? Well, so we have to figure out this number C, the coupon, right? We have to figure out how much can she spend every year of her life, what C can she spend at 2.3 percent interest where now I have a 60 here? So it's an annuity of 60 years of constant consumption at this interest rate, so how much is it worth? Well, I have to just figure out 1.023 to the sixtieth, 1.023 to the thirtieth was 2,1.023 to the sixtieth is 4, so this is 1 fourth. So we have 3 quarters here. So this is C over .023 times 3 quarters. That's what we have. So we multiply 4 thirds by 2.5 million. You get 10 million--this is .023 divided by 3 times 10 million = C. So that's like 76,000 something, 3 into .023 is 76 and then you have to figure out what decimal place you're at and you know it's going to be less than 115,000. So it's got to be some number, some reasonable percentage of 115,000 so it works out to 76,000. So that's it. You can do that in your head. I mean, not today but after looking at it by next time you'll be able to do that in your head. So this professor can figure out what you should do. It seems like a hard problem. It's life. You've got to figure out what to do every year and now you know how to do it very easily, so any questions about this? I want to do one more little example. All right, so let's do a harder example. It's easier computationally, but harder conceptually. When I just got tenure at Yale, actually I had tenure for a few years; you'll see why this is relevant. The President, Benno Schmidt, of Yale said, "A horrible thing has happened. Generations of Yale presidents before me have not realized that the buildings were not getting the proper care. There's deferred maintenance. Generation after generation did no fixing up of the buildings. I'm the first president who's going to act responsibly and fix up the buildings." And he said, "I'm going to fix up the buildings, and I can tell you that I've hired these planners, and they've come and done an exhaustive study and we have to spend 100 million a year for 10 years, each year for 10 years, to fix up the buildings properly." So that plan, by the way, is the thing that got turned into fixing one college a year. "So 100 million for 10 years that's what we need. These presidents before me have overlooked it. They've spent as if we don't have to keep up the buildings. I've recognized the problem. I'm going to correct it. This is a huge expense they didn't take into account. We have to reduce the budget." So how much do you reduce the budget by? How many cuts should he have made in that first year? How would you have figured out what to do? So what he did is he recommended firing 15 percent of the faculty which didn't go over very well. And the faculty, it was an amazing thing, there's no structure at Yale. The president runs Yale. There's no senate. There's no labor union. There's no nothing. It's just the president. Suppose the president announces, "I'm going to get rid of 15 percent of faculty," what is the faculty supposed to do? There's no mechanism. So what happened is, the old deans who are no longer deans, they were just old, almost all of them were men, again, I guess, old guys. They got together and said, "Well, we have no power. We have no position, but we used to be deans at Yale. It's up to us to do something. We're going to appoint the committee who's going to examine the logic of the president's decision. So we're going to appoint six people that we're going to pick out of the blue and they're going make a report to the faculty and tell us what to do." So I was one of the six and the other five guys were pretty nervous. Well, we all were nervous about actually getting up in front of the president and the provost and the dean and saying that it was all wrong and he shouldn't do this, but we had tenure so we could get up and say whatever the hell we wanted to. So what did I say? What would you have said if you were me? Now the whole budget of Yale was--1 billion equals annual budget, and a lot of things you can't cut. So notice 1 hundred million a year is 10 percent of the annual budget. So he basically said, "Well, we've got 100 million a year. We ought to cut out 10 percent of the budget, and since there are some things we can't get rid of, we've got to keep making fixed payments and the faculty is something-- of course I'm not going to fire the tenured faculty, I'm going to fire people who aren't tenured and when faculty retire I just won't hire anyone to replace them. That's how I'm going to get rid of the faculty." That's how he got to 15 percent. So what would you have done? What would you have said if you were me? "Don't do it," but what else would you have said. What calculation could you do? So you know now what to say yet you can't think of what to say. So what would you say? I'll come to you in a second. What's a reasonable number? How would you think of a reasonable number? Let's take his facts as correct. In fact they didn't turn out to be that far off. The people he hired were pretty good at assessing how much stuff needed to be done. Yes? Student: Well, I guess the first thing you do is figure out what a 10 year 100 million dollar annuity would be worth. Prof: Yeah, and then what? Student: I don't know. Prof: So that's a good start. He says the first thing he'd do is he'd think about what a 10 year annuity at 100 million dollars a year is worth. So why would he want to do that? So that's good. That's what he should do. That's how I started, but what's the relevance of that? Yep? Student: Then if he got that lump sum now he could afford it without needing to fire everybody. Prof: So he could say alumni, please do something about, you know, it's 1 billion dollars, not quite, something less than 1 billion dollars. We'll figure it out in a minute. So alumni please hand over 3 quarters of 1 billion dollars and I won't have to fire my faculty. He could try that. What if the alumni didn't come through? I know you're going to say something, but I want to give a couple more people a chance back there. Yep? Student: It might be cheaper to short an annuity, and that way it definitely turns out to be less and > Prof: So you'd short a 10 year annuity. Student: Yes. Prof: What were you going to say? Student: We're going to have to pay for the colleges for like 10 years or 12 years, however many years you're renovating them, but the faculty are like perpetuities. You have to pay for them the entire time. So if you calculate the C over i for a professor it's probably a lot more than he was estimating, and see how many of those it would take to compensate for the annuity. Prof: Now we're on the right track, exactly. So I'm going to go a step further. I went a step further. I said, "Yale is forever." So what he's telling us is that we need to catch up to where we should be to make up for all that lost maintenance. He's not saying, by the way, that the presidents who built the colleges in the 1920s and stuff weren't paying attention to the physical plan. He was talking about the few generations before him. So once we make up for those losses and then return to a steady state after spending the 100 million a year for 10 years we'll be back to Yale in a steady state. Yale's going to go on forever. So the point is, why should the next 10 years-generation pay for something that's going to make Yale better for the whole infinite future of Yale. So I said, "How much would every generation, not just today, but forever in the future have to consume less in order to make up for this one shot problem, this deferred maintenance that a couple generations of Yale presidents didn't put in?" So in other words, I would figure out the present value of the 10 year $100 mil annuity, and then I would set that equal to what coupon perpetuity gives you the same present value. So how can you figure that out? So in other words, if you lose 100 million for ten years that's equivalent to how much less for every year, so it turns out to be quite a big difference. So it depends on what the interest rate is. Now, it happens that Yale has an interest rate. Yale always uses this 5 percent rule. So if you take R = 5 percent that's supposedly the money Yale, after inflation, is confident that it can get on its endowment. Usually it thinks it can get more. You'd figure out what the annuity value is of 100 million. So I'm overtime. So anyway, we're going to have to--so the punch line is it comes to 32 million a year not 100 million a year. We'll do this calculation next time. And you don't need to fire 15 percent of the faculty to get 32 million a year. So we'll start next time.
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Quantitative_Finance_by_Yale_University
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14_Quantifying_Uncertainty_and_Risk.txt
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Prof: We've dealt so far with the case of certainty, and we've done almost as much as we could in certainty, and I now want to move to the case of uncertainty, which is really where things get much more interesting and things can go wrong. So I'm going to cover this. So we're ready to start. So, so far we've considered is, the case of certainty. So with uncertainty things get much more interesting, and I want to remind you of a few of the basics of mathematical statistics that I'm sure you know. So you know we deal with random variables which have uncertain outcomes, but with well-defined probabilities. So another step that we're not going to take in this course is to say people just have no idea what the chances are something's going to happen. Shiller thinks we live in a world like that where who knows what the future's going to be like and people, they hear a story and then everybody gets wildly optimistic, and then they hear some terrible story and then everybody gets wildly pessimistic, and that kind of mood swing can affect the whole economy. I'm not going to deal with that. It's hard to quantify and I'm not exactly sure it's as important as he thinks it is. So we're going to deal with the case where many things can happen, but you know what the chances are that they could happen, and still lots of things can go wrong in that case. So there are a couple of words that I want you to know, which we went over last time, and I'll just do an example. We always deal with states of the world, states of nature. That was Leibniz's idea. So let's take the simplest case where with probability 1 half you could get 1, and with probability 1 half you could get minus 1. So that's a random variable. It might be how your investment does. Half the time you're going to make a dollar. Half the time, you're going lose a dollar. So this is X, so we define the expectation of X, which I write as X bar, as the probability of the up state happening, so let's just call that 1 half times 1, 1 half times minus 1 which equals 0. Then I define the variance of X to be, what's the expectation of the squared difference from the expectation? So how uncertain it is. You're sort of on average expecting to get 0, so uncertain it is, is measured how far from 0 you are, but we're going to square it. So it's 1 half times (1 - X bar) squared 1 half times (minus 1 - X bar) squared = 1 half times 1 1 half times 1 which also equals 1. So the variance is 1. And then I'll write the standard deviation of X equals the square root of the variance of X, which equals the square root of 1 which is also 1. So very often we're going to use the expectation of X, that's going to be how good the thing is, and the standard deviation is going to be how uncertain it is, and people aren't going to like--soon we're going to introduce the idea that people don't like uncertainty and this is the measure of what they do like. It pays off on average a big number, say, this one doesn't but it could, and the measure of uncertainty is the standard deviation. I choose that rather than the variance for a reason you'll see. It makes all the graphs prettier, but also if you double X you'll double the expectation, obviously, because you just double everything inside here. The variance, though, you're going to end up squaring the two. If you double X you'll double all these outcomes and the mean, so you'll end up multiplying the variance by 4, whereas you'll multiply the standard deviation by 2. So re-scaling just re-scales these two numbers and has a funny effect on that number. So that's the reason why we use these two. Now, you could take another example, by the way, which is .9 times 3 [correction: .9 times 1 third]; let's call this Y, and .1 times minus something. How about let's call this 1 third and this minus 3. Now, what's the expectation of Y? The expectation of Y equals .3, right, equals--just write it out, it's .9 times 1 third .1 times minus 3 which equals .3 - .3 which equals 0, so the expectation of this random variable is the same as the expectation of that random variable. And now the variance of this, of Y, is .9 times (1 third - 0) squared .1 times (minus 3 - 0) squared, which equals .9 times 1 ninth, right, .1 times 9 which equals .1 .9 which equals 1, which is the same as the other one. So here we've got another random variable which looks quite different from this, so clearly standard deviation and expectation don't characterize things. This looks quite different from that one, has the same standard deviation and the same expectation. So we're going to come back what the difference is between these two variables in a second. So there's another thing I want to introduce which is the covariance of X and Y. So we could look at the outcomes of these variables. Where am I going to write this? I'll write it over here. We could look at the outcome of these variables in a picture like this, and so here we have X and here we have Y. So X could turn out to be 1 when Y is 1 third, and X could turn out to be 1 when Y is minus 3. So here's an outcome, and here's an outcome, and X could be minus 1, and we could get 1 third or minus 3. So there are four outcomes looked at here. So if you looked at X alone it's got a 50/50 chance you're here or here. If you look at Y alone it's a 90 percent chance up there and a 10 percent chance down there. So those are called the marginal distributions, but the joint distribution we would have to add a number. So if you looked at X alone, by the way, you would say X alone you would say here's 0, here's 1, here's minus 1, so you could have this or this with probability 1 half and 1 half and Y you could have-- so we'll draw it this way. With Y you could have 1 third or minus 3 and here the probability is going to be .9 and .1. This is 0. Those are the pictures that we started with. So you know where X could end up and where Y could end up, well, you don't know where they jointly could end up. So if they end up on the long diagonal that means when X is high Y tends to be high and vice versa, and if you end up down here X is low and Y is low. So to the extent that the probability is on the long diagonal they're correlated together. To the extent that the probability is on the off diagonal they're negatively correlated. So anyway, to get a sense of that, the covariance is going to be the probability of (1, 1 third) times (1 - X bar) times (1 third - Y bar) the probability of-- I'll just go around the circle of (minus 1, 1 third) times (minus 1 - X bar) times (1 third - Y bar) the probability of (minus 1 and 1 third), sorry what did I just do? I did minus 1 and 1 third. I've already done that, so I'm down here. So (minus 1 and minus 3) times (minus 1 - X bar) times (minus 3 - X bar [correction: Y bar]) probability of the ordered pair-- Student: Should that minus be the X bar or Y bar? Prof: Thank you. And probability, what's the point I haven't done yet, (1, minus 3) times (1 - X bar) times (minus 3 - Y bar). So why does that covariance pick up the idea of correlation? Well, to the extent that the probabilities are high here and over there on the long diagonal this term is going to get a lot of weight, and what is the other term, (minus 1, minus 3), and this term is going to get a lot of weight. So to the extent that you're on the long diagonal this term and this term are going to get a lot of weight, but you see those terms this is going to be positive because it's 1 - 0 and 1 third - 0, so that's a positive term. And this is negative, minus 1 - 0, minus 3 - 0, so a negative times a negative is also positive. To the extent that you're down here and up there you're going to get big positive numbers in the covariance. To the extent you're on the off diagonal you'll get big probabilities here, but they all multiply negative terms. This is a minus and this is a minus, because one of terms is above the mean and the other one is below the mean. That's what it means to be in the off diagonal. So covariance is giving you a sense of whether things are moving together or moving the opposite way. So those are the basic things you have to know. And I guess another couple things are, the covariance is linear in X, right, because if you double X every time you see the X variable over here it's always an X outcome minus an X bar, an X outcome minus an X bar, an X outcome minus an X bar, an X outcome minus an X bar, so if you double X you're going to double every term. So it's linear in X and in Y, and so one last thing to keep in mind is that the variance of X is just the covariance of X with itself. Obviously if you just plug in X equal to Y you just get the formula for covariance [correction: for variance], and similarly because they're linear the covariance of X Y-- so the variance of X Y, one more formula, of X Y by linearity--first of all that's the covariance of X Y with itself, and therefore by linearity now, I'm just going to do linear stuff, that's equal to the covariance of X with X the covariance of Y with Y 2 times the covariance of X with Y. Since it's linear I just do the linear parts, right? Covariance of X Y with X Y is covariance of X Y with X covariance of X Y with Y, then I repeat the linearity thing and I get down to that. So those are basically the key formulas to know. So now I'm going to make three little observations that come out of all of this that are quite fascinating, so quite elementary. Are there any questions about this, these numbers? Yes? Student: I don't understand why you gave the probability of (negative 1, negative 3) weight when negative 3 has a much more probability of being hit on that 1 third. Prof: Why did we give? Say that again. Student: Why did you underline the probably of negative 1, negative 3. Prof: Probably of negative 1, negative 3. That's this outcome here. We underlined it not because it was very likely, but because this term is going to be positive. This is positive and this is positive. So the whole point is the joint distribution is not specified, not determined by the distributions of X alone and Y alone. So even if I know the probability of what X could do, and I know what the probabilities that Y could do that doesn't tell me anything about what numbers I should put on these four outcomes. For example, I could have at one extreme when X is high Y is high--it can't be exactly that because the probabilities are different. These numbers and those numbers don't determine these four numbers. So there are many different numbers I could put in these four squares which would give me in total this probability outcome for X and in total this probability outcome for Y. So an easy way to see that is if I made them. So what are the observations I want to make? For instance, I could say if X turns out to be 1 half then I'll always assume Y turns out to be 1 half, and then with the other 40 percent of the time Y might turn out to be-- when Y's high X might have to turn out-- so here are some ways I could do this. I could put 50 percent here, .5 here right? Then 40 percent of the time this is going to turn out--so I have a .5 here, then what could I do with the rest of this? This plus this has to add up to 50 percent. So 50 percent I could have X turn out to be here. So when X is 1 I could have Y always turn out to be 1, so that means I must have a probability here, a probability 0 here because here's X 50 percent. So this plus this X is going to turn out to be 1,50 percent of the time. Now, how much of the time is Y going to turn out to be down here a .1? So suppose I put these probabilities, .4? Now, so you see that X is--50 percent of the time X is 1, and 50 percent of the time X is minus 1. Now, how many of the times is Y 1 third, .5 .4, so 90 percent of the time, and then 10 percent of the time Y is minus 3. So here's one way of putting probabilities on the dots that produces this outcome, but I could have chosen another way of doing it, the way that you probably had in mind where I assume they're totally independent. That is, knowing the outcome of X in this way of doing it, if I know that X turned out to be 1, Y has to turn out to be a third. So they're very dependent. X is somehow causing Y or determining Y. X has a lot of information about Y. Suppose I make them independent? I say what happens here has nothing to with what happens over there. Then I write the probabilities, instead of these, I'd write it .45. I'd take 1 half times .9 is .45, and then the chance that you go down for X, which is .5 and up for Y which is also .45 here, then I'd go .05 here and .05 there. So here, knowing that Y has a good outcome tells you nothing about what X is going to do. It's still equally likely X was good or bad. Knowing that Y had a bad outcome, X is still likely to be equally likely good or bad. And similarly knowing the outcome of X tells you nothing about the outcome of Y. This is 9 times this and this is 9 times that. So the yellow is independence, which is probability ((X equals x), and (Y equals y)), equals the product, Probability (X = x) times probability (Y = y). So that's the case in independence. So in the case of independence, knowing something about one variable tells you nothing about what happened to the other variable, but you could do other joint things. So knowing each of them separately doesn't tell you how they're jointly distributed, and the covariance is an effort to see whether they're sort of correlated together or whether they're correlated independently. So independence, by the way, independence implies covariance equals 0. That's obvious because what's happening in the X variable's got nothing to do with what's happening in the Y variable. So since it's linear in X you can hold Y fixed, and the X is just the same and you're going to get something that adds up to 0. So for any fixed value of Y this number will just give you the expectation of X, which won't depend on Y and it's going to be 0 in every case. So therefore if they're independent their covariance has to be 0. So, independence means X and Y tell you nothing. That means the covariance is 0. They could be positively distributed like up here or negatively distributed, either way you want to do it. Does that make sense? You asked me about this. Student: Yes. Prof: So what are the key simple observations here that are going to inform a lot of our behavior under uncertainty? Well, it's going to turn out that expectation is good and standard deviation is bad. So if we take this variable that we just found, X and Y were both here, X and Y were both there. All right, they each had standard deviation 1 and expectation 0, so this is the standard deviation. So X is here, and by the way so is Y, same thing. Well, suppose I put half my money into X and I put half my money into Y, and if I put half my money in each let's say I get half the payoff of each. I make half a bet and get half the outcome. What happens to my expectation? Well, the expectation of that obviously equals 1 half X bar 1 half Y bar which also equals 0. So it's staying the same. The expectation hasn't moved, but what's the variance of 1 half X 1 half Y? Well, by that formula it's the covariance--so I'm just going to do this formula. I'm going to a 1 half here and 1 half here. So it's the same thing. So it's the covariance of 1 half X with 1 half X the covariance of 1 half X 1 half Y 1 half and 1 half. But the covariance of 1 half X with 1 half X is just, okay, what is that? It's the variance of 1 half X, but we already saw from our definition of variance over here, remember, if you double X you're going to multiply the variance by 4 because you're squaring things. So this is going to turn out to be 1 quarter times the variance of X. And this, which is 1 half Y and 1 half Y, is going to be 1 quarter times the variance of Y. And if the two are independent the covariance will be 0. So in this example, these two variables, if I take the orange distribution where they're independent I can do an X outcome and have this standard deviation and this expectation, 0 expectation and that standard deviation, I can do the Y thing, get the same standard deviation or I can put half my money in each. It seems like a total waste of time to put half my money in each. After all, they give me the same standard deviation, but no, it isn't. If they're independent you're shockingly, drastically reducing your standard deviation. Because if they're independent the covariance is 0 and so this plus this plus, the variance of X = the variance of Y is just the half the variance of X = half the variance of Y. So that's shocking. So the standard deviation, therefore, the square root of that is 1 over the square root. So by putting half your money in each you've now produced this when they're independent. So this is the standard deviation of 1 half X 1 half Y, (X, Y) independent. You move from this point to that point. You reduced your standard deviation without affecting your expectation. So the first lesson that we're going to see applied, this is all mathematics so mathematicians understood this, of course, a long time ago, but to realize this has an application to economics wasn't so obvious, although Shakespeare knew it. It's diversification. So don't put all your, you know, spread your investments out into different waters. Shakespeare, you know, Antonio had a different ship on each ocean, so instead of putting all the ships on the same ocean he put them on different oceans which he assumed was independent. So he had the same expected outcome assuming the paths were just as quick to wherever he was selling the stuff, the same expected outcome and that each of the waters were equally dangerous, but he drastically reduced his variance. And because there were a lot of oceans and a lot of ships this number went down further and further. So the key is to look for independent risks. So that's one lesson in mathematics that has a big application in economics. What's a second thing? Well, the second thing is that if you add a bunch of risks together, so I'm going to say this loosely. If you add a bunch of risks together, so by the way, what's the generalization of this before I say this? If you had N independent risks with identical means and variances, means let's call them all X bar and variances, sigma squared. Let's say they all have expectation E and variance sigma squared, each of them has that, then what happens to the-- so each of them has standard deviations, so they're all identical. Like X and Y have the expectation 0 and the same standard deviation 1. Suppose I had 20 of those and I put 1 twentieth of money into each of them? What would happen to my expectation? 1 over N dollars in each one implies what happens to my expectation if expectation equal to what? Each of them had expectation E. I now split my money among all of them, all with the same expectation. That also has to have expectation E. All right, just like this thing putting half my money in Y and half my money in X, wherever the X went. Y was over here. X is there. Half my money in X and half my money in Y, is going to give me the same expectation. If I had 12 projects like that that were independent I'd still have the same expectation, but my standard deviation, what's going to happen to my standard deviation? Well, the variance is going to be--so what's going to happen to the standard deviation? Student: It would go down. Prof: By what factor? Yeah, what's going to happen to the variance? Student: 1 over... Prof: Put 1 over N dollars in each of N identical but independent investments, what will my variance be? Student: > Prof: The variance is going to equal 1 over N times sigma squared. Why is that? Because each one will have 1 over N dollars in it, so its variance is going to be 1 over N squared times sigma squared, but there are N of them. So it's going to be N over times 1 over N squared, so it's just 1 over N, so implies the standard deviation-- so I'll call it standard deviation, is 1 over the square root of N times sigma. So it's just this generalization. We've got 1 over the square root of 2, so if I did N of them instead of 2 of them I'd have 1 over the square root of N. So those turn out to be very useful formulas which are going to come up over and over again. And let's just say it again so you get this straight. If I have two independent random variables, and I split my money evenly between them, and they have the same expectation, it doesn't have to be 0, it could be a positive number, if I split my money between them I haven't changed my expectation because each dollar, however I split it, I'm putting it into something with the same expectation. But because they're independent you get a lot of off diagonal things happening. The off diagonal things, remember, are canceling. One investment is turning out well, X is--sorry that's on the diagonal. The off diagonal elements are good in a way because if one investment's turning out well, sorry, turning out badly the other one's turning out well. So here investment Y is turning out badly, but X is turning out well. So to the extent you're off the diagonal you're canceling some of your bad outcomes because one's good and the other's bad. So that way you leave the expectation the same, but you reduce the variance. In fact it would be even better if you could put everything on the off diagonal, but to the extent you get at least some stuff on the off diagonal you're reducing the risk. And how fast do you reduce it when they're independent? You reduce it dividing it equally because the variance is a squared thing, half your money in one and half in the other means the variance of the first is 1 quarter and the variance of the second is 1 quarter, but now there are two of them so the total variance is 1 half of what it was before. If you have 10 of them each one is 1 tenth the money so it's got 1 one-hundredth of the variance, but there are 10 of them so it's 10 one-hundredths, 1 over N of the variance. If you take the standard deviation it's 1 over the square root of N. So that's the rate at which you can reduce your uncertainty and your risk. You'll see this gets much more concrete next lecture. So this is just stuff that most of you know. So one more thing, if you add a bunch of independent things together, independent random variables, so I'm going to speak very loosely now, variables, you get a normally distributed random variable, normally distributed random variable with the corresponding expectation and standard deviation. So what am I saying? I don't want to speak too precisely about this because if you've seen this before and seen a proof you know everything about it, if you haven't it's just too many subtleties to absorb. But the normal distributed random variable's the bell curve that looks like that. It looks like this. So there's the bell curve with expectation 0. So it's this bell curve. Now, what's special about it, it has a particular formula which has got an exponential to a minus X squared thing. Anyway, it's got a particular formula to it which if you know you know, if you don't it's written down. We're never going to use the exact formula, but it looks like that. So these are the outcomes X and this is the probability, probability of outcome, or frequency of outcome. So the bigger X is, and this is the mean--equals 0--I've assumed the mean is 0. If you take a really big X it's very unlikely to happen, and a really small X it's very unlikely to happen, and X's nearer the mean are pretty likely to happen. So anyway, it's amazing that if you add this random variable to itself a bunch of times it can only produce 1 and minus 1, right? This one produces totally different outcomes, 1 third and minus 3, they're disjoint outcomes, but if you add this together you can get 25 1s and 10 minus 1s, so that gives you 15. Over here you could have--25 will never get me there, so sorry, that was a bad example. If I had 30 things I could get 18 1s and 12 minus 1s, that'll give me 6, you could have gotten 6 over here, but with 30 outcomes you could get, you know, all 30 of them could have turned out to be 1, and that would have gotten you pretty close to the same outcome. So just because these outcomes are separate, once you're adding them up you're starting to produce numbers different from 1 and minus 1, and these added up--if you take the right combination of 1 third and minus a third-- you can start reproducing things. Like to get a 1 here you could produce three tops and then you're producing a 1. So anyway, the shocking thing is if you add a bunch of these random variables that are independent to each other you get something normally distributed that looks like that because this random variable had exactly the same mean and standard deviation. You add the same number of these you're going to get outcomes that are almost identically distributed. So in the limit this random variable, enough of these added together looks exactly the same as these added together. That's the second surprising mathematical fact. And the third thing that we're going to use is that the normal distribution is characterized by the mean and standard deviation, that's all it takes to write the formula of this down, and these numbers, these are called thin tailed. These probabilities go to 0 very fast, so you shouldn't expect many outlying dramatic things to happen. And in the world they do happen, and so we're going to see that much of classical economics is built on normally distributed things and so you can't see-- you shouldn't expect any gigantic outliers to ever happen. And it seems natural to build it on that kind of assumption because if you add things that are independent you get normal distributions all the time. And things seem independent so why shouldn't you get normal distributions, and yet we must not get it because we have so many outliers. So that's the basic background of mathematics. Are there any questions about any of that? I'm just assuming you know all that and now we're going to move to economics. I think that's all the background you need. I want to do one more thing, which is maybe background, but it's used in economics all the time, and it's called the iterated expectations. So if I told you that these variables were correlated like these up here, like the orange things, if I told you what X turned out to be that would tell you a lot about what Y was going to be. So for example, if I told you that X was--sorry, the white ones are the correlated ones. If I tell you that X has turned out to be 1, that tells you that Y has to be a good outcome of 1 third, because if X is one this never happens. So the only thing that can happen if X is 1 is that Y turns out to be 1 third, so knowing X is going to completely change your mind about the expectation of Y. So conditional expectation, I should have said this before, conditional expectation simply means re-computing expectation using updated probabilities from your information. Now, you've probably done this in high school, so I'm just going to assume you know how to do this. So in this case if I tell you something like X has turned out to be 1 that tells you that only these two outcomes are possible. So that means that the only two outcomes in the white case have happened with probability of .5 and 0, but if I tell you X has come out to 1 the conditional probabilities have to add up to 1. So you just scale things up. So you know that Y had to have been the good outcome up here. If I tell you that the bad outcome for Y has happened then you have probabilities of .1--so this 0 makes things too easy. Suppose I tell you the good outcome of Y has happened. What are the chances now that X has gotten the good outcome in the white probability case? If I tell you that Y turned out to be 1 third in the white probability case what's the probability that X turned out to be 1, conditional on that? Student: 5 ninths. Prof: 5 ninths, so that's it, because the probabilities are now--you're reduced with .4 and .5 so 5 ninths of the time. So that's an idea which I assume you all can--it's very intuitive, and it's way too long to explain, and I'm sure you know how to do that. So anyway, the conditional expectation, blah, so the iterated expectation is simply this. It's an obvious idea, but it's going to be incredibly useful to us. It says if you ask me what are the chances that the Yankees are going to win the World Series against the Dodgers-- let's suppose that's who's going to play-- the Yankees are going to beat the Dodgers, what's the probability that's going to happen? What do you expect the chances are? If I then ask you my opinion after the first game, well, obviously if the Yankees win the first game my opinion's going to go up, so I'm going to have a different opinion. If the Dodgers win the first game my opinion is going to go down, so I'll have a different opinion. But you can ask now another question, what's your expected opinion going to be? So the law of iterated expectations is, the expectation of X has to equal the expected expectation of X given some information. So here is what I think. The Yankees are 70 percent likely to win. If I say after the first game [clarification: if the Yankees win] I'll think it's 80 percent, and after the first game if the Dodgers win I'll think it's gone down to 65 percent, it had better be that the average of my opinions after the information is the same as the number I started with. That's just common sense and I'm not going to bother to prove that. So that's incredibly important. It's not only the expectation of X, but as you learn stuff you can anticipate your opinion's going to change, but your average opinion has to always stay the same as X was. So that's the last of the background. And now I want to do a simple application of this. So in fact, to that very question, suppose that you're playing a World Series. The Yankees are playing the Dodgers and let's suppose that the Yankees have a 60 percent chance of winning any game. I'll just do it here. The Yankees have a 60 percent chance of winning any game. What's the chance the Yankees win a 3 game world series? How do you figure that out? Well, a naive way, a simple way of figuring that out is to say, well, what could happen? Life can mean a Yankee win, let's call that an up, or a Yankee loss, let's call that a down, and this could happen with probability .6 or .4. The Yankees could win again, so that's probability .6. We have two Yankee wins, or the Yankees could lose the second game so that's probability .4. The Yankees could lose or could win. That's .6 and this is .4, and we've only played 2 games. The Yankees could win a third--well, you don't need to play this game because they've already won a three game series, but if you did it wouldn't matter, .4, or we could go up or down. The Yankees after winning and losing could then win probability .6, or could lose, or after losing and winning they could win again or they could lose. After losing and winning they could lose, so this is probability .4 and this is .6, and then finally we have this and we have this. So this is .6 and .4. So this is what the tree looks like. You could imagine 8 possible paths each of length 3 where you give the whole sequence of wins and losses. So to compute the probability that the Yankees win you look at all the--so in this case the Yankees win. They would have already won here, but if you play it out it doesn't matter. They're going to win here and here. They've got two wins and one loss. Here they've got one win, two wins and one loss. They win. Here they've got loss, win, win. They win the World Series. Here they lose, win, lose. They lose the World Series. Here's lose, win--it's win, lose, lose, they also lose the World Series. Here it's lose, lose, they've lost the World Series, loss. So these are the possible outcomes. So you could compute the probability of every path, there are 8 of them, and then multiply that probability by the outcome and you'll get the chance that the Yankees will win the World Series, right? That's clear to everybody? But there's a much faster way of doing it and putting it on a computer, and that's using the law of the iterated expectation. So first of all--so this is called a tree. So we're going to use trees all the time. So tree, I don't want to formally define it. It's just you start with something and stuff can happen. Stuff happens every period, and so you just write down all the things that can happen. And then you write down all the things that can happen after that and the thing unfolds like a tree. That's formal enough to describe a tree and here we've got it. But you notice that the tree the number of things happening grows exponentially. It's horrible to have to compute something growing exponentially, but they're often recombining trees. Oh, so if I ask, by the way, in this tree whatever the opinion is here, which turns out to be .68 something, yeah, I should have asked you to guess, .68 something. If you write down the opinion that opinion has to be the average of the opinion here and the opinion here. So if I take the opinion here times .6 plus the opinion here times .4 that's also going to equal .68. And that's what's going to be the key to computing the thing much faster rather than going through every branch which is such a pain because there are an exponentially growing number of paths, very bad to have to compute by hand. But we notice that we can look at a recombining tree. These two nodes are essentially the same. What difference does it make if the Yankees win one and lose one, or lose one and win one? In both cases they're at the same spot. They're even in the World Series. And since we assume the probability of winning any game is the same, .6 and .4, independent of what's happened before-- you might think you're learning something about, "Oh, their starter pitched here and he didn't last the whole game," and stuff like that. So I'm not allowing for any of that. I'm just saying it's a (.6, .4) chance for the Yankees to win no matter what happens. So all you care about at any point from then on is who's won how many games. So these nodes are basically identical, and these nodes are identical, because it all ended up with the Dodgers ahead 2 to 1, and here the Yankees were ahead 2 to 1, and here the Yankees were ahead 3 to 0, and 0 to 3. So the recombining tree which has all the same information is just this, this, this, this tree. So this three only has 1,2, 3,4, 5, has far--it's 1 node, 2 nodes, 3 nodes and 4 nodes as time goes by growing linearly instead of growing 1, to 2, to 4, to 8 which is growing exponentially. So I could have a very long World Series and write it as a finite tree and just .6 and .4 here at every stage. So how am I going to solve this now? Well, over here I know the Yankees ended up winning all 3 games. Here they won 2, here they won 1, here they won none. So those are the outcomes. So instead of trying to figure out path by path, through these exponential number of paths what the chances of each path are, why it's hard to compute here, it's .6 times .6 times .4, a complicated calculation, I'm now going to do something simple. I'm going to say, what would I think if the Yankees had already won 2 games? Well, I know that they would win. That's a 1. The series is already over. What would I think after the Dodgers won the first two games? I'd know it was over. What would I think--so how did I get that? It's .6 times 1 .4 times 1. That's 1, the Dodgers .6 times 0 .4 times 0 that's 0, so that's my opinion if the Dodgers win 2 games. Here's my opinion if the Yankees won 2 games. What would my opinion be if they split? Well, if they split what would my opinion be if I started here? So after game 2 they've each won 1 game. I don't know who won the first one, but it was 1 to 1 after 2 games. Now what would I think? Student: .6 times 1 .4 times 0. Prof: Exactly, so it's .6. It's .6 times 1 .4 times 0. So the odds, I would think, the Yankees would win the World Series here with 1 game left knowing that they win 60 percent of the time it's .6. But now what do I think if the Yankees win the first game? What's my opinion? Student: .6 times 1 .4 times .6. Prof: So it's .6 times 1, so it's .6 .4 times .6, so that's .24, so that's .84 here, and what's my opinion after the Yankees lose the first game and the Dodgers win? What do I think is going to happen? What will my opinion be here? It's .6 times having an opinion of .6, so it's .36 .4 times knowing that it's all over .4 times 0. So it's equal to .36. So I've now figured out--not only am I solving this thing much faster than I could over there, but I'm finding interesting numbers on the way. I'm now figuring out what would I think after the Yankees won the first game? Well, now I think it's 84 percent. What would I think after the Dodgers won the first game? I'd think it was only a 36 percent chance of the Yankees winning. So now what's my opinion at the very beginning? It's .6 times .84 (it's my chance of having this opinion plus my chance of having that opinion) .4 times .36. Oh no, 504 (maybe) 144 what is that? Student: .648. Prof: .648,6 times 84 looks like 504 and 4 times 36 looks like 144, so it looks like .648 and that's what you said. So that's it. I've solved it now. So that's the method of iterated expectation and we're going to turn this into quite an interesting theory in a second, but I want to now put that on a computer to show you just how completely obvious this is, I mean, not obvious, fast this is. So you could solve for any number of--a series of any length you could instantly solve. Now, we're going to price bonds that way too. So class--so what did I do? I--this is a spreadsheet you had. I simply had the probabilities of the Yankees winning which was .6, which I could change. Student: Can you lower the screen? Prof: Oh. Student: Thank you. Prof: So this is the simplest thing to do, but now suppose that--so we said the Yankees can win every game with probability .6. So then what did I do? I went down to here. I gave myself some room. I didn't do a very long series. So now what does each of these things say? Each of these nodes, like that one, says, if I can read it, it says--so this is my opinion of winning the World Series. It says my opinion here is going be the chance I go up. That's the probability, that's A 2, that's .6, the chance I go up times what my opinion would be over here, plus the chance that I go down, which is here, the chance I go to here which is 1 minus that number .6 that's frozen up there, times whatever I thought would be my opinion here. So you see that's the same--I just write that once. I wrote that once here, that thing about the probability, my opinion there is the probability of going up. That's S A, dollar A dollar 2, that's .6, it's frozen, times what my opinion would be and the square over 1 and up 1 plus 1 minus dollar A dollar 2 times my opinion over 1 and down 1. So I just copied that as many times I wanted to down the column and then I copied it again across all the rows. So all of these entries are identical, they're all just copies of each other. So it's just says iterate your opinion from what you know it was forward. Now, how do I take a 3 game World Series? Well, we're starting here. This'll be game 1, game 2, game 3, so all I have to do now is put 1s everywhere here like 1 enter, and now I'll copy this, ctrl, copy, and go all the down here. So that's it. So we've got all the numbers. So why is that? Because my opinion here--remember the numbers we got? The series goes 1 game, 2 games, 3 games, so if you end up above the middle that means the Yankees won the majority of games. Your pay off is 1. Your probability of the Yankees wining is 1. So now what's your opinion going to be? If you've won 2 games then the Yankees have to have won. What if the Yankees win the first game? Remember the numbers we got 1, and .6, and 0, so here's the .84. It's the average of 1 and .6. Here's the .36 which was the average of .6 and 0. And then we come down to the middle which is .648. So what do I do if I want to play a 7 game World Series? I have to get rid of this, and if it's a 7 game World Series I would just-- now I want to restore what I had before, so I'm going to copy all this, ctrl, copy, ctrl. So I'm back to where I was before. So you see what I'm doing here? The game hasn't started. This is the first game, second game, third game, fourth game, fifth game, sixth game, seventh game. Every square is just saying my opinion is my average of what my opinion will be next time. If I want to make it a 7 game World Series I just plug in 1s here. There must be some faster way of doing this, but I plug in 1s here. So ctrl, copy and here are all the 1s down to above the thing, ctrl V, and now I've solved my opinion backwards and I've got the chances of the Yankees winning a 7 game World Series are 71 percent. So the longer the World Series goes the better the chances are the Yankees win if they're better in each individual game, and you can do it instantly. So are there any questions about that? So that is a trick we're going to use over and over again to price bonds. You do it by backward induction because of the law of iterated expectations. Your opinion today of what's going to happen way in the future when you get a lot of information has to be the average opinion you're going to have after you get some information, but before you know what the final outcome is. And so realizing that, you just take the pieces of information one by one and work backwards from the end and you can solve things instantly which would take in the brute force way an exponentially growing length of time to do if you did them path by path. I now want to turn to an application of this to one subject, which is, let's just not do the World Series. Let's do a more interesting problem. I hope I have time to finish this story. So the more interesting problem is this. Let's suppose our uncertainty's of a different kind. Instead of not knowing the outcome of the World Series let's say we don't know how impatient we are. So remember the most important idea so far that we've seen, because we haven't done uncertainty yet, the most important idea we've seen so far is impatience. That's the reason why you get an interest rate and the interest rate is the key to finding out the value of everything. So Irving Fisher put tremendous weight on impatience. And now that we're talking about uncertainty the natural thing to make uncertain is how impatient you're going to be. So we want to talk a little bit more about impatience. So impatience by Irving Fisher is the discount. So in fact I want to talk about this in sort of realistic terms. Do we really believe that people just discount the future, 1 year they discount by delta, 2 years discount by delta squared, 3 years by delta cubed, 4 years by delta to the fourth. Is it really true that every year people think of as delta less important as the year before? I mean, the argument for this is you might not live beyond a certain-- you know, poor imagination, so imagination, poor imagination, we've said this before, poor imagination and mortality are the two arguments for discounting. But let me tell a story that seems to contradict that. Suppose someone asks you to clean your room and they give you a choice of doing it--I can give my son for example. Say I--"Clean your room Constantin," and so if I say do it today or do it tomorrow that makes a huge difference to him, I mean just a huge difference doing it today from doing it tomorrow. He'll think doing it today is just impossible, doing it tomorrow I can almost force him into agreeing to that. So clearly there's a big discount between today and tomorrow, but what about between a year from now and a year and a day from now? Do you think Constantin will think there's any difference in that? The answer is no. If I say, "Constantine, do you agree to clean it 365 days from now or 366 days from now," to him there's hardly any difference, but there's hardly any tradeoff. One is hardly more valuable than the other, of course, they're both pretty unimportant, but the ratio of the two doesn't even seem important to him. So that's called hyperbolic discounting. If you do any experiment with people or with animals, you make a bird do something and if he does more stuff he gets the things faster, he'll do a lot of stuff to get it in the next minute as opposed to in 2 minutes, but the difference between what he'll do in 10 minutes versus 11 minutes is very small. So hyperbolic discounting is discounting much less than exponential discounting. So this has a tremendous importance for the environment. If you thought that people exponentially discounted like they thought each year was only 95 percent-- if the interest rate's 5 percent it sounds like the discounting is .95, so if next year's only 95 percent as important as this year, and the year after that is only 95 percent as important as the first year, and the third year is only 95 percent as important as the second year, .95 in 100 years to the hundredth is an incredibly small number. So there's no point in doing something today and investing a lot resources in order to clean up the environment and help people 100 years from now, because by discounting it this much nobody could, you know, what's the difference because the future's so unimportant. You shouldn't be investing resources now to do something that's going to have such a small effect later. So in all the reports on the environment a crucial half of the report is devoted to what the discount rate should be. So, but they never thought of doing the most obvious thing which is to ask what would happen if the discounting was uncertain. All of these are certain discount rates. So what if you made the discounting uncertain what would you imagine doing? So suppose you discount today at 100 percent, and maybe next period you're going to discount at 200 percent, this is the interest rate, and here it might go down to 50 percent. It could go up to 400 percent or it could go down to 100 percent again, or it could go down to 25 percent, you know, this kind of discounting I have in mind. You don't know--so delta = 1 over (1 r), and this is r, r_0, r_up, r_down. So maybe the discount is uncertain and it goes like that. So it's a geometric random walk. I keep multiplying or dividing by 2. I multiply or divide by 2. I multiply or divide by 2. That seems to make for a lot of discounting. These numbers are going up very fast. The higher the r, the less you care about the future. So the question is if you ask for a dollar sometime in the future, what will people be willing to pay for it? So you know today that you think the future is only half as important as the present. Let's say these all have probability of half. And tomorrow it might be that you think the future is only 2 thirds, the next year's only 2 thirds as important as that current year, or you might think the future's only 1 third as important as this year. So you see how this is working? Two years from now you might think the future's only 1 fifth, the third year's only 1 fifth as important as the second year. Here you might think the third year is half as important as the second year. Here you might think it's 4 fifths as important as the third [correction: second] year. So you don't know what it's going to be, and if anything this process seems to give you a bias towards getting really high numbers, high discounts, meaning the future doesn't matter. So, but nobody bothered to stop--so this is the most famous interest rate process in finance. This is called the Ho-Lee interest rate model where you think today's interest rate might be 4 percent. Maybe it'll be 10 percent higher next year or 10 percent lower and it'll keep going up and down like that, and that's the uncertainty about the interest rate. So if we think interest rates are so important, and patience is so important, and we want to add uncertainty, the first place to do it is to the interest rate, and the Ho-Lee model in finance does that. Nobody bothered to compute this out more than 30 years. Compute what out? Suppose you get 1 dollar for sure in year 1. How much would you pay for 1 dollar in year 1? Well, your discount is 100 percent. You'd pay 1 half a dollar. How much would you pay for 1 dollar in year 2? Well, you know how much more a dollar now is worth than 1 year from now, but you don't know 2 years from now so you have to work by backward induction. Here 1 dollar for sure is worth 1 dollar. What would I pay for it here? I'd pay 1 third of a dollar. What would I pay for it here? Well, the discount is 2 thirds. I'd pay 2 thirds of a dollar. So what would I pay for it back here? I'd pay 1 half times 1 third 1 half times 2 thirds discounted by 100 percent. So that's 1 third 1 sixth which is 1 half, times 1 half, which is 1 quarter, I guess. So I'd pay 1 quarter. So for any time I could figure out D(t) = amount I would pay, I'm going to be done in one minute, amount I would pay today for 1 dollar for sure at time t. And that number, obviously, is going to go down as t goes up, and we know how to compute it by backward induction. You just put the 1s further and further out and then you go backwards by backward induction. But just like for the World Series I could do that any T however big I want to, and on a computer, and the spreadsheet which I wrote for you, you could do this instantly. And nobody bothered to do this for T bigger than 30 because bonds basically don't last for more than 30 years, so what's the point in doing it for T bigger than 30? So 100 years--there are virtually no financial instruments that are 100 years long because they didn't both to do this. Suppose you did it for every T up to 1,000 years? Well, you could do it on a computer very easily. You could even prove a theorem of what it's like. So in the problem set I'm going to ask you do a few of these, and what you're going to find is that people are hyperbolic-- that you get--you discount a lot. It's pretty close to 100 percent for the first few periods, but after that you're going to be--anyway, you're going to find out what the numbers turn out to be when you do it on a computer. So we're going to start with random interest rates next period, the most important variable in the economy.
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_16.txt
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[Music] okay hello everyone this is a reshoot of class number 16 that deals with externalities okay so let's kind of briefly review what we've done up until this point we've been looking at supply and demand and we've had some things like this where here is our quantity here's our price and we've said okay here's demand your supply and we said okay at this point of intersection we have some equilibrium price and quantity right we've also said that we can have changes within these guys so that we can have for example an increase in demand doing something like this all right such that we get this new quantity and we get this new price all right or we could have a situation that looks a little different there's a quantity here's a price is demand their supply right where here's our things like that and we could have a situation where actually we have a decline say for example in supply or an increase in supply doesn't matter of course this would be a decrease all right so we have some new change here and our price and quantity now what we saw last time was we saw okay well what happens when we have for example changes in taxes so we said okay we could have some kind of situation like this we said here's our quantity here's our price demand supply all right and we could have I think it was say a hundred and this was sing one and we were looking at say I believe it was gasoline if I remember correctly and we said okay we're gonna put a tax on this market and see if I can find a red marker here so here was our supply plus tax and we had some new price here say a dollar twenty-five and I think we had some quantity here I can't remember what it was let's just call it 90 and this tax of course was for say 50 cents and we said okay look we've got the situation here where we're at a new equilibrium we have this deadweight loss which we could do for example here like this right we had these distinctions here between the price that consumers paid which was a dollar 25 and the price that producers received which was 75 cents and we said oh hey there's a there's a difference here alright and we went through all that rigmarole we've gone through the rigmarole of changing supplying to mamak we just did now what we wanted you know always we want to look at an interesting problem and that is the problem of something called externalities and the taxes here are somewhat related to that in that we can use these taxes to help solve some of these externality problems but in essence let's kind of look at what we've got here right so when we're looking at this problem we have this problem of externalities and these externalities are when we're going to see changes or their slit well this is when consumers or producers are shifting benefits and our costs to non-consumers so what do we mean by that well let's look at an example let's suppose we're looking at an example of a positive externality right because these externalities can be either positive or here you're shifting benefits or that can be negative where are you shifting costs so like we said let's look at a positive one first press we have some quantity here of say let's say this is the market for flu vaccinations okay so we have say 10,000 people getting a flu shot and it has a cost here of say 10 dollars right so here's where our market is that initially right now now we know that the supply curve here is a representation of costs okay we know that the demand curve here is a representation of benefits all right so you'll recall what we're saying here with this particular flu shot this 10,000 flu shot costs 10 dollars to make and currently this 10,000 flu shot generates ten dollars and benefits okay so recall that we were looking at here in terms of our set that guy's side in terms of our supply and demand curves remember we said here was our quantity here is our demand right remember the height of the demand curve here tells us the marginal value right so remember here this is say this could be anything that's just called us the gas market all right this mm gallon of gas gives it excuse me a dollars worth of benefit right the 1000th gallon of gas gives say a dollar 50 worth of benefit all right the 500th gallon of gas gives say two dollars worth of benefit right remember the height of the demand curve is the marginal benefit don't forget that the height of the supply curve tells us costs so here was our quantity here was our price here was our supply so this mm gallon of gas costs say I'm making up a number here say $3 to make alright the 1,000th gallon of gas cost say about 50 to make right the 500th gallon of gas costs say 50 cents to make okay so you'll recall that when we were let's write this out I of supply equals marginal costs so you will recall that when we bring these two guys together quantity price supply we have our 500th gallon of gas here which is costing us 50 cents to make but is actually worth $2 right so you'll recall that we were talking about this idea of consumer and producer surplus so recall that consumer surplus here was this difference between what consumers were willing to pay and what they actually did pay right you'll recall that producer surplus this was the difference between what producers were willing to accept and what they actually did except the price they actually got right so when we were looking at this guy here we have our supply and demand here for our gas right and this guy here was a thousand say buck fifty right and let's just assume that that's the price because we know that that is the price so what we're saying here is that hey this 500 gallon of gas right the consumers were willing to pay two dollars for it they only had to pay a dollar fifty they had in essence this much here in consumer surplus right our producers were willing to provide that 500th gallon of gas for 50 cents but they only but they got a dollar fifty for it they had this much here and producer surplus right and you'll recall that if you're looking over here at this guy out here at the corner at the end say mm out here right remember we said the height of this guy he costs $3 right and we said that this mm gallon of gas consumers were willing to pay $1 for it right so in essence here was the this Garrett here was representing the cost hey we're taking $3 worth of resources right and we're turning them into something that's worth $1 it doesn't make sense to make that right so what we saw set that guy right here what we saw was that when we're looking at our supply and demand we have this out of thousand we have the sets a $1 50 right and we said remember consumer surplus is the difference between the price consumers are willing to pay in the price they actually do pay right so here this game right here is our consumer surplus what said producer surplus was the difference between the price the canoe was willing to supply the good at and the price they actually got so here's your producer surplus right and we see here that at this equilibrium several things are happening right we know that at this weak Librium quantity demanded is equal to quantity supplied that's number one we know that the marginal cost is equal to the marginal benefit remember the height of the supply curve is marginal cost the height of demand curve is marginal benefit right so the price the consumers are willing to pay for the next unit is exactly equal to what it cost to produce the next unit that's what we mean by that the third thing here is that the sum of consumer surplus and producer surplus is maximized there are no more additional benefits to get from trade because if we go this way and we stop before we hit a thousand all right and we saw this when we were looking at taxes before here for some reason then there's all of these consumer and producer surplus benefits that never come into existence if for some reason we stop here we stop at say whatever this guy was say five hundred if for some reason we go beyond that guy we make over here somewhere we make safe 2000 now we have costs larger than benefits right in essence we have all of this right here it's basically wasted right so here is in essence our waste taking what did we say three dollars worth of resources and turn them into something that's worth a dollar that doesn't make any sense right so we have waste if we make too much if we don't make enough we lose out on potential benefits right because here we're taking resources that are worth 50 cents and this guy of course should be down here shouldn't be lined up with this and these were worth two dollars so going back to our externality issue that guy over here we'll come all the way back to our flu shot right so interestingly enough when we get a shot not only do we get the benefits but we can give those benefits to other people all right so if I get the flu shot I'm less likely to get other people sick all right so somebody else that's next to me who does not get the flu shot is less likely to get the flu because I'm less likely to get the flu they have an essence received a benefit so when we're looking at these externalities we have this distinction between market benefits and market cost and external benefits and external cost right so we are an essence lahir looking at private benefits all right so when we include the total benefits though from the flu shot we have something that looks like this right so here's our demand and this is our total benefits and by total benefits we mean both these private or market benefits plus these external or social benefits and now let's look at what's happening with this 10,000 - flu shot right because we said this 10,000 flu shot costs 10 dollars to produce he gives $10 worth of private benefits but he's giving $15 here of total benefits so when we look at this guy we have total benefits here of which this amount is private it accrues to the people who actually get the shot right and I'll do this Gavin Brown these guys are external benefits right they accrue to the people who did not get the flu shot they are getting the benefit so let's reproduce this guy on a completely different piece of paper kind of start all over there's our quantity there's our price there's our demand there's our supply and remember this is our private we had to sit 10,000 flu shots we had this at $10 huh and then we have this total remember this is just our external plus private when we stop here right we should go to here here is where the benefits of all the flu shots are maximized their maximized right here it's a twelve thousand at a cost to say twelve dollars we'll just pick up that number all right because at this point the sum of consumer and producer surplus is maximized in essence there's your producer surplus there's your consumer surplus right that's where we should be but because people can get these benefits without paying for them they don't which is why we wind up at this point right at our point where we have 10,000 flu shots at a price of $10 in other words what we're gonna have here despite the fact that this is an essence what we would call our social equilibrium we actually wind up here and what we're going to call our market equilibrium in essence these two thousand people freeride and actually there's there's more than two thousand free riders right so these free riders are people who receive benefits without paying for them okay so we have these people here receiving these benefits without paying for them all right and we don't want that so since they're not gonna pay we don't go to this point we don't go to our social equilibrium we stop here at our market equilibrium and in essence what that means is that remember this ten thousand flu shot was actually worth fifteen dollars and it only cost ten dollars to make there are still consumer and producer surplus benefits there are still benefits to trade that could be realized but won't be realized because this positive externality because people are getting these benefits without paying for them they won't pay for them therefore we stop here at ten thousand flu shots we don't go all the way to 12 thousand flu shots that's the positive externality we also have negative externalities so with a negative externality it's the exact opposite here we're shifting costs to other people all right so let's assume we're making paper and we're gonna have say 1000 reams of paper at $1 all right so here is our market equilibrium price of $1 we have our market equilibrium quantity of a thousand huh so here's our market equilibrium when we're making paper let's think about what it takes to make paper right we need pulp we need Labor we need electricity we need machines we need capital but there's also something else that we need clean air and clean water now it's not that we need clean air and clean water to make paper but that when we're done making paper there's less clean air and there's less clean water in other words making paper produces air and water pollution right so we've priced this guy we've priced this guy we've priced this guy we've priced this guy these guys right here are priced into our dollar right because remember that's what the supply curve represents it represents marginal costs this guy right here represents marginal benefits right the firms paying the pulp it's paying for the labor it's paying for the electricity it's paying for the capital those factor payments are reflected in the dollar that it takes to buy the ream of paper right what's not reflected is the air and water pollution and once again it's not that you need clean air and clean water to make paper but that when you're done making paper there's less clean air and there's less clean water so what we have here is the situation where these guys right here are not priced right and they do have value these guys have value right they're limited and they're scarce they have value people desire them right and they're limited and scarce therefore they have to have a price right so let's assume that we know what that price is let's assume that it is placing costs external costs of 50 cents per ring so here is our true supply curve right and in essence that's what you're seeing here you're seeing this 50 Cent's all right so once again here it's the same thing we have our market supply curve which is reflecting all of the cost paid in the market but that's not reflecting all of the cost because there's clean air and clean what there's there's air pollution and water pollution that's getting pushed out and people don't want that there's less clean air and there's less clean water right and that has value we want clean air and clean water so we have to price in this negative externality there are in essence additional costs that are not being paid for by the dollar that it takes to buy the paper right so we had our trying to find a marker here we had our market supply curve and now we've got our social supply curve and just like the social are the total demand curve here represented these private and these external costs private and external the social supply curve here represents these external costs and these market costs right so let's think about what is happening here when we're in this situation take this guy and set it aside there's a quantity there's our price it was our market supply curve right and you said this was a thousand I said this was a dollar we have this market supply or the strength that we have our true supply curve here total or we can call it our social whatever you want to call it doesn't really matter and this total reflects these market costs plus these external costs huh we see that this 1,003 map aper is worth a dollar and it takes a dollars worth of pulp labor electricity and capital but it also takes fifty cents worth of clean air and clean water water pollution right so once again here's how much it's valued at and here is the private costs and here are the external costs I'll do them and say orange here so that the total cost here is actually this guy right there's your total cost and it's way up here say a buck 50 right so let's think about what that means now consumers are paying a dollar fifty in private cost and external cost for something that's only worth a dollar in other words when we go back to our consumer surplus producer surplus stuff strike that we are actually guys no good same aside we want to be here our social here's our demand curve is a reflection of our marginal benefits I remember coming back to this guy we see that there actually should be here it's a about 25 and say 800 so here's where we should be and at this point right here the price the consumers are willing to pay for the next unit dollar 25 is exactly equal to what it cost to produce the next unit dollar 25 all right 50 cents worth of social or external costs I should say 75 cents worth of private costs right so in essence here is our consumer surplus here is our producer surplus and we see that at this point they are maximized this is in essence our social equilibrium right but thanks to the fact the costs can be shifted to other people that means just as if the supply curve isn't here but gets shifted down to here right it's just as if the market cost curve let's move it in let this get right here comes here because the firm isn't paying those costs right they're shifting those costs to other people and that's when we get to this guy right here okay and just like we saw with our consumer and producer surplus just see if I can find our graph here just like we saw here with our consumer and producer surplus where consumers or the cost of it here for this gas was three dollars to make something that was only worth a buck it's the exact same thing here here we have these additional costs waste all right we're making too much of this good right so it all goes back to that idea like we said of consumer and producer surplus these externalities all that we're trying to do is we want to make sure that when we were looking at this consumer and producer surplus quantity price demand supply right remember this was the point that maximized the sum of consumer and producer surplus right they couldn't get any larger the positive externality see if I can find it here okay the positive externality says hey people can free right I'm not gonna buy it I'm not gonna be here where I should be twelve thousand at a price to say twelve dollars we're gonna be here say ten thousand a price of ten the positive externality says we don't make enough right we have a market equilibrium that's over here somewhere the negative externality says hey we're shifting costs we're making too much
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_28.txt
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[Music] okay so let's kind of review here we've been looking at these different components of the Keynesian model and we started off looking at consumption so we had income down here and the consumption up here we had our 45-degree line and then we had a consumption function and we said that there was an autonomous component to consumption right we said that's gonna be just a so here is our autonomous consumption and then we said there is this other component that basically said his income went up people spent more they spent some percentage of their incomes we call that the MPC the marginal propensity to consume and we said really there's only two different things that people can do with their after-tax dollars they can spend them or they can save them and so that in essence this March propensity to consume was equal to one minus this marginal propensity is safe the whole D the whole idea behind this 45-degree line was that at this point consumption and income were equal right so here's why and here's C and at consumption levels less than our income levels less than say Y here we have basically dis saving occurring in here and over here we would in essence have savings that was occurring we also said we could look at this in terms of averages and not marginals so that you would have our average propensity to save an hour average propensity to consume was also equal to one right and you'll remember that the average propensity to save or the average propensity to consume was just consumption divided by income our marginal propensity to consume was the change in consumption over this change in income okay so remember we've got this GDP equals to C plus I plus G Plus X minus M alright look at consumption down let's look at the investment part there's our income here's investment Keynes believed that income or an investment was basically exogenous it was outside of the system people just determined blessing people determined how much they wanted to invest and that's just what they did all right so investment is easy it's just uh it's just a straight line all right so here's your essentially investment function now we can change this in your intermediate macro class to be a little bit more real lipstick but for our purposes and a principals class we're just going to assume that investments constant people just say here's so much I want to invest government's the same way so here is our income there's government spending it's just autonomous right they just say we want to have some level of government spending G up right so here is our government spending function all right so once again just this autonomous component here doesn't change our exports are determined by other people's income which we can't control so for exports here's our income here's our exports that's all right it's just some autonomous level it's exogenous we have no control over it we can't make people buy our stuff it's just determined outside the system imports though are different right as people's income increases we know that their consumption increases right part of that increased consumption is going to be more imports so for our imports we have income all right we've got imports and there's some autonomous level of imports all right I'm going to call these guys mo all right even at an income level of zero you're going to have some amount of imports because even at an income level of zero you're gonna have some amount of consumption some of that consumption is going to be imports and then you have this marginal propensity to import you won't have that guy be big in all right so when we're looking at our import function here we see that our imports call this guy little m Y so we see here that as income goes up we've got these different levels of importance that are occurring right here y1 y2 y3 there's some amount M 1 M 2 M 3 etc of imports so when you combine these two guys right you know that you've got some autonomous level of exports you've got some autonomous level of imports here's our income here's our net exports and we have some net export function that looks like this right because remember as income increases exports are staying the same but as income increases imports are increasing right remember net exports it's just exports minus imports right so as income goes up if this guy staying the same and this guy is going up this guy has to go down so there's some income level here I'll just call it say y1 and what happens to our trade balance this way at income levels less than y1 what do we have some income levels say y0 what's true about our trade balance it's positive right some positive number up here whatever this is 200 billion what happens here it didn't come level why - what do we have negative 200 whatever right so in here we have a positive trade balance and here we have a negative trade balance and now once again just think of being the total guy on the street you're just average Joe and you walk up to somebody should we have a positive trade balance or a negative trade balance what would they say what would someone say they say we should have a positive right we should have exports larger than imports I ain't hold it hold it for 30 seconds but in order to have a positive trade balance what do you have to have you got to have lower income you got to be poor yes man [Music] it goes all the way over it's just this guy as income goes up now he's negative 400 why for now he's negative 800 billion trillion what the oil you know mMmmm yeah he keeps going forever as income continues to go up this guy gets more and more negative because remember we have no control over our exports we cannot make China buy more of our stuff you just can't you really can't but as income goes up we're going to buy more goods and services and some of those additional goods and services this is what's happening here with consumption some of those additional goods and services are going to be imports so as incomes go up you're gonna have in essence this negative trade balance which means there's a really really simple way for the president to achieve what he wants he wants us to achieve a positive trade balance he wants net exports to be positive so there's a really simple way to do that how what is that what it that way make us poor this is what I mean about the average guy in the street just doesn't they don't understand anything they really don't I mean is should we have a weak dollar or strong dollar strong dollar right and we already saw the result of that should we have a positive trade balance or a negative trade balance hmm positive that sounds good positive trade balance so let's combine all this stuff because we have these different components consumption here's how consumption does here here's how investment does government looks the same as this guy exports just constant imports going up we want to bring all other stuff together because remember Kane says it has nothing to do with supply people will supply what people are demanding and no more that's what he says is going on it doesn't make sense for them to supply less it doesn't make sense for them to supply more they'll supply what people will buy all right so let's combine all these guys together there's our income we know what our autonomous you know what our consumption function looks like it looks like this guy right so here is our consumption function and we have this little autonomous component here a o which we called now when we add investment remember investment was just some constant number it's just we just called it I up so and we add investment this whole guy's ships up just to him in a different color and what's this guy going to be right here a o+ i oh right there's just that autonomous level investment firms just say we're gonna invest four hundred billion dollars this year we've got autonomous government what's this guy gonna be al + io + geo we've got some autonomous level here of net exports all right so here we'll have AO + io + G au + xn oh right only this time as income goes up this guy's going down so this guy's not going to have the same slope he's gonna have a little bit of a flatter slope all right so this Garrett here should be this red guy here should be completely parallel it's not exactly parallel trying to see if I can draw him a little better all right so here's our C plus I plus G Plus our net exports right this is an essence our aggregate expenditure function is what we're going to call this guy and what we want to know is we want to know okay how much stuff do firms decide to make so I remember in Keynes his mind aggregate demand is everything all right supply means nothing he is completely a aggregate demand driven guy people are going out demanding stuff firms will build the stuff they won't have they won't do anything else so we've got our 45 degree line here we've got some level of aggregate expenditures whatever they are some amount of consumption there's some value here for a oh there's some value here for IO there's some value here for Geo there's some value here for X and oh there's some value whatever it is for this marginal propensity to consume and there's just some value for the March we're consider to import they're just they're just some number whatever that number is when you plug all those numbers in to this equation you'll get this line it has this amount of autonomous expenditures and it has this slope right so let's talk about is happening here with this guy there's some level of income here say Y 181 and let's look at what's happening some income levels say Y oh so I see here at Y Oh here's our aggregate level of expenditures AEO here's how much people are spending now what's true about AEO versus y Oh remember this is just income or output it is to be exact nominal GDP right remember the adias model had real GDP on there it's an important distinction we're gonna see a little bit later on but in the Keynesian model you've got income on this act on this x-axis or you can call it output or you can call it nominal GDP whatever it is you want to call it's all the same thing you've got some aggregate amount of expenditures to some amount of aggregate demand it's equal to AE Oh at some income level why Oh what's true about a EOS value versus the value of y Oh which is lower is ATO lower Y Oh smaller here's how much stuff people want to buy here so much is being made what's happening to inventories they're getting smaller right just like over here where you saw dis saving here you see declining inventories decline in inventories are a signal to firms to do what make more stuff and so they're going to increase output y ou increases some value whatever the other value is it can increase to anything that you want it to be Y to AE to what's truly here at white what's true at this point they're declining less but they're still smaller all right inventories are still getting smaller people are buying this much stuff and now firms are making this much inventories are still declining a signal to them to do what make more stuff till you get to this point right here where it crosses the 45 degree line when it crosses the 45 degree line what's true about AE 1 and y1 these guys are equal here so much I'm making there's so much people are buying the inventories are doing what stay in the same not changing a signal to firms don't make any more what's happening over here at say y3 making too much here's how much we're making here's how much people are buying what's happening to inventories they're increasing and this part we see increasing inventories so what do firms do make less stuff now they go from y3 to say I don't know some number here say y4 ae4 what's happening here at y4 + AE for still make them too much the growth in inventories is getting smaller but firms are still making too much stuff it's only here at y1 and AE one where in essence they stopped if they're below this level inventories are declining signal to firms make more stuff how do I make more stuff go out hire more people buy more capital alright start new factories start new businesses if I'm over here inventories are too big signal to firms making too much stuff shut down factories fire people let them go all right as we go this way nominal GDP is decreasing as we go this way nominal GDP is increasing as we go this way employments falling unemployment's rising as we go this way employments increasing unemployment's falling remember this is all nominal GDP it's not real till we get to Y 1 AE 1 and he says firms are going to want to make stuff it doesn't make sense to make stuff that people aren't going to buy is what he says clear in Dutch is alles klar alles klar ya order nine y'all for tonight Clark okay so so far so good we know we're going to get to output level y1 right now here's the problem what happens if that's the full employment level of alpha because remember what the atas model says we'll make these two guys the exact amount y1 here is equal to y1 their YF here is equal to YF there and the atas model what's going to happen what's happening right here good things are bad things bad things called a recession employment is doing what down unemployment is up you have a whole bunch of people that are unemployed they're like crap I would rather have a job at 8 bucks an hour rather than at nine bucks an hour which is the prevailing wage there's a whole bunch of competition right for for jobs real wages are higher here at y1 remember because you started off at some point up here we came down to here for some reason whatever that reason may be you have all of this downward pressure on resource prices as those resource prices decline short-run aggregate supply curve increases and we get here to YF and we do so at this lower price level price level PL 2 as opposed to PL 1 recession unemployment higher than what it should be here's where unemployment is equal to the natural rate of unemployment right the four to six percent so here it's something higher whatever that number is 8% 9% 10% 12% 40% whatever here resource prices decline to go from this point right here to this point returns us to full employment what is Keynes say though about resource prices they don't change they don't decline he says they stay the same and that's actually technically not what he says he just says they will eventually change in the long run but the long run can be a long time so people are coming along with this model hunky dory all the way in the 1910s and 20s and stuff like that you have this recession that occurs and we keep staying we'll keep staying and keep staying and we'll keep staying we'll keep staying we're abstaining people like what the heck is going on and Keynes comes along and says the problem is is that wages and prices aren't going to decline despite the fact that wages and prices had declined and we now know that there was other things that are going on with monetary policy the Fed had actually restricted engaged in a restrictive monetary policy not an expansionary monetary policy like they should have and there were some other factors that were going on a play as well but in essence what he says is that the recession was caused by this decline in aggregate demand and the only way to make things get better was to go back and have this increase in aggregate demand you've got to find a way to get aggregate expenditures aggregate demand to go from this guy right here ayyy one whoops to this guy right here ayyy - this guy should be straight and if we can just get aggregate demand to increase from 81 to 82 at this y1 hey look here's aggregate expenditures for this level of income ooh look it's larger than output inventories are declining signal to firms hire people build new factories increase output and will go all the way up here to Y up so all you got to do is get one of these guys to change all right so let's look at what those guys are again remember aggregate expenditures C plus I plus G Plus X minus M while C was equal to a plus B y + io plus G Oh was X minus M Oh - my all right here's your aggregate expenditures autonomous consumption how much people purchase when income is equal to 0 easy to change or hard to change hard Marg propensity to consume easy to change or hard to change is it easy to get people to go out and spend more stuff at a higher rate or is it harder to do that in other words is it easy to change human behavior or hard to change human behavior hard is that not obvious to all of us by now investment easy to change or hard to change firms go out and build more stuff easy to do or hard to do hard government spending easy to get politicians to spend more money or hard to get politicians to spend more money easy net are autonomous exports easy to get other countries to buy more of our stuff or hard to get other countries to buy more of our stuff hard autonomous imports easy to get us to buy less of other people's stuff autonomously or hard to get us to buy other stuff autonomously hard marvel penn city to import easier to get people to change their behavior the consumption patterns don't buy bananas buy oranges or hard to get people to switch from buying bananas to oranges right because we don't make bananas here in the US or whatever easy to change consumer behavior are hard to change consumer behavior hard so cane says this guy's hard to change this guy's hard to change this guy's hard to change this guy's hard to change this guy's hard to change this guy's hard to change this guy it's relatively easy to change all you got to do is convince 535 people to start spending more money that's easy to do especially if it buys them votes and keeps them in power so he says all you got to do is change G you can change any of these guys any of these autonomous components a Oh investment XO mo you can change any of those and you'll get these changes but changing GE o is easy relatively quick to do by relatively quick I mean in quotations so he says what you should do is that F we're at this point all we got to do is just change G here and by changing G we can change aggregate expenditures and get us to YF what happens if we're on the other side we know that over here what happens here at y2 according to the atas model what's happening here relative to here output is higher than its then the full employment level of output unemployment is lower than the natural rate of unemployment so it's like three percent or whatever people work in 60 hours a week 70 hours a week don't break in a ton of crap people's real wages have done what they've gone down people are saying I need a raise firms say okay because there's a pressure on goo mean if you don't pay that person who else are you going to get to take us place there's nobody there's no big old pool of workers out there to say well we're not gonna pay you that extra wage we're gonna go do something else all right firms in essence increase wages short-run aggregate supply curve decreases we get to this point right here YF all right real wage is the same here is here we just do so at this higher level of prices or like I said if we make this model dynamic a higher level of inflation but kane says well we don't have to deal with that if you're here at AE to let us call this a no I'll call it a III here we are at y2 this guy right here is the same as this guy what could we do because if we don't do anything you're eventually going to get higher prices you will get inflation and we've already seen inflation is not good even small amounts of inflation over the long run they add up there they're not good so how can we get from here to here and here in this model we just get there and we do so so at a higher price level what would Keynes say decrease gee if we decrease gee to this level aggregate expenditures decline we can get to this guy right here let's see this thing very very careful with this says this guy says you can literally micromanage the economy you can literally pick your employment your output rate your aggregate expenditure rate your inflation what you can pick it all in essence Keynes said we can in essence do away with in recessions and depressions and boom times and inflation and everything else we can micromanage the economy in such a way that we are always at YF it's utopia right now what we're gonna see on Monday is how we're going to do that and what that actually is going to look like and then with some of the problems with that work Erb Wednesday today is Monday okay I'll see you guys on Wednesday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_1.txt
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[Music] okay dilly doddly neighborinos so let's go ahead and get started like i said they're going to be taping all semester long so if you come in late it's probably best if you come in through the back door and so if you two or three guys right there would probably generally try to keep those seats open so maybe move up i don't know that way if people come in late they can would that be a huge issue if people are walking in or not really or all right so basically try to fill up this side first rather than to leave kind of these couple of slots over here for students that come in like that makes sense okay so let's kind of start off here with our discussion so the father of economics is generally considered a guy by the name of adam smith and he wrote a book in 1776 called the wealth of nations okay by the way i have really bad handwriting i'm going to try to do my best to make it good for you but i generally say everything that i write i basically almost write everything that i say so adam smith was a scottish economist and legend has it and i'm gonna draw this picture of you know here's lower england and here's scotland so we have scotland up here all right we've got lower england here and the history is the myth the rumor whatever as he's going from scotland to england he notices that basically as soon as he crosses the border everything in england is better people are richer they're better educated they're wealthier the kids live longer infant mortality rates are lower basically every single metric that you could think of to say and compare life in one country to another it's better in england than it is in scotland okay and this gets into thinking about why is this right i mean we have the same language similar culture similar religion right what is it that makes nations wealthy right because up until this point you have a system called mercantilism and mercantilism says well what makes a country rich is gold and silver right so under mercantilism you have this idea that you want gold and silver coming into the country in other words you want lots of exports right so we're going to export goods and services we're going to have gold and silver coming in that's what makes the country wealthy if we have lots of gold and solar all right what kind of goods and services can we make and sell to other people and then there's gold and silver coming in that's what makes the country wealthy right that was the system of mercantilism adam smith says no i don't think that's right he says what makes the countries wealthy is something different than that this is a completely different way of thinking about the world now what other significant event happens in 1776 declaration of independence all right it is not coincidence that the declaration of independence and the wealth of nations both come out in the same year that's not coincidence right because people over here in america are saying to themselves look we have this king over here who's saying do this do that we don't think that's the way the world works we think people are smart enough to figure things out on their own we think people have political freedom adam smith comes along and says essentially the exact same thing except under the kind of guise of economics and here in essence he's saying look in essence what you can do is you can have an invisible hand can solve a lot of these economic problems right because in essence what you have at this time you've got countries like france that will have 13 000 different regulations right on how to build a chair not thirteen thousand different regulations total thirteen thousand different regulations on how to build a chair right if you have thirteen thousand different rules on how to build a chair is making a chair easy or is it hard that's going to be pretty hard right and you know some of these regulations counteract each other right this regulation says the chair must be no higher than 32 inches and there's another regulation that says the chair must be no lower than 32 inches or whatever all right and adam smith says look you don't need all this if you're a company building chairs and your chairs collapse when people sit in them you're going to go out of business if you're a company that makes chairs and when you sit in your chairs people are comfortable the chair doesn't collapse you're going to stay in business the invisible hand is going to say these people that are making products well are going to stay in business these people that don't make products well are not going to stay in business you don't need the government coming in and saying we have all these different regulations on how you're going to build things in essence he's saying just like you have over here in the u.s in philadelphia in 1776 people saying look we don't need a government coming in and saying all this stuff people are smart enough to figure things out for themselves it's the exact same thing over here right it's an entirely different new way of thinking about the world okay so let's look at the economic problem in detail all right there it is that's what we do how are we going to turn resources into goods and services this is what economists deal with right and what we have here is that these resources are limited and scarce meaning that there's not an infinite amount of them and since we're not god we cannot create goods and services out of thin air we have to use these resources to make these goods and services that means these guys are going to be limited in scarce so which goods and services do we produce how are we going to produce them which sets of resources do we use to make those goods and services what economists do economics is really a decision science right it is not something to deal with stocks and bonds we have stuff to say about that but it's basically a decision science which sets of resources do we want to turn into goods and services how are we going to turn those resources into goods and services how are we going to distribute those resources those goods and services etc that's what economics is all about right if economics was about picking stocks and bonds and people ask me that all the time what stocks should i buy dude i don't know if i knew what stock to buy i wouldn't be working right if your broker knew what stock to buy he would not be working this is what economists deal with all right we turn with these resources and these goods and services so let's kind of define some terms here we kind of have an idea of what scarcity is scarcity is the fact that there are insufficient resources to produce all the goods and services that people want right so you're going to have to make a choice basically that's what that says right which should be obvious so we know that these guys are limited and scarce we know we can't create these guys out of thin air therefore these guys are going to be limited and scarce how are we going to distribute them that's economics in a nutshell what we study is how do we get from here to here that's what we study so when we're looking at these goods and services let's look at these different types we've got goods um right things that are scarce and desirable beyond what is freely available all right so here's our goods stuff that basically all the goods and services are is the stuff that we want right but it doesn't have to be tangible things right leisure time is a good stuff that we want all right so we have these economic goods and we've got these economic bats right so our economic bads are things that we don't want things that are undesirable crime etc right so economists are interested in well okay what sets of goods and services do we want what sets of goods and services and things do we don't want the economic balance we don't want and how we're going to achieve that right and this definition might not be the same for everything right so for example here's a pizza so when it was just my wife and i we could get a bot we could get by with just ordering one pizza because there was just two of us now we have three kids and we have to get like four or five but that's another story so here's our pizza here right so she hates pepperoni pizza she hates it so i love it right so i'm getting half pepperoni we're getting half cheese and invariably you're going to get a little bitty piece of pepperoni on that little slice of pizza and that whole piece of pizza is now infected right it's not a matter of i'm going to pull the pepperoni off and eat this cheese pizza it's the whole slice is infected and so when it comes to eating she's eating this part right here right so here's her and then here's me eating all this part right yay me all right that's why my cholesterol is at 712 and hers is at 110. i don't know what my cholesterol is all right but the point is is that to me pepperoni pizza is an economic good i like it to her it's an economic bet right so it's not that there's a universal definition for goods and bads goods are just stuff that you desire the badge are things that you don't desire right blessing so a couple of other ideas we want to keep before we start looking at these resources in more detail that's the idea of positive economics and normative economics positive basically looks at what is normative looks at what should be or what ought to be all right so these guys right here are testable these guys right here are value judgments okay so let's look at an example the federal budget deficit should be smaller the federal budget deficit is 300 billion dollars the minimum wage should be increased increasing the minimum wage increases arrow going up increases arrow going down decreases increases the unemployment rate among black males got four statements here one two three four which guy is positive which guy's normative the federal budget deficit should be smaller positive or normative normative right this guy is normative federal budget deficit is 300 billion dollars positive or normative positive is it true maybe maybe but it's still a positive statement minimum wage should be increased positive or normative normative increase in minimum wage increases unemployment among black males positive or normative positive is it true maybe the idea here is that it's testable maybe increasing the unemployment the minimum wage makes unemployment among black males goes down maybe it has no effect the point is that it's a testable hypothesis you can go out and you can collect data and you can see whether it's true or not these guys are untestable hypotheses their value judgments right the minimum wage should be increased somebody else says i think it should go down we're done all right there's nothing left to say so generally speaking what type of economics do you think we want to do positive or normative positive right because this right here is like we're done what else can you say all right all right we'll pick it from here on friday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_11.txt
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[Music] okay so we were looking at supply yesterday or Monday and what we saw was that we had a curve kind of looked like this so we were looking at I think it was wheat and we just had it be very very simple right we had this was our quantity and millions we had a very very simple supply curve like this right now what we said was that we know why the demand curve is sloping down we know the Manco sloping down because of this these income and substitution effects right or this idea of diminishing marginal utility so what we want to know is well why is the supply curve sloping up and you recall that what we said was that well it costs more to make more and so we look at that from the standpoint of well if we're looking at the u.s. I mean you've got Kansas here you know and here's Florida down here and here say Washington State up here and it's easy to grow wheat here but it's hard to grow wheat down here right it would be very very expensive and so if we want farmers in Florida and Washington state to grow wheat you're going to have to compensate them for that higher cost right that's what we mean by saying that it costs more to make more right this is also related to the what other idea that we've already seen so far and talked about the law was it called again whereas we're making more of something that's costing one no do what no it's costing more to make more where have we seen that before exactly increasing opportunity cost right so we have this idea that we saw with increasing opportunity cost hey as we make more and more of some good the opportunity cost is going up that's exactly what's happening here it's just simply cost somewhere to make more of this good right and remember why we said this was true resources are not perfect substitutes for each other the land in Florida is not a perfect substitute for the land in Kansas and the land in Kansas is not a perfect substitute for the land outside Seattle when it comes to say growing wheat right so we have this idea of it costing more to make more this is why we have this upward sloping supply curve and in essence what that means is that if we want to produce more of this good you have to have the higher price to compensate for that now let's go back to our demand curve for just a moment we had our demand curve here we had some price we don't know how that price is set yet let's call it P star Q star and we said oh look all of the area below the demand curve but above price where do we call that guy mm-hmm it was consumer surplus right this was the difference between the price the consumers had to pay in the price they actually did pay and we have something similar here we had a price to say $3 so let's just stick with our three dollar price here so we don't know how this price is set right we're not at that game yet the price is just at three dollars let's think about what's happening here right because we know that the height of the demand curve is marginal utility right or our willingness to pay however you want to think of it right in other words it's the benefits that people are getting from consuming the good the height of the supply curve over here is marginal cost right and we saw that I mean we could have the cost be whatever we want it to be the total cost we're not looking at total cost its marginal cost right so just like we saw over here with our demand curve where we would have any just anything that you want it to be ten twelve all right this guy says right here we're willing to pay bless you twelve dollars for the tenth unit right not I'm willing to spend $12 to get ten I'm willing to spend $12 to get the 10th th unit the height of the supply curve here tells us cost right so what we see here is that this millions bushel of wheat costs $1 right this millionth bushel first million bushel of wheat costs $1 right when we make that guy whatever the costs are costs go up by one right so whatever total cost it is not one millionth bushel of wheat has a total cost of $1 that's not what it says the one millionth bushel of wheat has a marginal cost of $1 costs go up by one buck that's what this guy says right its marginal cost and not total cost that's why I made the stupid example of like a trillion dollars or whatever the number was that we came up with 47 hours ago I can't remember what the number was right so the people in the tape were like oh how cannot remember that was like two minutes ago in my video right but for me is like I don't remember what I said two days ago so we've got this trillion dollar call whatever the number is it can be any number you want it to be hundred thousand million billion 1 billion dollars cost total cost to make 999,999 bushels of wheat right and what this guy tells us is that when we're done making one more bushel we make bushel number 1 million this total cost goes up by 1 that's what he says it's a marginal cost not total cost right same thing here for the 2 millionth bushel of wheat right the 2 million 2 bushel of wheat costs $2 to make whatever the number was it could be any number that you want it to be when we made 1 million 999,999 bushels of wheat when we make one more bushel cost go up by 2 that's what that guy says now just like over here where we're not selling all of these goods at these different prices works just selling them at some price right here it's the exact same thing over here farmers are getting just one price they're getting a price of $3 so let's think about what's happening here the one millionth bushel of wheat cost a dollar to make I'm getting three dollars for it do I make the 1 millionth bushel of wheat totally right because this guy right here costs me $1 to make I'm willing to make him for any price $1 and up and I'm getting a price of $3 right so I have producer surplus here of $2 right so this one millionth bushel ass producer surplus of $2 right what about our two millionth bushel how much does he cost to make mm-hmm and what am i selling them for $3 right so I've got producer surplus here there's two millions bushel blessing as producer surplus of $1 right consumer surplus was the difference between price consumers were willing to pay in the price they actually paid producer surplus here the difference between the price producers are willing to supply a unit of the good and the price they actually get they're willing to supply a unit of this good at a dollar and up but they're not getting a dollar they're getting three dollars right so we've got producer surplus here with this much what's happening here at bushel number two million 999,999 do what what's happening here at this guy yeah he's cost slightly less than $3 to make right whatever that number is two point nine nine nine nine nine cents to make and I'm gonna sell them for $3 right and what's happening here at three this guy costs $3 to make I could sell them for $3 right so what's the producer surplus here for $3 for this three millionth bushel he zero right so we see that this 3 millionth bushel producer surplus of $0 all right what about this guy what's happening here exactly when I make the 4 millionth bushel I've made 3 million nine hundred nine thousand nine hundred ninety nine bushels of wheat I make bushel number four million he cost four dollars to make but I can only sell them for three dollars and in fact that happens here right with bushel number three million and one right because bushel three million in one costs how much to make more than three three point zero zero zero zero zero zero one cents whatever the number is and I'm only getting three for it it doesn't make sense to make that guy stop there at this three millionth bushel now what does producer surplus sound like he sounds like profit that's it's very good at this level principals levels 155 165 and 101 class it's okay to think of producer surpluses profit it's not profit if you want to find out why it's not profit you got to move on in economics and take some other classes it sounds like profit and at this stage you can think of it as profit but it's not profit okay but for right now for our purposes we could think of it as as profit it's the exact same thing with downward sloping demand curves they don't actually technically sloped downward because of diminishing marginal utility it's because of a diminishing ratio of substitution marginal rate of substitution between two goods but we can just think of it being diminishing marginal utility over there sound it just it's an easier concept to understand it and once you move on you can get more in depth into it okay so we've got our supply curve here we said over here we've got these income and substitution effects or this idea of diminishing marginal utility that's making this guy slow down we see over here we've got this idea of essentially it costs us more to make more or you can think of it in another way and that is to the firm well to the consumer price is an obstacle but for the firm prices revenue per unit all right so here's our consumer here's our producer all right so as the revenue per unit goes up it makes sense to make more all right but to the consumer of course price is an obstacle the higher the price the harder it is to overcome anybody in here do track in junior high or high school you guys do the high jump right when they start the bar down here it's really really easy right you're like this is no sweat I'm gonna be a track star right and then they start raising that bar more and more and more and more and the higher that bar gets the harder it becomes it's the exact same way here for our consumer right price is an obstacle it's something that has to be overcome the higher the bar the harder it is to overcome it everybody in here can afford a Ferrari believe it or not you really can what's the obstacle that you have to overcome let's assume the car has a monthly payment of $4,000 what do you have to do to get that do what I mean you know exactly what all the other goods and services you have to give up to get the $4,000 food what else a place to live housing clothes all that other stuff right it's not that you can't afford the car you could afford the car if you really really want it to honestly you really could it's here's the car here's the goods and services you have to give up to get the car right and it just so happens the reason that you're buying all these other goods and services rather than the car is because why these guys give more what you've more utility than this guy does but if the price of the car is $100 a month now how much are you giving up in the way of goods and services not that much right it's not that big of a burden anymore that's the Barbie and way down here right it's really really low it doesn't take that much effort to get over the bar I don't have to give up that many goods and services to get the car if the price goes to $4,000 a monthly payment that's a lot of goods and services I'm gonna have to give up there's a whole bunch of stuff that four thousand dollars can buy that gives me utility or gives you guys utility or gives anybody in the street utility to get the car alright so let's look at increases and decreases in supply when we were looking at increases and decreases in demand we had this guy right we had a price here I'm just making up numbers here 10 and 12 let's call this 5 and 7 well if we have an increase in demand here what was happening the whole graph shifted to the to the right right so we saw that what that meant was that at every price consumers wanted to buy more units of this good or we saw that every single quantity of the good consumers were now willing to pay more for the good right so for example at $12 they used to want to buy five now they want to buy eight or we could say the fifth unit used to be worth $12 now the fifth unit would be worth give me a number that makes sense $14 whatever the number is something greater than 12 the guy was shifting to the right if we had a decrease in demand this guy was shifting to the to the left so I'll just use the same numbers here 10 and 7 12 and 5 and with our decrease in demand hit something like this so that now we're at say four now it's a six something like that so with the decrease in a man we said well that every price consumers want to buy less of the good right so at a price of $12 they used to want to buy five now they want to buy four or we could say it like this at a price of the fifth quantity the fifth unit they used to be willing to pay $12 for now they're willing to pay 11 very good shift left shift right supply is the same thing over here when we said when we have an increase in demand we said well what that means is that at every price consumers want to buy more units of the good increase in supply is the exact same thing at every price producers are going to provide more units of the good so here we have whatever I mean just make up whatever price we want to be 20 and 30 200 300 all right so if we have an increase in supply at every price producers want to provide more units of the good so here is our increase in supply now I know what you're thinking it looks like it's shifting down it is not shifting down it's shifting right okay the curves don't shift up and down the shift left and right and supply and demand no curve shifts up or down it's always left and right so what we see here with this increase in supply we see that at every price producers want to provide more units of the good right so the price of 20 they used to want to provide 200 now they want to provide 280 at a price of 30 they used to want to provide 300 now they want to provide 350 all right or we can also think of it as every single quantity of the good now cost how much to produce it's going to cost less right that blocks no good so here's our supply so we had these prices here or say 20 and 30 300 200 we have this increase in supply he's shifting right not down the two hundredth units used to cost $20 to make now how much does it cost to make tenth very good the 300th unit used to cost 30 to make now he costs how much to make 25 sounds good alright so with our increase in supply at every price producers want to provide more or at every quantity now costs less to make shifting to the right right if we have a decrease in supply this guy is shifting to the left there's a quantity there's our price I just use the same numbers here so we've got twenty two hundred thirty three hundred all right so if we're looking at decreases in supply at every price producers want to provide how much not more less exactly so at every price producers want to provide less of the good once again he's not shifting up he's shifting how left very good he's shifting left he's not shifting up so the price of 20 they used to want to provide 200 units now they want to provide gimme number that makes sense eighty sounds good at a price of 300 they used to or at a price of thirty they used to want to provide 300 now they want to provide bless you give me a number that makes sense all right and every price they want to provide less or every single quantity of the good now cost what more to make very good so here's our supply and we had these different prices here 2200 3300 and we have our supply curve shifting not up but how's he shifting very good left you got to keep saying it again and again and again right your brain doesn't record this stuff automatically the first time the 200th unit used to cost $20 to make now how much does it cost to make 27 sounds very good the 300th unit used to cost 30 to make now how much does it cost to make 40 sounds good so let's see what things shift our supply curve so what are our determinants of supply our first one here is resource prices this shouldn't be surprising right the supply curve is a reflection of costs so everything that's going to impact cost is going to impact the supply curve so resource prices are a big part of this right if resource prices increase supply is going to decrease alright similarly if we see resource prices falling supply is going to go up right so if the price of labour goes up supply of whatever it is that Labour is producing therefore that product is going to go down resource prices are going down supply is going to increase technology remember what technology is technologies are knowledge of how to turn resources into goods and services right it's not dealing with computers per se right we saw the example of this on that video that we watched with the people making all kinds of nuprin they don't know what to do with all this products I mean everything that you see around you all of the resources to produce that have been here since day one right but people didn't have the technology the knowledge of how to turn that resources that existed on this planet and into whatever it is that you wanted to be computer screens 200 years ago alright so when we're seeing changes in technology we're going to see changes in supply right if technology increases what do you think is gonna happen to supply exactly alright if our knowledge of how to turn resources into goods and services increases then supply is going to increase we can take those resources and use them more efficiently or use them in a different way to create more of a product or whatever suddenly have technology decreases I don't know what that would look like but then you would see supply decreasing number of firms if the number of firms increases then we're going to see supply increasing there's more people providing the product similarly if the number of firms goes down you're going to see supply decreasing taxes and subsidies taxes and subsidies right if we all know what taxes are right so taxes if we place a tax on something if taxes increase supply is going to decrease right similarly if taxes fall supply will increase what about a subsidy what's the subsidy exactly the subsidies kind of like a tax in Reverse so here if we see subsidies increasing supply will increase right they haven't really actually changed the cost of what it takes to make the good they've just shifted the cost of who's paying for it and just shifted the cost from producers and by nature of buying the products consumers to taxpayers they didn't change the cost they just changed to is paying the cost but nevertheless the subsidies by changing who's actually paying the cost makes people provide more of the good produce their expectations about future prices if producers expect prices in the future to go down how do you think they'll respond today sell it today at the higher price to sell it tomorrow at the lower price sell it today all right so if producers expect future prices to decline we're gonna increase supply today right you actually kind of make that decrease in price occur similarly if they expect future prices to rise why would you sell it today hold on to it sell it tomorrow or next week or six months from now or whatever at the higher price so supply today would actually decrease and then we got changes in prices of related goods so it's best to kind of think of this as like a farmer right if a farmer is growing he's got the choice of growing wheat or corn the price of wheat goes up what's he gonna do here for corn can produce less right so you see here the supply of corn will go down right suddenly if wheat prices go down corn is now relatively more valuable the supply of corn would actually increase so when we were looking at demand we saw that there was a distinction between a change and demand which is moving the whole curve and a change in quantity demanded which was moving along the curve we have differences between change and supply and changes in quantity supplied and what do you think is happening between those guys the change in demand said what was happening what was happening here exactly here there was a change in one of the determinants there was a whole new relationship between price and the quantity that people wanted to purchase what was changing here price so here we move to how along the curve here we moved how new curve right change and supply versus change in Q s quantity supply what do you think's happening here here with a change in supply you're looking at a change in one of the determinants there's a whole new relationship between price and the quantity that producers want to provide what do things changing here price here we're moving how along the curve here we're moving how a new curve exactly just like we saw over here right if the price changes from 20 to 30 there's an increase in the quantity supply of whatever this is up beachballs if we're moving from here to here it's a change in supply and every single price we want to make more units so let's look at some examples due to a decline in price fewer oranges are offered for sale change and supply or change in quantity supplied exactly it's a change in quantity supply so here we are we're on this guy right here and this is I'm making up some price here two dollars a bag four dollars a bag so here you'd have say one thousand backs and making up a number here you'd have say 800 right so the price of four dollars for a bag of oranges farmers will go out and they'll collect 1000 bags of oranges and in the price falls to two dollars to collect 800 how are they doing that how does fruit get from the tree to your store fruits on the tree how do we get it off the tree pick it you got to hire somebody to pick that you got to hire somebody all right it's not going to magically come off and then magically float into some basket somebody has to sit there and take every single one of those off right so here's your tree and if the price of oranges goes down what do we do not pick as much this stuff up here we leave it's too expensive all right orange trees aren't that tall they're pretty short but still I mean you got to get a stool or something right so think about how much time it takes to get a stool over there right or if it's a tall tree all right and you guys have a cherry picker you guys know what a cherry picker is those are those things when you're like a Walmart or Home Depot or something that kind of lift up like that these on these little scissor lifts well then we just get this stuff right here that's really really easy to get because if we use the scissor lift the cherry picker we got to spend time move it up here get all this fruit bring it down move the cherry picker over to this tree lift the whole thing all that takes time right and every single time that this cherry picker is moving from this tree to this tree and going up and down and up and down and we're spending time doing that that's time you're spending paying that worker so you might say forget it leave the cherry picker it's not worth it leave the fruit on the top it's not worth getting get the low-hanging fruit that's where the expression picked a little hanging fruit comes from all right it's just not worth trying to get the stuff at the top it's it's too expensive labor prices increase with the results that Toyota produces for your car's change in supply or change in quantity supplied change it supply right so here every single quantity of cars now costs more to make so here's our supply and right you have the prices can be anything that you want them to be 25,000 30,000 alright and if price the 25,000 will make 200 cars a day and at a price of 30,000 will make 230 cars a day right and wouldn't labor prices go up every single one of these cars now costs more to make right so we have this decrease bless you in the supply of cars this guy does this right so now I hate at a price of twenty five thousand we're only gonna make say 150 cars on the line and a price of thirty thousand will make say two hundred and ten cars per day or whatever the number is and so for any demand curve the price of Toyotas has now gone up we saw this example and we were looking at the changes in demand right and now of course that means for Ford is that the demand for Fords would have increased number three federal government increases the subsidy for ethanol change and supply our change in quantity supplied very good it's changed in supply all right so here's our supply and we've got various numbers or whatever this is it could be any number that you want it to be three dollars twelve million three dollars and fifty cents fourteen million all right so we have this increase in the subsidy how does the supply curve shift very good shift to the right every single quantity of ethanol now costs more to make right so at a price of three dollars now they'll make say fourteen million at a price of 350 now it all makes a sixteen million or whatever the number is and once again notice I mean you haven't actually changed the price of what it takes to make ethanol you just changed the cost of who's actually paying I we changed who was paying the cost and so I was meant to say okay we'll bring supply and demand together on Friday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_205.txt
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[Music] okay it's been my observation that people have some questions about real GDP and how that actually works I thought I'd kind of bridge with the other online lectures with this kind of help people understand what's going on here so let's assume that the economy only sells to good it sells coffee and phones coffee costs $1 phones cost $1,000 currently and here we are in 2019 and we can see these different quantities so we have 1,000 cups of coffee we have 10 phones we have a GDP here of 1010 and you'll notice this is in terms of quantities so there's no dollar sign here if we look at this in terms of the market value we have 11,000 right so might want to write some of these prices down we'll be using them throughout and let's kind of look at what happens when prices and quantities change and what I did down here and this portion was I looked at this just in terms of quantities and this will help illustrate why we don't use quantities or account in GDP we use market value so here in 2019 we said we had a thousand cups of coffee we had 10 phones if we added those two guys together would get one thousand ten we had 1200 cups of coffee in 2020 we had 15 phones in 2020 this gives us this number of 1215 and then here in 2021 we've got 2,500 cups of coffee 50 phones and we see we have this number 25 50 and once again you'll notice there are no dollar signs here because these are not in terms of dollars they are in terms of quantities now of course interesting enough it takes a whole lot more work to go from 10 phones to 15 phones than it does to go from 1,000 cups of coffee to 1,200 cups of coffee but each one of these additional cups of coffees being counted as one just like every single additional phone over here to be encountered as one right and to see that that's true I mean you could change this from phones to cars ten cars 15 cars that obviously takes a whole lot more resources time and effort to make an additional five cars than it does to make conditional five cups of coffee this is why we tend to use market value so we have these different changes in prices here we have our coffee changing from a dollar two dollar twenty-five to a dollar fifty and like I said you'll probably want to write these down and we have our phone prices changing from a thousand to six hundred to five hundred okay so when we do our nominal GDP we've got our quantity of coffee times our price of coffee plus our quantity of phones times our price of phones we're going to come up with eleven thousand and then we get ten thousand five hundred twenty eight thousand seven hundred and fifty so what we have here is the exact same thing that we have the other slide except here we're looking at these growth rates so we can say oh look our nominal GDP from twenty nineteen to twenty twenty grew at a negative four point five percent right it's shrink or from twenty twenty to twenty twenty-one it goes up by a hundred and seventy three percent right once again even though the price of phones is falling this quantity of coffee is increasing a whole lot faster and our quantity of phones is increasing a lot faster this is what we're getting this growth from so we kind of see what happens when these prices and quantities change and what we want to do is we want to find some way to make comparisons from gear to year not only in terms of nominal but in terms of these real values and so we're gonna have to create some sort of price index the problem is how do we set that price index and how do we set the weights right so in our simple economy here we only have two goods coffee and phones but the real economy has tens of thousands if not hundreds of thousands of different types of goods and services so not only do we have to decide which goods and services we're going to include but we have to determine the weight how we're going to weight these guys so we're gonna use a market basket just like the CPI does and we're essentially going to look at the cost of buying this mark so you can think of walking into Walmart and you pick up one of the baskets and you have a list and you put in the exact same quantity of goods and services into that basket every single year okay the goods and services that you've chosen never change and when we do that we're gonna be able to compare the cost of buying this market basket from year to year all right now once again this can be any set of combination of goods and services we set so in our simplified example here we're gonna have four different market baskets so here's our first one our first one here is market basket a and in market basket a we have one cup of coffee in one phone okay our market basket B is four thousand cups of coffee and 50 phones market basket C is twelve thousand cups of coffee one phone and then market basket d six thousand cups of coffee six phones right so in essence what we're gonna do is we're gonna go to the store in 2019 2020 and 2021 we're gonna put these items into our market basket go to the checkout lane and get the total right so in 2019 we walked into the store we picked up one cup of coffee one phone went to the checkout counter hey it cost one thousand one dollars to buy this but in 2020 it costs six hundred $1.25 in 2021 it costs five hundred $1.50 right even though the price of coffee is going up the price of the phone is coming down and the decrease in the price of phone is larger than the increase in the coffee here we have a market basket B we're gonna walk into the Walmart put four thousand cups of coffee in our basket at 50 phones and we go to the checkout counter and he says hey this costs fifty four thousand and then the next year in twenty twenty it costs thirty five thousand then the next year in twenty twenty one it costs thirty one same thing here for Market Basket see Market Basket C will cost us $13,000 in 2019 cost us fifteen thousand six hundred dollars in 2020 you'll notice here that it has gone up relative to these other two that went down and here in 2021 it costs us 18500 once again going up and then here Market Basket D we'll walk into Walmart put six thousand cups of coffee six phones into our basket go to the checkout line and that will cost $12,000 the next year a cost of Sullivan thousand one hundred twenty twenty-one hey it cost us $12,000 again so here are our cost of these different baskets and what we want to do with our price index normally we would have consumer price index here but we essentially want to know what's the cost of this market basket relative to our base year so we've chosen 20 19 ORS are base year but it can be in a year that you choose it to be and we said okay what's the cost of the market basket relative to what it cost in 2019 well in 2019 it costs one thousand and one dollars this market basket a relative to the cost of what it cost in 2019 was one hundred percent so it's equal to one hundred in 2020 we see that our market basket cost six hundred $1.25 well the cost of that relative to what it cost in 2019 was sixty percent so we have a price index value here of sixty and I'm leaving off decimals same thing here for costs in 2021 when we come down here to say market basket C we say hey this market basket costs fifteen thousand six hundred dollars how much does that cost relative to what it cost in 2019 well it was twenty percent more right so you needed one hundred and twenty dollars for every hundred dollars that you spent in 2019 for Market Basket C right the price has gone up twenty percent inflation is 20 percent same thing here or the cost in 2021 right this price right here is 42% larger than this price right here and then of course we have these different values here for Market Basket D we see that the price index went down to 92 and that essentially went right back up in 2021 to what it costs in 2019 so how can we use this stuff once again we'll go back and use the formula that we talked about in class on real is equal to nominal times base divided by current and remember we're using our base years 2019 but the base year could be any number it is that you choose it to be so we're going to convert our nominal GDP into real GDP so here you can see where we have turned these values for our price indices nominal GDP and real GDP into what they are right so we have our price indexes we have remember our different market baskets a b c and d and we have our different indices and so we can see here these rates of inflation so for example here we see a 20% rate of inflation a 19 percent right inflation in 2021 here for example we have deflation with using price index a went from 100 to 60 right so prices fell on average 40% on our weighted index here they fell on average 17% once again our same values here for nominal GDP and we have these same changes here so here I went down they get a 4.5% and we have these 173 percent increases for 2021 when we convert using our formula though this nominal value to our real value we can see we have some pretty significant changes so using market basket a and you'll have to go back and review what market basket a consisted of we see that real GDP went from 11,000 to 17,000 for 81 once again we're leaving off decimals so we have an increase here about 59% that's phenomenal growth in 2021 it goes to 57,000 $385 once again in cred we phenomenal growth right the economy has done incredibly well same thing here for Market Basket B we have growth although you'll notice that it's not quite as large in 2020 and 2021 as it was using Market Basket a here it only goes up to sixteen thousand two hundred and fifty thousand eighty one you'll notice here if we use Market Basket C real GDP goes from eleven thousand to eight thousand seven hundred and fifty-one we actually call this a recession right and then of course it goes to twenty thousand two or three this increase of a hundred thirty one percent after that and then here using Market Basket D we go from eleven thousand to 1351 a very small increase right an increase in real output of only three percent but a huge increase here once again in twenty twenty one so the question becomes what has the economy done in twenty twenty did it grow at fifty nine percent did it grow at forty seven percent did it grow at three percent or did it actually shrink at twenty one percent and your answer that depends upon how you selected the Market Basket how you selected the goods and services that you're going to measure the price are the change in prices of over time same thing here for twenty twenty-one did the economy grow at two hundred twenty eight percent two hundred nine percent one hundred thirty one percent one hundred and fifty three percent so we see that the choice of our Market Basket can have huge implications on what nominal and real GDP is going to dirt strike that what real GDP is going to do from year to year now let's look at an example here we see median household income this is both in terms of nominal and real this goes from 1984 up until 2018 okay so we've got all of our households we've lined them all up we looked at the household that's exactly in the middle and we said okay what's your household income every single year and if we look at this in terms of just nominal right so we're accounting for changes in inflation we see that it has changed from this value here which I think was around 23 23 thousand - if I remember correctly all the way up to here to its current value I think it was around 63 thousand if I remember right in other words nominal GDP has increased a hundred eighty-one percent over this time period if we account for inflation though we see that it has only increased about 17 percent over this exact same time frame right so I think this value here is around 53 or 54 if I remember correctly and we're doing all of this in terms of 2018 prices this is what we're choosing is our base year right this is why our nominal are real or equal in our base year 2018 now interestingly enough once again this value here the 17 percent this real household income is based upon our quote unquote normal CPI but we can change that CPI so what I did was I went out and I found prices for different goods and services and created my own price index I'm going to call one of them the quote expensive CPI you can see that value down here it's an orange and we've got another set that's our quote cheap CPI unquote and it's based upon how these goods and services have been changing over time right so if we look at here was our normal one that we had this was would be our standard CPI that we're typically using there's our 17 percent rate of increase if we used this expensive CPI we see that real median household income has actually fallen 20 percent from 1984 til today once again we're making 2018 our base value for all of these years if we use this cheap CPI we see that real median household income has actually gone up 89 percent so when we're looking at these values here it's not entirely clear over time what is actually to the median household income it really depends on what type of price index were going to use to adjust these values over time right and this should you should be reminded of the lecture when we were looking at the commodore 64 right do we measure the commodore 64 in terms i mean how do you how do you account for these increases in output and computing power between what they were for the commodore 64 in the 80s and what it is today I mean it's it just depends upon how you want to measure these things so if you use something that's heavily intensive on things like technology you might use this relatively cheap CPI here and it would look like household income has increased significantly over time periods if you use something where prices are increasing relatively quickly like say medical care you might use something like this support unquote expensive CPI and it would look like real household income is actually falling so I hope this gives you something to think about ho but kind of clarifies a little bit exactly what we're doing in terms of real and nominal GDP how to calculate what these price indices are be sure to review the worksheets that are on blackboard and to review the lectures if you need to that deal with these because this is some important stuff ok thank you for your time
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_19.txt
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[Music] [Music] and before we kind of look at that in a little bit more detail let's kind of look at some of the problems with GDP is a form of measurement right because what we've seen is something like this all right we said that GDP you know it's like lease price of apples times these quantity of apples and thus price of bread times this quantity of bread and the price of computers times these computers and or another way that we said is that well look at it's all of this other stuff right it's consumption plus gross investment plus government expenditures plus exports minus imports and we said we can simplify this up a little bit by having C plus I plus G Plus these net exports right xn which is just equal to these exports minus these imports we also saw what net domestic product was alright so we said net domestic product was equal to GDP minus this depreciation all right so that if you're looking at say gross investment right it was equal to in essence net investment plus this depreciation right and so we kind of saw what some of that look like the other day on Monday where in essence you had basically about three trillion dollars worth of gross investment and you actually had about two point nine trillion right and net investment so that when you're looking at these things I mean you can kind of get a sense of how large some of these numbers are or on a per capita basis actually not that large so for example so we had had something that kind of looked like this right now so that when we were looking at say GDP I just changed this guy to annual we saw our GDP here was basically eighteen point six to four trillion dollars right and we said well what are these different components and we saw that some of those different components right we saw here that for example we're going to modify this guy's changing they anymore our investment here for example was say three trillion dollars right we had basically three trillion dollars here in investment alright and so if you kind of look at that on say like a per person basis throughout the whole country so we've got our three oh five seven two hundred thousand million billion trillion platypi yeah there we go so it looks like we had oh look we had you know nine thousand two hundred and sixty-four dollars an investment per person that sounds pretty cool I mean that sounds like a whole lot of investment right but when we're looking at this idea of depreciation right so here's our gross investment we're it-- we had say for example three trillion dollars an investment but a lot of that was actually used up and actually that's this guy right here here's this fixed allowance right this is a quarter that's private actually that's not the number I wanted of this gross investment this number right here two point nine one six which I guess is kind of hard to see because two point nine one six of this was this guy depreciation all right so of this three trillion dollars that we had an investment clear three oh five seven point two hundred thousand million billion trillion - our depreciation to nine one sixty seven hundred thousand million billion trillion one hundred thousand million billion there's how much new investment that we actually had hundred thousand million building a hundred and forty billion dollars and if you kind of look at I mean like I said there's lots of different ways to look at these guys three hundred and thirty million Americans 425 bucks per person kind of gives you a sense of how much capital depreciates right those cars the factories all that kind of stuff and stuff depreciates a lot all right so if you look at this on a growth standpoint you got basically like say for example ninety three hundred dollars per person and investment you look at it on a net $425 work twenty five dollars huh that's not that much money right $9,300 four person sounds like a whole lot wow that's a lot of investment four hundred bucks per person who cares so we have this difference between GDP and net domestic product right we also have another one and that's the difference between GDP and GNP all right so here's Texas and all that stuff so here's the u.s. obviously and you look at made it into the trash and here's here's Europe look in Italy so I got these factories here all right because we have GDP gross domestic product and gross domestic product is everything that happens within the borders of the country GNP is gross national product and that's everything that happens by a country's citizens all right so if we look at this like here's our factory and this factory is Japanese all right and then this factory over here is American here's our field of blue and stuff I guess we don't have blue stripes but that's okay you get the point I don't know why I'm drawing blue stripes this isn't Cuba so we've got these three different factories right we've got this US factory a US factory a Japanese Factory GDP says let's look at everything within the country's borders so this country's this factories output and this factories output will be included in GDP so these guys right here in GDP what about this guy over here he's not included in the borders all right cuz he's not in the u.s. G n P says everything by the country citizens hi well that's gonna be this guy and this guy what about this guy over here it's Japanese factory he's not included in GNP right so similar idea right you're just looking at the market value of all this one says let's look at the market buy of all the goods and services produced in the country this one says let's look at the market value of all the goods and services produced by the country's citizens right so what are some problems with GDP is a form of measurement we have several right and if you think about it I mean GDP is just a metric it's just a measuring rod all right I mean if this is one foot there's nothing that says we have to call that one foot we can call it whatever we want it to be right we can call this 47 clang ons right but you can call it anything where the distance can be anything right we don't have to say oh look I'm 6 feet tall we could say I am clear point 0 0 9 4 6 miles tall right I mean you can do anything like that you can make the numbers be anything you see what I'm saying it's just a metric there's nothing Arvest not like God came down and said a foot must be this distance right we just invented this distance we said we're going to call this a foot and we invented this distance we said we're going to call this a yard and call it whatever we want to call it right you can say the sodas stand in the machines cost a dollar 50 or you can say the sodas and the machines cost 150 Lincoln's it's the same thing just calling it something different it's the same thing with GDP here it's just to form a measurement all right and so it's going to have some problems with it we can call it anything that we want it to be but some of the problems that we have with GDP is we've got this non market production right so this is production that's occurring outside the market right so if I fix my own car that's non market production if I clean my own house that's non market production if I hire somebody to fix my car that's included in GDP if I hire somebody to clean my house that's included in GDP all right so what is and one isn't but that doesn't mean that the value that I did doesn't have any value right we have the underground economy all right so what do we do about the illegal activities so these would be things like buying and selling drugs or paying people under the table things like that we don't have any accounting for leisure so if we have two economies country a and Country B and they both have say thirty thousand dollars in GDP per capita but one works 40 hours a week and one works 30 hours a week which country is better off they both have the same GDP per capita they're both able to buy essentially the same sets of goods and services except country B here has an additional ten hours of leisure right and is leisure time valuable yeah and it's scarce so it has a price but we don't price it on here changes in quality and new goods how do we account for the fact that we've got our Commodore 64 our 64 kilobyte machine right equivalent in today's dollars of about 1,500 bucks how do you account for the fact that this guy's worth $1,500 in today's dollars and in fact if you look at it from a GDP standpoint if you sell 10 of these machines GDP here is gonna be 15,000 or we could have a phone that's a 64 gigabytes selling ten of these guys it's a $600 this is 6,000 all right if you look at just the GDP numbers which looks better 1982 or 2017 1982 right just the numbers $15,000 worth of stuff versus $6,000 worth of stuff but clearly the 64 gigabyte phone is a whole lot better than a 64 kilobyte essentially keyboard so we can have changes in quality in the introduction of these new goods that makes GDP look different than what it really is can make comparisons hard we also don't have any accounting for economic bats so if we have a Kurt a hurricane come through and destroys a town we have to expend resources to fix the town GDP is going to go up does that mean we're better off no right you're worse off you have to expend all these resources to rebuild everything that you had before before the hurricane came through and destroyed everything so I kind of called GDP a I call it a 30-inch yardstick right because what we're trying to do is we're trying to measure try to get an idea of this measure of output of value and it's an imperfect measure but as long as you're using that same measure for every single part of the economy typically we're gonna be okay
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_6.txt
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[Music] okay so what we want to look at today is this idea of absolute and comparative advantage and before we do that let's kind of start with obviously with some definitions we have this idea of division of labor alright and in essence what we're doing here this is a method that's going to break down some tasks into their parts right and then in essence what you do of course is you assign one of those parts to some person and that person does that task again and again and again and interestingly enough this allows society to make more goods and services than if you didn't have this right and if you think about this I mean people have this idea of when you think about division of labor and people doing different tasks they think about it in terms of like a like an assembly line right the car is coming down this person does tires this person does this this person does that but it's more than that right so what this does is that it allows people take advantage their skills alright so in other words what this says I mean there's lots of different ways to think about this right I mean we have our food clothing we have computers and cars music all this stuff that we consume in life alright and there's basically two ways to get all this each one of us can make all of the things that we're going to consume on our own or we can all specialize in something and then trade that with somebody else right so we can have one person do food one person two clothing one person do computers one person to make cars one person to make music and we'll trade that amongst ourselves and just like on an assembly line as the car is coming down the assembly line and having division of labor in the assembly line this person does tires this person puts the transmission together this person puts the paint on this person does this again and again and again right just like Ford can make a whole lot of cars we as a society can make a whole lot more stuff if we specialize in what we do and then in essence we trade that with other people these workers who specialize can become very skilled at their task right so think about plumbing or carpentry or anything else like that or doing the oil on your car or things like that everybody can do some things but some of these jobs whatever they are the more times that you do them the better you get at them and you can do them faster and you can do them better and then division of labor essentially allows us to do that it also allows us to adopt a mass production techniques and mass production techniques greatly enhance the amount of goods and services that we can make so let's think about this idea and play with this idea a little bit more in terms of something called comparative and absolute advantage I'm going to start with absolute advantage because it's the easier concept to understand so absolute advantage here is basically when an economic agent can make more of a good then another economic agents very simple right so when a firm can make more of a good than another firm when a country can make more of a good than another country when a person can make more of a good than another person when a family can make more of a good than another family simple compared advantage says a little bit different when an economic agent can produce a good at a lower opportunity cost than another economic agent so one says I can make more than somebody else the other one says I can make this good cheaper basically right the opportunity costs the stuff that society has to give up is less when I'm making it than when somebody else is making it so what we can show is that it's in people's best interest to make the goods and services not that they have an absolute advantage in but if they have a comparative advantage in let's look at some examples because this is an important concept okay here's me and my Uncle Bobby it says we got two different things we can do here we can paint rooms we can cut grass so in one day's time I can paint three rooms my uncle can paint one room or I can cut six yards my uncle can coat one yard okay my uncle's a painter and I guarantee I can paint faster than he can do you know why he loves to get high wake up every single day gets high so when he's going and working at somebody's house oh I guess I should move not kidding okay not joking it's hi everyday everyday so what we want to know is we can say here look here's two people even though I'm not a painter I can guarantee I can paint more rooms than Uncle Bobby can I can certainly cut more grass notice to play on words then Uncle Bobby can hi so what we want to know is we want to know who has absolute advantage and who has comparative advantage so let's do the simple stuff first car absolute advantage in painting rooms who does that how do you know that because three is larger than one who's got absolute advantage and cutting grass cutting along exactly how do you know that because six is larger than one see how simple that was absolute advantage is very simple but here's the problem right if I'm cutting if I'm painting there's lawns that aren't getting cut if I'm cutting the grass there's rooms that aren't getting painted right so we need to know who has comparative advantage so here I am I'm going to paint rooms right if I paint rooms at the end of the day you've got three rooms that are painted and the opportunity cost was six lawns that didn't get cut so where we can get three rooms it has an opportunity cost of six lawns what I want to know is how much does each room cost me if three rooms cost six lawns how much does one room cost mm-hmm very good not that's not that hard how did you get that answer did an angel come and tell you the answer mmm the answers do you want to get this guy's to one all right I want to know how many it is for each room every single time I paint a room there are two lawns that don't get cut important result number one all right if I cut the grass there are six lawns that get cut but the opportunity cost is three rooms six lawns cost three rooms okay if six lawns cost three rooms how much does each lawn cost half a room how did you get that answer important result number two okay just think very carefully about what this guy says if I'm painting the room and the time it takes to paint the room there's two lawns that didn't get cut alternatively if I'm out there cutting the grass and the time it took me to cut the grass there's half a room that didn't get painted that's the opportunity cost let's do it for Uncle Bobby right so I got Uncle Bobby here he paints one room the opportunity cost is the one lawn that didn't get cut all right so every single time he paints a room what's the opportunity cost one one alternatively if he cuts the grass 1 lawn gets cut what was the opportunity cost one room that didn't get painted important result number three important result number four so let's think very very very careful about what this guy's says if I paint the room to lawns don't get cut if we have Uncle Bobby paint the room only one lawn doesn't get cut if I cut the grass if I'm working on the lawn half a room doesn't get painted and Uncle Bobby goes out and tries to cut the grass one whole room doesn't get painted who should do what you have to 50-50 chance of guessing right right because you know I'm either gonna be painting the rooms or I'm gonna be cutting the grass if I cut if I'm painting the room when we're done for the day every single room that gets painted two lawns out there didn't get cut got that idea in your head society's missing out on to cut lawns we put alkyl Bobby in here only one lawn doesn't get cut it's better to have one one nut get cut or two lawns not get cut one right so we're gonna have Uncle Bobby here paint if I cut the grass half a room does it get painted if Uncle Bobby tries to cut the grass one whole room doesn't get painted is it better to have half a room not get painted or the whole room not get painted half alright despite the fact that I can paint three rooms as fast as Uncle Bobby can and I can cut sixty lawns as fast as Uncle Bobby can it doesn't make sense for me to try to both paint and cut the grass it makes sense for me to cut the grass and let him paint let's look at another example just to make sure that this guy is clear let's look at the US and Japan here are our options right we have a production possibilities curve here and we're going to us we're going to make the simplifying assumption that the production possibilities curve is a straight line the opportunity cost is constant it never changes that makes it the makes the analysis simpler and it's true as it's gonna be with this it's gonna be even more true if we had that increasing opportunity cost like we saw that we always do have so here in essence these production possibilities curve look like this opportunity cost is constant it's always the same okay so here's the us right we can make 90 units of food if we make 90 units of food we can make zero clothing we can have sixty units of food ten clothing 30 units of food 20 clothing zero units of food 30 clothes and here's Japan here are their options 15 units of food zero clothing 10 units of food 5 units of clothing 5 units of food tinna clothing 0 of food 15 and clothing so simple stuff first what we can show is that if these countries specialize and what they have a comparative advantage in and trade they're both gonna be better off absolute advantage who's got an absolute advantage in food how do you know that because 90 is more than 15 all right if the u.s. decides to make all food we make 90 units of food if Japan decides to make all food they get 15 units of food who's got an absolute advantage in clothing to you us how do you know that 30 is larger than 15 it's very simple all right but it's not absolute advantage that's important it's comparative advantage and in order to understand comparative managed we have to look at the opportunity cost hi this is the advantage of having the opportunity cost to be constant we can choose any points we want to it doesn't matter so let's call this guy any we'll call this guy B if we go from A to B what do we gain as a society gain 10 units of clothing what did we lose what what's its opportunity cost very good if ten units of clothing equals 30 units of food how much food does one unit of clothing equal three how'd you get that number divided by ten all right so one unit of clothing is equal to three units of food every single time the u.s. makes a shirt we give up three bushels of wheat that's what that guy says okay let's go from B to a here we have gaining what 30 food what do we lose ten units of clothing so 30 units of food is equal to ten units of clothing so if 30 food equals ten clothing how much does one food exactly how'd you get that number he just / 30 30 about by 30 is 110 divided by 31 here's a trick right once you find one of these all you gotta do is take the inverse of it one clothing three food one-third all right just always take in you don't have to do it four times you just have to do it twice and you just take the inverse of it okay let's do Japan we'll just make any numbers that we want it to be it could be anything we want it to be C and D because the opportunity cost is constant doesn't matter as we go from C to D what does Japan gain five units clothing and what was their opportunity costs whether they have to give up to get that five units of food so if five units of clothing cost five units of food how much does one unit of clothing cost one food every single time Japan decides to make a shirt the world loses out on a bushel of wheat we can just as easily go from D to C right if we go from D to C they're gonna gain 5 food they're gonna lose 5 clothing one unit of food equals 1 unit of clothing because you can just take the inverse of it the inverse of 1 is 1 ok so let's think about what this guy's says if the u.s. makes t-shirts there's three bushels a week that never get made if Japan makes t-shirts there's 1 bushel of wheat that never gets made should the US make clothing or should Japan MIT clothing Japan all right they have a comparative advantage and making clothing if the u.s. makes a unit of food there's a third of a shirt that never gets made if Japan decides to make food there's one whole shirt that never gets made who should do what do you I should make food and what we can show is that we can show that if these countries trade with each other they're going to be better off so let's trade at this rate two units of food equals 1 unit of clothing right so we're going to assume that the u.s. makes all food Japan makes all clothing and what we want to know is we want to know hey are these people better off or not so here we are before trade if we specialized in the production of food how much food do we have 90 very good how much clothing very good Japan okay so here's what we have before trade we have the US specializing in food they make 90 food we don't like getting close Japan makes all clothing no food right and now we're going to trade it this rate we're going to trade at the right here of two units of food for one unit of clothing let's just trade ten units here so we're gonna have if we're trading ten units of clothing I have 20 units of food okay here's the rate here's the number so we're gonna trade this what do we have after trade exactly after trade here's our us food 70 clothing ten here's Japan food clothing five twenty all right seven see how we got these numbers so Japan made 15 units of clothing and they traded ten of them for 20 units of food so we're gonna take ten of these clothes and stick them up here we're gonna take 20 of these food and stick them down here here's what we got left us better off yeah ten units of clothing if we try to make that on our own we could only make sixty units of food now we have ten units of clothing we have 70 units of food Japan better off totally five units of clothing when Japan was making five units of clothing the most food they could have was ten they got 20 they couldn't make 20 and it's a food if they wanted to both of these countries are better off and you can see this in all kinds of different ways I'm going to continue to use Japan as an example here here's the us here's Japan Japanese like rice or don't like rice they like rice what do you need to grow rice land exactly the most important ingredient that you need is land yeah you need water you need all this other kind of crap but you gotta have a place to grow it lots of land or little land little land lots of land or little land Lots country's huge right remember we saw in terms of population in the u.s. is like number three in terms of area I think we're also number three actually I think it's Russia Canada the US and I think China's number four the country is huge people don't understand that they live in other parts of the world they do not understand how big the country is they're always putting Americans down because we don't do this or we don't do that it's like you don't understand how big the country is the country is huge it's a big country you can't have the type of public transportation you have in Europe does not gonna work in the US the country is just too large population is not dense enough for it it's not gonna work will you Americans don't like to do this or like that that's nothing to do with liking it or not liking it it's just not gonna work the country is huge you don't understand that France is small the Netherlands are small Switzerland is small the u.s. is not okay so we've got lots of land little land we need the land to grow rice and in fact you can actually grow rice right here's Texas kind of goes like this you can actually grow rice here and actually some in here how much do you think an acre of land costs in downtown Tokyo now obviously you're not going to grow land in downtown Tokyo I'm just trying to give you a sense of how expensive land is there how much do you think an acre of land in downtown Tokyo costs 200 grand anyone else want to venture a guess 1 million it's 200 million dollars an acre okay to give you a comparison to New York the world trade centers were over here on 11 acres and I think that was around 80 million like eight to ten million basically about ten times the price is what it is in the US so let's assume we're in Japan and we say you know what the heck with this comparative advantage crap we want to grow our own rice see that giant building over there we're going to tear that thing down and we want to grow rice in downtown Tokyo just to give people the finger what's the opportunity cost to that 200 million dollars that's a lot right and if you say to yourself as a country we're going to continue to produce this product that we don't have to compare it advantage and growing in that's fine I mean you can continue to do that it's your own business but in essence that's the opportunity cost of it it has this huge opportunity cost right they should be making electronics or financial services or whatever it is that they make and let us make rice we sell them rice they sell us computers or Nintendo's or Hello Kitty or whatever it is that they want to sell us all right you see this again and again and again with all these different types of examples and you can see that here on the sheet that we just passed out so we see on here here is our countries right we have capital skilled labor unskilled labor and all resources so are all resources here like natural resources and stuff so you see the us here at 20.8 what that means is that of all of the capital in the entire world the US has about 20% of it right we have about 20% of the world's supply of skilled labor we have about 3% of the world's supply of unskilled labor you can look at say Japan ten point five percent capital eight percent skilled labor 1.6 percent unskilled there's Canada to 1.7 point 4 etc let's look down here and say China and India all right so China's got eight point three of the world's supply of capital right 21 percent of the world's supply of skilled labor there are a billion of them and 30 percent of the world's supply of unskilled labor so China and India together of all of the unskilled workers in the entire world where do 46 percent of them reside in China and India so let's think about what this guy says right the US 2% essentially we'll call it 3 here's unskilled labor what's an unskilled laborer do in fact is exactly pushing a button not the modern worker that's gonna be doing something like putting a computer together it's just literally putting shoes together all right you take you cut out a piece of fabric and then you glue you essentially so another piece of fabric on top of it for t-shirts right t-shirts pretty complicated to put together when you pull your t-shirt out in the morning it's a piece of fabric like this you take two of those and you sew them together is that complicated no so we got t-shirts so of all of the world's labor that can make t-shirts the u.s. has three percent of them China and India half so should we try to make t-shirts probably not right it doesn't make sense for us to say we're not gonna make aircraft right because if you look at capital capital we've got 21% here's the US India has 3% doesn't make sense for the Indians to try to make aircraft aircraft are really a very capital-intensive thing all right and your aircraft I mean your the specifications have to be really really narrow you guys there's a show called on Netflix it's called air disasters and they have talking about airplane crashes it's a fascinating show and they have all kinds of things on there and they'll have these aircraft and their micro fractures micro fractures because they put in the rivet when they were putting this plane together this one worker put in this one rivet two deep one and it caused a micro fracture and of course as the plane goes up and down it's expanding and contracting and so it gets like that and that Micro fracture grows and grows and grows and then the plane falls apart in midair the specifications are really really really really tight and in order to have specifications as this rivet must go in three millimeter not even millimeters that must go in 100 microns or 100 whatever you have to have a whole lot of capital be able to do that you can't just sit there and eye it right it's a very capital-intensive process to build planes there's a lot of pieces to them they're very complicated to put together it's not something india's 15.3% of unskilled workers can do all right so does it make sense for us to make t-shirts if we have 3% of the world supply of unskilled labor and have India make airplanes if they have 3% of the world's supply of capital or vice-versa right we make the aircraft they make the t-shirts will sell your aircraft you sell us t-shirts right you specialize in once you have a comparative advantage in will specialize on what we have a comparative advantage in and then we'll trade so let's look here quickly at some questions that every society is going to have to answer in three different possible answers to that first one here is what is to be produced okay which goods and services are we going to make which goods and services are best going to satisfy society's wants how much of each good and service do we produce do we make 10,000 Tesla's or do we make a hundred thousand fours do we make five thousand bushels of cucumbers or do we make fifty thousand bushels of cucumbers how is the output to be produced right are we going to make it and collect a farm a corporate farm a family farm do we make cars on an assembly line do we make them the way that Rolls Royce does we have like a team that the whole team just makes this car they don't do any one specific task how is the output to be distributed are we gonna distribute it on the basis of willingness to pay do we distribute it on the basis of how much people can benchpress do we distribute it equally do we distribute on the basis of looks right good-looking people get more stuff ugly people don't get as much stuff I mean and there is a beauty premium if you look at wages good-looking people make about one percent more than average looking people and ugly people make about one percent less than average people all right so if you make a whole lot of money in life you can say dear Silvia tomorrow if you don't making a lot of money then you're like I'm ugly oh I found a girl that likes me I should probably hold on to her number five here can the system adapt to change if we have changes in these things of what society wants to be produced or how much we want to make or how we want to make it or whatever can the system adapt to that because that stuff's going to change and we have basically three different answers we have a traditional economy and our traditional economy these questions are answered by tradition all right this is the way we've always done it we're going to continue to do it this way all right if the tradition is that the firstborn son takes the job that the dad does so if you're a blacksmith and your firstborn son has to be a blacksmith but he's a 98-pound weakling and you're the only blacksmith in the village that town's not gonna get much stuff all right these questions are answered by tradition here we see output based largely on luck we can have a planned economy here you have a set of bureaucrats that make these rules they say we're you going to make this and you're going to do it in this particular way at cetera cetera cetera and in fact you can actually see what this looks like there's something like this here is the relationships with in the old Soviet Union right which is in essence today modern day Russia these are enterprises of local significance of these are small firms these are enterprises with more than local significance these are larger firms and these are the types of rules that you have to go through and where plans come down they're dictated on who's going to make what so for example this firm right here it's a small firm they're gonna get their orders from both the Republican ministries and from the regional and City party committees and of course the regional and city party committees get their rules from the Central Committee the Republican ministries get their rules from other state committees and the Republican ministries also get their rules from the Council of Ministers and the Council of Ministers also though tell these people right here that what to do so they tell the other state committees what to do but they also tell it the exact same time these people what to do which tells these firms what to do so if this firm says I need to make more bread there's no clear way to do that right I mean there's nothing inherently wrong with a planned economy if you're bureaucrats are benevolent which is a bit of a stretch but it's an information problem so for example in New York you have approximately 7 million loaves of bread being sold per week so you're looking at approximately 1 million loaves a day there's no bureaucrat saying farmers and Kansas grow this much wheat people that are going to mill it turn it into this here's how the Baker's should do it here's how many trucks we need here's where the bakeries should be located right there's none of that and basically every single time you go to the store I mean sometimes you go there's not bread but that doesn't happen very often it's not like you go to the store thinking gee I wonder if there's gonna be bread on the shelf there's bread there alright every single day you've got essentially a million loaves of bread going on and a million loaves of bread coming off and there's no central committee that does it and that's one product in one city the third one here is a market economy and in a market economy we answer these things through supply and demand how much people are willing to pay for these things so for example why do we have so much reality television because people watch it there's a demand for it and people are going to supply that demand why did we have pet rocks in the 70s you know what a pet rock is a pet rock is a guy that went out and got a bunch of rocks and sold them to people in a box people pay for this why did you have pet rocks in the 70s because people are willing to pay for it we saw these questions answered basically with supply and demand
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_21.txt
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[Music] we had our demand-pull all right and our cost-push right so that there is two different ways that we can see prices going up we can see prices going up because we saw basically increases in demand making prices go up or because we could see costs increasing so go all the way back to our just good old-fashioned supply and demand curve all right so that here's some q1 here's some p1 all right if we see some increase in demand all right we know we're essentially getting these increases in prices but you have to think of it's not just one good this is happening for us well a whole bunch of different goods goods throughout the whole economy for a variety of reasons and we'll see why those reasons are happening a little bit later on in unit 3 or we could have things like costs quantity and price all right right so we know that if costs are increasing prices increase right P - Q - right the price of electricity is going up or oils going up or something like that right whatever it is that it might be so that in essence and then once again this is not just for one or two goods but it's for a whole bunch of different Goods all at the same time you can also think of these guys as being dynamic all right so that in essence I mean you can think of both demand and supply increasing at the same rate than they're gonna see basically price of stainless I mean that's what you see in the economy right you see as the economy grows larger and larger and larger more and more homes or purchase more and more CDs or purchase more or I guess songs more and more coffees purchased and shirts and things like that but sometimes maybe supplies increasing a little bit faster than demand and so prices are staying the same or maybe demands increasing a little bit faster than the supply so maybe the prices would go up slightly etc all right we also saw that we had these unexpected and expect unexpected inflation and we had expected inflation and we said those things are basically exactly what they sound like expected inflation is inflation that we expect to occur unexpected inflation is inflation we don't expect to occur and so that you could actually look at this in terms of say our our nominal interest rate is equal to this real interest rate plus this rate of inflation right so that if you have some interest rate on some loan or whatever maybe you're you guys have a student loan or or whatever it is there's some interest rate here that they the bank wants to get say five percent right and they have some expected rate of inflation maybe it's a three percent they expect prices to go up on average by three percent per year that means the rate that you're actually paying on your note is actually going to be say eight percent right because you're getting paid back in these cheaper and cheaper dollars as you're going on alright so here you are you're paying some amount of money whatever the amount of money is it's as seumas's fixed three hundred dollars a month if prices are increasing a three percent per year and this guy stays the same for every single month for a long time say I don't know you know here it is 20 years later what's true about this three hundred dollars per month that they're paying the bank 20 years from now it's gonna be worth a whole lot less right so they know this and they're factoring that into this right 20 years later when you're paying this back it's not worth that much is that clear do we need another example I guess let's look at another example a little quicker so here's our consumer price index for all items I'm just gonna leave the screen up so I don't own this home anymore but the first home I ever bought was in August of 1997 one 52.9 so here's the CPI all right and we know what today's is today it was like 247 something or another to 46.3 was call it 246 so here's August of 97 here's today right and so this was a really small house it was just me and my wife was thirty-nine thousand dollars I can't remember how much we put down let's just assume we didn't put anything down although we did but I don't remember what it was so here's our payment right say 181 dollars here's this guy right we've started at some rate all right I mean there's assuming 3.77 percent that wasn't what the rate was it was higher than that but it's fine for now there's just some value out there and we're gonna pay this back over 30 years right so here it's 20 years later right we're 20 years into the 30-year mortgage still paying 180 1.06 how many of you guys have your rent be less than a hundred and eighty one dollars exactly all right you guys are paying more than 181 bucks so we can do this in lots of different ways we can say what is this 181 dollars today or you can say what is this today what would this be or vice-versa what's this hundred eighty one dollars right and you can use this our formula here are real equals nominal times the base of our current right I'm wanting to put here's our one eighty one 0.06 I'm gonna put this in base year being August 97 150 2.9 to 46 so we started off paying 181 dollars less see 150 two point nine divided by two four six times 180 one point six it's the equivalent of paying a hundred and twelve dollars right they're still getting this one eighty one but inflation has made that one eighty one today only worth one hundred and twelve dollars you see what I'm saying it's buying less stuff because prices have gone up but this guy stays the same he's not changing and that one hundred and eighty one dollars today only binds to bank a hundred and twelve dollars so you can think of it like this I mean this is what maybe this is what they're paying their their bank clerk right so in August of 1997 they're getting a hundred eighty one dollars and six cents per week for the bank clerk and today the bank clerk they're still the bank is still receiving a check for 180 106 but it doesn't buy as much stuff buys the equivalent of one hundred and twelve dollars back here in August of 1997 what happens if the rate of inflation though has this unexpected component to it what happens if the rate of inflation is not say three percent but it's actually say six percent then this guy here if they're wanting this five percent rate of return this guy should be 11 percent right but he's not 11 percent he's fixed in contract he's fixed at 8 so what does that mean yeah they've said we expect to get this an amount of money over the next 30 years and we're getting a whole lot less than that the exact opposite can happen of course to what happens if the actual rate of inflation they expect it to be three but it's not three percent it's two percent and here they were wanting this five percent rate of return they were expecting three now they're actually getting nine right it's good for them thirty years is a long time if people only live 90 years at 90 if somebody lives 90 years old would you say they're old or would you say that's average I'd say that's old right so 90 years is more than average so if you have a 30-year mortgage and you can't even really you don't even really buy a house till you're in your 20s anyway that gets you into your 50s and then you can have maybe one more right 50 60 70 80 maybe I mean that's a long period of time and the bank has to get that right they don't get that right they can lose big time so it's really really important that a bank or anybody an insurance company anybody try to get this as close to zero as possible all right but even if you have expected inflation we can still have problems let's look at what some of the problems with expected inflation could be you can frustrate the intent of long term contracts right I mean we have a lot of long term contracts in life mortgages life insurance pensions loans to build factories loans to build bridges I mean all kinds of stuff right and it can frustrate the intent of those if you have a whole lot of inflation whether it's expected or unexpected it can lead investors and by investors I mean people I can lead these people to engage in investments and things that would basically be a hedge against inflation right so this could be things like gold art coins stamps it's cetera and there's nothing inherently wrong with investing in those things but your choice is between two different things your choice is between a a bond that's being used by Ford to build a factory or a piece of art and if you have a lot of inflation and you invest in the art once again there's nothing inherently wrong with investing in art but if the factory doesn't get built because Ford can't raise the funds and a bond then what happens to output over the long run bless you what happens to the factory factors never built so what does that mean yeah you don't have the output from that doesn't exist right it acts like a tax on currency and deposits all right as inflation increases what happens to the value of the dollars that you're holding they decrease all right just as if prices hadn't changed and the government just raised taxes it's the exact same effect you have less purchasing power that dollar buys less stuff that acts like a tax on investment and what we mean by this is that when something increases in value and investment increases in value it's subject to what's called a capital gains tax and interestingly enough this capital gains is not subject to inflation calculations so let's look at an example let's suppose you have an asset you bought an art or a share of stock or something or a bond or whatever it can be anything four thousand dollars several years go by and this guy increases in value to fifteen hundred all right so here's when you purchase it there's when you sell it and there's several years that have come by here so you have this capital gain here five hundred dollars right and you have to pay a tax on that so let's assume that the tax I think let's just make it nice and simple let's assume the tax is twenty percent so you're gonna pay a tax of one hundred dollars you have this four hundred dollars that you actually returned let's assume this is year one and this is year 10 and dear in this 10 year time period prices went up 50 percent right so the price index was a hundred here and the CPI was 150 here you still have this capital gain of 500 but in real terms what was your game nothing if prices go up 50% over this 10-year time frame and I bought this for a thousand and I'm sorry for 1,500 in 10 years time $1,500 buys what $1000 bought 10 years ago that's exactly right so in real terms your gain is zero but you're gonna have to pay a tax of $100 on it meaning that you actually lost money if people know this what couldn't it what are you going to do during their not invest not built not buy the bond not build the factory not do whatever it also acts like a tax on exchange and what we mean by that if you think of we tend to think of prices increasing steadily throughout this time right I mean that's what we see happening here that's what this guy is just I mean this guy's going up every single month how much does it loaf of bread cost that's some expensive bread how much does a loaf of bread cost about $2 you guys buy bread fairly often fairly often right how about a I've got a dryer or a washing machine my dryers about to go out it's about 12 or 13 years old and I've fixed it three or four times I think I'm getting tired of overall in it and Nick Nick the next the next time it goes out I think I'm just going to buy another one I've had it how much does a dryer cost now Mike how much will it cost in ten years from now because it will last about 10 years right 10 to 15 years maybe 20 depending on how good it is and how handy you are how much will it be in 20 years right maybe I don't know yeah so when this guy goes I mean I have a lot of experience with this guy right I know when bread is going up in price we buy bread all the time or milk or soda or cheese or whatever it is that you want to think of it you got other stuff over here that you don't buy as often so in the price go so here's the price today for a hundred and so Mike goes out and buys a dryer and then it lasts 12 years and then here it is in 2029 going out to buy another dryer again and the price of dryers are 900 so he goes into Home Depot and says I need a new dryer and he's like $900 I thought the last wall I bought was like 400 wasn't it and the wife's like oh I don't know I think it was like 400 yeah maybe I don't know these people are ripping me off and so he goes to Lowe's $900 and he goes to appliance store X $900 and he goes to the other appliance store and it's you know 875 or whatever in other words there's lots of shoe-leather costs basically there's lots of time sitting there thinking is this really what the price is or is this is the price here abnormally high or is it abnormally low or what's going on and you have it's a tax on exchange you have to expend energy on the on this process of buying the good or buying the service or whatever it is if you don't buy it on a day to day basis you're not a lot if you're not really really familiar with it so inflation can cause problems even when we expect it there's another type of inflation that can be really really bad this would be called hyper inflation and hyperinflation is inflation that's just gone out of control so there's a lots of different examples of this throughout history there's one that stands out and that's in Germany after World War one I forgot to bring though note I got a hundred trillion dollar note in my office I forgot to bring it nuts oh well I actually went on and bought this on like eBay I'll show you one here in a few minutes Germany after World War two where prices went up by huge amounts so for example prices in 1924 or 100 trillion times higher than prices in 1914 right because Germany loses the war and the Allies say we're gonna make you pay for this and how do you think they paid for that they just printed money they said you owe us a hundred million marks this month there you go there's a hundred million marks well now the valley of the marcos fallen and they say well your hundred million marks doesn't buy 100 million marks next month now you owe us 150 million marks 150 million marks and of course that devalues the value of this currency so that prices go up to such tremendous amounts that the economy essentially shuts down and in fact what people would do is they would go in and they would sit down in a restaurant and by the time they're done eating the meal the prices had changed and when people go to work in the day they're paid not weekly not by weekly not monthly they're paid daily and then they get to the point where they're paid four times a day so they go into work they work for two hours to give them money they say here's money go buy food they try to go buy food come back to work work for two hours here's some more money because prices are already gone up go out look for work look for food whatever it is that you need come back to work for two more hours two more hours later here's money go out look for more stuff and they do that again and again and again and again again right how productive can you be if you're doing that all the time right so there's lots of different examples of this here is a table of hyperinflation right and you can see some of these countries here that had this problem so you've got countries up here like Hungary in 1945 in 1946 the highest monthly inflation rate four point one nine times ten to the sixteen right so prices war the daily equivalent of inflation during that time period was 207 percent right Zimbabwe 98 percent Zimbabwe was this one with the hundred trillion dollar bill I'll show you a picture what that looks like okay I can't believe I forgot to bring that this is why I don't like having class right at eight o'clock in the morning complain to my wife about this every single day do you know why I do not have time to sit down drink my coffee think about what I'm gonna say for the day blah blah blah blah blah blah blah blah right I have no time to do any of that crap just drives me nuts so symbol a 100 trillion so you can buy these guys for like two dollars and seventy five cents or whatever I mean there's the note right there 100 trillion dollars right and I went and I mine was at two dollars and seventy five cents mine was like a whole lot warm so I should have gone with this person oh no that's a sticker is that a sticker yeah it's a sticker that looks pretty cool I'm gonna have to get into that so here's the actual note itself sixty three dollars and you can kind of see I mean 100 trillion dollars and they've got all these different types of notes all right I'm gonna do all kinds of stuff so let's look at how bad inflation could be let's let's use a real world example and I'm gonna use Germany I'm gonna use this guy right here right so this isn't even the worst one this is just this is guy number one two three four five this is guy number five twenty point nine percent daily inflation right right so clear I saw the price of gas today was 217 oops oops alright and what we're gonna do is we're gonna see what the price of gas is gonna do when it's going up at a daily rate of 21% o'clock so times 1 point is a 20 or 21 point one okay so 2:17 let's make 2:17 Monday it's easier right so Monday Tuesday Wednesday Thursday Friday Saturday Sunday Monday so there's what it is in a week eight dollars and twenty four cents one two three four five six seven two weeks one two three four five six seven three weeks one two three four five six seven there's one month high so here we are in one month's time it's gone from two dollars and 17 cents to 451 dollars but let's see how many days there are days between dates when did when was our first day of class I'll guess something August 23rd 2017 finals are all done December 14 114 days we've got 28 29 30 31 32 33 34 35 36 37 38 39 40 1 2 3 4 5 6 7 8 9 50 1 2 3 4 5 6 7 8 9 60 1 2 3 4 5 6 7 8 9 70 one two three four five six seven eight nine eighty one two three four five six seven eight nine ninety one two three four five six seven eight nine 100 one two three four five six seven eight nine 10 11 12 13 14 so we started gasps on August whatever at two dollars and seventeen cents and by the end of the semester it is hundred thousand million billion five point nine billion dollars for a gallon of gas and remember that's not even the top guy that's this guy can you see the problem why would you sell gas today at five point nine for two billion dollars when I can hold it and sell it tomorrow at seven point two billion dollars it can cause some problems in Germany what problems did it cause Hitler that's exactly right that is exactly right because people are ticked off and he comes in and says I know what the problem is I can fix it it sounds good it select you he gets in there he says what's the problem just bravas juice let's get rid of the juice that is exactly right okay we could start talking about unemployment today but we'd only have five minutes so why don't we just go ahead and stop so once we got unemployment and then we've got economic growth and then we're ready for test number two so it's coming off I'm not going to announce the date - we're all done with the material but just know that it's coming up pretty quick
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_18.txt
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[Music] okay so we've been looking at GDP and you'll recall that what we talked about on Friday was kind of what we could think of GDP as right and so we had this idea that we said okay we can see that like say GDP and say the price of Apple's times the amount of apples in the price and I think it was bread has a quantity of bread and the price of computers since the number of computers etc and we even came up with some numbers so for example we said okay look the price of apples to say a dollar and we have say a hundred apples I think is what we had and we said I'll look the price of bread is say two dollars and bread was I think maybe 200 loaves and we said the price of computers just say 500 and we had say 50 computers and so if this was the only thing that our economy consisted of we would say okay well here's what our GDP is our GDP is going to be you know basically 100 plus 400 plus 5 times 5 is 25 1 2 3 and 1/2 30 25 thousand five hundred right here in essence is the market value of all the goods and services that our economy is producing within this year and like I said I mean we can see this guy changing in both a nominal sense and in a real sense right so when we're looking at say nominal GDP we said this is essentially all a today's prices and today's output whereas when we were looking at say real GDP we said this was in essence today's output and some base year prices so whatever year it is that we chose for that base year could be any year that we wanted it to be the number can be anything any year that you have in essence a price index for right so we also said that in essence like I said we can think of GDP is this and it's more simplified fashion what we say is that GDP is equal to all these other different components so we had consumption gross investment government expenditures and then exports and imports all right and so we can kind of see what a lot of this looks like I mean so for example here is our GDP from say third quarter of 1947 all the way up until today these shaded areas right here are recessions all right and we can look at this guy and a couple of different ways we can say here was our let's do it let's go this way it's ve a day's better for this she's trying to avoid using it but it just is really better look at these different components here so we can look at this from this standpoint right this is our annual stuff it's critical that local ears refresh table and we want our chart on this so here is in essence what GDP has looked like right now interestingly enough of course you can see that this guy is essentially straight up all the time because that's what nominal GDP does because sometimes even when outputs declining you're still seeing prices increase enough to make up for that decline in output so that nominal GDP is increasing but if we were to look at some other components we could look at this in terms of say back let's say real GDP and here's what I mean by these different price indices right so we can look at this in terms of 1937 dollars we can look at in 1950 to 1970 to 1992 you can look at whatever year that you wanted to be can be anything so we'll look at these different ones here and you'll see what these numbers are and how they've changed right so here is our gross domestic product these are essentially kind of in basically in today's dollars in 2009 dollars and you can see that here I'll modify this guy again let's do annual let's just do say a 1972 today and fresh table then here's our chart yes so you can see these periods here we're actually seeing real GDP decline right now you got another one right here where people are actually worse off I mean they're actually seeing declines and real output that's an essence what every session is we'll define that a little bit more detail later on but we have these different components here and like I said I mean we can make these numbers be anything we want them to be so here we are in 1990 or in 2009 dollars which are not too terribly different from today dollars we see GDP is 16 seven one six right these are of course in trillions so here's our real GDP 2009 dollars all right as opposed to our other one that we had here our 19 say $37 modify now close well they only go to 47 they stopped let's go to say see how far this one goes when it stops close you can continue the price in do support like I said for however long you want it to it can be any number that you want it to be 92 should go all the way through at least I hope it does if not that's okay yeah they stopped calculating it but that's fine it's the same thing you can make the numbers be whatever you want them to be so for example and we'll show this here so let's close this guy let's do let's go back to this so here we are in these different years let's just pick a year here's 1945 that's the Year World War 1 ended so we've got one eighty five point one and gross domestic product in 2000 1945 and these are in 1937 prices so those are using the prices that existed in 1937 to figure that out so let's look at these other components let's go back to this guy and we can see here using today's prices right we're getting two completely different numbers so here we see and say 1945 GDP in 2009 prices using today's prices all right so an Apple costing I don't know 47 cents and a banana costing a quarter and a cup of coffee costing a dollar and whatever that's how much GDP would have been in 1945 right 2.2 trillion dollars not very much 1945 GDP using the same counting the same amounts of apples and bananas and coffee and all of that stuff it's only one hundred eighty five point one right so that's what we mean by these differences when we're looking at nominal and real and you can actually even look at say nominal GDP within that year as well if you want to so we'll go back to this guy which is looking at nominal GDP [Music] a nominal GDP in 1945 was to 28.2 so you can ask yourself well which is it was a one eighty five point one was it two thousand two hundred seventeen point eight or is it two twenty eight point two and the answer is yes was all of those it depends upon the metric that you're using to measure you want to look at nominal do you want to look at real if you look at real it's important to know which year did you choose as your base prices so let's kind of look at these different components here and we can see he's different on my own so we said our GDP here was equal to consumption plus gross investment plus gross expenditures plus exports minus imports right so when we're looking at our guy here so here we are looking at this guy in 2016 right and we saw right here remember real 22 2009 GDP this year is sixteen point seven one six but if we look at it in today's prices is eighteen point six trillion so we can see here we've got these different components right and on that handout I passed out on Friday you can see that the biggest component you can see the same thing here the biggest component of GDP are these personal consumption expenditures right so this is essentially and this year twelve point eight two zero trillion right so consumption is just like it sounds it's all the stuff that we're buying us personally cars and coffee and apples and bananas and t-shirts and music and stuff then we have this other component here we've got an essence gross private investment when we see this guy's about three trillion dollars so have this guy at 3.05 seven and then you can come down here to government let's do government next and you've got three point two six seven trillion down here for government now remember what's included in this three point two trillion dollars for government expenditures what does it include what does it not include remember what they spend their 3.26 seven trillion dollars on that's a lot of money do what military what else they did not spend that on Social Security hundred thousand million billion hundred thousand million billion trillion spent nine thousand nine hundred dollars per person you guys paid ten thousand dollars in taxes last year you didn't pay your fair share does not include social security because Social Security is a what so transfer program they're taking money from this group and they're giving it to that group does not include money on welfare does not include money for Medicare and Medicaid don't include any of that stuff and so you can see here they're spending three point two six seven trillion dollars the federal government spending one point two trillion and remember this is on goods and services not income transfers so when we're talking about goods and services that's things like fire murder to the firefighters and fire stations police officers courts roads airports Cowboys Stadium such as such or such or such or such or such etc all right all of those things pencils papers etc interesting enough when you think of government spending who do you think of when you think of the federal government spending money who do you normally think of federal government or your state and local government federal right and if you look at this and we look at this in more detail when we talk about taxes but just to kind of give you a hand here so we got three point two six seven point eight trillion on total government spending two trillion of that comes from state and local governments you've got one point two trillion coming from the federal government but 728 billion of that was for National Defense right well that's things that state and local governments don't do very well anyway all right so this 502 billion from the federal government it's only about 15% right so of all of the government's spending on stuff that's not related to national defense that the federal government spent song it's only 15 cents 15 cents of every dollar most people don't realize that most of the spending that happens in government happens here at the state and local level it's Springfield in Greene County and Jeff City that's spending the money not the federal government they spend money right they spend 1.2 trillion dollars but most of that is this all right I mean if you look at their spending here one two three one clear seven twenty eight point nine divided by 1 2 3 1 point 5 60 percent of their spending on government expenditures is national offense that is not though the entire federal budget right we'll look at that like I said later on and then you'll see some of the problems that you have in actually cutting the federal government spending so the federal government collects most of the tax revenues the state and local governments actually do most of the spending what are now we've got net exports and services right so what are exports exports are mm-hmm so exports are things that we produce here and sell to other countries right so made here sold overseas and imports are got made somewhere else sold here all right so when we're looking our exports here we can see that our exports are our 2.2 trillion dollars right so we made and sold 2.2 trillion dollars worth of stuff but our imports are that we made or we bought two point seven three five trillion dollars worth of stuff from other people right so that when we look at this on a net basis we see that our net exports right here negative five to one point two all right so when we're like I said when we're looking at our consumption here we've got our c plus IG plus G Plus X minus M and oftentimes what we can do is we can simplify this even further just have net exports here all right so our net exports our X n is just exports minus our imports interesting laying up here you can see how what investment kind of looks like right and you can see these different components here so we've got fixed investment non residential structures equipment alone for property residential which means homes so there's how much we spent building homes seven hundred and five point nine billion right so when you buy your house when you go out and build a home that is not considered consumption that's actually considered investment why do you think we would consider that investment and not consumption hmm they do depreciate but so does the grapes and my refrigerator if I don't eat them actually they don't but if you look at it on a runner cost adjusted basis why would we consider them investment not consumption we consider these guys investment investment is just remember that's the stuff that we make to help us make stuffed and missed it we've talked about how this is the garbage can right have we talked about this I don't remember how to talk about that in the other classes or not ooh look at that somebody took the garbage away this university drives me crazy man I'm telling you what today is a day that it's as good we're not on the fourth floor she's all I got to say was I talking about investment so remember an investment it's the stuff that we make to help us make stuff right and the house provides us with this flow of services over time right it provides us with this flow of Housing Services over long periods of time I mean homes can be there for how long how long can a home last for hundreds of years right I mean if you go to Europe and parts of Asia and Japan you've got houses that have been there for hundreds of years homes can last a long time so we consider these guys investment interesting enough you've got things like say a car if I purchased the car would that be consumption or investment exactly what happens if IBM buys the car they buy the car so that their salesmen can go around and fix copiers and stuff like that that's investment it's providing a flow of services right so it's not necessarily true that every single thing that is purchased is always going to be consumption or it's always going to be investment at cetera now let's look at this investment idea a little bit more detail because we have some let's see here where is it because these assets that we do purchase have a tendency to depreciate I'm not finding it here it's go to the Fred data so now I wanted its this'll work remember we had real GDP here at 18 trillion ish dollars are these real dollars or these nominal these are billions of dollars not seasonally adjusted annually all right so we've got something here called net domestic product just write some of these numbers down so we've got our net domestic product here at fifteen point seven oh seven trillion when we were to look at say when we were to look at say reaaargh gross those are 2009 dollars I don't want that let's do yearly its annual let's get this guy annual so here we have our 2016 observation fifteen point seven oh seven all right this is for net domestic product here over here we've got our 2016 observation eighteen one six two four for a gross domestic product all right we said that this guy is 18 what's 6 2 4 trillion what do you think it's the difference between these guys because those are two completely different numbers they're different by about what two point nine trillion that's a lot of money all right two point nine trillion dollars what is that for a person hundred thousand a million billion eight bucks not a whole lot did I do that right it doesn't seem right two hundred thousand million billion trillion matter behind three three zero one two three four five six there we go I knew it was too low eighty eight hundred dollars per person what's a lot of money what's the difference between these two guys what do you think gross domestic product GDP net domestic product what do you think is difference what do you think is the difference between these two guys all right clearly there's something here right two point nine trillion dollars the answer is on the board it's not consumption but at least she's trying it's the investment part right notice here that we all have always said gross investment there's no gross government expenditures there's no gross exports there's no gross imports there's no gross consumption well we always use the term gross investment when we're talking about GDP because GDP looks at investment from a growth standpoint what do you think NDP net domestic product is looking at not gross investment but if gross domestic products looking at gross and includes gross investment net domestic product is net investment all right blessing so what do you think net investment is what does that mean no but at least he's trying no but at least she's trying what happens to factories and buildings and cars and I mean how many whether it's me driving the car or at IBM driving the car eventually what's the car going to do it's going to depreciate it's gonna get used up right if that car can only travel let's assume I paid $20,000 for the car and the car will travel 200,000 miles before it's done alright so in essence it's like I've paid twenty thousand dollars to be able to drive 200 thousand miles right every single time I Drive that car a mile it's costing me 10 cents every single mile I drive I've used up 10 cents of that car it's depreciating and that's exactly what net investment looks at here right gross investment includes our net investment plus our depreciation the amount of an the amount of capital that in essence we used up so here's our net investment plus our depreciation or you can look at it like this right net domestic product is GDP minus depreciation so of this three point zero five seven trillion dollars that we had in gross investment right some of that was basically just a capital that we had already used up right it's depreciating so let's see this one actually might be better for that research I actually call it the capital consumption allowance I don't want the glossary I want the deed see what that gives us that's not what I want let's come back to this guy that's not what I want no it's no thank you see like I find it on here can you tell how important this metric is all of these tables right here are variations of some amount of GDP right real gross domestic product and quantity indexes price indices GDP itself real GDP and these are different prices preceding changing from different periods percent change from a year ago blah blah blah right let's see here constantly moving things around let's do income remember I said there was two different ways to calculate GDP basically this is the other way right compensation of employees and wages and salaries proprietors income rental income corporate profits plus net interest minus taxes on production minus subsidies minus these business current transfer payments you see why I don't make you to learn all that stuff maybe just learn the C plus I plus G is just easier it's the same data see what this one business that's not it mmm no that's not it that's not it let's try this no that's not it that's not it that's not it yeah is this it it's closer huh let's see where did you go - they moved you why would they move you oh you guys let's see this is gives us it to us terrible's no that's not it either summer on here they've got a table with GDP minus depreciation gives you net domestic product minus such-and-such gives you the sand so minus the sand so it gives you this and that - this and so gives you this and that and I can't seem to find it they moved at the tables around on me so we'll just pick that up on Wednesday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_5.txt
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[Music] okay so what we want to do is we want to continue our discussion here and we want to look at a completely different model and that would be production possibilities curve so we know let's go back and review we know we have this idea of our resources and we know that we want to turn these guys into goods and services and we know that those resources are limited in scarce therefore we know that the goods and services themselves are going to be limited in scarce because we can't create these goods and services out of thin air so in essence we're gonna have this problem and if we if there's some amount of resources here that are not being used whatever this fraction is right it's this fraction here not used is it obvious that this guy is going to be a little bit smaller all right not created is that obvious if we don't have it we have resources that are not being used there's gonna be stuff that's not being made right because we can't make goods and services out of thin air we're not God we have to have resources to make those goods and services the problem is is that even if we do get and wind up and use all of these guys we're still gonna have a limited amount of goods and services to produce that's just what there is so what we want to know is we want to know what type of methods or methodologies or whatever can we use to kind of understand this problem in a little bit more detail now what we're going to do is we're going to use something called the production possibilities curve hi now before we start looking at this guy we need to define a few terms so we need to find full employment and we need to find full production so full employment means we're going to be using all of these resources okay it does not mean that we're over exploiting the environment or that you're using child labor or something like that right here's your set of resources we want to use them all we don't want resources sitting idle it doesn't make sense to have people unemployed that want to work it doesn't make sense to build factories and have them sit there right so we want to use all of these available resources full production is this idea we want to use these resources where they will have the greatest effect on output now we'll define this guy as essentially using our u resources producing with the good and services they have a comparative advantage in will define what we mean by compare to advantage a little bit later on but we can kind of conceptualize what this guy means right now and let's look at it like this we've got oranges that we want to grow and the question is can we grow these guys in northern Canada can we grow oranges in northern Canada not easily because we could do it what would we have to have a green house right you could grow oranges in North Canada and you might even use full employment of all of your resources to try to make that happen right it might take a whole lot of more resources to try to grow oranges in North Canada in fact it does take a whole lot more resources to try to try to grow oranges in northern Canada but then it does in Florida so we might have full employment but that's not full production right that's not using those resources we're gonna have the greatest effect on output right in other words it's much easier to grow oranges in Florida where they naturally want to grow and like northern Canada grow wheat Wow so we have this idea of our full employment in full production right so let's look at some assumptions here economy is operating efficiently right now what we mean by this is that we have full employment and full production we're producing the goods and services that we have a comparative advantage in we have the resources are not sitting idle right people have jobs factories are being used we don't have stuff just sitting around doing nothing our resources are fixed in quantity Wow so we have our factors of production which is another name for our resources our factors of production are fixed in quantity right the labor force isn't growing or shrinking the amount of capital is not increasing or decreasing lands not increasing or decreasing etc our factors of production are fixed in quality right so our labor force isn't becoming more educated or less educated capitals not increasing or decreasing in quality etc technology is fixed alright so what do we mean by technology when you hear the word technology what do you think of yeah computers right generally what people say but that's not in essence what we mean right what we mean by technology is our knowledge of how to turn resources into goods and services we kind of saw that last time on the video right where we had people that we're taking different types of chemicals and turning them into something completely different right or people were combining this stuff to create something else or people are using all of these different things to create brand new products right none of that stuff necessarily needed computers per se so we have these four assumptions here else have two goods pizza and textbooks we have these assumptions here we've got two goods pizza and textbooks and in essence what we're saying is that well our economy is operating efficiently in other words we're using all of our resources we're using we're gonna have the greatest effect on output our factors of production are fixed and quantity and quality and our level of technology is fixed now do we typically see this the labor force doesn't change at all the labor force is in getting more educated or less educated and our knowledge of how to turn stuff into goods and services doesn't changing at all do we see that no all right so we can think of this as a snapshot because over time we know that these guys are changing alright so we're just looking at a snapshot for right now we'll change these assumptions here in a few minutes so let's look at our choices so we're gonna have textbooks up here we have pizza here and if we devote all of our resources to making textbooks we can make 10 textbooks and if we have all of our resources making textbooks how many pizzas can we make zero all right if we devote all of our resources to making pizza we can make four pizzas and if we have all of our resources being devoted to pizza how many textbooks can we make zero so here are five of our different choices right we've got ten textbooks and one pizza nine books or strike that 10 textbooks and zero pizzas nine textbooks one pizzas 7 and 2 4 and 3 0 and 4 right and we can look at these on a graph so we're gonna put pizza over here no particular reason we'll put books over here blessing okay and we've got these little sets of choices here alright so here's 10 I'll call this guy a here was annoying and he was he looks it here call this guy be it was 7 I'll put him out here see I'll call him D three two one all right so here's our five different choices plotted on a graph all right now are there really only five different choices No can you make half a pizza yeah right I get half homeworks half quizzes half tests all the time right you can Colt you can totally make half a pizza you can totally make half a textbook right so we don't actually have five different choices how many choices do we actually have an infinite number of choices right very good and when we connect all of those infinite number of choices together we get the production possibilities curve all right because this curve shows all the different possible production alternatives given these set of choices over here right given the set of choices that we are operating efficiently our factors of production are fixed in quantity our factors of production are fixed in quality and our technology is fixed now which point is best what did you say so you got this one right here so what's your name Mary Mary says D is best what do you think well so which one would you choose so she chooses C what's your name Courtney Cu okay who's right is it C or is it deep we're gonna have an election do we want seven textbooks in two pizzas or do we want four books and three pizzas any of these points on the curve is just as good as any other point there isn't any best point per se on the curve right which point you want to be at a B C D or E which one's best quote unquote is a normative issue but we can look at a couple of other points we can look at say point F and point G and I'm going to make point F right here so point F is for books and one pizza so let's look at this guy for a second for books and one pizzas he possible yeah because it's possible when we're making one pizza to make as many as nine books what do we have to do to make four books instead of nine yeah just be inefficient just be lazy that's all you got to do not have people work all right so we see that this guy is possible but not efficient let's look at Point G point G I'm gonna stick out here so Point G here is seven books and three pizzas what's true about this guy it's not possible it's not a matter of working harder it's a matter we can't do that we do not have either the quantity or the quality or the level of technology to make point G he is not possible so this guy point G here not possible so if we're comparing the guys on the line to the guys inside the guys on the line are better than the guys inside that's not normative that's positive the guy outside here being better than the guys on the line that's true all right that's not a pause I mean that's not a normative issue that's a positive issue but as to which point we want to be on the line that's a normative issue so we can say that the points on the line are superior they're better than the points inside we can't say that points outside are better than points on the line we can't say which point on the line we want to be yet that we can't say that's I mean you can say that that's what we have to do but you can't say B is better than deep right that's that value is subjective sort of thing that we talked about earlier you can't objectively measure about you cannot say D is clearly superior to B because it's not depends on people's preferences okay let's look at something here let's assume we're at Point a and we move to point B what do we gain very good so we're gonna gain a pizza what do we lose one book very good all right so we have an opportunity cost here I'm just gonna brief ate opportunity cost Oh see we have an opportunity cost here in one book let's go from point B to Point C what do we gain very good what's its opportunity costs very good everyone see that so when we go from point A to point B we're gonna gain a book we're gonna lose I mean strike that we gained a pizza we're gonna lose a book right so here is that opportunity cost for our first pizza all right here's the opportunity cost for our second pizza right I mean in essence you're just going to hear here's what you had to gain the second time let's go from Point C to point D what do we gain I already started writing it what do we gain one pizza what's the opportunity costs three books and you can actually measure the size of that let's see we've used will use green this time here all right this green guy larger the red guy good guy large and the blue guy let's go from point D to point eat blessing what do we gain one pizza what do we lose what's its opportunity cost and you can actually measure that here we'll do it with this guy right here and black so let's think very very carefully about what's happening here is we make more and more pizzas what's happening to the opportunity cost of another pizza it's getting bigger right we call this the law of increasing opportunity cost and what this law of increasing opportunity cost says is that as you make more and more units of a good the opportunity cost of making more increases hence the name increasing opportunity costs so as we try to make more and more pizzas the opportunity cost we're gonna have to give up in terms of books is going to go up right and we can see that they're the first pizzas only cost us one book the second pizza though cost us two books the third pizza cost us three books the fourth pizza cost us four books why why does the opportunity cost increase well why would the opportunity costs not to stay the same be constant every single time you want another pizza it'll cost you a book that's it right there resources are not perfect substitutes for each other so let's think very very carefully about what this guy's says what does it take to make pizza what do you need dough sauce cheese toppings would you say in the oven for us pan this Pizza gonna assemble itself labor Yatta Yatta Yatta Yatta right bubble a little digital you got an idea what it takes to make a pizza you've all seen pizza before you know what it is it's not that complicated what does it take to make textbooks paper ink glue printer press printing press slash binding mm-hmm a writer / editor yadda yadda yadda yadda yadda yadda yadda right so you know what it takes to make a book does our economy contain all of these resources yes because we can make textbooks and pizzas therefore we have to have a printing press and a binding machine and an oven you have to because we know that we can make textbooks and pizzas now let's think very very carefully about this so here we are we're making all textbooks and we say I don't want to make all textbooks I want to make some pizzas how much does that contribute to textbook production very little right when I was in college our landlord our oven was gas the heat in the house was electric he paid the gas bill we paid the electric bill so what we would do on cold days in Northeast Missouri we would crank up the oven to 500 degrees open the door stick a fan in front of it in and blows free heat out right so we could use the oven the heat part of the place where we're printing right it doesn't have zero value but it doesn't have a whole lot of value right so as we're here at a we're releasing and we're moving to B we're releasing resources and we're going to release the resources that are really really good at making pizzas well that's gonna be the oven and the sauce which we were using to lubricate the binding machine alright well we found something about or we found you know three and one oil or whatever so we're releasing these resources that are really good at making pizzas but they're not very good at making ovens and because they weren't real they're not really good at making books because they weren't really good at making books book production doesn't fall by that much it only falls by one and then as we get farther and farther down this guy as we go from like D to e now we're trying to take all of these resources over here that are really really really really good at making books and not that great at making pizzas and try to get them to make pizzas I sense they're really good at making books book production falls by a whole lot and since they're not that great at making pizzas pizza production doesn't go up by that much right so these resources are not perfect substitutes for each other and because of that we have this law of increasing opportunity cost is we try to make more and more more of some good the opportunity cost is going to increase and you can see this here right here's education here's healthcare and I'm gonna just to show you that this isn't a contrived example and I'm not this doesn't show increasing opportunity cost because I drew it trickily all right I'm gonna make these old guys the same okay so here's four units of education here's three units of education there's two units of education here's one unit of education health care can be anything up here your health care alright so here you are at some point it can be any point that you want it to be right as we go from making all health care to making education all right we've got one unit of education here here is the opportunity cost there's what it cost us in terms of health care that's how much health care we had to lose right and we want to make another unit of education all we did was double this guy that guy in green is clearly larger than the guy in red and all we want to do is increase it again one more unit that guy in blue is clearly larger than the guy in green right and then once again right going from I'll use I guess I'll use blonde and then we have this guy down here right so if we're at this point right here oh it could be anywhere we're here and the politician says we're gonna have more education and more health care because that's what they say is that going to be possible no right if you want more health care that's fine but this guy actually has to decrease not increase right and the same thing if you're here alright if you're here and you say we're gonna have more education and more healthcare I mean that's fine but this guy has to go down right I mean and you can see it I mean I'm a I'm a perfect example right I mean my name is or my title dr. Mitchell all right do you want me operating on you know right I am not that kind of doctor so let's assume we live in a totalitarian state where they say we don't want you doing education anymore we're gonna put you in the healthcare field okay it's fine what can I do in the healthcare field be an administrator what else can I hand a scalpel to the doctor scope ooh can I do that stat all right I can say stat all right I can clean up after people after they've thrown up from having surgery all right and all of the other things that goes into a blah blah blah blah blah but I can't operate on people all right so if you take me and I like to think that I have a comparative advantage in education if you switch me from education to health care because I'm really really good at education this guy goes down by a whole lot but I'm not that good at health care I don't really enjoy that this guy goes up by a little bit all right and so the total is you actually kind of mean if you want more healthcare that's fine you know so stick me in where I'm gonna have the greatest effect on health care I don't know where that's gonna be but health care is going to go up by a little bit education is going to go down by a lot we're gonna have this increasing opportunity cost is we want to make more and more of some good whatever that something is it doesn't matter it's when a politician tells you're gonna have both more education both more health care we're gonna have more national defense and everyone's taxes are gonna get cut you know that's not happening that can't be true something has to go down right you have to have this opportunity cost this is the thing that people also don't understand people don't understand why we were here wherever this point is for health care and then they said we want more health care and that's fine you can have more health care if you want you can have all the health care you want I could care less all right or you're here wherever you're here and people say oh we want more health care we want to go this way that's fine but that health care cost has to increasing which is exactly what it's been doing right I mean if you look at 2008 to today the total amount spent on health care has been going up that's not surprising the opportunity cost is going up it's not going down because is you want more of something the law of increasing opportunity cost says getting more units of something that's going to have a larger and larger and larger opportunity cost it's just the way that it is and that's going to be true like we said for education for whatever and whatever it is that they're promising you questions about this before we move on right I mean it doesn't have to be this it can be your economics test and biology the more time you spend studying for economics the less time you have to spend studying for biology I don't need to study more for biology that's fine going this way that means less time to study for economics increasing opportunity costs so let's go back and look at our assumptions right we said our resources were fixed in quantity our races our sources are fixed in quality and our technology is fixed what happens when these guys change because these guys do change no texting in class please thank you what happens when these guys change exactly right [Applause] so let's look at the winter education healthcare doesn't matter must do something stupid our production possibilities curve for computers and beach balls so if we see a change here and our level of resources our quantity of resources or a change in our quality of resources or our level of technology remember technologies is knowledge of how to turn resources into goods and service that has nothing to do with computers then we're gonna see this production possibilities curve shift out and there's one more kind of here I'm going to call this legal slash social structure all right these these social constructs that we use to define society are very very important right in other words what we mean by these legal and social structures is that when you have I mean I kind of put this if there's no rule of law it's very very difficult to make contracts right and the contracts don't have to be formalized contracts where it's actually written out and signed and notarized it can be a social contract that you're making with other people all right same thing here when you have this kind of social structure if there's if some country has a really strong work ethic then giving these conditions they're going to be able to make more than a country that has a social structure it doesn't have a strong work ethic they're gonna have all of these resources and quantity and quality and levels of technology and don't make less stuff right or if the legal structure changes in such a way that the rule of laws and followed anymore and it's corrupt you're gonna have less stuff being made it's just the way that it is so we have these things changing right our production possibilities curve and essence is going to shift out right and so we have here you have like this guy right here I'll call this guy Point C or it's calling point X so here we have C 1 and B 1 and thanks to this increase in the quantity or quality of resources has changed technology or our legal and social structure changed such such a way that we are actually able to make more stuff what happens with b1 and c1 what's what's true about X and what's true about Y so before we have this change what's true about X possible yeah efficient yes what's true about why not possible now we have this change now what's true about x and y x is possible and he is inefficient what's true about why he's efficient all right and you can actually see here that we've got like say c2 b2 right it's possible for us to make both more beachballs and computers or we could do something different right we could make the same number of computers more beach balls we could make the same number of beach balls and more computers right or any combination between we can make more boats we can also have it's these guys going down all right there's a possible for our country to have the quantity of its resources diminish yeah quality totally technology I guess sure I don't know how that works but yeah legal and social structure for the for the country become more corrupt or people to stop working yeah yeah because that was a that was a snapshot that one was saying where do we want to be do we want to be here or do we want to be here we can change the quantity and quality of resources in the long run can we change it tomorrow President Trump gets elected Trump didn't get elected Hillary Clinton elected Bernie Sanders getting elected George got elected Fred his name is George Fred that's his name president Fred comes in and says okay and in six months time we're gonna have both more national defense spending and more health care spending and more education spending and we're going to create more beachballs and computers is that gonna be possible not over the long term could you do it possibly so if these guys are diminishing what's happening to our production possibilities curve here he's shifting it so here we see this guy doing this so here we've got what are we looking at computers and beach balls c1v1 right now this guy is shifting in so here's our point X we had a decrease in our quantity of resources so what's true about X he used to be what possible and efficient now he's he's not possible point Z used to be inefficient and possible now point Z is efficient right so if you want to see production possibilities curve changing I mean you can see that it's really easy here is kobani Syria I don't have a slide a studio where this city is someplace in Syria all right and you can get a sense of what it looks like right there all right I don't know I don't have the slightest idea of what they make I don't know what they make they make stuff whatever it is right you got all these buildings there and homes and stuff clearly they're making something obvious right what's been going on in Syria for a while killing each other and blowing stuff up right there's what it looks like today what are they making now not much because whatever was being made here whatever that was can't be made anymore I mean look at this there's no building here that I can see in this picture that has no damage to it so here's these resources quantity of labor quantity of capital right quality of labor quality of capital and the quantity and quality of diminished right people are dead the smart people left a long time ago right the quantity of labors gone down or the quantity of capital has gone down the quality of capital that's left has gone down there still are the same levels of technology I mean I doubt there how to turn resources and good in the services change unless of course all the smart people left and then all the people left are the dumb people then maybe the level of technology has gone down all right and their legal and social structure what type of social structure do you have now it's non-existent right there's no legal sir hey you parked your car illegally I'm gonna do X Y & Z what boom boom you're dead there's no legal and social structure there anymore it's an arc so we've seen a diminishment of their production possibilities curve well pick it from here on Friday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_14.txt
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[Music] so let's kind of look at what we're doing there's no quantity there's our price just demand your supply all right we've got some P star Q star thing here right and we know that what's happening here there's a lot going on right we know that we've got this quantity demanded is equal quantity supplied in other words we say that there's no surplus and there's no shortage we know that at that point price is equal to marginal cost all right so that the price consumers are willing to pay for the unit is exactly equal to what it costs to produce the next unit and we know that the sum of consumer surplus and producer surplus is maximized strength in my ex I am I and we know that we've said okay this guy right here is consumer surplus this Garrett here is producer surplus crime so what we want to look at today are some price floors and surprise ceilings we want to see what kind of impact these guys have on our markets so if we're looking at this a price floor is a price okay so it's in essence this a price floor is basically a minimum price the price can be above the price floor but it can't be below the floor and we can trash that with a price ceiling which is a maximum price all right that buyers may be charged so we have these two different things right one is essentially the price can't be below this guy the other one is the price can't be above this guy and it's a really easy way to remember which is which just like I'm above the floor here you've got to be above the floor here all right if I fall below this floor that's gonna be bad because I'm falling down into the second floor all right and a price ceiling right it's a maximum price so here's the city and up here if I was to jump up I'd be hitting against it right and I would try to do it but it's on video and people would be seeing it for the next 20 years and I'm not going to do that all right so you think you can get the idea in your head so if I was to jump up let's assume I could hit the ceiling up there all right I'd hit the ceiling and stuff all right and if I could jump up and hit that ceiling I'd be rich right how would I be rich I'd be playing basketball so let's look at these two different guys here we got this price floor we got this price ceiling and let's look at this in a couple of different ways I'm going to look at the price ceiling first for no particular reason so here is our supply and demand curve right and here we are it's the 1970s and Israel gets into a war with its Arab neighbors and the u.s. supports Israel the Arab countries say screw you we hate Jews we don't like Israel you support Israel you're against us no more oil so they place an oil embargo on the us what this caused us to do before the oil embargo you have a price here of gasoline it's about 53 cents and you have some quantity can be whatever number you want it to be they have an oil embargo that makes the supply of oil do this right now had this price of oil been allowed to change the price of oil would have gone to about the dollar 50 okay but it's in the middle there's no way that the president can allow politically speaking the price of gas to basically triple overnight right so it's for us today be the same thing as all of a sudden gas goes to $6 right or a few years ago and gas was like four dollars it would be the same thing as gas all a sudden going to 12 dollars a gallon so they said we're gonna have a price ceiling at this old price okay so here's what the price wants to do you have the supply curve here doing this increasing or decreasing in supply decreasing so in essence we have our quantity we have our price we have demand we have supply so in essence you're looking at this guy right here right because what you've got here is now an equilibrium price of gas of a dollar 50 but you have a price ceiling at this old price all right at 53 cents so let's look at what happens here here's our quantity demanded bless you here's our quantity supplied what do we have surplus or shortage we have a shortage shortages do what two prices drive them up so what will price do exactly because you cannot legally sell it for a price greater than 53 cents all right and in essence what we've got here is a shortage all right that's not going to be able to go away all right there has no way we can't get the price to go up people are going to have to wait in long lines in order to be able to buy gas all right you're gonna have basically gas lines and in fact this is why they need this thing pointing there we can actually see what these look like is it alright if I don't bring the screen down I have to bring it down in a minute but for this one right here we don't have to actually I tell you what I will bring this down I'll just you know anyone I'll just work around it so what we've got here is the result of this price ceiling on gas and you can see it here right these are some of the pictures from the 1970s and there was another one in 1979 so for example here's this I mean here's the gas station right here here's where people are filling up and here's the line for it and you can see the cars are going all the way back to here alright or you've got another one that's really good is this one's pretty good same thing here here's your gas station these cars are all queued up for gas these cars are queuing up for gas all right how are you going to deal with the shortage people want here's our price ceiling there is your quantity demanded here's your quantity supplied people want this much gas but there's only that much available what are you gonna do remember you can't raise the price exactly so you have all kinds of things that you can do right you can have people wait in line you can have rationing where people only get say you know five gallons per day or all that other kind of stuff you're gonna have to find a way to distribute this amount of gasoline to all these different people and let's look at this in terms of waiting in line and when we have this waiting in line idea where in essence what they say is that we're gonna have you wait because we don't want you to have to pay a dollar fifty you know we only want you to pay fifty three cents but if you look disorderly conduct will close the pump right guess I Scott if you guys start getting into fist fights like this person is all right you're not doing it we're gonna close the pump you won't have any gas if you look at this person I mean look at this person way down here how long are they gonna have to wait in line for gas a long time right I mean you would you could wait for a couple of hours to get your gas the interesting thing is that you really are paying the dollar fifty how are you paying it paying it in time alright you're paying fifty three cents and coin you're paying a dollar fifty in time and we can see this in other areas as well right we can also see this in the housing market so here is our supply and demand for New York and here we have a price ceiling this guy's 1200 and this guy right here is about 3,000 now what would we call this guy this is the housing market in New York what would we call him you guys know what he would be called rent it's the first part because no the second word is rent control you guys ever heard that term before that's what this is this is rent control right we're in essence what they're saying is that okay we don't want the price of apartments to be $3,000 we want the price of apartments to be 1200 so what we're gonna do is we're gonna have rent control the reason that this came about is during World War two they had a shortage of buildings because the government is buying up all the building materials to go fight Japanese and fight Germans and Italians all right and so the prices of rent was going up and people responded by saying wow this is getting really really expensive and so in New York they said okay we're gonna impose rent control we're only going to pose it on these buildings and they said we're not going to pose it on any other buildings other than this people said okay that's fine and then they built more buildings and then they did it again and just said but and we're not but no more we're not gonna have new rent control and anything else and I said okay that's fine and then they did it again a third and fourth time and now you have a good chunk of the apartments within the city of New York are under rent control right so here is your average price of rent control departments 1,200 your average apartment is $3,000 these numbers are not made up those are real numbers okay I actually looked these up I look them up every year so let's think about what happens here we have at this $1,200 here is how many apartments people want all right and here's how many apartments are actually going to be produced we have this shortage and how we're going to deal with that shortage all right I mean let's think about this for a moment let's assume this is just some number let's just make this guy a million let's see what the problem is how much does the millionth apartment cost to make $1200 and how much is the millionth apartment worth more than three thousand does just make up a number let's just say it's five thousand dollars this guy is worth say five thousand dollars right so let's assume that we stop and we don't make any more here's some consumer surplus and here's some producer surplus and what's true about this consumer and producer surplus right I mean we've got this portion what's true about these guys right here these guys this guy in blue and this guy in green the millionth apartment is worth 5,000 it cost $1,200 to make does it make sense to make the millionth apartment yes should we make apartment 1,000,001 we should but we won't write because apartment 1,000,001 costs one thousand two hundred and five dollars to make and we can only charge twelve hundred dollars for it an apartment number one million and one costs 1205 to make and he's worth four thousand nine hundred and ninety five dollars right so there is a lot of consumer producer surplus that we still could be getting but we're not going to get because we can't raise that we can't charge more than twelve hundred bucks right so what is this consumer surplus and this producer surplus what are these guys right here where do these guys go they don't exist it's benefits that people could be getting guess this lights on its benefits that people could be getting but doesn't exist right let me illustrate what's going on here one of my friends from high school is a college professor in New Jersey he's actually outside Philadelphia he has friends say here's Philadelphia here's New Jersey you know basically New York bless you here's New York City here's Philly all right so this is this is just some distance right they've got friends that live here in New Jersey that drive in three hours a day drive back three hours a day drive into New York City to work they drive back three hours a day in three hours a day back six hours a day to spend in the car times five is thirty hours why would they do that why not just go move to New York it's $1,200 they can't find an apartment when you guys want to find an apartment how long does it take two days if that right if you want to find an apartment in New York you can be on a waiting list for 30 years 30 hours of your day of your week just driving to your job because you cannot find you're on a 30 year waiting list for an apartment 30 years if you start at 25 35 45 55 and you find it at 55 and you retire at 65 you've only got 10 years in the apartment right I mean you only have a 40 year working career and if it takes you 30 years on the waiting list you've spent 3/4 if your working career I mean there's no point in moving now I mean you're basically done why move in now right what what's the value of this what does this represent exactly right I mean this is so this is a regular almost a job in and of itself just getting to your job would they be willing to pay more than $1,200 for an apartment totally right it's a huge waste of their time it's the exact same thing here with our gas right let's just make this guy in number he's just some number whatever number it is that you want it to be $10,000 a day this 10,000 gallon of gas costs 53 cents he's worth I'm making up a number here $3 right because of this price ceiling there is all of this consumer producer surplus that never gets to come into existence it's wasted people say to themselves I spent two hours waiting for gas I would have rather spent those two hours doing something else right and you can actually see like I said a lot of this within New York because you have now I'm making up a number once again here three million people that want these apartments and there's only 1 million available right so people go on 30 year waiting lists people will pay $15,000 for the key to the apartment people will sublet the apartment right once you get the apartment you sublet it out people will do all kinds of things and in fact one of the interesting things how do you think the landlord responds to this what's he gonna do if stuff breaks down he doesn't care why fix it if I fix it and make the apartment look nice I can't charge $3,000 for it I can only charge 1200 bucks so why fix it let it run down there's no reason and in fact if you don't like it tough there's 2 million other people behind you that'll take it I don't have to do anything right you can see this in all kinds of different ways that one of my favorite ways is and I got to log in here so I'm gonna wait a minute do I have to log in no I don't it's YouTube it's not Netflix friends Ross naked guy okay so I'm sure you guys have all watched friends maybe you have maybe haven't I don't know so as you know how you guys watch the show you've seen it before okay so they live in New York City right one of the things you find out of course is that the girls are actually in their grandma's apartment the grandma actually died but they don't want to tell the landlord because once she dies the lease is done right and they have to leave they actually sublet in the apartment and then we've got you know naked guy over here so city weird in the apartment yes well I called over there and it turns out ugly naked guy is subletting it himself and he's already had like a hundred applicants the difference is I've got the edge it's not exactly ethical but I sent over a little bribe to tip the scales in my direction check it out you'll probably see it from the window [Music] oh is it that pinball machine with the big bow on it know that new mountain bike no what did you say a basket of mini muffins but there's a whole table of mini muffin baskets which one did you send the small one you actually thought that basket was going to get you the apartment well yeah someone sent us a basket at work once and people went crazy over those little muffins it was the best day your work makes me sad [Music] hey hey check it out check it out ugly naked guys gonna make it Fred oh my god let's take it would you like another mini muffin by the blueberry they're delicious [Music] okay so you can kind of get the point all right I mean in essence those are the types of things you have to do to get the apartment you don't just walk in and say here's my money I want the apartment right you have all of these other different ways of moving goods and services around that are quite frankly inefficient let's look at the price floor once again here we have two different markets we can look at we can look at agriculture and we can look at the labor market see you guys for watching economics and you didn't even know it all right here's the market for wheat I'm just gonna put up a price here we're just gonna say it's four dollars here's our quantity we've got this price floor though and we see either here that at this price floor we've got this price here say five dollars all right so here's our quantity supplied here's our quantity demanded what do we have at the end of the growing season surplus or shortage we've got a surplus surplus this should do what to prices make them go down right but the price can't go down so we continue to have the surplus by the way who's this policy designed to help the buyer or the seller seller who's this policy designed to help the buyer or the seller the buyer does it help the buyer some of them these guys right here I'll just give them that because they have to live in a crappy apartment these people over here then help them at all all right same thing over here right we've got this surplus here's how much wheat people want to buy here's how much is being made it's designed to help the seller and these sellers get helped but these sellers over here they don't get help they lose out there's no way for the price to fall legally to get the four dollars to help deal with this surplus now here with agricultural products it's interesting because there's a couple of different things that you can do here number one you could say there's a surplus but we're not gonna buy it up all right we're just gonna let if yours so here you are you're the farmer you've made all of this wheat doesn't make sense to keep making that wheat right so let's assume that the government doesn't buy the excess week all right they just essentially stop right here all right so here then once again we'll just put it we'll just put in some numbers here so this is just one hundred thousand if they don't buy up the surplus this one hundredth thousandth bushel of wheat costs two dollars to produce he's worth five dollars should we keep making wheat yeah but they won't right because you won't be able to sell bushel one hundred thousand one hundred thousand and one right people aren't gonna buy it because in order to buy it the price would have to be less than five dollars all right so once again consume in producer surplus it's not getting picked up the second thing that they could do and which is actually what they do do it could buy the surplus wheat there's three hundred thousand okay so let's think about what's happening here with this 300,000 bushel of wheat right how much does this 300,000 a bushel of wheat cost to make five dollars how much is it worth two dollars does it make sense to spend five dollars to produce something that's only worth two dollars no all right and in fact what we get here we get waste right this is in essence the value of all of this waste right and you can see this in lots of different ways you can see this in digging up land that shouldn't be used for anything or should be used for something else corn or soybeans or tobacco or whatever being used to grow wheat right or maybe it should be used for apartment complexes or maybe it should be left as a forest should be left for anything can be anything that you want it to be the point is is that it shouldn't be growing wheat one way of course that they deal with this surplus if they don't want to do it is to pay people to not grow wheat right so some farmers are paid to not grow wheat and you can ask yourself I mean that has all kinds of implications I don't grow wheat so why am I not getting paid all right my father-in-law has some land he doesn't farm he gets paid to not grow tobacco he doesn't know anything about growing tobacco but every single year he gets a payment from the government to not pay to not continue to grow tobacco all right when he doesn't grow tobacco at all you don't know anything about going to back but he just wanted some land interestingly enough with this wheat thing there's all kinds of interesting implications for this right so what they do here for the wheat is that the US government actually does buy up this week alright so the US government buys up wheat and then you have parts of the world like Somalia where you have a lot of famine and so what they'll do is that they'll take this excess wheat and they'll send it to Ethiopia and Somalia and all that now you're an Ethiopian farmer growing wheat free wheat from the government or the wheat that I'm gonna charge whose wheat goes first the free week so the Ethiopian farmer spends resources planting wheat in Ethiopia nobody buys it he goes out of business which means next year of course what do they need more we all right you send in more wheat more farmers can't afford to pay all right you can't compete with free the banks of course that lent them money don't get paid back their notes and it has this spiraling cycle basically that goes all the way to where they they can't do anything with milk of course you can't take the milk and ship it somewhere so what they do with the excess milk is that they just pour it right down the drink so the government comes in they buy the excess milk and they literally pour it out right there on the farm right so you're paying people because you have this price ceiling people are expending resources to produce a product the government comes in and says well we've got this surplus here we want to maintain this price here in this example for wheat or say five dollars all right if we don't buy up this surplus people will only make this much and there won't be that won't have this price we're gonna have to buy up the surplus all right and of course like I said with milk they take it and pour it right down the drain with wheat they take it in a Senate to Ethiopia and they make the Ethiopians even poorer than they were before do you have a question LaRue once again buying up milk and pouring it down the drain is not a problem as long as resources are what infinite as long as you have an infinite amount of resources who cares but if you have a finite amount of resources does it make sense to expend resources to make milk and then literally pour it right down the joint is that not just stupid that's stupid here's another example let's assume we are looking at the labor market and we have a price ceiling here of say 8 dollars what would we call this guy minimum wage right so I'm just using 8 dollars because it's the federal minimum wage is is one thing but you've got all these other different states and cities that are set up different prices I'm just making eight and six because there's a nice round numbers so once again here's our quantity demanded of Labor here's our quantity supplied of Labor surplus or shortage too much or not enough too much right we've got a surplus if we have a surplus of Labor what do we actually call that exactly so once again you have a policy here that's designed to help who the workers does it help the workers some of them those first 10,000 that are able to get a job at $8 an hour versus six bucks an hour there they're better off assuming that their hours don't get cut it's a price floor the price cannot go below this $8 purse here things so we have 30,000 applicants for 10,000 jobs so these people are happy these people are unhappy what are we gonna do how are we going to determine who to hire skills what else experience you ever heard the expression I can't get a job because I don't have any experience and I can't get any experience because I don't have a job what else education exactly keep going age all right if thirty thousand applicants for twenty thousand jobs they've got these things locked up so tight you can't you can't even download the Java and still look good anymore if they don't have it on and I don't know why I don't know what any of that stuff does I have no idea I don't even know what that means Microsoft edge that's completely confusing to me I don't know what that means if you look at minimum wage data you guys ever played the game Clue so you're playing the game Clue you get the chance to look into the folder and see who the real killer is where they were done and all that stuff right and if you're wrong you lose okay think of it like this right if I could look in the folder what am I gonna bet okay I could bet my life I could bet you're alive I could bet 100 bucks I could bet my house at section all right I would not bet my life on this and I would not bet your life on this but if I could look in the folder and I could see exactly what the truth is and know what it is for 100% certainty I'd bet my house on it for sure if you look at the data for minimum wage data what you see is that there appears to be discrimination that occurs among black males so you have this thing where if you look at the unemployment rates and the employment rates for black teenage males and you look at the same thing for white teenage males the black teenage males are about 50 percent dependent upon when you're looking at the data for white teenage males it's like 30 percent and it doesn't matter how you look at the data you can look at it in all kinds of different ways you're gonna come up with the exact same sort of thing right and if you think about it I mean it makes perfect sense I have thirty thousand applicants for 10,000 jobs I'm gonna have to find a way to determine who I want to hire and who I don't want to hire right and all that this minimum wage all that this price floor does is in essence decrease the cost of me of discriminating against people they've just made the cost go away because I've got thirty thousand applicants for ten thousand jobs I don't have to spend time interviewing all these people I can sit there and take a group of people and throw them up that decreases the cost of going through thirty thousand applications are really really quick right I can get to that a whole lot easier I would tender to show you the data but I can't get to figure out so I will see you guys on Friday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_26.txt
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[Music] so let's kind of review briefly what we talked about on Friday we were looking at our atas model and we had real GDP a real output whatever you want to call it doesn't really matter we had our price level that aggregate demand short-run aggregate supply long-run aggregate supply and we were at some full employment level of output which we called YF and we were at some price index which we called 100 right so here we were we are at some output level YF we had some Price Index equal to say 100 and we said ok what happens if we have some increase in aggregate demand so we saw aggregate demand increasing and we see aggregate demand doing this so we had some increase in output to say y2 and we saw some increase in the price index to say 110 so in essence what this was saying you'll recall is that we said hey on an average prices have gone up 10% but remember that in the short run these input prices are fixed therefore input prices are staying the same output prices are increasing people's real wages are actually declining and what we see happening is that firms respond to this by saying we want to make more output right we're seeing profits increase so they increase output out here to say y2 but in order to do that right unemployment has to fall employment rises so we saw unemployment decreasing you see employment increasing right which makes sense if real wages are falling firms want to hire more people not less but eventually people get to the point where they say look you know this stinks my real wage is actually falling you have to give me a raise and when they do that we see the short-run aggregate supply curve actually began to shift back in when we get to here right and so we saw that as people demand these higher wages shortening our supply curve decreases basically all the way back to essentially where it was before right so we have a B and C and in terms of real output what's the difference between point a and point c nothing it's the same employment falls back to where it is normally unemployment increases back to the natural rate of unemployment the only thing that's different between point a and point c is what price level prices went up all right it just takes more green pieces of paper to buy the same goods and services at C as it did at a let's see what happens if we have a decrease in aggregate demand it's gonna be very similar but let's run through it anyway so with this decrease here's our real output here's our price level so same thing is before you start off at some full employment level of output why I for just have our price index equal to be 100 it's just the easiest number I think for students to deal with so we have this price index now we're going to see for some reason we're going to see a decrease in aggregate demand right there's a stock market crash exchange rates change foreign income Falls whatever it is whatever it is it's causing aggregate demand to decline we're gonna see this decline in aggregate demand so let's look at what's happening here here we're seeing this decline in aggregate demand the price index is falling but remember what's true about the input prices they're staying the same right so here here's what firms are seeing here here they're seeing output prices decline they're seeing input prices stay the same what are they seeing in terms of profits exactly here we're seeing profits actually decrease alright so here we're seeing the price of tuition to Missouri State goes down alright the price of everything else declines but my wage is fixed under contract right and so they're gonna have to pay me the Saints of tuition declines and my input prices stay the same that's bad for them and bad for all of the firm's too right what's happening to people's real wages they've gone up alright if input prices are staying the same and output prices are declining real wages are actually increasing and firms respond to that increase in the price of labor by doing the same thing that they do for everything they use less of it right and so we see output begins to decline we see unemployment increase and we see employment decrease all right so here we are at y2 right we're in a recession now you've got an excess supply of labor here you had essentially almost like a shortage right you can kind of think of it as people were working 60 70 hours a week can't do that forever but you can do it for some time here you've got an excess supply of Labor you've got a whole bunch of people that are unemployed all right real wages have gone up but real wages have gone up if people still have their job so you have all of these unemployed people here who are putting downward pressure on resource prices or say well look I mean I had this I used to have this job at 20 bucks an hour I got laid off I can't get the 20 bucks an hour but 18 there's this job over here at 18 I'll take that 18s better than nothing all right and so we see downward pressure on resource prices this downward pressure on resource prices causes the short-run aggregate supply curve to increase and when it increases all right we see input prices continue to decline a little bit here but the decline in input prices is larger and so we kind of go once again from point A to B to C so we return to C here at this full employment level of output unemployment Falls to this natural rate of unemployment employment Rises the only thing that's different is the price level Falls to 80 it takes fewer green pieces of paper to buy the same goods and services at sea than it does at eight now how often do you see prices falling generally pretty often are not very often not very often all right so we can make this model more dynamic if we think of this not being as the price level but the change in the price level these suit I'm saying so and same thing for here not output but kind of like the change in output so we're looking here at people's not that the price level has gone up or the price level has gone down but the rate of inflation has gone up or the rate of inflation has gone down right we can make the models a little bit more interesting a little bit more realistic quote-unquote if we make them dynamic by looking at these changes not the levels all right so here you would have some I mean this could be anything right an inflation rate of 1% and I have an inflation rate of 0.8% I people have built into their expectations that prices are not going to increase inflation rate or 1% inflation right over one point two percent etcetera so we can make them more dynamic and more interesting if if we want to or you can choose to have them do this it doesn't really matter let's look at changes in short when anger supply it's a little bit easier so we've got the same thing here we've got our full employment level of output where it's a YF we've got some price level we're just gonna call it say 100 and now we're gonna see this decline in the short-run aggregate supply curve so maybe this is due to say in oil embargo or something right basically it now cost more to make goods and services so we're gonna see our short-run aggregate supply curve actually decrease this decline here to y2 so we're going to see it's going from point A here to B so we're going from A to B all right so we see here at be employment Falls we've got this increase in the unemployment rate we see output fall right so we've got a lot of excess labor but what's true about the price level what did it do that's going up right well this price level increasing so here we have both inflation and we have unemployment it's not inflation because demand pull its cost push inflation here we're seeing people's real wages decline so they should be wanting to hire more people right yes but they don't write because there's been something that's changed the fundamental relationship of generally speaking when it takes to meet goods and services in the economy right we have this short-run aggregate supply shock so real wages have declined but at the same time you've got unemployment has gone up there should be a lot out of this downward pressure on resource prices and there is downward pressure on resource prices but interestingly enough unlike here if you don't do anything you'll just kind of stay here until whatever it was that caused the shot goes away all right so if this is saying oil embargo will stay there until the oil embargo is done or until people have reorganized capital and labor in such a way that oil is not as important anymore so if these guys over here you're kind of going from A to B to C right same thing over here kind of going from A to B to C here interesting ly enough we're going from A to B and then we stay there until whatever it was that caused us to move from A to B is done or it goes away now we'll see when we start talking about fiscal policy that there is a way to change that we could go from B to some other place what could we do if we want to return the economy to full employment what could we change yeah we could do this right don't draw this on your thing because we'll draw it later we could do this oops wrong direction all right I mean that's an option is what I'm saying but doing that returns you to full employment but it also increases the price level right and remember I said if we think of this model dynamically is that not that this is the price level but this is more like inflation than we've just gone permanently from one rate of inflation to a much higher rate of inflation whatever this guy up here is you know 120 or whatever he is a higher rate of the prices are increasing faster similarly if you have a increase in your short-run aggregate supply curve it's the exact same thing you've got real output you've got the price level and you get the man short supply long line at supply curve here you alright say YF here you are a hundred all right same thing as before you've got some increase in short-run aggregate supply some kind of something that causes short-run aggregate supply curve to increase come out here to say y2 doing so at some lower price level same thing as before right here you're seeing output increase your sin employment increase unemployment fall real wages go up right and you'll kind of stay there until whatever it was it caused a short-run aggregate supply curve to increase is done so here once again it would kind of go like this we kind of go to here right and then whatever it was that caused the short-run aggregate supply curve increase is finished we move basically back to point a alternatively rather than going back to this higher price level we could if we wanted to which do you know you're going to return to YF at some point in time anyway you could do what you could lower aggregate demand somehow I'm not saying you have to saying you could return to full employment level but you're going to anyway except now to do so at a lower price level or if you make the model dynamic you know what I mean by dynamic right changing over time this is a static model right price level is static the change in the price level though is dynamic so now we have this same return to our full employment level of output except we're doing so at a lower price level or if we make the model dynamic at a lower rate inflation let's look at our changes in long run because remember when we said the long-run changes it brings the short-run with it so here's our real output there's our price law here's a go get them in that supply long where that good supply so here we are at some point in level cyf some price level say 100 and now we're going to see this change in long-run aggregate supply remember what was changing long-run aggregate supply the quantity of our resources quality of our resources or our level of technology and we said to a different extent the social and legal structure that we have right because lots of countries might have the same levels of resources in the same quantity and quality and the same technologies but they may not be able to produce goods and services in such a way especially if their cultures are different in terms of work ethic or corruption or other types of factors like that so we're gonna have a change in one of these things right we know that the long-run aggregate supply curve is going to increase and remember the short-run is really just a special case of the long-run and so it brings the short run with it and so we have this increase I'm going to call this YF - we see that output increases but which type of output increases our our real output our would we call this guy our full employment level of output right so our full employment level of outputs actually going up our ability to make goods and services using all of our resources is increasing right so we're seeing this increase in our full employment level of output right we're seeing an output increase from YF to Y 2 similarly you're seeing the price level fall or like I said if you want to make the model dynamic and you know look at changes in real output and changes in the price level then you're looking at the rate of inflation declining but what's this guy gonna do overtime typically I agree with the man he's going to increase as well all right so you'll recall what we have observed so far we've seen these increases in output right I mean we make a whole lot more stuff today than we did 20 years ago but what do we generally see about the price level or the price levels lower today No so here's what we typically see happening we're seeing aggregate or we're saying our long-run aggregate supply curve increase but at the same time we're also seeing our aggregate demand increase right I mean there's just there's more people in the country there's more countries or richer etc all right so we have some full employment level of output we have some price level and typically what we've been seeing happening where we saw this when we're talking about the business cycle where we had time here and we had real output we tended to see something kind of like this with this trendline that we had here here was our real output and that's essentially what we're seeing over here we're seeing these increases and our long-run aggregate supply curve over time every time the long-run moves it brings the short-run with it right but at the same time aggregate demand is also increasing and so we're seeing increases in output and increases in the price level at the same time which is exactly what we see very very similar to this guy over here so recall this business cycle model said look we're gonna see changes in output we're gonna see some periods where on trend it's growing faster than this line all right that's what this line is here this is some trend the slope of this line at different points is the rate of change it's how fast is something is changing or growing or declining all right and so you've got periods some here where it's going up really fast I'm saying here you've got other periods where it's not growing as fast and here you've got some periods where it's not growing at all I'd say here you've got periods where it's declining you got periods where it's declining quickly but generally speaking things are returning to this long-run trend which is exactly what we see happening here right hey decline in short when I our supply curve I'll put the clients I'll put the clients but whenever what it was that made this guy occur is done would come back all right come back to our trend that's us doing this guy this Garrett here going to like this is this occurring June and then whenever the whatever it was it caused a short-run aggregate supply curve to decline is done we start growing again right that's what happens when you start coming this way same thing over here right we've got periods where you're growing faster than whatever what it is is done well it starts to decline right real outputs decreasing long-run trend all right long-run trend all right remember we said for most of the 20th century this guy was about 3% now we're wondering is he maybe 2% I'll have to see but our real business cycle model over here said we're gonna see these ups and downs in economy are gonna see periods where it's increasing we're gonna see periods where it's decreasing we've got this general long-run trend that's going up at some point 2 percent 3 percent 1 percent 4 percent 12 percent whatever the number is you guys do understand that for most of human history it was this right it's some really low level of output whatever that level of output was this is a relatively new phenomenon but I relatively new I mean last three four hundred years right for most of human history you had this last three four hundred years it's been doing that questions on the a das model once again this is the simple model did you write that down this is the simple model it's that's what I said this is the simple model what's going to be really interesting is when you look at the Keynesian model in this framework its alphabet soup right that's where it's gonna be trust me I've been doing this for 20 years questions on the AAAS wanna yes so that's what we're going to talk about when we talk about fiscal policy and monetary policy because that's a very good question fiscal policy is going to be changes in taxes or changes in government spending monetary policy is going to be changes in a money supply so to give you kind of a hint of what's coming when you're talking about monetary policy well how it changes in the money supply have an impact well it changes the interest rate and it says ok well it makes a whole lot of sense to borrow money now because interest rates are really really really really low or the exact opposite interest rates are really really high it doesn't make sense to borrow money changes in taxes and changes in government spending and are also pretty obvious right if your taxes go up and the government doesn't give you more goods and services for that you have less stuff similarly if taxes go down and the government doesn't change the amount of services that they give then you have more money in your pocket right so you can change people's wealth by changing their taxes or by changing the services that they're getting in exchange so in other words the reason that we have these two different models is because we got to this model where you're at this point right here and remember what we said we said eventually whenever whatever it was that caused a short-run aggregate supply curve to decline is done then we'll move back to a right and that will eventually happen it really will it might take a long time but you really will get back to a at some point in time you will Keynes comes along and says famously and the long run we're all dead in other words yes eventually we'll get back to a but why wait why not go ahead and do something change aggregate demand and get you here to see because there's really no difference between a and seeing anyway other than the number of green pieces of paper it takes to buy the goods and services when people say yeah that sounds pretty good let's do that and so people did that and then they said hmm the Keynesian model has problems too it doesn't work perfectly either so that's why we have these changes in aggregate demand I mean that's why I have these guys kind of dotted dududududu all right you could do these but you don't have to whenever whatever it was that caused this guy to increase is done you'll go back to a whenever it was that caused this guy to move here is done you'll go back to a but that could take a long time right the oil and barred the 70s are not known as periods of a fantastic economic growth in fact they're known as periods of stagflation right high inflation high unemployment the economy has stagnated and the Keynesian model says you can't have stagflation but we had stagflation under the Keynesian model this is not possible but it is people like but it's happening so clearly the Keynesian model doesn't work perfectly either so like I said we'll get to that when we look at fiscal and monetary policy okay so I will see you guys on Wednesday we only have the exam
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_13.txt
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[Music] okay so let's kind of pick up where we had left off we've been looking at this idea of supplying to man and we had brought supply and demand together and we saw a whole bunch of different things were occurring here all right we had our quantity we had our price we had demand we had supply and for us we were looking at I think it was jeans we had a price of say 50 and a quantity of 60 right so we had this equilibrium price of 50 we had this equilibrium quantity of 60 and what we said was that there was a whole bunch of things that were occurring at this point in equilibrium number one we saw that quantity demanded was equal to quantity supplied in other words there was no surplus and surpluses make prices fall there was no shortage shortages make prices rise all right so there's no reason for price to fall there's no reason for price to rise all right that's not going to be true at any other point every other point any other price other than 50 will give you either a surplus or a shortage which means price wants to rise or wants to fall only at this one price this price not want to do anything he wants to stay there we saw that the sum of consumer surplus and producer surplus was maximized all right bless you and we saw that that was this area right here all right so here is our consumer surplus right this area above price but below the demand curve here is our producer surplus this area below price but above the supply curve right no other price maximizes the sum of consumer and producer surplus right any other quantity if we go this way there's consumer and producer surplus that we miss out on if we go this right we've got this consumer and producer surplus but we also have in essence this loss here which makes them be smaller we also saw that at this point price was equal to marginal cost right remember the height of the supply curve tells us marginal cost the height of the demand curve tells us in essence how much people are willing to pay in essence what's going on here is that marginal benefits that's essentially the marginal utility is equal to the marginal cost remember that was one of the things that we looked at on those like seven important things we wanted to remember so what we see happening here is the price the consumers are willing to pay for the next unit is exactly equal to what it costs to produce the next unit so what we want to do today is we want to look at what happens when we have changes in these guys so let's start off with the change in demand because that's the easiest one to conceptualize so first thing before we do anything we draw our initial equilibrium conditions right so we have a price here of say 50 we have a quantity here or say 60 okay and let's look at what happens with an increase in demand what might cause the demand for jeans to go up cold well we're still have a change and taste and preferences right so we have tastes and preferences okay so if we have an increase in demand house demand gonna shift to the right or to the left she's gonna shift to the right that's correct so we have this change into Mia here now there's couple different ways that we can look at this at a price of 50 how many pairs of jeans do firms want to make 60 there's nothing that has changed the fundamental amount of jeans that firms want to make how many pairs of jeans do people want to buy 80 so what we have at this price of 50 people now want to buy 80 pairs of jeans firms only want to buy make 60 pairs of jeans at a price of 50 why do they only want to make 60 why not make 80 the cost hasn't change there's nothing that's changed how much it costs to make jeans and if I'm only getting 50 bucks I'm only going to make 60 jeans so surplus or shortage to many or not enough not enough right we've got a shortage here's how many pairs of jeans people want to buy here's how many pairs of jeans firms want to make we've got a shortage here of 20 pairs of jeans say per week consumers bid up the price amongst themselves and as they bid up the price amongst themselves this shortage get smaller and smaller and smaller until we get to this guy here plus e70 and let's say 55 all right so we have a new equilibrium price of 55 we have a new equilibrium quantity of 70 the alternative way to look at this is this blessing the sixtieth pair of jeans cost how much to make how much does the sixtieth pair of jeans cost to make fifty dollars that's nothing has changed how much are people willing to pay now for the sixtieth pair of jeans more than fifty right whatever that number is this is some number whatever I'm just making up a number here eighty so the sixtieth pair of jeans cost fifty dollars to make I know people are willing to pay eighty bucks for it now because there's been this change in demand make more jeans alright so whichever way you want whichever way you conceptualizes helps you looking at this hey there's a surplus or there's a shortage or hey there's a difference in how much people are willing to pay for this stuff now right okay increase in demand let's look at a decrease in demand so first thing before we do anything we draw our initial equilibrium conditions so we've got our initial conditions here at 50 and 60 here we're looking at a decrease and demand other than a change and taste and preferences and someone other than the person who has already said the taste and preferences changing demand what might cause the demand for jeans to go down and what's what's your name again Luray so out somebody other than luring and something other than a change in taste and preferences what would cause the demand for jeans to go down income who said that okay and you are matters okay so here we have a change in income income going down assuming jeans are normal good all right so we have this decrease in income so shift to the left or shift to the right shift to the left all right okay at a price of 50 how many pairs of jeans do firms want to make 60 at a price of 50 how many pairs of jeans do people want to buy thirty sounds good too many or not enough too many all right we have a surplus of genes at the end of the week firms are making 60 pairs of jeans because there's nothing that has changed the fundamental amount of pairs of jeans that firms want to make when they're getting 50 bucks people now want to buy 30 pairs of jeans we have a surplus surpluses do what to prices drive them down right so we have producers competing amongst themselves and we get this new price quantity combination here of say 45 and 45 all right so we have a new equilibrium price of 45 we have a new equilibrium quantity 45 alternatively you could say the 60th pair of jeans costs how much to make $50 and how much are people willing to pay for the 50 or for the 60th pair of jeans now yeah less than 45 or 20 bucks whatever the number is so you have something that's costing $50 to make people are gonna make are only willing to pay $20 for it doesn't make sense to make that guy make a whole lot less let's look at changes in supply first thing we do before we do anything we draw our initial equilibrium conditions right so now we're looking at an increase in supply other than Luray and Madison what might cause the supply of jeans to go up very good so we see a decrease in resource prices right labor costs go down or there's a bumper crop for cotton or something so we see a decrease and resource prices and what's your name again Jeff okay so we have this increase in supply Reese because we have seen a decrease in resource prices how is our supply curve gonna shift to the right very good he does not shift down all right it's always left right it's never up down at a price of 50 how many pairs of jeans do people want to buy 60 at a price of 50 how many pairs of jeans do firms want to make now mm-hmm very good so we see here at this price we've got something like this right there's been nothing that's changed the fundamental relationship between price and the amount that people want to purchase so the price of 50 they still want to only buy 60 pairs of jeans but at a price of 50 I can now afford to make 70 pairs of jeans right because the fundamental relationships between what it takes to make jeans those cost structures have changed so at the end of the day too many are not enough surplus or shortage surplus surplus is drive prices down so we see prices falling here once I'll just use 45 I'll say 65 all right so we have a new equilibrium price 45 new equilibrium quantity that's 65 okay let's look at a decrease in supply alternatively on this guy over here the 50th pair of jeans cost how much or how much are people willing to pay for the 60th pair of jeans 50 that guy had changed how much does the 60th pair of jeans cost to make now yeah forty bucks all right so people are willing to pay $50 for something only cost us $40 to make makes sense to make more there's ten bucks a profit just sitting there on the table all you got to do is go make something and we can grab it okay let's look at this guy right here here we're looking at a decrease in supply other than LaRue Madison and Jeff and other than a change in resource prices what might cause the supply of jeans to go down taxes very good taxes do what go up or down very good so you start taxing jeans for some reason shift to the left or shift to the right shift to the left which curves shift up and down and supply and demand curve no they never shift up or down they're always shifting left or right so we have at a price of 50 how many pairs of jeans do people want to buy mm-hmm and how many pairs of jeans do firms want to make at a price of 50 somebody said 40 that sounds good I heard that - many are not enough surplus or shortage short shortages drive prices up right so we'll have a new equilibrium price here let's say 55 and say 55 right alternatively how much are people willing to pay for the 60th pair of jeans 50 how much does the 60th pair of jeans now costume 860 dollars alright whatever the number is all right can you guys see that people are willing to pay $50 for this thing that's costing 60 bucks don't make it it's not worth it do something else people stop making jeans clear let's assume you've got a job working for Wrangler wherever you buy your jeans from I don't know polo Banana Republic and they have good genes I think these are banana I don't know who these are they're banana or pollo so your boss comes in and says look we need to know how many genes to make for next year right because like the coats that you guys are buying right now for the Fall you know those guys were made like in March and April all right so they have this production run they gotta make a whole bunch of coats tag um all that stuff ship them to stores right in other words you have to predict six seven months in advance what sales are gonna be right if you predict too much say sales are gonna be two million coats and they make two million coats and it's a warm one or and they only sell 500,000 you're stuck with 1.5 million coats all right ain't good because you got to sit there and store them all through the whole nother year which has all of those costs associated with sticking them in a warehouse what happens if the warehouse catches on fire and it burns down you've lost everything can't sell them for anything now you've got the insurance on that you've got all those storage cost and you got the cost of what happens if maybe this thing's not even in style next year you predict two million coats and three million want to be purchased that's bad too right that ain't good either because that means you missed out on being able to make a million coats sup your boss comes to you and says look you know what we know that it's going to be a cold winter and winter 2017 twenty-eight and at the exact same time we know that these firms are going to start taxing jeans we need to know how many jeans do we make and what price do we start charging for them so there's your job your job is to predict this right and so you know that you're looking at this increase in demand all right because it's gonna be a cold winter that's what the Farmers Almanac said or whatever your Aunt Gladys is rheumatism or arthritis or whatever says it's going to be a cold winter and you know that you have this decrease in supply you know that both of these things are going to be occurring so what you need to be able to do is you need to be able to predict what the price and quantity is going to be so let's look at this so we have this increase in demand shift left or shift right shift right and we're going to have this decrease in supply shift left or shift right shift left so your boss comes to you and says okay what's gonna happen you went to college so what do you tell them car and what about for our production run stays the same okay no this is a decrease in supply right blessing is that also a decrease in supply okay what happened because we already saw this right quantity the same right okay what do we see happening here right you see correct quantities increasing price going up a increase the production run or put on the second shift or whatever all right is that a decrease in supply yes what happens now very good increasing demand all right I'll just do this changes in the red - is that a decrease or is that an increase in demand yes what happens now what happens now which is it all of those war this increase in demand and a decrease in supply quantity stay the same did it go up that it go down what rotary violate its terrorist purpose you can only look at one thing changing at a time if you do not know how much demand is going to go up or how much of the decrease in supply you're going to have you cannot know both price and quantity you can know one or the other but you can't know both alright because if you don't know the size of these shifts if you just know that they're going up or that they're going down you can't know what's going to happen the only thing that we can know for sure is that what price goes up price goes up and every single one of these guys all right the increase in demand you're seeing price increase the decrease in supply we're seeing price increase right but here the decrease in supply mix quantity go down here the increase in demand makes quantity go up so unless we know the size of these shifts which oftentimes we don't know we just know they're going up or that they're going down we can't know for sure what's gonna happen to both of these guys so your boss comes you and says okay what is it and you can say well I'm pretty sure a price of jeans is gonna go up I just don't know if we should increase or decrease the production run or keep the production running the same right and that's all that you can do unless you know like I said the actual size of these shifts if you don't know the actual size of the shifts and you don't know what to say what I typically do is I draw the shifts the same and whichever guy comes out to be the same as what he was before has to be the guy I don't know right so this guy right here it looks like Oh prices going up in quantity staying the same but quantity isn't actually staying the same quantities the guy I don't know all right to see that that's true let's do the increase in demand and increase in supply all right first thing before we do anything we draw our initial equilibrium conditions right so we got 60 and 50 and now we're going to do what did we say an increase in demand and increase in supply right so we have demand increasing like I said draw the shifts the same quote-unquote whichever guy comes out to be equal to what he was before has to be the guy you don't know so I'll make this this guy can be any number 70 oh look he's equal to what the old price was therefore I can't know what happens to price price can go up or price can go down right and you can see that here I mean here you were seeing price go up or strike that here you're seeing price go up when you're seeing quantity go up here we're seeing price go up or know it let's here we're seeing price go down and we're seeing quantity go up all right so quantity is going up no matter what both of these effects are increasing quantity one of the effects makes price go down one of the effects makes price go up therefore price has to be the guy I don't know I don't know what's happening to him right stuff changes all the time right very rare only one thing is changing at a time questions on changes in supply and demand okay that's gonna end our unit one material so if you want to write we'll have you designate stuff into unit one stuff everything after we discussed that will now be unit two stuff okay we got a quiz there's no way I can get other material covered in the five to ten minutes that would take to give you time to take the quiz so we'll just take the quiz early or you can have til 8:50 to take the quiz if you want to it's completely up to you so we'll get out a little early today basically in other words I don't want to start a new topic to talk for five minutes so then quit don't forget we've got a homework due on Wednesday tests on Monday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_2.txt
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[Music] okay so what we had been looking at last time was some basic ideas and we want to continue that discussion we had looked at this idea of economic goods and Bad's we looked at a discussion of positive and normative economics and what we essentially said was that when we think about it economics it's really a decision science where we're looking at how are we going to turn these resources into goods and services right so we had these things like our resources here we had our goods and services and we said look we know that these guys right here are limited and scarce therefore we know that these guys right here are gonna be scarce and limited so what we want to do today is we want to look at what are these different resources that we consider and then what are some important ideas to keep in mind and then what are some ideas that we don't want to keep in mind and I don't know that we'll get to the things we don't want to do later today but we might get to them on Monday so let's look at these resources basically we classify them into four different kinds here all right and our first one here is land and you'll notice I've got a little bit of space right here so when we're talking about resource the land being a resource we don't actually mean that we have to actually physically be somewhere although that is part of it right so we're talking about all of the natural resources all right so we've got minerals you know forests arable land water that's such all right so in other words if we're gonna make something we got to be somewhere and we're looking at those resources that are part of the land we call that basically land our second one is labor so this is all of the physical and mental talents of men and women right so these are you know football games by football players and doctors and lawyers and car mechanics and janitors and computer guys all this stuff we've got capital and you can kind of think of capital as the manufactured aids in the production process now if you're in an accounting class or a finance class and somebody uses the word capital what would they be referring to money alright but capital is not money right money is just a little green piece of paper that we use to facilitate trade money itself doesn't create anything and when we talk about capital it doesn't have to be the things that we can physically touch a distribution network as a form of capital right so when we're looking at capital the production of education we've got boards and markers and desks and chairs computers all of those are examples of capital you have a question okay and the fourth one here is entrepreneurship so the entrepreneur is the person that combines land labor and capital [Music] all right to create goods and services basically somebody's gonna be in charge somebody's gonna come up with the ideas so remember what we said here's our four different classifications of resources it's either gonna be laying it's gonna be labor it's gonna be capital we're gonna call it entrepreneurship these guys are limited and scarce infinite amount of land no infinite amount of labor no infinite amount of capital no infinite amount of entrepreneurship no all of these guys are limited in scarce so since these guys are limited in scarce they need a factor payment right because land labor and capital and entrepreneurship don't have to do one particular thing they can do lots of things so let's look at land for example right now we've got land Missouri State University sits on some land what else could that land be used for housing so we've got some land here MSU could be used for housing so we'll tear this down and build homes what else retail stuff no could be anything and do what with it forest for trees for lumber or Park don't have to tear it down or all right parks have value right I like parks trees are good yada yada yada yada yet alright could use it to grow wheat potatoes or whatever so if we want land to not be used for housing retail forests to create lumber or to create a park we all this other stuff we have to hire it away from those alternative uses right and what do you pay your landlord every month rent that's the name of the factor payment for land all right let's look at a labor how many of you guys have a job okay what's your job okay so sales what's your name Joe okay so is that the only thing you can do there's nothing else in life you can do okay so what are some other things you could do such as farming I meant right now yeah labor wise there's only one thing you can do you can't be a waiter could you be waiter work in the kitchen at chick-fil-a janitor day care all right I don't make you want to not have kids yada yada yada yada yeah right so here's what Joe's doing and there's a list of stuff that Joe could do if the company he works for wants him to do that and to not be a later they're gonna have to hire him away from these alternative uses all right because he has lots of alternative uses so what do you think the name to the factor payment for labor is what do you think would call that wages what do you think is true about this factor payment relative to the amount of other things that they can do I don't give you an example my brother is a high school dropout in a convicted felon we'll get to that a lot later on that's not necessarily true here we've got two different people who got person a we got person B person a no high school high school dropout person B college grad felon not felon drug addict shows up to work how many alternative uses are there for this person not very many all right my brother did not complete high school he's a convicted felon he has serious drug and alcohol problems you cannot show up to work on time that's really hard for him getting up in the morning and doing stuff so sales job we need you here at 8 o'clock can you be here at 8 o'clock maybe can't do that can't do farming right cows want to be fed pigs want to be fed waiter cook the list of stuff he could do it's pretty small the list of stuff this person could do relatively large right ceteris paribus keeping everything else constant this factor payment that this person is going to receive is going to be smaller than this one right there are fewer alternative uses for your labor and since there's fewer people competing for your labor the size of that factor payment is a whole lot smaller capital let's look at our building here we've got our strong Hall it's a piece of capital right now it's being used to produce education what else could it be used for yes so we could use it for TV and radio production what else would you guys want to live in this room you could so we'll say Holmes put a daycare in here yeah totally could you assemble computers in the building yeah yeah yeah yeah right so here's our factor right capital and if it has lots of different alternative uses its factor payments gonna tend to be relatively high it has a few alternative uses the factor payment tends to be relatively low what does your bank pay your savings account interests finally you come to entrepreneurship this is the person that combines land labor and capital and says you know I need some land and I'm going to combine that with a building and I'm going to combine that with some labor and I'm going to produce and assemble computers right and in essence the factor payment that the entrepreneur gets is called profit all right so the more alternative uses them these resources have the higher the factor payment the fewer alternative use fewer alternative uses that they have right typically speaking to lower the factor payment right or if what they can produce isn't very high valued then the factor payment tends to be relatively small have you guys ever flown in an airplane out to like California and you fly over the desert west and you look out the plane window and what do you see desert you see brown there's nothing to look at all right can't grow anything on it if there's not minerals there the what the land is worthless right so these factor payments are a reflection of the alternative uses from these different resources and the things that those resources can make so let's look at some ideas that we want to keep in mind when we're doing economics right so here are some important ideas that we've got and this first one here is probably one of the most important that's the idea of opportunity costs so the definition is pretty long so I'm gonna read it rather than writing it out so I don't have to erase all that so I'm going to read it to you several times okay so opportunity cost is using resources to produce one good using resources to produce one good diverts those resources away from the production of alternative goods using resources to produce one good diverts those resources away from the production of alternative goods these alternative goods that are sacrificed to create the original good is the opportunity cost of the original good these alternative goods that are sacrificed to create the original good is the opportunity cost of producing the original good so once again using resources produce one good diverts those resources away from the production of alternative goods these alternative goods that are sacrificed to create the original good is the opportunity cost of creating the original good you can see why I didn't want to write all that out using resources reduce one good diverts those resources away from the production of alternative goods these alternative goods that are sacrificed to create the original good is the opportunity cost of creating the original good okay so on this side we've got a butterfly this aside I've got a fish huh if I cut out the fish to put them on my wall what's the opportunity cost the butterfly I'll cut off the butterfly to put them on my wall what's the opportunity costs the fish all right this is why I hate technology it'll take too long to get the ELMO up and running to show you this so I'm gonna show you this what is that Joe it's a tree all right so there's this giant tree here okay and it's kind of hard to tell can you see that there's a space underneath there they're lifting this tree up okay so they got this giant tree you guys have seen them do this I'm assuming all right so here's this giant tree you can kind of see it here here's the tree and then here's this and there's some workers right here underneath it Wow let's read what this says when a big chain store let's face it we all know who the big chain store is wanted to build a certain on a certain lot in Urbandale Florida a 120 year old oak stood in the way rather than cutting it down the retailer paid more than $100,000 to have the tree transplanted a practice that's becoming more common as municipalities require developers to preserve tree canopy saving trees creates positive publicity and attracts crowds to come to watch the process just like the circus came to town the Armand Dale Oaks move took six weeks of preparation the uncovering and trimming it's 42 foot wide root ball the movers slid steel rods underneath which you can see above and the 353 ton tree was lifted onto a trailer for transport to its new home 500 yard away in a wetland preservation area so far the old tree is doing just fine alright okay so a hundred thousand dollars to move the tree what is the opportunity cost of this guy and don't think in terms of like medicine and things like that that's obvious well we could have saved one hundredths of you know kudo vaccinated fifty kids on which you could have done or whatever the number is they're doing it for environmental reasons what could the hundred thousand dollars have done environmentally speaking how much do trees cost at Home Depot and Lowe's ten bucks that's not about right what's gonna have more tree canopy one tree or 10,000 trees that got planted you see what I'm saying this is what we mean by opportunity cost and it's not that necessarily saving the trees a bad thing I mean maybe they sign the Florida Constitution underneath it or whatever but it doesn't say anything about that right it's just a tree if you're going to spend a hundred thousand dollars to save one tree and you're interested in tree canopy I'm not saying that tree canopy is a bad thing the tree canopy is a good thing but you could have taken this hundred thousand dollars and used it to plant a whole bunch of different trees and created a whole lot more tree canopy then saving the one tree or we could have used one hundred thousand dollars to vaccinate kids or build homes or education for somebody blah blah blah right there was a whole bunch of these other things that you could have done what about you guys if you are not here right now what would you be doing sleeping or working or TV time with boyfriend / girlfriend [Music] yada-yada yada-yada alright your opportunity costs for being here is this highest-valued alternative right here is all the alternative things that you could be doing and the opportunity cost says not here's all the things that could be doing opportunity cost us all these things opportunity cost is the highest valued alternative because you can't do sleeping working TV time with boyfriend/girlfriend and being here all at the same time right we can't both save the tree and plant 10,000 trees or save the tree and vaccinate the kids save the tree and have the free college education for 10 people or save the tree and build two homes or whatever it is so we're here we're looking at our highest valued alternative all right that's what we're looking at when we were looking at said you have opportunity cost and since by definition every single choice has at least every single decision that we make has at least two different choices otherwise it's not a decision every single decision that we make by definition has to have an opportunity cost you can't get away from clear very important concept it doesn't go away it's a way of thinking you have to learn up you have to think about it it's not something that you just answer on a test it's a way of thinking about the world number two people know that resources are scarce and therefore they will attempt to economize people know that resources are scarce and they will attempt to economize so what we mean by this is that given a set of choices that have equal cost we're going to choose the one that has the greatest benefit or given a set of choices that have equal benefit cheers one has the lowest cost all right so let's assume that you guys don't get into football games for free you've got to pay the game takes about two hours a movie takes about two hours a cost basically the same right so you've got about two hours worth of time and ten bucks to get into the movies two hours for the time and ten bucks to get into a football game what this guy says is really really simple hey these guys both cost the same and it says if I'd rather go to the movies then go to the football game I will do what go to the movies if I would rather go to the football game I will go to the football game very very simple we could also like I said we got two different choices that have equal benefit and we're gonna choose the one that has the lowest cost so you can have two different jobs you're working at say McDonald's and you can work at the one here in Springfield or you can work at the one in Rolla all right and if you live in Springfield and they both pay the same two pays not different it's the same cute guy or girl that you get to work with the same crappy customers it's all the same what this guy says is that given a choice of working at the Springfield McDonald's or working at the Raleigh McDonald's if I live in Springfield and they both pay the same and they both have the same cute guy or girl and they both have the same crappy customers which one am I gonna work at Springfield why you got gas money time wear and tear on your car etc right they both have the same benefit same paycheck sighs but this one has a higher cost both in terms of gas and time and wear and tear on my car number three incentives will alter people's behavior if your grade in this class was determined by chance I'm just gonna pick your name out of a hat at the end of the semester and assign your random grade a B C D or F what incentive would you have to show up no all right but your grade is depended upon how will you do on tasks homeworks and quizzes you have an incentive to come to class and show up and this works not only for things like class but other things like so for example in the former Soviet Union when I was growing up it wasn't Russia it was the Soviet Union all right the Soviet Union they would tell people make this stuff here's the stuff make it under these space under these specifications and so they had a windshield maker and so the windshields are of course the things that go in your car and they said okay we're going to pay you on the basis of weight right how can you get glass to be heavy thicker alright and in fact what they would do is they would make some windshields that were three feet thick because that's how they got paid can you have a three-foot thick windshield no that's stupid so Stalin takes these group out shoots them puts in another group says okay wait doesn't work we're gonna pay on the basis of area here's the stuff you need to make windshields we're gonna pay on the basis of area now what did they do they made them really then this was a three-foot thick windshield all right here's the stuff to make windshields based upon the area of the windshields I'm gonna make my windshield it's really really really really thin all right so they put in these really thin windshields people are driving down the street and their cars rocks are coming up like they always do they hit the windshields and for us it's like Oh nuts is there a little scratch there no no I look out yay for them rocks are popping up the windshields are so thin they're breaking people are getting cut with glass at 50 miles an hour bleeding out Stalin takes that group out shoots them all right incentives are gonna alter people's behavior they were paid on the basis of weight or area they made three-foot thick windshields they made really really really thin windshields number four economic agents make decisions at the margin every time you see the word an economic agent that's just a decision-making unit that's all that that is people households firms governments etc bless you what we mean here by the margin is people examine the marginal benefits versus the marginal costs and every time you see the word marginal benefits or marginal cost you can substitute in your mind the word additional so let's think about what this guy says he says we want to look at the additional benefits in the additional cost of doing something and essentially what this means is that if the marginal benefits are greater than the marginal cost then we want to do it right if the marginal costs are greater than the marginal benefits then we don't want to do it basically you want to do it up until these guys are equal to each other so let's think about what this means in class you've got a grade what percentage-wise grade should you shoot for in this class okay and what percentage gets you that 90 why not shoot for a hundred percent exactly how much effort does it take to get in 90% some amount alright whatever that is here's the amount of effort that it takes takes X amount how much effort does it take a 100 percent not 10% more what do you have to do to get a 100% in the class everything has to be completely right every single time you can't miss a single task question you can't miss a single question on a quiz you can't miss a single homework you get every single homework perfect is that more than 10% effort at 90% you guys think so you guys think it's only 10% more effort to go from a 90 to a 100% 100% 100% in your college algebra class every single homework completely correct every single time every single test you think the amount of time that it takes to study here's your study time to get a 90 that's some amount of time for the semester whatever it is I'm making up a number a hundred hours you think it's only ten more hours to go from a 90 percent to a 100 percent in college algebra no do you think it's only 10 more hours to go from a 90 percent to a 100 percent in economics no it's a whole lot more effort the marginal costs are huge and what's the marginal benefit nothing because this guy gets an A and that guy gets an A and in fact if you said to yourself I'm gonna get a 100% in dr. Mitchell's class because I want to get a 100% that's fine I don't care but what happens to your grade in biology your sociology class in your anthropology class you are a religious studies class what do you have to do give up time to study for them which means those grades will probably do what fault how much effort is that zero to ten percent you know how you know how to get a zero that's easy how do you get a zero don't do anything how do you get a ten percent in class barely do anything this is 10 percent hard this 10 percent is easy right this 10 percent is I'm not even going to study for the test I'm gonna randomly put in stuff statistically speaking you should at least get a 25 percent in a class if there's four questions for answers on each of them test questions right statistically speaking so this 10 percent right here the first 10 percent that's easy all right the marginal costs of the first 10 percent no problem the marginal costs of the last 10 percent very difficult so what this guy says is that people should make decisions at the margin they should examine the marginal benefits and the marginal costs all right well look at this get we see this guy a whole lot number five information is important but it's costly to obtain why would we need information exactly very good so we need information to help us make better decisions right we want to know what do i do do I do a do I do B or do I do C information helps us know which one of those to do and it helps us to know what the marginal benefits are and what the marginal costs are so how much information should we obtain and be careful in your answer essentially yes we should collect information until the marginal benefits of collecting more information equal the marginal cost of collecting more information all right so let's use a couple of examples to kind of illustrate what we mean by that because it was like what did you mean by that that doesn't make sense you're in st. Louis you're driving around you need gas do you pull over to the side of the road call every single gas station in the greater st. Louis metropolitan statistical area to see who has the cheapest gas because that's full information you now know who has the cheapest gas is that what people typically do no they drive around they see a couple of stations two or three maybe and then they make their decision from that right they don't have by definition they do not have full information but the marginal cost of collecting all of that information on all of these different gas stations is relatively large all right and so we can see here the marginal cost of collecting information on all gas station prices is larger than the marginal benefit all right because they're only gonna vary by a couple of cents one way or the other anyway maybe ten cents maybe so if your gas tank holds 20 gallons you're talking about two bucks right is that worth it's being on the foam all day long with every single gas station in the greater st. Louis metropolitan statistical area to save $2 probably not right so we're gonna collect information up until the point where the marginal benefits of collecting more information is that were the marginal cost of collecting more information you get an exact same thing with restaurants you and your friends want to go out to a restaurant which restaurant do you go to right you need information who's got what meals who's got what prices is the food good stuff like that the problem is how do you get full information on every single one of these restaurants you can't necessarily write so is it possible that you can go to the wrong restaurant totally right because if you think about it you want to say to yourself I need to collect as much information on the local restaurants here to determine where to eat and I know from dr. Mitchell's class that the marginal cost of collecting all that information is going to be really really high the marginal benefits of collecting information we're really really low so don't collect all the information but I actually need information on the marginal cost of collecting information and the marginal benefit of collecting information you see what I'm saying so you've got the information here on the restaurants here's the full information on the restaurants how do you know you've collected information to where the marginal benefits of more information is equal to the marginal cost of more information you see what I'm saying you see the problem I know I need to collect information I know the marginal benefits of more information the marginal cost some more information need to be equal however I need information on what is the marginal benefits have collected more information and I need information on what is the marginal cost of collecting more information you see what I'm saying which means of course you need information on the marginal benefits of collecting information to collect the marginal benefits of more information you see what I'm saying so it's possible that you're going to make mistakes going to a restaurant that serves bad food is not an example that capitalism is horrible it's a problem of information it's a problem of collecting the information right you're gonna choose bad meals you're going to go to the gas station that charges the higher price it's just going to happen you're not always going to be able to have and do the most efficient solution right because knowing what the most efficient answer is knowing this guy right here just think of it like a bull's-eye here's your bullseye tell you what let's do it this way here's your barn here's your bullseye got any bow hunters how hard is it to hit the barn not hard at all alright true anybody could do it we don't are not interested in he didn't appear we're interested in hitting here as we get closer and closer and closer to trying to hit this guy right here how much harder does it get gets harder yeah the person who's never shot a bow in their life can do this the person who says wow I really missed the target I'm gonna work at it alright I'm going to expend energy trying to figure this out marginal cost marginal benefit hey I'm getting closer marginal benefit getting closer to marginal benefit getting closer right you can make the bullseye be as small as you want it to be you see what I'm saying it could be you must be within two millimeters of this point how hard would it be to get within two millimeters of a point very hard it's gonna take a lot of practice but you can get to the point where does it matter if you're with into manure on a deer deer do you have to be within two millimeters of where you want to be no all right you can be a little bit off and still get enough of the deer debt all right it doesn't have to be exactly two millimeters right you can be off by a couple of inches and you're okay though deers like this sucks I got an arrow in me it's the same thing here right the marginal cost of going from here to here is pretty small the marginal benefits are really big as you get closer and closer and closer and closer and closer the marginal cost gets higher and higher and higher and the marginal benefits getting smaller and smaller and smaller you're off by a smaller and smaller function right so it's the exact same thing here with information the problem is of course if this is your target how much marginal benefit does it take to get from here to get to here what's the marginal cost how much training does it take to get from here to get to here I don't know and sometimes that itself needs information we are done okay we'll pick it up with economic actions generating long-term effects so read this handout that I passed out deals with essentially opportunity costs I will see you guys on Monday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_3.txt
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[Music] okay we'll see how long my voice last I'm tearing out our carpet in the basement and taking out I took out a door over the weekend and finished putting in a new French door so we're taking up the carpet and really leveling the basement floor doing some painting some other things so all that dusts is my voice really hurts and I'm it's gotta last till 11 o'clock so we'll see if it will see if some coffee helps it so what we want to do today is we want to finish up our discussion of the things to do we want to look at some things to avoid and we'll go over some graphing so let's kind of review what we had looked at last time so we had these things to do these ideas that we wanted to keep in mind and we had things like opportunity cost blessing we had things like people economize we said incentives alter people's behavior we said marginalism was important right looking at the marginal benefits versus the marginal cost our fifth one was on information right we said information was important but it was costed to obtain and so what we want to look at today is basically number six number seven so number six here economic accidents can generate long-run effects that are vastly different from the short-run effects right so in other words when we're engaging and we're doing stuff and we pass policies we can get results in the long run that are a whole lot different than what we actually intended in the short run and actually can be more detrimental in one way than what we had originally started so let's look at a couple of different examples the Federal Aviation Administration is considering laws or regulations on children under the age of two okay so currently here is the way that it works right when you get on an airplane and you have a child that's less than two years old that child does not have to have a seat they can sit on your lap okay now why do you think they would be interested in making there's thinking about changing this so that the child under the age of two auste house also has to have their own seat why do you think they would be interested in that do what well they don't have anything to do with costs they're not the airline's so it's not it has nothing to do with making people buy extra seats mm-hmm exactly right the whole idea behind it is safety right the idea being that just like in a regular car right if you have your child in your lap and the car hits another car there's no way you can keep the child with you I mean the car the kid is gonna go all right the whole idea here is the same thing right with the airlines you don't want little babies flying around the cab and hitting people in the back of the head and hurting them all right because that's gonna be bad for the child and for the adult forget the fact the planes crash into the ground from six miles in the sky at 600 miles an hour all right nobody's gonna survive anyway but irrespective of that that's the idea now let's think about that because making your child buy a seat actually does make what go up she just said it the cost right so if we have an increase in costs to fly how might people respond to that so what would they do dry and what's safer driving or flying fly flying safer than walking did you guys know that it is the safest form of transportation it is safer than walking so what we have done is we have in the guise of safety and this is what they're thinking about doing and the guise of safety what they're thinking about doing is they're going to take people out of the airplane which is very safe put lots of kids into cars which are relatively unsafe and actually cause probably more people to get killed in the car than they would and the plane there's another example since we're on cars we have our corporate average fuel economy standards what they say is that one of automaker is selling cars the average fuel economy of the fleet has to meet a certain level huh so let's assume it's 25 it's not 25 let's assume that it is 25 miles per gallon and in essence what we want to do is we want to sell this other car this other car gets say 15 miles per gallon which means every single time I sell one of these guys a 15 mile per gallon car I've got to sell another car that gets how many miles per gallon exactly right because 35 and 25 the average is 25 15 and 35 average out to 25 now if they don't reach this standard the fines are quite substantial right so the fines you know if they are at twenty four point nine miles per gallon the fine is X number of dollars times however many cars they sold all of the cars that they sold right so they have an incentive to ensure that they reach this standard so how can we get cars to have 35 miles per gallon rather than say 15 or 25 miles per gallon what can we do how would we get this that's one way relatively easy or relatively hard it's yeah it's hard right if it was easy to make the engine more efficient they would have already done that how can you make the car have an increase in gotten miles per gallon easily make the car lighter so you make them out of plastic and make them smaller that's the easy way right the car I drove and I was in college was a 1970 Buick LeSabre it was all steel there wasn't any plastic in there and in fact when you're goofing off and stuff and you accidentally back into somebody or you're back into a pole or something it's the pole in the building that gets damaged not my car right today's cars the bumpers are made out of plastic all right and they're a whole lot smaller my whole fraternity could fit into my Buick LeSabre hey let's all go to so-and-so 120 guys jump in we all go alright so let's think about this here for a second small little tiny light car made out of plastic that's really really tiny it's driving down the highway at 70 miles an hour runs into Ford f-150 also going 70 miles an hour who's going to win Ford f-150 and in fact economists have figured out using things like regression analysis and things like that that the corporate average fuel economy standards are responsible for approximately 2,000 deaths per year from auto accidents right it changes the structure of cars on the road enough and you can sit there and you can analyze the accidents and who is driving these cars and why they're driving these cars and you can say we figured out that there's about 2,000 people that die every single year on the highways is because of the corporate average fuel economy standards it puts people into really small really liked cars and interestingly enough it's not if you would think to yourself okay well just get rid of the Ford f-150s make them all small light cars and the small light car sitting small light cars kills people small light cars and big heavy cars kills people big heavy cars big heavy cars tends to not kill as many people all right so it's not a matter of Oh get rid of all of these and put everybody in this that doesn't help either right so we have these long-run effects that can be vastly different from the short-run effects right I mean this guy right here is directly related to safety we want to ensure that kids under the age of two don't die or actually making people die we want to ensure that we have fuel economy standards because we had an oil embargo in the 70s right and in essence what you get is you get about 2,000 people a year dying these long run effects can be vastly different from the short run effects right because what have they done they've done things like they have changed incentives people are economizing what's the opportunity cost of this stuff number seven value is subjective right we cannot go out and objectively measure value you can't do that if I think my house is worth $300,000 there's really only one way to know if my house is worth $300,000 and what is that just see if somebody's going to buy it I can't just go out and say this house is worth $300,000 one of the things that I think is really really interesting when you buy a house you have an appraisal and the appraisal person comes out and says yes this house is worth this or yes this house is not worth that I've never really actually understood the purpose of that because if you have a buyer that is willing to pay $300,000 for the house and by definition the house is worth $300,000 that's what that means right and in essence I don't understand the idea behind the appraisal the idea behind the appraisal is that look if you don't make your payments the bank wants to insure that if they take possession of your house they can sell it to somebody else but in essence what they're saying is that yeah sure enough we're thinking that your house is worth this much well of course it is somebody's willing to pay that there's another way to think of this right there's a woman by the name of Julia and she calls her name butterfly he'll you guys know what she's famous for and you probably don't she's from my age she lived in a tree for two years out in California why do you think she would do that do what she was making a point what would that point be no it was in essence it was private property it was a Lumber Company and the Lumber Company was eventually gonna turn the tree into lumber they're gonna cut it down and she didn't want the tree to cut down she didn't think the tree should be cut down and so she lived in the tree thinking of course but they can't cut the tree down while I'm up there that would be really really bad for public relations and she would be right right so she lived in this tree for two years out in California so that they wouldn't cut it down she actually even named the tree she called it Luna all right and she had people come out there and she would lower down a bucket and they would give her food and she'd bring it back up and of course when she's going to the bathroom she just goes to the bathroom and she lived in this tree for two years right eventually the company says fine come out of the tree we promise not to cut down Luna and all the trees within 100 yards around it okay just get out of the darn tree so she comes down other tree blah blah blah how much is that tree worth to her Oh a lot right would you guys live in a tree for two years no right what is the opportunity cost of her living in a tree for two years two years pay right two years worth of relationships with normal people all right rather than owls and grubs and things like that right so you can't say to yourself the tree doesn't have value because the tree clearly does have values nobody was willing to in essence sacrifice two years of their life right in essence to save this tree so we cannot objectively measure value value is what somebody is willing to pay interestingly enough of course because she lived in the tree for two years and went to the bathroom for two years the tree actually died so but that's I guess that's beside the point she actually ended up killing the tree some of her friends tried it too on some other trees and then they found out that gravity can really suck if you know what I mean that's true story okay so it's like a things to avoid first thing we want to avoid is violation of the idea of ceteris paribus so terrorist paribus here means everything else equal okay I know those when we're looking at changes we want to make sure that we're only looking at one thing changing at a time so let's look at an example let's suppose we've got a field and this field gives us 100 bushels of wheat okay and then next year we apply 10% more fertilizer and 10% more pesticide and we get 130 bushels how much of those extra bushels are from the fertilizer and how much are from the pesticide we don't know exactly let's assume that the year after that we just put on 10% more fertilizer and we get say a hundred and ten bushels what can we say now can we say that no what can we say for sure the fertilizer at a tent why can we not say that 10% in the pesticide out of 20 there's two things that are changing and it's possible that the fertilizer and the pesticide are also interacting with each other right the only way for us to know how much the additional pesticide is is to have one that is only pesticide now what can we say yep we can say what else mm-hmm and we can say one more thing ten percent more fertilizer gives ten percent more bushels right when we're looking at these changes we can only have one thing changing at a time if we have a whole bunch of different things changing we it's difficult to say how much of this change how much of what we're seeing here $300,000 from my house or corporate average fuel economy or people not flying and driving how much of that is coming from just the change that is occurring right we have to be able to isolate those changes and that can be difficult to do but it's something that you have to try to do right we want to look at only one thing changing at a time second thing we want to avoid is introducing bias why would we want to avoid that what type of economics would that be we got a 50-50 chance of guess all right no what kind would that be positive or normative so if we introduce bias what are we doing Norman right normative economics is by definition opinion and that's an essence what bias is let's look at a couple different examples here I've got two different stocks these are real stocks this is not made up okay here's the first one okay got that idea in your mind what that guy looks like here's the second one which stock would you rather buy the first guy or the second guy first guy right these are in essence the exact same thing this is actually the Dow Jones Industrial stock average and you can see over here he starts here at 11,500 and he goes to 7,500 what's this guy doing twelve thousand all the way down to zero all right and you can see that these guys are the same we got to line them up yeah it's pretty good so we've got this guy right here he matches that guy here's these two guys there they are right there there's these three guys there they are right there here's this guy here see that flat part there there he is comes down here there's that guy there's that guy there's that guy all right all I did was change the scale of the graph and by changing the scale of the graph I made one guy look worse than the other guy right no it's the same this is the same this guy shows this guy just doing this right he's relatively flat to here right and then has a small little dip right what's happening here with this guy when you look at this guy what do you say to yourself this is a good investment or this is a bad investment this guy is going all the way from here to here right and in fact I mean you can actually show it and we can show that this guy here's this guy right here he's going he's starting at this point right here and he's headed to this guy right so can we see that if we keep him going that's what he's doing right generally speaking this guy's going from here and he's ending here all right if this guy keeps going on he's gonna wind up here right which rate of descent is higher is is higher was worse it's clearly this guy but it's the same thing all you did was change the scale by changing the scale you made one thing look worse than the other or one thing look better than the other do we need another example you guys not convinced I'll just pull this down would be easier this actually let's look at some more examples there's the Bureau of Labor Statistics let's look at let's look at national employment rates usually it's this guy right here that's not enabled I have to use that one so let's see if they changed it hey let's try this guy [Laughter] okay here's the labor force participation rate we'll understand a little bit more of it this means when we start talking about unemployment and employment things like that so here's this guy you guys got this guy in your head let's download him as Excel okay and let's go ahead and make a chart so here's this guy's going from 1948 to here we're gonna insert that's not one I want a line okay here's our guy right here let's do the exact same thing again all this guy all the way down okay there's the labor force participation rate how does that look pretty steady that's what I would say - what about this guy steady no different from the other guy right here it is for black males or is this just blacks no we want black males you let me know if you see it here we go right here this'll do we have been with let's change the scale here too let's change this guy too let's change our strike that let's change that guy just sixteen five she was just good cocked what's that guy doing he's decreasing he's going down a whole bunch looks like it to me what about now he's pretty steady a slight decline maybe but not that bad I haven't changed the date at all I want this data to show that the labor force participation rates for African males has fallen off a cliff does that show that no oops that guy does backed it solo it doesn't even show up the rest on the graph that's how bad it is all right horrible all right same date oh I just made it show something completely different here's another example it seems to exist how to measure the class gap in reading okay I'm gonna read you what part of what this says call it the reading income gap children from low-income households average 25 hours of shared reading time with their parents before starting school compared with 1,000 to 1,700 hours for their counterparts for middle income homes these oft repeated numbers originated in a 1990 book by Marilyn Adams titled beginning to read thinking and learning about print okay so here's what this says did you guys as parents read to you maybe they did maybe they did write what this guy says is this she's saying look I've done some studies and I have shown that people from low-income households h/h is my abbreviation for households these people from low-income households their parents read to them from the time they're born till the time they are going into kindergarten they get twenty five hours of reading their parents reading them twenty five hours in the course of five years five hours a year all right the middle-income households they do this one thousand seventeen hundred all right so if it's a thousand hours let's not just make it a thousand okay there's no way I'm wearing nice clothes again with these double-sided markers so it's just I'm gonna start showing up and yucky clothes those are gonna get all over me let's look at our calculator here what do you do this search it again on this oh here we go so here's a thousand hours all right divided by five 200 divided by 365 50 for 30 minutes a day something like that all right you're doing 1,700 divided by five there reading three hundred and forty hours a year divided by 365 right 0.9 three times 60 55 minutes a day that's what that guy says right clearly if you're getting read to 55 minutes a day from age zero all the way up to age five when you go into school are you gonna be a better reader ceteris paribus or a worse reader a better reader ceteris paribus right keeping everything else constant you're gonna do better in school right does anyone disagree with that think no that's stupid if you parents read to you they do worse in school everything else constant so here's these numbers right snitch says okay these low-income households read to the kids twenty five hours from zero to five middle-income a thousand hours right these oft repeated numbers originated in a 1990 book by Marilyn Adams titled beginning to read thinking about learning in print mrs. Adams got the 25 hour estimate from a study that she did of 24 children and 22 low-income households so you say to yourself where does this never come from 22 households for the middle income figures see extrapolated from the experience of a single child her then four-year-old son John do you think there might be a little bias here yeah and in fact interestingly enough when you read about this these two numbers like these can persevere in advocacy material right no major group opposes childhood reading or argues that children from low-income households shouldn't have a level playing field right I mean the her book here was used people read this book and said oh my gosh this is horrible we have to do stuff we're gonna change public policy and rearrange dollars and spending and things like that to fix this problem and I'm not saying that low-income households don't read to their children more or less than middle-income households I don't know and I'm not saying that reading to your kids is bad it's it's good the problem is is that you have introduced bias here alright here's another example several years ago I lived in Georgia when I was living in Georgia they had a giant forest fire near us or actually I guess was out in Colorado so had they had this giant wildfire out in Colorado and the reason that I remember this is because it was on the news constantly I mean it was just constantly on the news it never went away it was on the news 24 hours a day seven days a week and by the time this thing was all said and done they had burned out about 11,000 acres I was thinking herself Wow 11,000 acres that's really bad and then I got to thinking about it I said because it's on the news all the time it was literally 24 hours a day I was like wait a minute what how much area that is 11,000 acres and you've got about 640 acres in a square mile which means this guy right here is approximately 17 square miles and of course as you guys know from sixth grade math fifth grade math if you have a box four by four miles in size this carrot here is 16 all right so this box right here would be like 4.1 something like that and this guy right here is approximately 17 the information wasn't incorrect 11,000 acres did burn but what sounds sexier 11,000 acres burning or a box for miles by 4 miles burned in Colorado you see I'm saying is this interesting guys been to Colorado it's a big state Missouri is a big state a box for miles by 4 miles of wildfire and Missouri burned I mean when you're driving in your car from this point to this point on the road you pass it in four minutes right and you're driving along you're having a conversation with your friend four minutes later you're done and then turn and go four minutes the other way that box that's what burned right and that's what was in the news for all that week it must have been a really slow news week because this sounds really really sex is like oh my gosh we've got to do something the whole world's coming to an end this right here is like who cares about that why are you talking about the spa blah blah blah we'll pick it up from there on Wednesday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_17.txt
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[Music] okay so what we have been talking about last time was are different types of goods right so we had say rival none rival excludable non-excludable all right and in essence what we had said was that you know don't forget that rivalry was this idea that if you consume this good it's not available to somebody else to consume excludability was the idea of how difficult it is to keep people who don't pay from consuming the good all right so what you could have you could have these goods that are arrival and excludable we said that these were in essence private goods and we said you know a great example might be something like say a candy bar whereas are not excludable and nonrival goods these could be things that were called public goods so the best example that being things like National Defense or no protection from police things like that we also have these other goods that are excludable but non rival and we call these basically club Goods right so you can have something like a marina or saddle you know XM satellite radio something like that right you can exclude people who don't want to pay from consuming the good well my consumption doesn't diminish the amount that's available to somebody else these last quality here this goods and our non-excludable but rival are called common property goods they actually have some interesting properties to them and let's kind of think about how this works right so here's the US here's England and here's Europe and things like that got all these little fish shot here in the out there swimming around doing what it is that fish do how do we we obviously don't want to fish all the fish out of the ocean all right because fish mommy fish and daddy fish get together and they make baby fish and baby fish is good right because if there's no mommy fish and there's no daddy fish then there's no fish period all right that's just obvious so how do we we don't want to have all of these fish get caught all right that's stupid we don't want this because now what do we have no fish here's the problem it's a common property resource all right it's a common property good can we exclude people from fishing in the ocean no if I catch a fish is that fish available to somebody else to consume different to catch no it's not alright so what do people have an incentive to do catch all the fish as quickly as possible it's exactly right another great example is the rainforest in Brazil right so here's South America kind of looks like this and you've got this giant rainforest here alright and interestingly interestingly enough the rainforest in Brazil is essentially a common property good because it is non-excludable there are no property rights nobody owns it you can go out there and you can do whatever you want to do out there all the rainforest alright and it's certainly rival if you're there nobody else can be there right and so what people have an incentive to do is that they will go in and they will cut down the trees in the rainforest and they'll plant some crops there for a couple of years and then they move on and if you think about it the reason that they move on of course is because the land can't grow corn or maize or grass or wheat or whatever it is that you want to grow there anymore after just a few years all right it grows these huge trees and can support this giant diversity of life but it can't grow corn for more than two or three years and the reason is is because it's a common property resource it's non-excludable you can't keep people from consuming you can't keep people from consuming the good who don't want to pay and its rival right my consumption diminishes the amount that's available to somebody else and so what people have an incentive to do win why would you make an investment within the land to keep it from to keep it growing corn for year after year after year I mean why would you do that I can't keep people from getting it does nope there are no property rights nobody owns the land you can't grow corn and then say this is my corn do you understand somebody could just come along and just take your corn there's nothing you can do about it there are no property rights it doesn't belong to anybody and if I take that it's not available to somebody else all right and so what people continue to do of course is because there are no property rights they continue to come in cut down all of these acres of the rainforest acre by acre year after year until eventually there's nothing left right and it will happen it has nothing to do with technology or treating people and to be better farmers or anything else like that it's because there are no property rights for this good it isn't none excludable and its rival your incentive is to get there and use it up as quickly as you can all right and you can see that this is true because you got land up here in Kansas that has been growing wheat for hundreds of years so slant up here has been growing wheat and corn for hundreds of years this can only grow we can corn for two or three years why do these people have an incentive to inviters the farmer have an incentive to make sure his land can continue to grow wheat and corn and everything else year after year after year why does he do there's Kansas and Iowa and all that stuff up there right here's us the bad Missouri there's Iowa there's Nebraska why why does this area up here continue to grow crops year after year after year after year after year and down here we don't why because you own the land and if you screw it up what happens you don't make any money you screwed up your property down here if you screw up what happens nothing you just move to another plot you don't know the land you can't why invest in the land why do something to ensure that you're not going to have massive amounts of runoff who cares don't own it can't own it government won't let people on it so interestingly enough despite the fact that it's a nobody's best interest that you catch all the fish despite the fact that it's a nobody's best interest that you cut down the entire rainforest it will happen so let's look and kind of change gears here and look at something else and this is called GDP what we want is we want some kind of measure of economic activity right and there's all kinds of different ways to measure what's going on one of the things that economists invented was this idea of gross domestic product and essentially what it looks like looks at is the market value of all these goods and services that are produced within the economy right within any given time frame right so this can be per year per quarter or whatever right and you can kind of think of this guy as like a flow concept so just like your water bill says how much water has gone through your pipes GDP shows how much economic activity has occurred during some kind of time frame all right so this is our most widely used measure of economic activity and you can kind of get a sense of what's GDP here and there's a whole bunch of stuff on here right we're gonna get to all of this here a little bit later on but you can kind of see here we've got some things like nominal GDP and real GDP and we're up here in these eighteen thousands that's actually trillions so about eighteen trillion dollars one of the other things that's interesting over here so we've got u.s. real GDP from 1929 in the nineteen fifty-seven we'll be talking about that here in a minute and you can see you got these periods where it's going up and down here's something I think it's pretty interesting this is 2011 income per capita for every single country in the world and the reason it's from 2011 and not more recently is because in some of these countries the data is literally that's the most recent date of 2011 alright so for example I mean you can see here that the world average income per capita is $9,500 the US poverty level right in 2011 was ten thousand eight hundred and ninety right that's the poverty level for a single person alright so you can see here for example that what this says is that a poor person in America is better off than most people in America than in the whole world alright and then you can see these different numbers down here I mean in essence this income per capita is really it's not exactly the same thing as GDP per capita but it's pretty close depending on how you want to measure income so you can see there's a wide range here right you got some places up here that have a very high income per capita and then you've got a whole bunch of other countries down in here that are like really really really really low it's around two hundred dollars I think is the lowest and then you can see we've got these shares these percentage shares of GDP we've got consumption and investment exports imports and government we'll talk about those in a minute and then as we've already discussed on scale right all of these guys are grouped together so if we want to see what they look like better we'll change the scale here and we can kind of broaden it out a little bit more so what we want to know is we want to know hey what kind of counts towards GDP and because we want to know what K well we're talking about the market value of these goods and services what do we mean by that so the first thing that we're looking at here is we're looking at the final goods and services not intermediate goods and services all right so let's look at an example why that's important so let's assume we've got a production process and we've got five stages right so we've got our stages of production so we've got firm a B C D and E we've got our sheep ranch we have our wool processor we have our suit manufacturer we have our clothing wholesaler we have our retail clothing right and we have the sales value of these materials and then we have what's gonna be called our value-added okay so our sheep ranch is our first stage or I've got a bunch of sheep sitting out in the field and they're eating grass and somebody takes them in shears alright and they're gonna sell that to the wool process and they're gonna sell it for $60 so they've take some they've taken something that had no value all right if the Sheep is just sitting there in the field he's not doing anything so he's got a value there zero until you actually use them you created $60 worth of value okay our wool processor is gonna take all that he's gonna turn it into bolts of cloth all right he's gonna sell it for $100 to the suit manufacturer but the value-added here is not $100 right he took something that was worth 60 and rearranged it is something that was worth a hundred so his value-added here is 40 100 minus 60 all right our suit manufacturer takes these bolts of cloth and turns them into suits and sells them to the clothing wholesaler for one hundred and twenty-five dollars right so he's taking something that's worth a hundred and turning it into something that's worth a hundred and twenty-five right so he's creating twenty-five dollars in value at our clothing wholesaler takes them puts them together tags them make sure that they're all together sells them to the clothing wholesaler for 175 all right bless you so he's taking $125 worth of resources and rearranged them it's something that's worth 175 he's creating $50 worth of value-added so this is 175 minus 125 and then our retail clothier takes it sells it for 250 dollars right and as I guess the guys would know you don't just buy the suit you got to go in and they're gonna do the though that way you call it on the legs yeah yeah there's alterations but it's more than that it's what's it called on the lakes I can't remember now you'll bring in the suit a little bit you got to change the legs a bit maybe you need to kind of do stuff to it all right and so they're taking something that's worth 175 and they're turning into something that's worth 250 so creating $75 worth of value here so if we add all of this up we get 250 dollars if we add all these up it's seven hundred and ten if we count every single process we're going to be guilty of double counting right and we don't want to do double counting we want to count everything basically once well the way to count that once is to count the final product the final good and service not the intermediate steps when you guys make the car I mean car the Ford comes in to stay by the steel of course the person that made the steel bought the iron ore from somebody else the person that made the iron ore paid somebody else for the gas to run the trucks to get the iron ore out of the ground and all this other kind of sum there's this huge process to get there you don't count all of those and add them all up you just count the final product the final product being the car because all of those intermediate steps are already in there within the cost of the car right so I want to make sure they count the final goods and services not the intermediate products the second thing here is our period of production so we only want to count the final goods and services that are being sold or produced during the period of production that we're interested in so things that are only occurring within the current year so for example if I made it if we built a house in 2005 you don't count that house again in 2015 or 2016 or 2017 financial transactions are excluded all right so we don't count things like the purchase and sell of stock why wouldn't we count that what is stock which one financial transactions are excluded yes it's only in this if it's if you're looking at GDP and in 2017 you can only look at things that occur in 2017 if you want to look at the first quarter of 2017 you can only look at things that occur in in the first quarter 2017 no yeah exactly it'd be like measuring your income over ten years all right you got nobody report what's your ten-year income in the literary poll well I don't have sliced that yeah it's the same thing here what is stock when you guys purchase and sell stock what is that its ownership of the company you're not producing anything you're just transferring ownership of the firm so we don't count things like stock purchases right we don't count things like social security welfare money from aunt Susie etc alright these are just simply movements of money right there just simply income transfers from one person to another social Security's basically an income transfer from people that are working today to people that are not working welfare is the same thing it's an income transfer from people that are paying taxes to people that are not paying taxes money from your aunt to go out to dinner tonight alright that's an income transfer from aunt Susie to you so we don't count those things now we're looking at the period of production we're looking at these financial transactions being excluded what happens if you look at say buying a used car so you guys buy a car in 2017 you buy a 1999 I don't know Toyota and you're buying it from a dealership what would be included in GDP or not included in GDP so this car in 1999 was I'm making up a number here $20,000 and you're buying this guy in 2017 for $4,000 because you bought it used because it's almost 20 years old what's included where now remember you're transferring ownership so it is transferring the ownership so here we made the car brand-new in 1999 and sold it in 1999 so here's our twenty thousand right here we're selling the car for four thousand which you'll notice on here I said you're buying it from a dealership that you're not buying it from an individual person or alternatively you could do the exact same thing for you bought a hundred shares of stock from a broker bless you so we're not going to count the stock transfer but it's the market value of goods and services what's the broker providing a service what's the car dealer bond providing a service all right so if the broker charges you and you're buying a hundred shares of IBM you know at I'm making up a number here ten dollars IBM doesn't sell for ten dollars obviously it just makes a nice round number so you have this thousand dollar purchase of stock and then the brokers Commission he's his fee so here's the stock price here's the stock value and then here's the fee maybe the fee is fifty bucks I'm making up a number such actually paid one thousand fifty you're not going to count the one thousand but you do count to fifty all right that was a service he provided in today and 2017 the dealership gets some amount of money for this right I'm making up a number they get two hundred dollars all right and you see it on your final sell a bill because you went and negotiated this price and you came up with this price of four thousand and then you get to sign the paperwork and it's not four thousand it's 4199 all right it's already pre printed on the thing I'm sure you guys have seen this and if you haven't you will when you buy a car and you're just like I didn't agree with this it's non-negotiable all right that's their $200 that they got to pay the person who was providing the service of helping to sell the car that $200 would be provided there right so here we've got this right so when we're buying and selling these goods and services from the past right it's not the value of the asset but it is the value of the service to sell it right same thing for your real estate and if your parents sold their house in 2017 and they paid the real estate agent $6,000 that $6,000 is going to count in today's GDP but the $200,000 house from 1999 would not be in today's GDP so basically we're adding up market value we're adding up the market value of everything that's produced it's similar to the idea of an individual person adding up all of their income you're just adding up the country's quote income and I'm gonna use the word income because you can actually derive national income which is different from GDP but it's like that so if you wanted to add up your income how would you do that yeah I just add it all up right I mean you get wages what else do you get what other some other sources of income you could have investments so you've got interest right blah blah blah blah blah blah blah blah right it's not just wages may be earning some interest from your bank account right now right you know I'm earning much but you're in something so you've got all these different sources of income all right this is some number what do you guys spend all this income on stuff right exactly there's a couple things you can do with it right you can spend it on stuff you can save it taxes blah blah blah right well it's gonna be true about these guys exactly all right there's not having stuff just comin to some stuffing than just falling out of nowhere and your wages aren't going into some black hole they're going somewhere even if you burn them up they're going somewhere it's the exact same thing with GDP we've got basically two different ways to add all this stuff up we can look at what's called the income approach or we can look at the expenditure approach the income approach basically adds up all the different sources of income the expenditure approach adds of all the different things you spent your money on for us what would be easier to keep track of income or every single thing we spent our money on income alright when you look at this from a GDP standpoint it's actually easier to do it on the expenditure approach rather than on the income approach and by that I mean the formula for that is easier okay it's not necessarily that it's easier to actually calculate that it's just easier to do it formula wise from this expenditure approach than the income approach all right the income approach actually I'm not even gonna write it on the board because I don't want you getting it's this Plus this was this was this was this was this was this Plus this minus this this this Plus this minus this Plus this minus this plus a whole bunch of other crap minus a whole bunch of other crap the expenditure approach is very very easy because essentially what we've done is we've broken down GDP in a couple of broad different categories we've said it's equal to consumption plus gross investment plus government expenditures plus exports minus imports that's it the income approach is wages plus interest plus indirect business taxes minus this Plus this minus out a whole bunch of other stuff alright so I always just discussed the expenditure approach solely so let's look at these guys all right because we've said it's consumption plus gross investment plus these government expenditures plus these exports - these imports right in essence what you're doing is you're taking the market value of all these goods and services all right so it's the price of Apple's times the quantity of apples plus the price of bread times the quantity of bread plus the price of computers times the quantity of computers plus the price of something that starts with AD dogs that you buy from the store and let's do something like let's not do dogs let's do give me something at the store to buy with it starts with a D Donuts very good I like that one donuts plus the price of eggs times the quantity of eggs right what's the price of fruit times the quantity of fruit blah blah blah blah blah blah right it's the market value of all of these different goods and services and so if we're looking at this let's just assume our economy is really really simple it just has apples bread and computers so here is our economy right so we say well the price of apples is say a dollar I forgot oh I did bring my calculator look at that and we've got the price of bread is say two dollars and the price of computers is say five hundred okay so if we're looking here's our prices and here's our quantities 100 apples 200 loaves of bread 50 computers okay so here's our economy I kind of when it produces these three things so we want to know okay well what's GDP in any given year well in particularly our GDP is equal to the price of our apples well that's 1 times 100 that's so many apples we made plus 2 dollars for our loaves of bread times 200 plus our computers are 50 times or our price is 500 making 50 all right one hundred four hundred five times five is twenty five zero zero so we see GDP here twenty five hundred twenty-nine hundred three thousand dollars very simple you know remember we said it's the market value so here's twenty seventeen there's twenty eighteen so well we want to do GDP and 2018 okay well it's the price of our apples times the quantity of our apples so here's what we expect to occur next year right so we've got two dollars times 100 and our bread is now four dollars times 200 and our computers are now a thousand times 50 computers two hundred eight hundred five thousand six thousand dollars Wow all right kana me doubled in size right yes it did that's not a trick question however did it really double in size no so did our economy double in size or not it depends because we have to make a distinction between nominal GDP and real GDP all right because nominal GDP says well what it uses today's prices and today's outputs this is what nominal GDP does so nominal GDP uses today's prices today's outputs real GDP uses today's outputs some base year prices whatever that base year is that you want it to be it can be any year you want it to be and in essence what you do in that base year it's you freeze prices quote-unquote so that here in 2019 when we're looking at GDP right when we're looking at GDP in 2019 we see prices fell back to what they were in 2017 so here in our 2019 GDP well we've got our price of our apples that's 1 times 150 and we have the price of our bread 2 times the mental loaves of bread we made which is 250 and we've got the price of our computers at 500 times the number of computers that we made which is 75 right so here's 150 here's 500 that would be 75 times clear clear clear 75 times 500 37,500 zero thirty-eight one fifty so this guy must be sixty thousand this guy must be thirty make it more stuff right and looking at real GDP there we can in essence use whatever prices we want to we can use these prices one to five hundred to see what GDP was in 2018 relative to 2017 to see what real GDP is the real market value of goods and services as opposed to these novels all right and we can kind of get a sense of that from looking at this we'll talk about it more on on Monday but and I actually have these things here I mean well like I said we'll talk about it in more detail on Monday you can see that right here but I mean here's what different prices were for things in the past right so for example a Commodore 64 1982 you guys know what a Commodore 64 is it's a computer you know why it's called 64 64 kilobytes of memory that thing sold for five hundred and ninety five dollars in 1982 alright so I get on my bike come home from school bike on over to TJ's house hey man you're my best friend now you got the Commodore 64 let's get on there and look at stuff on your television cuz it hooked into your television even have its own monitor all right or you got a VCR here right 1986 selling from three hundred and fifty dollars to six seventy packard-bell computer fifteen hundred dollars eight megabytes of ram 540 megabyte hard drive all right we need to make comparisons year-to-year to see how the economy is changing and in order to do that we need to make these distinctions between say nominal GDP and real GDP all right and we'll pick it up from here on Monday let's go ahead and have homework number four do on Wednesday and we can probably go ahead and schedule quiz for Wednesday as well
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_4.txt
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[Music] okay so what we were looking at last time were these things that we wanted to do and the things that we wanted to avoid and we had sorry it's all the dust and dander from the basement and we had looked at things that we wanted to avoid so we had things like violation of ceteris paribus and we said well ceteris paribus basically says just keeping everything else constant right so when we're violating this guy we're looking at more than one thing changing at a time and we don't want to do that because we're wanting to tease out these different effects and if we have more than one thing changing at a time it's hard for us to know what's causing what change the second one was this idea of bias right we didn't want to introduce bias and we could introduce bias on purpose we can introduce it accidentally we could make it our change the graphing zuv our scales or change the scales of our graphs we could do all kinds of things like that all right to introduce bias this third one here is not defining your terms so it's important that you talk about and you make sure that you define your terms because otherwise you might be talking about something completely different right I'm going to use a profit and capital as an example so capital if you're a finance major this is what its money but to an economist right it's these manufactured aids that we have created to help us make stuff right it has nothing to do with money money is a little green piece of paper it's basically a unit of accounting to keep track of who's got what all right so these are these little manufacture dates so if an economist than a finance guy in you FAC manufactured aids if an economist and a finance guy are talking about capital they're not even talking about the same thing all right another example would be profit so when you hear the word profit what do you think of I mean how do you define what a profit is what is it yeah yeah it's whatever is left over right here's these costs that camera is making this stuff here's my cost here's what came in this is what I've got what's left over so everyone has this idea it's like well it's essentially the money left over right after you've made stuff to an economist though I mean we look at these costs we look at things like you know the electric bill that people are paying and things like that but there's another type of cost that we look at - what's that cost opportunity costs right so when we're looking at costs costs for us are explicit costs these are the costs where you're actually paying out dollars plus these implicit costs all right and it's implicit costs are essentially opportunity costs if you arty you right so for the accountant and basically everyone else so they're looking at cost here oh so for them you know profit just revenue minus costs well everyone else they stop here explicit cost okay I paid you know I've got a manufacturing plant and I've got 100 million dollars in revenue coming in and I paid 50 million dollars in wages and I paid 20 million dollars for supplies and it paid ten million dollars for utilities so I've got 20 million dollars left over my profit right and an economist would say okay we also have to account for the implicit costs alright the opportunity cost of the resources that the firm actually owns as well alright so we want to make sure that we define our terms we also have what's called the fallacy of composition all right so if the fallacy of composition says what's true for the individual it's true for the group all right so if we look at a an example from football so if you go to a football game and you stand up are you gonna have a better view mm-hmm if everybody stands up well everybody have a better view no or you could do say minimum wage right if we increase the minimum wage and your hours don't get cut are you gonna be better off yeah totally right is every gonna is everybody gonna be better off no some people gonna get their hours cut some people might not get hired in the first place it's not that what is true for the individual is not true for the group it's not that this can't be true sometimes it is possible sometimes for what is true for the individual is gonna be true for the group the fallacy is in assuming that what is true for the individual is going to be true for the group huh that's the fallacy fallacy just comes in where you're just assuming well if it's good for this person it must be good for everybody and it could be but the fallacy is that when you're assuming that post hoc fallacy all right this guy says correlation is causation what do we mean by correlation exactly so correlation here is when we have some relationship between two things so we can either have a positive or a negative relationship right these two guys are correlated they're moving together right maybe not moving together is moving in the opposite direction but they're moving together what do we mean by causation exactly this guy says because these two things are moving together because x and y move together X must be causing Y to move and once again it's not necessarily that that's not true the phallus is an assuming that it's true oftentimes there's something else that's going on let's look at say income and education what's the correlation between these guys or is there one exactly so usually these two guys move together right if one of these guys is going up one of these other guys is going up as well right these guys are correlated and they are heavily correlated but is it this guy that causes this or is it this guy that causes this because in Mozambique people are relatively poor an education is a normal good just like anything else it's something that people buy it's scarce it has value it takes resources to purchase it all right they don't have a lot of income therefore they can't buy education the u.s. is relatively rich we're not even sure if income and education caused each other or not we honestly don't know if it's education that causes higher income or if it's the skill set that it takes to get an education that causes the hiring company soon I'm saying and you guys are all getting up here at 8 o'clock in the morning you can pay attention you can focus you can work with others you can do tasks and at the end of four years after having done that for like 40 different classes you give this little piece of paper that says you're you got a grant you're done all right is it the knowledge that you got or is it the skill sets that you learned that it takes to get the diploma you see what I'm saying I mean like I said I'll use the example of my brother who was a high school dropout can't I just can't get his life together he does not have a college education nor could he get one but that's because the basic skills that you need to get a degree he does not have I mean he's in a smart guy he just can't do things like get up show up to a place on time and focus right those are the types of things that you need to get an education so is it being able to show up on time and focus that causes this or is it the education itself does Greek mythology actually make you earn more money or is it the fact that you can learn about Greek mythology that makes you earn more money you see what I'm saying and in fact actually interestingly enough I mean for the u.s. about 20 percent of people with a college degree will actually earn less than the typical high school grad all right so I mean that there's no guarantee here so I mean there's 20 percent one two three four five six seven eight nine ten one two four five six eight nine ten eleven counting is hard today 12 13 14 15 16 17 18 46 10% is 4.6 or 10 of you guys statistically speaking if you're here just for money you're wasting your time I don't know which ten of you that is alright but 10 of you guys are wasting your time if you're only going to college for money if you're going to college for other things to better yourself or to make new friends or experiences and all that kind of stuff that's fine those things are have value too but if you're only going to college for more money 10% I mean 10 of you guys are wasting your time all right so let's look at some graphing and I know what you're thinking weed went over this in like seventh grade where are you going over this I know all of this you're wasting my time blah blah blah and then like six weeks later these graphs are confusing I don't understand the grouse alright so let me tell you something about the graphs all right graphing and economics it's like herpes okay it's not going away okay so on Friday night if you guys go out and you meet some cute guy or some cute girl and I had a little too much to drink and you go home and they had herpes guess what now you got herpes and you got herpes for life all right it ain't going away it's just the same thing here the graphing is not going away it's like herpes we're stuck with it for the whole rest of the course okay so don't think well I can ignore this part and I just won't have to worry about that part on the test because it's it never goes away okay so let's look here at some relationships because graphing in essence what it does is it allows us to visualize different relationships between two variables so we've got an independent variable we have a dependent variable alright and of course when we talk about this independent variable this is a guy that changes on his own the dependent variable his value depends upon the value of the independent variable huh and then the independent variable is a guy that changes so these relationships can be either positive that can be negative or they can be complex so we can have a positive relationship we can have a negative or inverse relationship or it can be complex so with this positive one we know that when our independent increases implies the dependent increases all right with our negative one when our independent increases our dependent decreases and then complex has both positive and negative it has both positive and inverse components to it so let's look at a very simple positive relationship here [Applause] let's look at the relationship between number of beers consumed and blood alcohol content which one of these guys is the independent which one of these guys is too dependent and of course typically we put the independent on the x-axis so we're gonna put our number of beers here and we'll put our blood alcohol content here and we have some relationship here it kind of looks like this alright so here's one two three four I have no idea what these numbers are over here I'm just making up numbers here so maybe this guy right here is 0.06 this guy's point oh four guys point oh two this guy's point oh eight bless you 1.0 1.2 I just made up numbers okay so what we can do is we can connect these dots and this helps us to know kinds of things too right because now we know okay what happens if we drink three and a half right or we drink eight or whatever we can extrapolate so we have some function here and I'll just call it our drunk function because that's an essence lose calories and this guy tells us the relationship between the number of beers consumed and blood alcohol content right it helps us to visualize this relationship Oh as we drink more beers our blood alcohol content CIN creasing it looks to me like every additional beer adds 0.02 to our blood alcohol content once again like I said I'm just making up numbers here what's staying the same here well the number of builders is changing okay what else is staying the same let me put it to you like this here's our one hundred and ninety pound guy what would our function look like for a hundred and ten pound woman would it look like that no shifting in or rotating out doing this right here's our hundred and ten pound one alright so for our 190 pound guy two beers gets you a point oh four for our hundred and ten pound woman she's at point O eight alright and for one beer she's at they may be point oh four at four beers she's at I don't know one point six or whatever something like that alright one point eight whatever everything else is staying the same that's what's the terrorist paribus means I mean that's what essence when you're drawing graphs in any of your other classes everything else is staying the same the only thing that's changing is the number of beers blood alcohol content all right the number of people their income whatever class it is that you're looking at whatever graph it is that you're looking at everything else is staying the same what happens to this function if the guy hasn't eaten all day long that function changes alright what happens if it's a hundred and ninety pound guy but one of the hundred and ninety pound guys is all muscle one of the hundred and ninety pound guys is all fat the function is going to be different right everything else is staying the same how fast they're being consumed right we don't have any time on here maybe it's six beers per day one in the morning second beer two hours later third beer two hours later fourth beer two hours later fifth beer two hours later six beers two hours later what's the blood-alcohol content nothing right so when we're drawing these functions we're keeping everything else constant who the person is how fast they're drinking them I mean I everything else like that is staying the same the only reason we leave this guy here in red is as a frame of reference so that we know that when we draw this guy here in blue we know how much this thing is changing by right that's in essence what we're wanting to know when we're looking at these changes how much is this guy changing by let's look at our negative or our inverse relationship let's look at sulfur dioxide emissions okay so here's our number of sulfur dioxide emissions and our numbers of scrubbers so the power company right now it's taking coal to burn in it when they burn coal it creates heat that heats used to boil water turns into steam steam turns a turbine thanks to the properties of electromagnetism as the turbine spins it creates electricity and they're shipping us electricity here so we can have the lights on when you're burning the coal though it can create sulfur dioxide emissions depending upon the amount of sulfur that is in the coal which one is our independent which one is our dependent variable the scrubbers what they do is they in essence take the sulfur dioxide emissions out of the smokestack and scrubbers is their common vernacular name their true name is flue gas desulphurization processors so which of these guys is independent which of these guys is dependent is that right it's the other way around all right so we're gonna have the number of our scrubbers and we're gonna have our sulphur dioxide emissions so if we have zero scrubbers we just let we burn it and it just goes I'm making up numbers here I don't know what these numbers are we're gonna have a hundred tons or zero here's a zero if we have one scrubber will have say 75 we have to we'll have to say 50 tonnes if we have three scrubbers we'll have say 25 tonnes if we have four scrubbers we'll have C zero so here is our relationship once again I just made up the numbers and of course we can connect these and we can see okay how many scrubbers to have an operation you know here's my emissions function and we can see the relationship between the number of scrubbers that are going to be employed and the amount of sulfur dioxide emissions that we're going to have right and here we see this negative relationship when the number of scrubbers increases the sulfur dioxide emissions are going down all right and so for example we see here at two scrubbers we'll have 50 tons and at three scrubbers we'll have say 25 tons all right so when we employ these three scrubbers this is what we get stuff like that what's being held constant yeah how big it is how much power they're generating the type of coal alright : the country has different levels of sulfur in it all of that stuff is staying the same and in fact if we look at a map of the country here's the us write a very bad map this part right here this is West Virginia high sulphur content coal there's Montana this is Lowell sulfur coal right so it stands to reason that if you burn high sulfur coal you're gonna have more sulfur dioxide emissions from any level of coal than you would from burning the low sulfur coal right so if this is our emissions function for Montana coal all right so here's our emissions function for low sulfur and we switch from this type of coal to this type of coal what happens to our function over here yeah this guy shits out right so if this is our low sulfur coal we say yeah we're gonna switch to the stuff from West Virginia right the guy does something like this and so maybe with it here's here's our high sulfur coal sorry there's our high sulfur coal right and so we see here when we had two scrubbers maybe now we get 75 tons if we have three scrubbers employed we get to say 50 tons or whatever the number is a couple of interesting things here when they they mix this this these sulfur dioxide emissions with water and a couple of other things and what they actually wind up with is a form of gypsum and what do you think gypsum is used for people here in construction sheet rock right that's why when Lowe's was using a lot of their they had this Chinese drywall stuff the Chinese drywall was made with really really high sulfur cut they didn't there was no and people would put up in their house in the house would smell like rotten eggs after a couple of weeks and they had to take all that coal all that drywall out here's another thing that's really really interesting there's a couple different ways you want to reduce these sulfur dioxide emissions all right I mean obviously 25 is better than a hundred there's a couple different ways to do that one way is to employ scrubbers one way is to switch from say high sulfur coal to low sulfur coal right and interestingly enough you have people that are like say for example the United Mine Workers Union and several other unions they're all pressing this the scrubbers rather than switch in coal content you understand the problem you can achieve the exact same solution a couple different ways right if you want to get to say 50 tons you can get that way through having two scrubbers with low sulfur coal or you can get that way with having three scrubbers using the high sulfur coal the scrubbers are expensive these things are not cheap and unions here are really really big into the scrubber technology not the switching coal why do you think that is why would they why would they care yes yes what about these guys here keep going so if they switch to the scrubbers it doesn't matter right if the if the government mandates you must use scrubbers you have to use the scrubbers all right if the government just says make sure your missions are no more than 50 tons we don't care how you do it you could do that a couple of different ways right or you could have the government say you must use three scrubbers those are essentially the problem so you can have this problem where they say okay no more than 50 tons or you must use three scrubbers all right there's two different ways to achieve the solution and therefore the three scrubber solution not the find the cheapest way to get 250 tons so it's about saving jobs that's correct well why would they not care about these people these people here when you think of a unionized mine worker you got that picture in your head that's these people right here what about these guests these guys are not unionized so if city utilities switches from buying content their coal from West Virginia and switches to Montana it's the same coal worker right that hasn't changed but we don't need these guys anymore the Union job disappears the non-union job appears they don't want non-union jobs appearing because they're a union right so one way to do that is to say we don't want this just do this despite the fact that this guy costs more then this guy this guy is cheaper you get the same result you get 50 tons of sulfur dioxide emissions you can get that sulfur dioxide emissions cheaper by having two scrubbers in the low sulfur content coal rather than three scrubbers and the high sulfur content coal the result is the same this guy right here doesn't change but one of these ways is cheaper than the other way and so what you can do is you can go to your congressman and you can get legislation passed that says you must have three scrubbers other than people who say no we don't need three scrubbers they say oh you don't care about the environment you suck right it's like no we care about the environment except that you can just get to the solution a whole lot cheaper if you do it this way than if you do it this other way and the only reason they're interested in this other ways there are in essence just trying to protect their job it has absolutely nothing to do with the environment they could care less about the devisor right it has to do with the fact they want to maintain unionized coal jobs and not help create non-unionized coal jobs Montana's interesting you guys ever been out there it is the Wild West I am completely serious they just recently outlawed drunk driving did you know that I'm not joking bars are open so you can buy alcohol 24 hours a day 7 days a week bars are open 24 hours a day they never close they just recently outlawed drunk driving they're just like well I guess we got to do something we can't just have people driving you know completely plastered on the roads all the time right you just you just do whatever you want to do it's fascinating it's a pretty country everyone's drunk Alaska is the same way everybody's drunk there's just nothing to do there's nothing to do but drink it's dark six months out of the year what am I gonna do drink it's 40 degrees below zero I'm not going outside what can I do drink we also have complex relationships complex relationships have both inverse and positive relationships to them right so we could have things like units produced and we could have say average cost and we can get some kind of relationship that say it looks like this right so here's our say average cost function guess this should actually be money and we see that we have a up to this output level just call it q1 from output level 0 up to q1 what type of relationship do we have negative write an inverse relationship so here we have this negative or this inverse relationship right increases in output actually make average costs come down and that's because of what Ernest ins called fixed costs and from here to here we have the exact opposite right we have in essence a positive relationship right we increase output average costs actually begin to increase or we can have this guy doing the exact opposite he could do something like this we could have say units produced and say profit you have some sort of profit function that kind of looks like this all right we're up until some output level I'll call it Q 2 because we're these guys where this guy is 0 is not necessarily where this guy's positive all the way up it doesn't have to be that way so up until 0 to Q 2 what type of relationship do we have from here to here positive right here we see Oh increases and output actually make profits go up right then we kind of reached some maximum whatever this value is we're going to say it's q2 increases in output beyond that guy now we actually have a negative relationship all right an inverse relationship further increases in output actually make profits begin to fall questions about graphing like I said it's not going away
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_15.txt
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[Music] so I've got a web page the University I don't don't know why they don't gonna link to them anymore they used to be able to go in and get to it through the universities now what you'll call it their little tree that they have there but can't do that anymore so and I don't know why this thing is completely out of date I haven't touched it in years but there are some tests up here at least for this unit so here's the address up here if you just go to http you know people dot Missouri State dot edu backslash and then my name David Mitchell all one word and here's what you get if you come down here to the principles of Micro even though this is the principles of macro class remember I said the first unit in my micro and my prints in my micro and macro classes is completely identical same material same stupid jokes same everything everything is completely identical I don't even have notes today right because parts of unit two four principles of micro and principles of macro are completely identical I mean it's just it's all the sides like why am i continuing to bring these notes already know exactly what it is I'm going to say I'm just wasting my time so you can come here to the principals of micro all right and you click on this my daughter's like in almost a freshman in high school that's how old this is all right I mean this is she's old and this is fall 2006 all right so but there are some sample tests here all right so you've got these tests here this is from you know notice from fall of 2002 but once again I mean like supply and demand stuff doesn't change I mean there's nothing to changes about this stuff you could it's all identical so you can come down here you can kind of take some of these sample tests if you want to and you know I think of the answers do ya this one has the answers down here at the bottom right now some of these you'll notice like this stuff right here is talking about rent and control and stuff like that we're moving that in unit 2 all right so not everything is going to match up because I move things around sometimes sometimes I've had three tests in the past sometimes I've had four sometimes I've had five sometimes I've had to write different things but some sample questions for you and then there's another one here and this one says another example and I think it's another example because you'll notice the font is all different and this is not a so the other one I write my own test they don't use the test banks that other professors do other professors just have a Brandon Lee pull questions from their test mix I don't do that I write all my questions this is a test Bank question right so people like and I was like alright fine so here's randomly selected unit one ish kind of test questions and I think the answers are on this one too but I don't yeah so there's any answers for that one so you have some kind of sample test questions and things like that you know once you get to test two and three four sorry but you got something for test one so just something to think about if you want to take advantage of that so it's up to you it doesn't matter to me so what we want to look at today is taxes and it's there's more to it than just saying oh it's just change in supply here all right we know that one of the things that shifts the supply curve is things like taxes right so let's kind of look at a very very simple guy here there's our quantity there's our price here's our demand here's our supply right and let's sue assume that we're looking at just making anything let's make it say gasoline okay so we have an equilibrium price here of $1 and let's give ourselves an equilibrium quantity of 100 o'clock so like we said first thing before we do anything we want to draw our initial equilibrium conditions which we've done so we have a hundred here we have a dollar now let's put a tax of 50 cents on this market and what that means is that we know the supply curve is gonna shift right this guy's gonna shift left he's not going to shift rights and this distance here this vertical distance right here is 50 cents right and it's the same vertical distance throughout this entire guy now before we look at this price quantity combination that we're looking at now ignore the Green Line just look at the black line tell me what the black line says I mean what is what do these guys mean what are these guys tell us we've gone over this a gazillion times already exactly and the hundredths is worth $1 right we've done that a gazillion times already all right so we have this 50 cent tax on gas and we see here we're gonna get a price here say a dollar 25 and we're gonna get a quantity here of say 90 all right so we have this tax a $0.50 we've got an equilibrium price of $1 25 we have an equilibrium quantity of 90 now here's the question why didn't the price go up to a dollar 50 because remember taxes are a cost to firms all right so there's this tax of 50 cents that would put on the firm but we're not seeing price go up to a dollar 50 we've seen a price to go up to a dollar 25 if let's put it this way how much does the 90th gallon of gas how much is it worth dollar 25 how much does it cost to make exactly he actually costs 75 cents to make why don't the firms make more gas because we know what it actually really physically costs to make the gas right 75 cents to make that 90th gallon people are willing to pay a dollar 25 we should keep making gas why do we stop the basically the tax is like an artificial cost that's put on top of it does that make sense and so at this the real cost of gas is 75 cents for this 90th gallon but now we have this 50 cent tax on top of it's kind of an artificial cost which brings us up to a buck 25 so in essence what we have here is this 90th gallon of gas cost 75 cents to make firms should keep making more but they're not going to because this artificial cost just put on top of gas on top of the real cost of what it takes to make gas making us get over up here to this dollars five here's an alternative way to think of it you go to the store and you give the guy a dollar 50 if I give the guy a dollar 50 he's gonna give 50 cents of that in tax to the government he has this dollar that he's going to give to that's gonna cover the cost of making gas if firms are getting a dollar for making gas how much gas are they gonna make we're gonna make a hundred right and so everyone see that 50 cent difference right there right if they're able to push the full cost on to consumers the price would go up to a buck 50 they would continue to make the same amount of gas before now here's the problem at a dollar fifty how much gas to consumers want to buy less than 90 whatever that number is 80 or whatever surplus or shortage surplus surplus is due out to prices drive them down right so they're not gonna be able to shift all of this cost I can shift some but not all so now we have something here that we can learn a lot of information from because what we want to know is we want to know well how much tax revenue are we going to collect it's pretty simple to figure that out right we have our tax times our quantity all right that's going to be our tax revenue so 50 cents here times 90 we're gonna collect 45 dollars in taxes right and I'm sure by now you've probably started to figure out that every single one of these areas on here means something it's not just random stuff so what we have here is that here's our tax all right 50 cents there's our quantity so this guy right here I'm gonna do this guy in blue this guy right here is our hit the area of this guy represents our total tax revenue now consumers pay taxes in higher prices what price did they used to pay they used to pay a dollar now they pay a dollar twenty five so if we want to know how much tax revenue comes from consumers we have the tax that are paid by consumers once again times our quantity all right well this guy here in blue is our total tax revenue the tax used to be okay I don't want to use here the tax used to be this guy price used to be a dollar now it's a dollar twenty-five right so this guy right here of tax revenue represents the amount of tax revenue that's coming from consumers it's how much tax revenue consumers are paying in the form of higher prices it's this guy right here I'm going to highlight here in red I've been doing this so we're gonna call it this guy over here right so if we want to figure out what that is it's pretty simple right they're paying 25 cents paying 90 they're gonna be paying 2250 right producers pay taxes and lower revenues they used to get a dollar now they're getting how much they used to get a buck now how much are they getting mm-hmm get into 75 cents all right the price of the dollar 25 50 cents of which goes to the government in the form of tax 75 cents is leftover to cover all of the costs of what it takes to make guess I'll do that guy and I guess black hair so here's this guy so here's our tax revenue that is paid for by our consumers or by our producers it's this guy 25 times 90 20 to 50 we know what this guy is this guy's consumer surplus we know what this guy is this guy's producer surplus this guy right here is represents total variable costs or total fixed cost if you're looking at this in the long run what's this guy right here it's lost not necessarily revenue I mean it couldn't you could think of it like that but it's more than that how much is the 90th gallon of gas worth dollar 25 how much does the 90th gallon of gotthe of gas costs to make 75 cents should we make more gas ignore this we're here yes keep going right because you've got 90 cents or 75 cents worth of stuff we can rearrange it something's worth a buck 25 people are better off makes sense to keep making more will we make more no we'll stop right and so there is consumer surplus and producer surplus right in order to get the maximum of consumer surplus and producer surplus we've got to make right here but we're not making there we stopped here at 90 so what we have here is we've got consumer surplus and producer surplus that never comes into existence it never gets created we actually have a name for it we call it a deadweight loss and if we want to know the size of that dead weight loss it's pretty simple it's just a triangle what's the formula for the area of a triangle right just 1/2 base times height right triangle is just a square cut in half base times height tells you the area of the square or the rectangle or whatever taking half of that tells you the area of the triangle so here's our base here's our height so we've got a base here 1/2 $0.50 times 10 alright that times that is five taking half of that $2.50 that's what that area represents so we know what the dollar value of that is but let's put that into practical terms when we say the deadweight loss what do we actually mean by that here's our hundred gallons of gas here's our 90 gallons of gas right does it take which one takes more resources to produce 90 or 190 a hundred right it makes more resources to take a hundred right it doesn't take more resources to make ninety takes more resources to make a hundred all right so we have these 10 gallons of gas and we know that we had resources making these guys what are these resources doing we know what these resources are doing these resources are making gas these 10 gallons of gas here what are those resources doing what sir it's the change in the weather and I can't even hear it on my right ear I woke up this morning was like then I go death what are these guys doing what are these resources that made these 10 gallons of gas what are they doing very good they're being used for something else or what very good go all the way back to our production possibilities curve if we have resources sitting idle where are we on the curve we're inside right in order to be on the curve we had to use all of our resources all of our resources were being used we didn't have any resources sitting idle so if these resources are sitting idle they're not being used we've moved inside alternatively now they're being used for something else we said in order to be on the curve all of our resources have to be used and our resources have to be used where they're going to have the greatest effect on output in other words they're being used where they have a comparative advantage in these resources have a comparative advantage for making such-and-such so we're using them to make such-and-such if we have resources not being used where they have a comparative advantage or insight all right you can have full employment and still be inside the production possibilities curve you can hire people you can say medical doctor we don't want you being a medical doctor in Moore we want you digging ditches you can do that that's what China did they actually did do that they said you got all of these professionals here all these doctors and lawyers and engineers and stuff you people suck you need to go back to the farm and learn how life is and so they took all the doctors and lawyers and engineers out and if you didn't want to go it didn't matter you were going and they stuck them back to a farm well they don't know anything about farming and the people behind him didn't know anything about doctors and lawyers and engineering and stuff like that it was a complete disaster he had full employment but you moved the way inside your production possibilities curve we know these resources that were here were being used they had a comparative advantage and making gas I mean let's assume that rather than making gas they're making toys how do we know they had a comparative advantage in making gas and not toys how do we know these researchers resources they were making gas now thanks to the tax they're not making gas they're making toys how do we know they have a comparative advantage in making gas well I could it could be anything it could be labor or anything you're close if they had a comparative advantage in making toys what would they have been doing in the first place making toys so the fact that they're now being used for something else they've come out of gas and oil production and now they're being shifted to something come puts toys it's completely stupid tells you they didn't have a comparative advantage in making toys they had the comparative advantage you're making gas because that's what they were doing in the first place in other words this dead weight loss measures kind of how far inside you're coming that's what he does that deadweight loss tells you how far inside this PP si mi let's look at another example let's say we're looking at the market for cigarettes and let's just assume we have the exact same price and quantity here got the supply curve basically the same you will notice the demand curve is a lot steeper so now we're looking at the market for cigarettes right we have an equilibrium price of $1 we have an equilibrium quantity of 100 let's put the same 50 cent tax on here because in essence the state legislature says we want to tax cigarettes because we want to create more revenue and we want people to we're gonna have that we want this large reduction in smoking all right you guys ever heard of state legislature say that if you have a large reduction in smoking where's the revenue gonna come from ok fine so if you have the huge increase in revenue that means people didn't quit smoking right you can't have both of those when you hear a politician say that we're going to tax us because we want this huge reduction smoking and we want to create a whole lot more tax revenue you're not gonna get both of those so here's our supply plus our tax okay and we're gonna have an equilibrium I'll call this guy say 90 let's just make them 98 just a stupid number and this is gonna be like this guy say dollar 40 so now we have a new equilibrium price of $1 40 new equilibrium quantity of 98 we've got two percent of people to stop smoking so let's run through all this rigmarole again right because we've got this tax here 50 cents so what's this guy got to be right here what's this number very good so here's our tax there's our tax of 50 cents right here's our quantity right we want our tax revenue here we want to know well how much did it collect and tax revenue well let's just start tax times our quantity all right point five times 98 and I'm pretty tired so I don't trust my math 49 dollars we want to know well how much of this tax revenue is coming from our consumers right so we said hey consumers are paying these taxes and higher prices so we'll just use the hashtag here so there's our portion of the tax it's paid by our consumers all right well how much of the tax our consumers painting have a 50 cent tax on to our consumers pay 4098 like I said I don't trust my math today 39:20 producers pay taxes and lower revenues they used to get a dollar now they're getting 90 cents I'm gonna use I'm gonna use blue for this gun here here's our tax revenue it's paid for by our producers all right so they're paying 10 cents of this guy times 98 that's our quantity nine dollars and eighty cents how big is our deadweight loss our deadweight loss is this guy right here all right so we have 1/2 our base is $0.50 our height here is 2 2 times 50 is 1 times 1/2 50 Cent's why did the deadweight loss fall so much yeah you only had to tax all they drove basically 2 percent of people the way to go do something else what if the demand curve had looked like this here's your supply here's the demand not completely vertical but pretty pretty flat in relative terms right I mean there's the halfway mark right there well if this is a hundred and there's 50 this guy's like 30 or 20 or whatever number is that you want it to be right you're deadweight loss is gonna be this guy right here it's gonna be this huge amount right here relatively speaking we have this demand curve here people aren't changing their behavior very much right we actually call have a name for this type of demand curve a call it any elastic consumers are very unresponsive to changes in prices here we call this guy elastica consumers are very responsive to changes in prices we have a much larger deadweight loss when we tax these things that have elastic demands and these things that have inelastic demands and remember the deadweight loss is just how far inside we move let's assume we've got some product it can be any product you want it to be q1 p1 let's put a tax on this good and I'm going to put I'm going to so that you can see this is not some kind of graphing trick I'm going to use the same distance here for these all right so here's our tax supply plus tax right and we know that we're gonna get some price here the consumers pay we're gonna get some price that producers receive we're gonna get some quantity here q2 and we know what this guy is this guy here in green is our deadweight loss right here's our consumers here's the portion consumers pay here's the portion producers pay of tax revenue this guy here in green is our deadweight loss that's just some number whatever it is 12 would be any number that you want it to be all right we've got some deadweight loss here that's this guy here in green what happens if we double this tax what do you think happens to the size of our deadweight loss it increases alright is that obvious that it increases cut how much will it increase all we're doing is double in the tax what do you think double double the tax double the deadweight loss supply plus tax plus tops let's do this guy here q 3p c 2 PP 3 these prices here not very important I'm not interested in that per se now the size of our deadweight loss is this guy what are a deadweight loss do and you can see it if you take this original deadweight loss and you just flip them in your mind well if I flip in my mind he's that guy right there right is that not a mirror image of that one two three four what the deadweight loss - they've quadrupled we doubled the tax but our deadweight loss quadruples so if the university comes and they say you know what it's tuition this sucks we're not making enough money we're gonna put a tax on you of $2 whatever it could be any number you want it to be supply of college education plus the supply of education plus the $2 tax per hour then they go back and I say we another $2 it's gonna increase the tax from $2 to $4 they doubled the tax right and they tell you it's look it's just Dublin it's just going from $2 to $4 it's not that big of a deal but what happens to the size of the deadweight loss under those types of conditions they're quadruples in size doubling that tax does matter the tax on cigarettes is 10 cents and they double the tax to 20 cents I'm not saying that's a bad policy I'm just saying the deadweight loss quadruples they're a tax on gas at 15 cents and they double the tax to 30 cents I'm not saying that's a bad policy or that it's a bad idea or a good idea I'm saying the deadweight loss quadruples in size whatever it is they have a tax on red shirts and they double that tax that the deadweight loss is going to quadruple them size questions about taxes I love talking about taxes I love it which means and like I said I write all my own questions this is a very easy test question to write and I can get a whole bunch of different questions from it right how much is the consumer producing how much did the producer pay in taxes how much is the deadweight loss how much tax are consumers paying blah blah blah blah blah blah I can get five six questions from this guaranteed to be on the test it's guaranteed it will be their questions so you don't need the graphing calculator on or the calculator on test one but you're gonna need it on testitude okay I will see you guys on Monday have a good weekend
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_29.txt
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[Music] okay so let's review what we were looking at here we were looking at the Keynesian model and we had something that kind of looked like this so we had our basically nominal GDP here I'm just gonna call it output and we had our aggregate expenditures here right we have our 45-degree line and we have some level of aggregate expenditures and at this level of aggregate expenditures we know that in the Keynesian model we're going to come up to an equilibrium where these aggregate expenditures are equal to output all right because if we're at an output level less than that and aggregate expenditures are greater than that then we're gonna have diss saving before at a point greater than that you're gonna have savings right so that in essence what's occurring in here and in output levels less than y1 here firms are going to see dis saving they're gonna see a decline in their inventory so that's gonna be a signal to them to start making more if we go beyond y1 they would see savings they would seen the Tories increasing that would be assigned to them to actually start making less now what we said was the problem was what happens if Y F is up here somewhere so how do we get to YF if we're at y1 because there's no reason for anybody to alter their behavior that's what the Keynesian model says we know that we're in a recession here at y1 but wages and prices are unlikely to fall in Keynes's mind are unlikely to fall and if they do fall it's in the long run not the short-run so he said well what we could in essence do is we need to find some way to increase aggregate demand up here to say 82 and we can do that by changing either some of these autonomous components or changing basically this marginal propensity to consume or the marsh propensity to import all right and like we said the easiest thing to do and by easy I mean relatively easy none of its stuff is easy it's all hard but some of its relatively easier to do than others is to change government spending right to an essence basically increased government spending or decreased government spending and consequently by that increased taxes or decreased taxes those are going to have the exact same result in terms of changing this aggregate expenditure so the interesting thing here though is that you don't actually need a large increase here so this guy right here and this guy right here this guy is smaller so here's our change in say aggregate expenditures and we're going to say that this is in essence a change in G and here is our change in income all right and what happens is that we get this change in government expenditures or this change in our aggregate expenditures can be anything I'm just using the change in government expenditures as though to create this larger change in an output right and we get this - what if something is called the multiplier effect all right so let's look at what this guy looks like let's assume we're just looking at consumption and output there's nothing else and let's assume that the marginal propensity to consume is 9 okay so here we are we're at some consumption we have some output here right if we have for example say a $100 increase in income what this guy says is that we're going to have some change here these around additional consumption we're gonna have some change here say 100 we don't know where this hundred dollars came from it just comes from somewhere and what this guy says is that people are gonna spend 90 percent of this right so what we see here is a consumption goes up by basically 90 you know here's what's interesting right we've got this additional $100 an income they're gonna go out I'm gonna spend $90 but when they're consuming these dollars that's somebody else's income all right so then $90 that they spend on haircuts and movie tickets and food well that's how the barber and the guy that works at the movie theater and the farmer earn income right you're buying their food you're buying their movie tickets and you're buying their haircut so in essence their income has gone up by 90 now if the barbers income has gone up by 90 and he spends 90 his consumptions gonna go up all right say 81 and so he spends his 81 dollars on I mean whatever could be I don't know kitchen cabinets right so now he spent eighty one dollars on kitchen cabinets but the money that he's spending on his kitchen cabinets to him to the barber is consumption but to the guy that makes kitchen cabinets it's income that comes down here is B 81 right so now the kitchen cabinet guy has seen his income grow by 81 dollars and he spends 90 percent so he'll spend basically 73 and there's obviously period such and such and such try but we don't want to get into all that so he's kind of the kitchen cabinet guy spins $73 fixing his car all right so he's consuming he's buying this his car getting fixed up but to the guy at fixing up his car the $73 is in consumption its income all right so now the guy that has his car fixed he's gonna spend ninety cents or 90 percent of his income right so he's gonna spend $65 on hiring somebody to trim his trees right so the $65 that he's spending on somebody hiring somebody to trim his trees to the guy that does cars that's consumption but to the guy that trims trees that's his income and on and on and on down we go right and interestingly enough when you add all this up you're going to see here that income has grown by in this example a thousand this one hundred plus this 90 plus 81 plus the 70 plus the 65 plus 59 all the way down till we get down to zero we've seen income grow by a thousand but of course this means we will see an additional consumption grow by 900 all right so we have this multiplier that tells us how much a change in these aggregate expenditures is going to change output and you can see it in a couple different ways I mean you can see it is this let's assume let's ignore the import stuff let's just look at the consumption part here's our output here's our aggregate expenditures here's our 45-degree line here's 180 line call this y1 and we'll have some corresponding change here AE - why - so here's the change in aggregate expenditures here's the change in output this guy right here is smaller than this guy but if we make this guy steeper right if we make this aggregate expenditure line steeper let's have the exact same thing here 81 82 I'll call this a y3 I'll call this guy say why for it's the same change here but we have a bunch of larger change in income all right depends upon the slope of this marginal propensity to consume we know that income is our C plus I plus G Plus X minus M right and we know what C is C was a plus B Y we know what I is I was I oh we know what G is G was G oh we know what X is X was X so we know what M is M was caught a little M plus M one right I'll just call it like a little bulb are there or whatever could be anything all you got to do is plug and chug plugging the numbers check out the answer I know that this is occurring we've taken these guys right here and just plug them into here I know all we got to do is get like terms together all right so we've got our Y here a plus IO + g o plus X zero minus M right - is in bar y plus B Y all right but these guys can come over here Y plus M Y minus B y equals a plus IO plus G Oh this X Oh - and remember M here is autonomous imports this little m bar right here is our March propensity to import you factor out the Y and / this guy right here so we see that output here is equal to our autonomous consumption + io + geo plus x0 minus M this autonomous level of imports divided by 1 plus M minus B all right but remember the MPs and the NPC are equal to 1 so the negative of negative B is the Marg propensity to import or to us to save I mean strike that nice should be negative strike that so we've got these autonomous components here when we can change any of those guys its easiest to change G but we want to know well what's there going to be the size of that multiplier you don't have to know all the algebra but you do not have to know the multiplier right so that you see here that for every single one of these changes right if our marginal propensity to consume is 0.9 and looks like I said let's ignore the marginal pencil ad to import let's assume it's equal to zero it's 1 over 1 minus 0.9 that's 1 over 0.1 well 1 or 0.1 is 10 every single dollar that you change here gets you a $10 change as opposed to say if the miners repent City to consume was say 0.5 should be to write every single dollar that you change here bless you brings in two more dollars so what this guy says is that if we know these numbers if we know this guy if we know this guy this guy this guy this guy we know this and this you can set this guy right here G to be any number that you want it to be to make Y be any number that you want it to be so that if you know oh look the March propensity to consume is 0.5 oh look the marginal propensity to consume is 0.9 and I want to get here to say Y 4 I want to get to any noise it can be any number that you want to get to seems blue if I'm here on this line right here this aggregate expenditure line with this marginal Penn City to consume equal to 0.5 and I want to get up here to 0.4 I can know exactly how much a change in these aggregate expenditures I need to have to get to that point in other words what Keynes is saying is that we can micromanage the economy in such a way that if we know these numbers are Marsh propensity to consume are appended to import the amount of investment in exports and all this other kind of stuff you can be anywhere there's no reason to ever have a recession again if you have a recession you just change government spending or you change taxes or you get people to change investment or you get exports to change or you get a to change or whatever you just do it the problem is it's harder to do those things so it's easier to change G so he says just change G if the economy is doing the exact opposite if it's too high you just cut G so if we're at this point right here here's our output here's our expenditures here's our 45-degree line if we're here we're at 81 or at y1 and we want to be here we want to be at YF here's the full employment level of output well you just decrease government spending right or increase taxes by some amount this amount whatever it is here Delta G and you can get this Delta Y to get you to YF the full employment level about but you can just set it like you would your microwave you just set the clock to B or whatever it is that you want it to be now from a practical political standpoint is it easy to cut government spending No all right and that was one of his in my opinion one of his big mistakes because he says well look we can just change government spending to get to this level of output that we want to it's easy to spend more money and give people stuff it's hard to take stuff away to say well we don't really have we need to decrease government spending no more no more subsidizing higher education you guys pay the full cost now alright so not whatever was Missouri State charge two hundred bucks an hour is that right so what you guys pay the reason you pay two hundred bucks and is that what it is I don't know what it is 130 I don't remember hundred you guys don't even know do it's assumed it's a hundred it's a hundred and that's a hundred dollars an hour it doesn't really cost a hundred dollars an hour it costs like four hundred bucks an hour alright and the other three hundred bucks are being subsidized by the state just change G so let's assume they just said ah screw it we don't really have the money we want to make the economy not be a y1 we want to be at YF we're gonna cut G no more hundred bucks and hours for MSU students now they're gonna pay 350 an hour how would that go over yeah exactly right I mean in essence this is what would happen right no more spending on Medicaid no more highways no more whatever all right people aren't gonna go for that it's easy to do this it's really really hard to do that all right so from that aspect he's his model it works well algebraically but from a practical political standpoint once you get that increased government spending you you just can't get rid of it so it's easy to increase gee it's really really hard to cut you so let's look at his model in a couple of different ways remember he's a demand driven guy so here's our output and our 45 degree line here's I have your expenditures May 1 let's assume this is just some number this is whatever number we want it to be 14 trillion and the full employment level of output is here it sets a 18 trillion so we know that we can do this AE to right we know that this guy's our full employment level of output YF here's one one oh we just have some change here and these aggregate expenditures all right anyone hey E - why stop there why not go beyond it why not have thirty trillion my stop at 18 we can set the economy to be anything that we want it could be why stop at 18 trillion why not make a 30 trillion dollars exactly you got inflation right there is no long-run aggregate supply curve in this model we're taking the long-run aggregate supply curve from the atas model and we're going to take it out and we're gonna paste it into the Keynesian model remember the LRA s here is a real this is from the aggregate demand aggregate supply model remember output here and the Keynesian model was nominal so you can have 30 trillion dollars in output if you want to but in real amounts of output what do you have 18 trillion it hasn't changed right you're essentially at this guy right here so when you go this way you've got inflation but no one employment when you go this way you've got unemployment but no inflation and you can take the Keynesian idea let's take Keynes's model and stick it in the a das model just like we took part of the a das model and stuck in the Keynesian model let's take the Keynesian model and stick it in the a das just for comparison so here is our real output here's our price index so if all of the assumptions of the Keynesian model are correct and we take those assumptions and we look at them through the atas model we're gonna have a short-run aggregate supply curve that looks like this and we'll have our long-run aggregate supply curve that goes right here and then we've got these changes here in aggregate demand so here's a t1 there's a t2 here's a t3 y1 y2 y3 right and we can have these changes in aggregate demand if we're at some output levels say y1 what kane says is hey we need to find a way to increase aggregate demand we need to find a way to change squared we're gonna call it fiscal policy here in about 10 minutes we're going to have these changes in fiscal policy we're going to change government spending or taxes to make aggregate demand increase and we can make it increase to this and we can make it increase to that we can make it increase from 81 all the way up here to 83 and we'll see no change in the price Index inflation won't exist at all til we get up to y3 and then if we have additional changes in aggregate demand when won't get any increases in real output we'll just get the price index so maybe here it was 210 and here it's you know 240 or whatever and this change and the price index means that there is inflation that's what the price index tells changes in the price index tell you rates of inflation now the problem is and this is where we've gotten away from the Keynesian model is that this model in essence says you can't have both inflation and unemployment at the same time and clearly we've had uninflated and unemployment at the same time we had that during the 70s so people were all atas models horrible blah blah blah we got the Keynes and model fixed out we can essentially mathematically get to whatever level it is that we want to be and then they're fine with that for a while then the 70s come along and they're like color crop Keynesian model says this can't exist Keynesian model must not be perfectly right either so in short we don't know what models right when it comes to the macro economy we really don't and people that say that they do know are lying they are simply wrong we simply do not know your micro book your principles of micro book if you're taking principles of micro you could get a book from 1905 the material has not changed right cost is a cost revenue is a revenue a price is a price all that stuff is hasn't changed macro this stuff changes all the time it just does so we have different models and different models explain different things in different parts okay but some things they don't explain very well so we kind of have this kind of hybridization and that's why you have all of these arguments about cutting taxes or not cutting taxes or increasing government spending or not increasing government spending or I don't know I mean all the stuff that we're arguing about today all right it's all relate because kind of don't really know which model to use so we're looking at these changes here in aggregate demand and like we said the easiest way to do this is through changes in G and we've got basically two different types of policies that can lead to these changes the first one is called fiscal policy where we're looking at changes and taxes or spending by governments the other one is monetary policy where you're looking at changes and the money supply and the key here for monetary policy that your changes you're changing interest rates and by changing interest rates you change consumption and investment right if the interest rates 12% you're less likely to go out and buy a car than if the interest rate is 3% if the interest rate to borrow is 12% IBM is less likely to build the new factoring than if the interest rates 3% so monetary policy can change the economy through essentially changes in consumption and investment and to a smaller degree changes in government spending physical policy says let's look at these changes in taxes and spending right because here you're looking at changes in G and to a degree by changing taxes you can change this guy because we can make Y here not just income but we can make him income minus taxes we can make him after-tax income all right we can always make the models more realistic if we want to but they always become more complicated because now it's this guy all right now plug all that stuff back in and run all through and then you can include taxes on here if you want to so we can change after-tax income changing taxes or we can change government spending will change in after-tax income is going to change consumption all right changing marginal tax rates might change I once again we've assumed here in this model that it's autonomous once you move on to like intermediate macro you don't make that assumption anymore this is just a simplifying assumption both of these guys are simplifying assumptions actually all of these guys are we can always make these guys more realistic and they are and the other models much more complicated right so let's look at this idea of fiscal policy we're gonna start off with it and we're gonna start off with the discussion basically a taxes we've got a couple of different principals here that we're interested in the benefit principle says people should be taxed you know pay these taxes based upon the benefits you receive alright where is this ability to pay principle says people should pay taxes based upon their income levels now they don't sound that different but there are vastly different ideas because in essence with the ability to pay principle says is that you can think of it like this people that earn more income should pay more taxes does that seem fair yeah sure the benefit principle says receive a benefit pay for it does that seem fair yeah there's two income levels they're both receiving $5,000 in benefit national defense everybody receives the exact same amount of national defense what do you think take this out of government pay for stuff based upon the stuff you get should people get soda without paying for it does that seem fair cars houses food quiet so if they're getting $5,000 worth of benefit from national defense and they make ten thousand dollars worth of income they should pay five thousand dollars in taxes right there's the ability to pay principal we're gonna take this the rich guy is gonna pay all of it the poor guy pays nothing that's fine except that now this guy's what we actually have a word for it he's a free rider so which do you choose what type of question is this normative or positive it's a normative issue because if you earn more income do you have more ability to pay taxes yes okay this sounds pretty good should people get stuff without paying for it okay this one sounds good so what do we do $5,000 for both or $10,000 for this guy ken are there people here who think this is unfair are there people I agree there's at least one person here that thinks this is unfair I'm telling you that there is you're just not willing to raise your hand are there people here who think this is unfair totally so which is fair it's a normative issue you cannot discern you cannot determine which is fair and here's what's really really interesting the only way to make the tax system fair by any metric that you want to use ability to pay benefit principle any principle that you use is if two conditions are met everyone has identical income everyone has identical preferences if both of those conditions are true then you can devise a tax system that is fair right because if everyone has the same income but different preferences I want these many fire stations no we don't need that many fire stations we need this number of fire stations I want this level of national defense no no we don't need that level of national defense we need this level of national defense identical income right a household of two people and a household of two people you can even make these households the same there's a mom and a kid here's old guy old lady I want lots of spending for K through 12 education because my kids in K through 12 I don't want that I don't have any kids in K through 12 quit taxing me for these kids I'm not gonna be alive to see them grow up and do crap old people hate property taxes do you know why because it funds schools and they don't want to fund schools they don't have kids they're like why should I pay for this one person's got a hundred thousand dollars one person's got ten thousand dollars whichever way you do it you're going to have a problem so how often do we have a situation where everyone has identical income and everyone has identical preferences never it never happens so what is the probability of devising a tax system that is fair to everybody it's zero it's completely zero all right we'll pick out from here
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_12.txt
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[Music] so let's kind of review here because we've seen our demand curve we've seen our demand curve and there's a quantity and our price right we know that the height of this guy equals our willingness to pay right he tells us basically marginal utility he is really in effect marginal benefits because that's what the utility is right it's a benefit we've got our supply curve here alright and we know that the height of this guy basically tells us marginal cost he tells us how much each one of these individual units costs to make so when we're looking at some price whatever that price may be it can be any price that we want it to be right we've got say Q 1 P 1 we know that this area below the demand curve but above price we know that this guy right here is consumer surplus we know that over here when we had some price that could be anything could also be P 1 as well and want it to be Q 1 we've got this area above the supply curve a below price we know that we've said this guy's producer surplus he's like profit but he's not profit he's for this class it's okay to think of a miss profit what we want to do today is we want to bring these two guys together so let's say that we're looking at demand schedule for jeans so we've got quantity demanded here we have our price we have our quantity supplied and we're gonna have some surplus shortage thing right so we've got these different prices here 175 50 25 and 10 okay then over here we've got 110 90 60 40 20 quantity supplied over here at 150 160 45 and 5 and I'm leaving the surplus shortage stuff blank for right now okay so we remember we said demand is a schedule it shows the various amounts of product which consumers are willing and able to purchase at each specific price in series of possible prices during some specified timeframe so there's our demand schedule we said supply was a schedule it shows the various amounts of a product which producers are willing and able to bring to market or each specific price in a series of possible prices doing some specified time frame there's our supply schedule okay so what we want to do is we've taken a demand schedule we've taken a supply schedule when we stuck them together and let's kind of draw what we get here so here's our quantity there's our price here's our demand here's our supply right and we have these different prices here so we've got this price here of say 50 all right and we've got a price here of 25 10 75 and 100 so let's take a look at this guy and we're gonna look at him in basically two different ways so let's start off here at the top okay so it the graph exists we're just not drawing this part down here quantity price supply here's our demand okay so this guy is coming down here like that okay so let's look at what's happening here at these different prices and start off here with our price of 100 we see here at our price of 100 our quantity demanded here is going to be 20 and we see that our quantity supplied is over here here's our quantity supplied and we said that this guy was 150 huh so let's think about what's happening here I've got a week's worth of time this is what this supply demand schedule is for at a price of 100 consumers are gonna buy 20 pairs of jeans at a price of 100 firms are going to produce 150 pairs of jeans at the end of the week too many are not enough too many right we've had 150 made consumers have bought 20 we have a surplus here 130 why don't consumers just buy 150 pairs of jeans bless it do what exactly how much are they willing to pay for gene pair number 21 give me a number that makes sense yeah $99 right whatever it is because gene pair number 21 gives less utility than gene pair number 20 if we want them to buy a hundred and 50 pairs of jeans that can't happen at a price of 100 all right cuz gene pair number 150 out here consumers are willing to pay well how much would they be willing to pay see if you can figure it out give me a number that would make sense $5.00 sounds good right because the hundred and tenth pairs they're willing to pay $10 for wire firms making a hundred and fifty pairs of jeans blessing how much does gene pair number 149 cost to make give me a number that makes sense less than one hundred ninety-eight dollars and 42 cents or whatever the number is so if the price is a hundred it costs ninety eight dollars and forty two cents to make it it makes sense to make the pair of jeans the problem is of course is that you have this surplus of a hundred and thirty and it doesn't make sense to make a hundred and thirty pairs of jeans every single week that's never going to get sold so producers compete amongst themselves and lower price right and as price falls to say we'll do it in red here hold it in blue this price falls to seventy-five we get this right our quantity demanded changes to forty a Qantas supply changes to 100 so at a price of seventy-five now we have 40 pairs of jeans that consumers want to buy every single week firms are making a hundred pairs of jeans at the end of the week too many are not enough too many right we've got a surplus here of say 60 what's happening here with these guys guy number 21 all the way up to 40 why did they enter the market what's going on there with those people yeah yeah jeans have more value to them than $75 so if the price is 75 they say I'll do that I'll want jeans all the way up here to guy a number forty guy in there before he says I value jeans exactly at $75 what about guy number 41 42 43 44 etc what about them less than 75 it's not worth $75 to him so if the price is $75 they're like forget it I'm out I don't want it what's happening here exactly it cost more than $75 to make Jeanne pair number 101 cost 75 dollars and 12 cents or whatever the number is so if you're only going to get $75 for it it doesn't make sense to make Jean pair number 101 Jean pair number 100 cost us $75 to make all of these pairs of jeans cost more than 75 dollars to make so it doesn't make sense to make them if we're gonna get 100 dollars and you notice here that his price fell what happened to the size of our surplus it got smaller right I went from 130 to 60 what would happen if the price was not 50 but 55 what happens if our price is 55 right here would be our quantity demanded here would be our quantity supplied this number should be somewhere around I'll just say 57 all right this guy should be something like 63 I mean what's happening here with these people what's happening here it's the same thing that happened here they don't they value jeans at more than 55 dollars right so if the price is 55 bucks like yeah I'll take a pair of jeans what's happening here it costs more than 55 dollars to make them so if they're only gonna get in 55 bucks what do they do I'm not making that there's no sense to do that right bless you so the surplus here is a whole lot smaller right as prices are going down that surplus is shrinking here we saw that the surplus would be say 6 what's happening right here at 50 what's happening right there exactly what we have here is that there's no surplus surpluses make prices fall there's no more surplus there's no more reason for price to fall anymore the quantity demanded is exactly equal to the quantity supplied and the 60th pair of jeans here is worth how much to people very good and how much does the 60th pair of jeans cost to make $50 let's fill in this guy okay now we've got the exact opposite now let's start down here at this price of ten and it's this price of ten we see that our quantity supplied here is five our quantity demanded is 110 so at the end of the week you want a hundred and ten pairs of jeans bought people make five pairs of jeans too many or not enough way too low right we have a shortage here we've got a shortage of 105 and we can see the size of that shortage right here why not just make a hundred and ten pairs of jeans exactly Jean pair number six costs how much to make more than ten dollars ten dollars and fifty cents so whatever the number is so if Jean pair number six cost ten dollars and fifty cents to make and I'm only going to get $10 for it what do I do not make them why do consumers want a hundred and ten pairs of jeans so what's true about guy number one through 109 louder they're willing to pay more than ten dollars jeans are worth more than ten dollars to them right guy number one guy number twenty values and then one hundred how much this guy number one value Matt right $183 whatever the number is guy number one ten values them at ten what has guy number one eleven value the met less than ten all right so you have a hundred and ten consumers there's five pairs of jeans there's a whole bunch of consumers in there that value jeans a whole lot more than ten dollars right xx pair dye number twenty by is that a hundred and so you have consumers competing amongst themselves well I'll pay you more than ten dollars it's worth fifteen bucks to me well you pay more than that I'll go up to twenty somebody else's well I'll pay more than that I'll go up to twenty-five or whatever right and so we see the price increasing here to twenty-five so here's our quantity supplied a quantity supply changes to forty-five our quantity demanded changes to ninety now at the end of the week we have 45 pairs of jeans being made consumers want 90 pairs of jeans though at the end of the week too many are not enough not enough all right we have a shortage here of 45 here we see the shortage raising price the surplus over there made price go down here we see shortages are raising prices all right what's happening here with these guys with these suppliers why did these people start making jeans because they cost less than $25 to make right jean-pierre number six through 44 costs less than $25 Jean pair number 45 cost exactly $25 to make what happens to these people why do these people say forget it I'm out these people value jeans at what less than $25 so if the price is 25 it's not worth it go do something else right consumers continue to bid amongst themselves the shortage gets smaller and smaller and smaller until we get up here to a price of 50 here we see our quantity to man is equal to our quantity supplied 60 is equal to 60 what's happening here at this price exactly there's neither a surplus in orders or a shortage surpluses make prices go down there's no surplus there's no reason for prices to go down shortages make prices go up but there's no shortage there's no reason for price to go up so what we have here is we have an equilibrium price and quantity right our equilibrium price is 50 our equilibrium quantity is 60 right we are at this point right here where these two guys meet call this guy Q star we typically call this guy P star right and there's no reason for us there's no reason for price to fall anymore there's no reason for price to rise anymore how long will we stay there exactly we'll stay at this point until supply or demand changes or until the world ends on Saturday whichever comes first all right there's no reason for anybody to alter their behavior supply and demand don't change you'll stay at that point forever now let's look at this guy in a different way really need more board space is everyone have this you guys all have this here's our supply and demand right let's look at what happens with jean-pierre number one how much do people value Eugene pair number one give me a number that makes sense greater than what more than a hundred right because the 20th pair is valued at 100 so let's make up 150 does everyone see how I got that right so let's say what we got here is that our first pair people are willing to pay 150 dollars because that first pair gives 150 dollars worth of utility doesn't mean they'll have to pay it just means they're willing to pay it okay how much does gene pair number one cost to make give me a number that makes sense from this data right here the fifth pair cost 10 so gene pair number one could cost five so let's think very very carefully about what's happening here when we say gene pair number one costs $5 to make what do we mean by that what do you mean that it costs $5 to make how do you jeans come about they magically show up in the store how do they come about people get fabric where does the fabric come from the store stores just invent fabric jeans are actually made out of denim which is actually made out of cotton so you got some farmer plant and cotton the cotton grows he takes the cotton processes it sends it to a plant to take the cotton they turn it into fabric they turn it into denim somebody else takes the denim they cut the denim and they sew it together right they color it some color they stick it on a truck they ship it somewhere they put some tags on it they take that tag jeans put it on another truck to stick it somewhere else put it in a store and they sell it all right so you've got all of these resources that it takes to make jeans here's the resources we're going to recombine them into a good or service Jeanne's all right cotton labor electricity etc and we're gonna return it into a pair of jeans right although you're doing is rearranging these resources okay right that's all you're doing you're just taking a bunch of these resources and you're rearranging them and combining them a new ways to create something completely different a pair of jeans or a coffee cup or reading glasses or whatever this first pair of jeans cost five dollars to make so we're going to take five dollars worth of resources and we rearrange it into a pair of jeans that's now worth how much one hundred and fifty dollars right so we've taken five dollars worth of resources turned it into something worth a hundred and fifty dollars is that a good thing or is that a bad thing that's a good thing we took five dollars worth of something and we just rearranged it we didn't create new stuff right we're not God we can't add math to the stuff or take a mass away we just took stuff when we rearranged it and when we're done rearranging it it's worth a hundred and fifty dollars so in essence what we have here is we have this net benefit of a hundred and forty-five dollars so should we make the first pair of jeans or not make the first pair of jeans should totally right we just created a one hundred and forty five dollars worth of value just by taking some stuff and rearrange it that's all we had to do let's look at Jean pair number two Jean pair number two is worth a hundred and forty nine dollars and Jean pair number two cost six dollars to make we're taking six dollars worth of resources cotton electricity and labor and truck transportation and all that stuff and we're going to rearrange it and when we're done rearranging it we've got a pair of jeans Jean pair number two and Jean pair number two is worth a hundred and forty-nine bucks so this second pair here people are willing to pay a hundred and forty nine dollars because it gives a hundred and forty-nine dollars of utility but our second pair here costs six dollars to make does it make sense for us to make Jean pair number two yes we took six dollars worth of resources and we rearranged them into something that's worth 149 dollars it cost a little bit more to make Jean pair number two because of increasing opportunity costs because of it costs more to make more and Jean pair number two isn't quite worth as much as Jean pair number one because of diminishing marginal utility but still we just created one forty nine minus two 140 140 something 140 a 306 there's what I'm getting from one hundred and forty three dollars worth of net benefits net value gene pair number three he costs $7 to make I'm gonna take these resources we want to turn them into a third pair of jeans it's gonna cost $7 when we're done we're gonna have a pair of jeans worth one hundred and forty eight dollars we took seven dollars worth of resources and we turn them into something worth a hundred and forty eight dollars good thing or bad thing good thing all right we don't know who's getting all of that one hundred and forty-one dollars worth of excess value it's going to producer of the consumer we don't know who's getting it yet right now that's not important we know that we took a hundred or we took seven dollars worth of resources and then when we're done rearranging this guy he's worth a hundred and forty-eight all right so here we've got second third hundred and forty-one dollars of new benefits like I said we don't know who's getting it yet but that's not important right now let's look at gene pair number 59 what's happening here with gene pair number 59 exactly we're taking forty-nine dollars worth of resources here with gene pair number 59 so this guy costs $49 to make we're taking forty-nine dollars worth of resources and we're gonna rearrange them into something that's worth fifty one dollars is that a good thing or a bad thing it's a good thing we created two dollars worth of excess value two dollars worth of net benefits so here with Jean pair number 59 we've got two dollars of net benefits all right we don't know who those two dollars are going to yet but that's not important right now let's look at what's happening here with Jean pair number 60 how much is Jean pair number 60 worth $50 how much does Jean pair number 60 costs to make $50 so we're gonna take $50 worth of resources and we're gonna rearrange them into something that's worth $50 didn't really gain anything but we didn't lose anything either all right we have essentially zero net benefits here with this guy let's look at what's happening here with Jean pair number 61 what's happening here $51 to make and when we're done rearranging those 51 dollars worth of resources we have something that's worth four to nine dollars right so here with gene pair number 61 we're taking fifty one dollars worth of resources and we're gonna rearrange them into something pair of jeans that's worth forty nine dollars is that a good thing or is that a bad thing that's a bad thing we took something that was worth fifty one dollars and we rearranged it into something that's now worth forty nine dollars we wasted two dollars worth of benefits right we have net benefits here of AB negative I'll do them in green here see we have this right it's a loss now once again if you had an infinite amount of resources who cares doesn't matter right there's an infinite amount of resources and you're wasting two dollars every single time you do something who cares you've got an infinite amount of stuff behind you to make it but we don't have an infinite amount of resources we have a finite amount of resources and if we have a finite amount of resources and you're wasting two dollars that's not good right and then you can see as you move on you make Jean pair number I mean whatever this number could be it could be anything that you want it to be here you are out here it's a I'll just make up some some stupid number here Jean pair number one 20 all right so here we are at Jean pair number one 20 this guy is worth see one hundred and tenth pairs worth tan this guy's worth five dollars right so we see here gene pair number one twenty he costs he costs eighty dollars to make or else a ninety he cost $90 to make ninety right so here let's look at what's happening here with gene pair number one twenty we're taking $90 worth of resources and we're gonna rearrange them which is what we do with everything we rearranged those resources and something that's worth five dollars is that a good thing or a bad thing that's a bad thing right we now have a net loss of eighty five right its net benefit here I'm negative eighty five all right we took eighty five dollars worth of resources and threw them away that's what that means once again in a world of infinite resources who cares that wouldn't matter but we don't live in a world of infinite resources we live in a world of finite resources and so for taking stuff and we're wasting these resources that's bad that's not good so we said here hey at this equilibrium quantity demanded is equal to quantity supplied right so we know here at this equilibrium there's lots of different things that are happening quantity demanded is equal to quantity supplied there's no surplus surpluses make prices want to fall but there's no reason for prices of all cuz there's no surplus there's no shortage sure to just make prices want to arrives but there's no reason for prices to rise because there's no shortage price is equal to marginal cost right the price of these jeans is $50 which is exactly equal to what it costs to produce the next unit all right so what we see here in equilibrium is that the price that consumers are willing to pay for the next unit is exactly equal to what it costs to produce the next unit all right and then number four here's our consumer surplus here's our producer surplus the sum of consumer and producer surplus is maximized okay there's no other point that maximizes the sum of both consumer and producer surplus and to see that that's true choose other points there's our demand there's our supply we have this price here of 50 we have this quantity of 60 just choose any other point that you wanted to be whatever the number is it can be anything you want it to be we'll stop right here for some reason the government says that aliens tell us whatever it is it doesn't matter we stopped here at 40 we don't go to 60 this 40th pair is worth this much here's how much people are willing to pay this 40th pair costs this much here's so much it costs to make all right so if we stop here at 40 and don't make any more consumer surplus even if the price is 50 consumer surplus is this guy so here's our consumer surplus producer surplus is let's do them in well I guess I'll do them in green producer surplus is this guy what's what are these guys what happens to this consumer surplus and this producer surplus how much does gene pair number 40 worth just any number doesn't matter ignore that don't worry about that how much does gene pair number 40 worth 60 bucks how much does gene pair number forty costs to make 25 whatever the number is right ignore those numbers 60 bucks 25 dollars taking 25 dollars worth of resources rearranging something's worth 60 bucks good thing or bad thing good thing right should we make gene pair number 41 yes right because gene pair number 40 costs $25 to make he was worth $60 so there was $35 worth of net benefits right so gene pair number 41 is gonna have some net benefits but we don't make Jean pair number 41 because the aliens tell us not to make Jean Pierre number 41 they tell us only make 40 pairs so what happens to this consumer surplus on this producer surplus it doesn't exist that's exactly right it never gets created in the first place what about this guy over here number 80 so this guy here is 50 this guy here 60 here we are out here at number 80 here's what this guy's willingness to pay here's its value here's his cost I'll just plug in so numbers whatever numbers that you want them to be we'll ignore all these numbers so this guy right here is 30 this guy right here is 70 it sounds good so what we're doing with jean-pierre number 8 is we're taking 70 dollars worth of resources rereading the arrangement if something's worth 30 dollars let's assume that we have to do that the aliens say you must produce 80 pairs of jeans for whatever reason the aliens 1 jeans good thing or bad thing bad thing right we took $70 worth of resources and we turned them into something that was worth 30 dollars that's not good that's wasteful right and so if we have this 50 dollars here we've got consumer surplus of this guy we have producer surplus of this guy and what's all this guy in here it's exactly right it's a loss because gene pair number 80 we lost $40 on gene pair number 79 we lose 3850 on gene pair number whatever blah blah blah blah all right so there's only one point on here that maximizes the sum of consumer and producer surplus and to see that we want to maximize the sum of these guys what price maximizes consumer surplus not the sum of consuming producer surplus maximizes consumer surplus what price should we charge that makes the value that consumers are paying and what they're willing to pay that value be as large as it can possibly be what price would that be zero and how many genes are gonna be made when the price is equal to zero none so it can't be that we want to maximize consumer surplus because trying to maximise consumer surplus means we won't have any consumer surplus what price maximizes producer surplus infinity it's exactly right and how many pairs of jeans will consumers buy if the price is infinity zero so trying to maximize producer surplus means we can't maximize producer surplus because no jeans will be made so it's not trying to maximize consumer surplus it's not trying to maximize producer surplus it's trying to maximize the sum of these guys that creates this okay we'll pick up from here on Monday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_8.txt
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[Music] okay so let's kind of pick up on supply and demand and we kind of saw on our experiment yesterday these markets and where we were looking at basically how we brought together suppliers and demanders and the types of there's a no eraser in here who steals an eraser right I mean I'm not just can't see it right you guys don't see one either so he saw we were looking at basically supplying to man we want to kind of see how these people get together to essentially set prices right so let's be sure that we go ahead and define some terms first of all we're gonna start off looking at demand and then we'll look at supply so demand will take basically most of today or all of today and most of Friday supply a little bit of Friday and Monday so let's start like I said I'll start off with some definitions here so we've got our market and this is just anything that brings together buyers and sellers are some good or some service so here we have an institution or mechanism that brings together buyers and sellers of goods and services or it also could be resources as well so a labor market right a capital market etc and let's start off with our definition of demand and I'm gonna write the definite I'm gonna say the definition of demand because it's going to be pretty long here but I'll say it multiple times just like we've done in the past receive these other ones so this is a schedule it shows the various amounts of a product which consumers are willing and able to purchase a schedule which shows the various amounts of a product which consumers are willing and able to purchase at each specific price in a series of possible prices during some specified timeframe a schedule that shows the various amounts of a product which consumers are willing and able to purchase at each specific price in a series of possible prices during some specified timeframe let's say that one more time demand is a schedule it shows the various amounts of a product which consumers are willing and able to purchase at each specific price in a series of possible prices during some specified timeframe bless you so let's look here at some of these demand schedules so let's assume that we're looking at say pizzas per month okay I'm say quantity purchased here and let's have different prices here so let's have a price of say 5 10 15 20 80 okay so we said the man as a schedule it shows the various amounts of a product the consumers are willing and able to purchase at each specific price in a series of possible prices during some specified timeframe so let's see here my pizzas are about twenty dollars penis or so okay so it's myself and my wife and three kids every time we have to get pizza we get four so here are the different prices that we have for pizza and the different amounts of pizza that we would buy in a month at these different prices right and the reason I have 80 here is that actually have paid $80 for a pizza before when I was in Italy it was Easter Sunday every place was closed and due to the exchange rate at the time and the price of the pizza and everything else they were 80 bucks apiece so I know I will I'm know I'm willing to pay at least $80 for two pizzas because I've done it so here are the different prices right we said demand is a schedule it shows the various amounts of a product the consumers are willing and able to purchase at each specific price in a series of possible prices during some specified timeframe right see pizzas per month so here's my demand schedule let's make another one quantity I'm gonna call it quantity demand at this time cuz it's essentially the same thing so 5 10 15 20 got that 80 car let's get somebody from maybe row 3 or 4 so like pizza what's your name Mike okay Mike your best gas estimate at a price of $5 how many pizzas would you and your family or you individually be purchasing in a month [Music] now no doubt it's cheap right fit ten bucks $15 0 0 0 so here is Mike's best guess estimate of how many pizzas he's going to purchase in a month right demand is the schedule it shows the various amounts of product which consumers are willing and able to purchase at each specific price in a series the possible prices during some specified time frame right price of 520 price of 1016 price of 15 none right let's get a couple of girls what's your name yeah yeah quantity demanded quantity demanded the amount of stuff we're buying see how the terminology the little not terminology abbreviations changing okay so Hannah your best guess estimate at a price of five dollars how many think you buy in a month for ten bucks to fifteen bucks zero I assume these other ones for zero as well so here's Hannah's best guess estimate of how many Pizza she would purchase each month right in a series of possible prices for each specific price here is in essence her demand schedule let's look at another one another girl Hannah choose someone on your left or your right okay so what's your name kaitland okay see okay see see a yeah way too much Iron Maiden in high school you got to speak up i t ly ends that right oh god your best guess estimate how many pizzas do you think he would purchase at each specific price in a series of possible prices during some specified time for him that timeframe being a month at 5 bucks 15 10 bucks $15 20 so here's Kaitlyn's best guests estimate of how many pizzas she would purchase in each month in a series right and he's got this series of possible prices here's somebody she thinks she's going to buy what's one thing you notice about every single one of us in terms of the number of pizzas that were buying as prices going up mm-hmm we call this the law of demand and what this guy says is that ceteris paribus keeping everything else constant as price increases the quantity demanded of a good decreases notice I did not say the demand decreases that's wrong as price increases the demand does not increase the quantity demanded decreases similarly as price Falls the quantity demanded increases right not demand the demand doesn't go up the quantity demanded goes up there's two different ways to look at this we're gonna look at the first way today I don't know that we'll get to the second way today but here's our first way we've got in essence two different effects here we've got an income effect and a substitution effect okay so this income effect says hey when price goes up it's just as if the money in my wallet can buy less stuff because it's true when price goes down it's just as if I have more income and so I can buy more which is true right so the income effect says hey is price changes it's just as if I have more or less money as if somebody gave me more money right so let's look at a really stupid example let's assume you have $100 and income all right and let's assume you're in a cult and the cult leader says you must purchase 50 Big Macs a day okay 50 Big Macs per day and Big Macs cost $2 how many sodas can you buy zero now here's what happens right the price of Big Macs Falls to $1 still got to buy your 50 Big Macs to make the cult leader happy how many sodas can you buy now $1.00 I forgot to say that so here these are two bucks sodas our sodas are a dollar fifty price of Big Macs goes back up to $2 only this time your brother sends you money because he feels really bad that you're in a cult he sends you money to get out of the cult he says here's 50 bucks to get out so now your incomes 150 but you still got to buy your 50 bucks you guys still got to buy your 50 Big Macs how many sodas can you buy now price of Big Macs is two bucks price of soda is a buck only now you got an extra 50 bucks from your brother what's the difference between this consumption basket and this consumption basket the money is just a green piece of paper what's the difference between this consumption basket and this consumption basket nothing they're the same except in one the prices were two dollars for Big Macs and a dollar for a soda except you had 150 bucks the other one the price of soda was a dollar and the price of the Big Macs had fallen to a dollar you had 100 bucks all right this price changing from two dollars to one dollar essentially can give you the exact same consumption bundle as if somebody just came along and gave you 50 bucks it's the same thing that's why it's called the income effect it's the exact same thing is if somebody had come along and give you more money here's the substitution effect let's assume that a steak meal cost $10 and that a chicken meal costs $2 if I buy a steak meal what's the opportunity cost exactly five chicken meals this guy has an opportunity cost of five chicken meals if the price of these meals Falls to a dollar and I buy a steak meal what's the opportunity costs 10 chicken meals a steak meal is now relatively more expensive but the price of the steak meal didn't change because these guys can be substitutes for each other this is the substitution effect the price of chicken meals Falls the price of chicken is now relatively cheaper to steak than it is than it was before by versa the price of steak is now relatively more expensive relative to the price of a chicken meal so ladies when your boyfriend takes you out to a nice restaurant he takes her to a place that cost $100 which I guess he'd do I don't know that's 100 tacos from Taco Bell right I mean he likes you I'm giving up 100 tacos for you right right substitution effect so we have an income effect and we have a substitution effect that's what makes as the price increases the quantity demanded Falls right it's the price of pizza goes up the money in my wallet buys fewer pizzas it's just as if the prices stayed the same and somebody took money away at the exact same time substitution effect right as the price goes up other meals are now becoming relatively cheaper this is a hundred and sixty dollars that's a lot of money right you can buy a whole lot of stuff at McDonald's for 160 bucks or Joe's pizzeria two blocks down the street or wherever right or the grocery store so we have these income effects in these substitution effects so let's graph this guy so here's our quantity here's our price and we've got these various prices here so we've got 80 20 15 10 5 alright so that was 20 and this guy right here was like 13 this guy's 8 this guy was 6 this guy was too right and when I connect all these points I'm going to get my demand curve and there's some price up here that even at a price of zero I won't eat any more pizza and there's some price that if pizzas go above this price bless you I'll never buy any in a month a price is pretty high I like pizza quite a bit I don't know what that number is but it's pretty high so we can also do the same thing here for Mike can Hannah and Kaitlyn so we can have say Mike's here so we'll have quantity price here's 80 so here we've got prices of five and ten so we had say 2010 was 16 here's some very sick this so here's Mike's demand curve okay and we've got Hannah's demand curve same thing P and Q 5 10 15 20 and 80 so we've got 4 + 2 0 all right so here's Hannah's demand curve okay and then we've got Kaitlyn's demand curve she likes pizza a lot alright so she's a girl after my own heart so here's five there's ten there's fifteen here's twenty okay so she's got five she's eaten 15 every other day ten she's eaten here at 8:15 she's eating it twice and then at 20 she starts bugging out hi so we've got Kaitlyn its demand curve okay so here's our four demand curves and we notice that all of these guys are sloping down they're all following the law of demand which is exactly what the law of demand says right as price goes up the quantity demanded is decreasing as price goes down the quantity demanded is increasing all right and the interesting thing is that if we want to add all of these guys up we can and we can get our market demand curve and our market demand curve just consists of everybody's demand curve together so our market here if we're the only four people in the world there's our market for pizza so we see here at a price of five we've got 15 so 20 20 is 40 55 59 30 see 16 so that makes that 15 I'll take one and from there that's 31 33 here it's say 10 bucks 15 gets significantly easier so it is 10 pretty steep curve or a pretty flat curve and then everything else is just me so the price of 20 it's six price of a - right so here's our market demand curve for pizza all right sloping down just like we would expect the other ones too because it's comprised of all the other individual demand curves now before we move on bless you here's your little paper right and here's what people will do when they're making their grass and then when they're going back to study there's like I can't read my graph I was like obviously right this tree died so that you could get an education okay papers cheap your education is not the opportunity cost your education is high all right papers not expensive at all my advice you know make your graphs picks that you can go back and read them and understand them because there's lots of things changing on graphs and lots of numbers moving around in lines and all that other kind of stuff all right so it's like I tell my kids right well dental floss is expensive no no no floss is cheap I want you to floss your teeth your dentist bill is not cheap use all the floss and toothpaste you want that stuff's cheap you know please floss and brush okay so let's look at our determinants of demand because we've got a demand curve here for this guy for our pizza alright but why there why not here or here all right or here we want to know what are the things that determine where the demand curve is going to lie in this price quantity space what are the determinants of demand so our first one here is taste and preferences as consumers taste and preferences increase right the demand is going to increase so here we can see say an increase in taste and preferences it's going to lead to an increase in demand right or if you have say a decrease in taste and preferences gonna have say a decrease in demand decrease in demand increase in a man what does that look like I don't understand it's confusing so let's see what that looks like when we talk about an increase in demand what we mean is that at every price people want to buy more units of the good something's changed that makes people want to buy more of it right so here's our quantity here's our price right here's our demand for say pizza and we had these different prices up here and I don't even remember what they wore now so like five dollars was what fifty nine and twenty dollars was what six I'm gonna remember ten ten sounds good so here's 20 bucks at ten here's five I'm just gonna make it 60 it's in the numbers more round it's a nice round number 60 rather than 59 so here's our demand curve for pizza and when we're talking about an increase in demand what this means is that at every price consumers want more units of the good there's a second definition we're gonna get to I'm gonna go ahead and write it down right now all right at every quantity consumers are willing to pay more for every unit of the good okay we'll see what we mean by that here a few minutes I'm just gonna go and write it down right now but we'll throw them in the back of our mind for about 42 minutes so Friday for you guys 42 minutes for the people watching the video so we have this increase in demand here what this means is that at every price consumers want more units of the good they're wanting to purchase more or every single quantity they're willing to pay more for the good right so we see here let's see what that looks like all right so here is an increase in demand because at a price of 20 consumers used to want to buy 10 now they want to buy 50 and at a price of 5 consumers used to want to buy 60 now they want to buy 100 right the government comes out and says that eating pizza makes you live longer man 4 Pizza goes up and every single price consumers are going to want to eat more pizza if we have a decrease in demand we can say that at every price consumers want fewer units of a good or consumers are WTP willing to pay less for every unit of a good it has less value to them it's worth less not worthless one word being having zero value worth less two words meaning it has less value so what we see here with this guy at the decrease in demand it's doing this guy all right so here's our decrease in demand all right so what we see here is that a price of 20 consumers used to want to buy 10 now they want to buy 4 at a price of 5 they used to want to buy 60 now they want to buy 15 at every price they want less of it or every single quantity the good is now worth less two words to them so we have this taste and preferences of our consumers right if consumers tastes and preferences for pizza goes up if consumers suddenly decide they want more of this or some reason demand goes up if they suddenly decide they want less of it demand goes down that's all that that guy says it's pretty simple we have the number of consumers as the number of consumers increases what do you think happens to demand exactly demand is going to go up similarly as the number of consumers goes down demand is going to decrease I mean this is how you can know that the demand for healthcare is going up in the country there's going to be more older people than older people generally speaking need more healthcare than younger people right doesn't matter what you do with insurance and all that other kind of stuff people going to want more of it because the market for consumers that are needing healthcare is getting larger it's not getting smaller income of consumers what do things happening here as income increases weddings happening to demand hmm goes up all right now when you guys get real jobs and you're making real money your demand for ramen noodles is gonna go up because they're so wonderful right right what were your demand for ramen noodles do go down when we're dealing with income we actually have two different classifications of goods we have normal Goods and with normal Goods as income increases demand will increase right similarly as income goes down demand is gonna go down and we have inferior Goods here we see as income increases demand actually goes down right now we don't call the good and inferior good because it's somehow nefarious right we know what nefarious means it's evil it's really really bad right it just means that it doesn't activate that most Goods do used cars are inferior Goods right hamburgers believe it or not is an inferior good as people's income goes up they buy fewer hamburgers not more what are they buying if their income is going up and they're buying fewer hamburgers what are they doing they're eating steak and lobster and all that other kind of crap right and our hamburgers horrible I like hamburgers are good all right so it's not that it's a horrible good like ramen noodles ramen noodles is nefarious all right those things are just pure evil but what we mean by in fear is that it doesn't act the way that most goods act that's what we mean by inferior we've got the price of related goods and here you have something kind of similar bless you to what you have here you've got substitutes and you've got complements so substitutes are just like it sounds goods that can substitute for each other complements are goods that go together so these guys are goods consumed together this guy is you know good X can substitute for good why so we're here for example you got like cars and car insurance is there anybody that buys car insurance that doesn't have a car any these two or these two goods go together right these two guys are consumed jointly and so what you see here is that if the price of cars goes up what are people going to do in terms of cars buy fewer cars now what we're going to see is we're going to call this a decrease in the quantity demanded of cars but if people are buying fewer cars what does that mean in terms of car insurance they need less all right so here you have a decrease in demand for car insurance similarly if the price of cars goes down people buy more cars the quantity demanded of cars goes up and the goods that are consumed jointly with cars the demand for that goes up substitutes are the exact opposite right substitutes are hey if this price of this good goes up I can purchase this other good as a substitute so here you might have say Coke and Pepsi for example so if the price of coke goes up you could see a decrease in the quantity demanded QD of Coke and if in people's minds these guys are substitutes an increase in demand for Coke or Pepsi excuse me iPhone just released a new phone and how much is that new phone cost $1000 an increase in the price of iPhone decrease in the quantity demanded of iPhone increase in demand for Samsung if they're substitutes what's Apple trying to tell people they're not substitutes Samsung's over here in this lower class iPhones over here in this upper class if you're in this iPhone class you're a very special person and you're all blah blah blah it's the best thing in the world that makes life wonderful right because if these guys aren't substitutes then this effect is lessened alright and the more in consumers Minds you can get people thinking hey iPhone and Samsung aren't substitutes those are really completely different products than the less this breaks down right this is really really strong if in consumers minds Samsung and iPhone are close substitutes then you're gonna have this problem any smokers in here or former smokers it's okay it doesn't make you an evil person to smoke any no smokers no former smokers so I'd smoke Marlboro Lights don't smoke anymore it's really bad for you if the price of camels goes down what do you think smokers would do and it's not just me it's all smokers they are not substitutes for each other if you are a smoker I can tell you it is not like drinking Miller Lite and like Budweiser it's completely they have a completely different taste alright so for smokers these cigarette brands are not substitutes for each other right once you get hooked on a brand I mean your your your brand loyalty is very very high okay we'll pick up from here on Wednesday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_27.txt
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[Music] so where was I oh the a das model so we've got this real output and we have our price level and we know that we're at some full employment level of output we've got some price level that exists here whatever the scares we'll just call it a hundred because it's just a nice around numbers easier than having P l1 or whatever and what we had in the 30s we had a decline in aggregate demand and so we should have seen it decreases in a decrease in prices which is exactly what we saw we should have seen a decrease in output which is exactly what we saw in an increase in unemployment only the problem was and for a variety of reasons that we understand now that we did not understand at the time aggregate demand should we should have seen this increase what should have occurred is we should have seen this increase in short-run aggregate supply doing this returning us to this full employment level of output and just doing so basically at this lower price level for a variety of reasons that did not happen some of those reasons are that the Federal Reserve engaged in a monetary policy but it was actually restrictive rather than expansionary but at the time people didn't know that and so they assumed well maybe there's something wrong with the model and so you had a guy by the name of John Maynard Keynes came along and said you know the problem with this is not that the short aggregate supply curve is going to increase or decrease to return us to these full employment levels of output it will eventually happen but what he said is that in the long run essentially we're all dead in other words we have this decline in aggregate demand waiting rather than waiting for short run under the supply curve to increase why not just go ahead and do something that makes aggregate demand increase again right so basically said we should do something completely different it's basically a different model that's based upon more upon aggregate expenditures and inventories rather than on aggregate supply all right so this Keynesian model has is its focus aggregate demand all right and manipulating aggregate demand so you'll recall that output here right our GDP is equal to our c plus gross investment plus g plus X minus m and in essence what Keynes said is that if you really kind of think about it in a way these aggregate expenditures or equal to aggregate demand eventually these things are gonna be equal to output people are only going to make firms aren't going to make stuff that they can't sell basically is what he said doesn't make sense for them to do that right so what he basically said is that if aggregate expenditures are greater than output this means that firms are going to increase output if aggregate expenditures are less than output firms will decrease output right and he said that if these aggregate expenditures are equal to output firms will do nothing right they're not going to expand in other words he said basically when you get to a point like this it's possible you can say hey aggregate expenditures are equal to output inventories aren't increasing or decreasing therefore there's no point in doing anything right so what you have happening here you see aggregate expenditures are larger than output people are buying more than it was being produced inventories are declining that's a signal to firms I need to make more stuff if you have aggregate expenditures less than output here's the stuff you're making here's what people are buying inventories are increasing that's a signal to firms hey I'm making too much and here there's no change in inventories that's a signal affirms that they're doing the right thing right so the assumptions of the Keynesian model are pretty simple right there's some level of output where Y is equal to YF right basically there's some full employment level of output is basically what he said so far that's not that big of an assumption right that's always true here though we saw wages and prices are flexible Keynesian model says that's not true he says wages and prices are actually inflexible especially if they're going down it's easier to raise prices it's easier to raise wages it's hard for firms to cut prices and it's really hard for wages to go down people don't like that very much it's a very very difficult thing to do so he said over here well you've got this decline in aggregate demand and we know how this gets fixed the short-run aggregate supply curve changes alright you have all of this unemployment that unemployment puts downward pressure on resource prices ie wages and nominal wages decline despite the fact that the real wage stays the same the nominal wage is declining and he says I don't think that happens people aren't going to take too kindly to that right so let's look at this Keynesian model in detail and then look at this Keynesian model in detail we need to look at the behavior of each one of these guys all right so let's look at the consumption model first well he says with consumption is that consumption is a function of income right basically as income increases consumption will increase but there's two different components to this guy that are important we have what's called autonomous consumption this is the consumption that occurs when income is equal to zero all right even if your income is zero you still have to eat you still have a place to live it cetera basically Kane says even if your income is zero you still have to consume the other one is called this marginal propensity lessee to consume MPC right what this guy is is that he is the change in consumption divided by the change in income so what he says is that when people's income goes up by a hundred bucks their consumption goes up by some amount whatever that amount is related to this you have the marginal propensity say if this is gonna be the MPs this guy's our change in savings divided by the change in income okay so this is after-tax income and there's essentially only two different things that you can do with your money after you pay your taxes right so here's your income you're gonna pay taxes on it that leaves you with your after-tax income and there's only one thing you can do you can consume it or you can save it all right I mean what else could you do with it so what this says is that the MPC plus the MPs is going to be equal to one right which means the MPs is equal to one minus the marginal propensity to consume so let's look at what this looks like graphically and before we draw that let's look at a 45 degree line so here's X here's Y you have a 45 degree line here the reason we're gonna have this 45 degree line is that this guy tells us where y and X are the same and this is true not for economics this is just true because of math all right so if you have some function that can do anything wherever this guy crosses this 45 degree line the X and the y have to be equal all right that's not true here y2 and x2 are not equal to each other it's true here x3 y3 right all it did was make a box it's just a square all right this is a square a square has the same side on all it's the same value to all of the sides here are the same right that's what a definition of a square is so that means this side of the square and this side of the square equal right same thing over here this is just a square all right why 3 and X 4 you're the same if it's if it's a square but you can see here that that's not true for for this guy this black side is not the same length as this guy right it's a rectangle so we're gonna draw this 45 degree line so that we can know where these guys are equal to each other because that's gonna be important so if consumption is a function of income which one goes where consumption on the y-axis or consumption on the x-axis exactly so here's our consumption on the y-axis here's our income on the x-axis we got this 45 degree line and we have our consumption function and here's what our consumption function looks like all right so here's our consumption function and remember this guy tells us how much people consume as a function of income and remember this is just a line right what's the equation of a line y equals MX plus B all right you thought when you were in high school you weren't actually gonna have to use math again you're gonna have to use math in life not just in economics and a lot of different things this is the slope remember this was the y-intercept right that's all that this guy is except that we're going to tall call autonomous consumption a we're going to call this marginal propensity to consume B so we've got some level of autonomous consumption here bless you so here's our autonomous consumption remember this is the consumption that occurs when income is equal to zero and when people get income they increase their consumption at some particular rate whatever that rate is it can be any number that you want it to be let's look at what's happening here at this point right here consumption is equal to income right there's no savings there's no dis savings let's look at what's happening in these values less than y1 let's just choose one I'll just call this one y oh we see here at Y oh we're consuming some amounts CO and what would have happening here we've got y o is less than CEO or right our consumption is larger than our savings so all of these values in here consumption is larger than income we have dis savings how can consumption be larger than income what are people what are people having to do they're having to go into debt they're borrowing alright so they're either borrowing money or they're drawing down on their savings and one or the other all right how many of you guys are borrowing money to come to school and you're borrowing any amount you're here all right your consumption is up here at CEO your income is here at while you have dis savings occurring within this part right here right so here we've got our de sade and as income goes up and up and up consumptions increasing but it's increasing at a less rate than incomes going up alright because you remember marks propensity to consume and marginal propensity to save or equal to one so the slope of this guy has to be less than one over here it's a why - it's the exact opposite here we see consumption is less than income all right so at y2 income is larger than consumption we have savings all right and you can see what the size of that savings is going to be this guy in here right as income goes up this guy gets larger and larger and larger what would happen if the Marvel Penn City to consume was greater than one take that up strike take that question move it back about two or three days people in the video confess for it what's the answer so let's look at an example here let's suppose our marginal propensity to save is say 0.8 so here's our income here's our consumption here's our 45-degree line here's our consumption function and you can assign any number that you want to here you can make it anything make this guys save 30 so we've got some consumption function here equal to 30 plus point 8y right when income is equal to 0 when this guy when y equals zero point eight times zero is zero consumptions 30 that's what this guy says autonomous consumption is equal to 30 bucks people are spending 30 dollars per day per week whatever it is that you want it to be competing in what you want to be we've said here the marginal density to consume is equal to 0.8 all right as peoples income goes up every dollar that goes up their consumption goes up by 80 cents or every single hundred bucks that they go up by consumption goes up by 80 dollars right that's just the slope of this line so you take any two points on here they can be any number that you want it to be y1 y1 plus 100 c1 c1 plus eighty right it's just the slope of this guy that's all that it is this guy right here is the slope of the consumption function right remember what's the equation for slope rise over run all right you got to rise before you can run you guys remember that here's your change well it's changing by 80 here's your change in the running all right it's changing by a hundred point eight questions before we move on I just met it's just the slope of this this number can be anything the slope can be anything so you could have the slope be point three so in that case it would look like this so here would be income here would be consumption here's a 45-degree line consumption is equal to 0.3 and like I said you could have it be 0.8 it can be anything it could be I same autonomous level of consumption in this country state family person household whatever every single additional dollar of income they're gonna spend 30 cents they're gonna save 70 cents and this one every single additional dollar they're gonna spend 80 cents they're gonna save 20 cents so these numbers right here are one of the things that economists want to know we want to know okay when we give the tax break stuff that they're talking about right now when you give people a hundred billion more dollars how much more say how much more just consumption go up by this would go up by 90 billion or does it go up by 60 billion or does it go up by 30 billion because the size of these numbers has implications for the types of policies that we want to do and how effective they're going to be once again this is the more complicated model we're on the easy stuff of the complicated model okay it's like the little virus thing that goes around when you start feeling your stomach start to be like ooh that don't feel too good right it's gonna get worse before it gets better right questions so let's look at the average propensity to consume and the average propensity to save once again just going back and using math II stuff X Y some functions can be anything you guys remember what a ray is from probably fourth or fifth grade math it starts at a point and goes out right now just choose any point that you want to on here any point that you want to I'm gonna choose this point right here for no particular reason here's a ray that comes out of the origin and intersects with this point this guy has some slope whatever this guy is defined by y2 x2 all right the slope of this ray is the average value right because that's what average is why have our X right take all of the money that everybody has in here add all that up divide by the number of students total amount of dollars divided by the total number of students here's our students here's money that you have in your wallet right now all right how would we find the average amount of money that people have in their wallet right now well the total dollars divided by the total students y2 XD all right the slope of this ray is the value of the average and that's true for everything once again that's nothing to do with math I mean that's nothing to do with economics that's just math same thing over here here's some ray right not 45 not 45 same thing over here X 3 y 3 the slope of this guy the race slope is the average so on our function over here remember there's only two different things that we can do with our income we can spend it or we can save it so here's our income here's our consumption here's our 45-degree line here's our consumption function the slope of this guy is our marginal propensity to consume but we've got a ray that would could be anything we could choose any point on here that we want it to be this is just some ray and then the slope of this ray is the average well since we're talking about consumption there's income here's consumption what's average consumption per dollar well that's just C / y here's your rising here's your running alright that's what slope is slope is rise over run so this tells us our average propensity to consume so here's our a PC this is just consumption of our income consumption of our income there's only two things we can do with our income so we've got our average propensity to save APs that's just s divided by y our savings divided by our income and just like the MPC and the MPs have to be equal to one what do you think is true about the APC and the APS what do you think these guys have to be equal to they're all equal to one there's only two things you can do with your money you can consume it or you can save it what else could you do with it there's no black hole what goes into there's no black hole or it comes out of alright that's either spent or it's saved okay we'll pick up from here on Monday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_24.txt
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[Music] okay so what we had started talking about on Monday was these models and we wanted to look at some important models and like I said we were gonna look primarily at a few different models one of them being the atas model Keynesian models what we're gonna focus on and to a little bit the classical model right and they all have their advantages and they all have their disadvantages and they all have some things that are assumptions about them that are correct and they all have assumptions about them that maybe it could be a bit of a stretch but they're a useful tool and what we can do of course is we can change the assumptions of these models and we can put them into the each other using the assumptions of the atas model basically and putting them into a Keynesian framework or taking the mop the assumptions of the Keynesian model and put them into an a das framework to compare results between them to kind of see how they compare it right so let's start off with the atas model it's the simplest model and like its name says it's based upon aggregate demand and aggregate supply so when you think of demand and supply what do you think of the thing that we've been drawing all semester long all right we've been drawing something that kind of looks like this where we have our quantity here and we've got our price over here and we've said here's demand and here's supply and this is the market for say cars all right and so we've got some quantity whatever this amount is say q1 and we've got some price here say p1 we said oh look here's the supply and demand model for cars and what happens when income goes up or what happens when the price of gas goes down or what happens when the union workers get a raise or what happens when the price of electricity changes etc but there's also other models too right there are markets for music right so here's the demand for music and here's the supply of music and there's some quantity q1 and there's some price p1 all right and there's markets for stakes alright and here's our quantity and here's our price and here's the demand for stakes and here's the supply of stakes and there's some quantity and there's some price and there's a market for health care all right so you got some quantity of health care and you've got some demand for health care you've got some supply of health care and you've got some price and you have some quantity and some price etc etc set receptor set receptor on and on and on and on for all of these different types of moms bla bla bla bla bla and we actually had a name for one of these aggregations and we called that guy basically GDP we said well GDP is basically a lot of these market values right what GDP was is we said we're going to aggregate all of the stuff that we create the market value of all that stuff we're going to add it all up together we're going to call that something that's just called it GDP and to a degree when we're looking at the aggregate demand aggregate supply model that's exactly what we're doing we're going to aggregate all of these demand curves and we're going to aggregate all of these supply curves and we have aggregate demand and aggregate supply but you can't have an individual price here right that wouldn't make any sense so rather than having price we have the price index alright what our prices on average doing and the same thing down here for quantity right you can't have the quantity of health care the quantity of stakes is there you have to aggregate all of that stuff right so down here we have basically real output so we've got this same kind of cue the amount of stuff that we're making well that's exactly what we're making here real output we've got these different prices here for these different markets but when we aggregate all that you can't have that you got to have something that's more aggregated like a price index right and when we're looking at our aggregate demand curve what do you think the aggregate demand curve is going to look like what do you think that guy's gonna look like exactly he's gonna look just like the other ones now we know why these guys slow down these guys slow down because of these income and substitution effects all right so what we want to know is well why does this guy slip down all right well he slopes down for similar reasons right so the income effect said hey you can think of it like this if prices decrease the money in your wallet can buy more stuff well there's the real balance effect over here so here we have our price index our price index here is a hundred and then here it drops to say 90 and this is some level of output I'm going to call it I call it Q naught Q 1 Q 2 here some level of output all right and if the price index for balls 290 from 100 what does that mean it means prices on average have done what they've fallen ten percent right so here's your car selling for thirty thousand dollars now it's selling for twenty-six thousand five hundred and here's gas that was three dollars and now it's selling for two seventy three right not quite ten percent but on average prices are decreasing ten percent which means if you've got a whole bunch of money sitting in the bank what does that mean that money but now buys more stuff all right the exact opposite happens with inflation right you got a whole bunch of money sit in the bank if prices go from ninety to a hundred that money sit in the bank now on average buys less that's what inflation is inflation is your money buys less over time as time goes by all right it's decreasing in value its purchasing power all right so here we have our price index falling from 90 to 100 prices on average or decreasing so here we have this real balance effect so as the price level decreases the last sets can purchase more output all right our assets can purchase more output we can have this increase here in our ability to purchase goods and services we also have that's similar it's related to this is this interest rate effect now what this interest rate effect says right so we have this decrease in purchasing power it's this price level Falls firms and households remember households is HH and governments by that way let's see need less money to purchase goods and services right so if they're needing less money to purchase goods and services some of this additional money gets moved into savings is that hot in here is it hot in here so if this money is going into savings what's happening in the market for savings see the people in the video are like haha I'm sitting in my mom's basement my underwear watching the night you guys are all in the heat and stuff at 8 o'clock in the morning they're like who's the sucker now so if we have this stuff going into savings and yeah I'm gonna leave that part in too so if we have this in savings here's our quantity of money basically and here's the demand here's let's call it Laurel funds it's a better word for it there's a quantity of our loanable funds what would the price of loanable funds be would this guy be people's demand for loans people's supply of loans what what would that be what would the price on that there you go so here's your interest rate right sure it's some interest rate I 1 Q 1 right price index false people need less money to do the exact same things that they did before you have this additional money's that goes into savings the supply of loanable funds increases this guy falls to I 2 and we can see increases once again in real output why would we see increases in real output if the interest rates falling what do you think would be changing if interest rates are falling price level falls people need less money to make the same purchases it takes some of those additional purchase put them into loanable funds market supply of loanable funds increases interest rates fall if interest rates are falling what's happening to other things what could people do they can buy more stuff right so consumption increases all right so we're seeing consumption go up especially for things that are interest sensitive cars washing machines and dryers if you financed them all of that stuff right I mean have you ever gone to the store and you're buying something and then when you're checking out they say would you like to apply for the credit card from store XYZ will give you 20% off right now some people say yeah sure or whatever right that's credit all right and what are the things that determine those crimes those interest rates if those interest rates are falling you're more likely to sit there and purchase more stuff all right and at the exact same time you would also see investment increasing right so we have this real balance effect and we have this interest rate effect and these two guys are kind of related to this guy all right basically the money and our wallet our assets purchases more stuff basically because it just purchases more stuff and then of course you also see these declines in the interest rate but we also have this international substitution effect so the international substitution effects effect here says hey as the price level Falls foreigners purchase more of our goods and services and what would be changing here the foreigners are perching more purchasing if foreigners are purchasing more of our goods and services what would be changing here international our exports rise people are buying more of our stuff because it's cheaper so when we were looking over here at these markets we said hey if we have an increase in demand for cars this guy is going to shift the whole demand curve shifts and if we have an increase in demand was this guys shifting left or was he shifting right he was shifting right all right so here was your increase in demand similarly we said hey if the demand for music is decreasing how would this guy's shift this guy's going to shift left if we have an increase in aggregate demand how do you think our aggregate demand curve is going to shift mm-hmm so here is an increase in aggregate to man right this guy shifts to the right if we had similarly a decrease in aggregate demand how do you think this guy would be shifting shift you know up same thing as he did over here all right so here would be our decrease in either get demand this is why we spent so much time going over supply and demand there's like I said I mean this guy if you have a really good understanding of what's happening in supply and demand markets you're gonna see the exact same thing all over again when we talk about aggregate demand I'm gonna see the exact same thing all over again when you're talking about aggregate expenditures in the Keynesian model the stuff just doesn't go away that's why we wanted to make sure that we spent so much time understanding this basic model because it's the basic model for a whole bunch of different things so we know what makes the demand curve slope down that's our income and substitution effects right we know what makes the aggregate demand curve slope down we've got this real balance this interest rate effect in this international substitution effect and we know what makes this guy shift right we had things like changes in income and changes in preferences and changes in the price of related Goods and all this other kind of stuff but what we want to know now is what makes this guy shift what makes aggregate demand increase or decrease right and we've got several different things here that are occurring so one of them is changes in real wealth and these are changes in real wealth that are not related to the real balanced effects right they're exogenous so this could be things that change robust so you could have things like housing bubbles right that pop right I mean that's what happened about ten years ago people's the value people's real assets fell right or you could have like a stock market search like what you're having now right so here you're seeing changes in real wealth that are not because of this change in the real balance effect right people's assets just grow we also have changes in the real interest rate right and I'm assuming that it's obvious that if real wealth here is increasing aggregate demands increase it and vice versa right here you're having these changes in the real interest rate once again different from the interest rate effect these are changes in the interest rate that are exogenous I they're not happening it ain't the interest rates aren't changing because the price level is changing the interest rates are just changing on their own so here we see changes in the real interest rate right so as as interest rates increase or decrease as interest rates increase right you're going to see aggregate demand basically decreasing and vice versa right as interest rates or fall and you're going to see aggregate demand rising so you could have things like this happening from changes like say in the money supply that the Fed does we've also got a firm and household expectations all right in other words the firms and households expect a recession to occur they'll make their expectations come true right so if people expect good times right they're going to act that way they're going to spend they'll make aggregate demand increase if people expect a recession they'll act that way they'll start decreasing spending and if enough people do that you'll actually cause a recession will cause the very same thing that you were expecting we also have our expected rate of inflation if people expect the rate of inflation to increase how do you think I might respond today I expect prices to go up in the future and I expect them to go up even faster in the future than they are today yeah buy more today all right so you're going to see aggregate demand today increasing right similarly if you expect the rate of inflation to fall in the future why do that all right see it's the aggregate demand declining we have changes in foreign income if foreign income goes up what would people in those other countries do exactly and some of the stuff that they're going to buy you're going to see foreign consumption increasing and some of the stuff that they're gonna buy is gonna be what it's related to us our exports exactly so if we see foreign income going up foreign consumption increases and by definition right our exports are going to increase last one here's changes in exchange rates right so if we see changes in the exchange rates we're going to see changes in exports or our imports let's look at an example so all that the exchange rate is is the price of one currency and for in the form of another and do you think we would want a strong dollar or do you think we'd want a weak dollar cuz it sounds right right who wants that who wants a weak dollar right now why would you want that so let's assume we've got the exchange rate as such that two dollars is equal to one British Pound okay and here's our exchange rate and here's the price of our hotdogs all right so we've got hot dogs over here in the US for two dollars or we have the price of a hot dog at one pound okay so stink very very careful about what this guy's says here I am I'm walking around England I've got a pound right I can walk up to the hotdog stand I can take my pound and I can give it to the guy and I get a hotdog or I can take my pound get on a plane fly to America take my pound turn it into two dollars take my two dollars to the hot dog stand buy a hot dog a hot dog costs the same in both countries now let's assume that the exchange rate changes to this one dollar now buys one pound okay so here it is I've got one pound all right I can take my pound and I can go to the guy in England and I can buy a hot dog or I can take my pound and get on a plane fly to America take my pound turn it into one US dollar and do what not buy a hot dog because the hot dogs are two dollars they're not one dollar I need two pounds so if the exchange rate changes to this from two dollars buying one pound to one dollar buying one pound what are people in Britain going to do not buy our hot dogs and here's what we could do in the u.s. we're walking around in the u.s. at this exchange rate I got two dollars I can take my two dollars I can walk down into the hotdog stand and get a hot dog or I can take my two dollars get on a plane fly to England turn my two dollars into one pound and buy a hot dog if the exchange rate changes to this I've got my same two dollars take my two dollars buy one hot dog in the US or take my two dollars get on a plane fly to the US take my two US dollars turn them into two pounds and buy two hot dogs so when we see the exchange rate doing this we're going to see our exports doing what decreasing our imports increasing what does the dollar done here it used to take two dollars to buy one pound not only it takes one dollar to buy a pound what did the dollar do it got stronger it appreciated this stronger dollar means our exports are now more expensive so our exports are actually going to go down our imports are actually going to go up so if we're wanting to have if we have a problem with a trade imbalance and we want to fix that what do we want we don't want a strong dollar we want to we want a weak dollar all right because if you have this weak dollar this is called depreciation here you're going to see exports going up you're going to see imports going down our goods and services are now relatively cheaper than other people's how when was last time you heard a politician saying we want a weak dollar have you ever heard a politician say that but that's exactly what you want and the reason they don't say that is because why it sounds bad but it's not it's the exact opposite if this is the only thing you're interested in all right and apparently that's what a lot of people are interested in right because we have a president who promised to do just this well the only way to do that has to have a weak dollar he didn't say we're gonna have a weak dollar did he campaign on that if exchange rates sound counterintuitive that's okay I got to think about it because it's the price of one currency in terms of another right because you can just as easily have the exchange rate be this dollars for pounds and you could also have this and it's just a matter of how you want to look at it right and so here if this guy's going from two to one and this guy's going from two to one won't one it's appreciating one it's depreciating all right you have to sit there and you have to kind of think about it for a second and both of these are acceptable you can price pounds in terms of dollars or you can price dollars in terms of pounds you can price dollars in terms of euros or you can perk or you can price the euros in terms of dollars you can do either way so you have to sit there and think about how is this being priced is it dollars two pounds or is a pounds two dollars so don't let that discourage you okay so let's look at aggregate supply so here's our quantity of real output here's our price index here's our short-run aggregate supply curve client and you'll notice I didn't just call it aggregate supply I call it the short-run because there's a short-run and there's a long-run and let's make this distinction between short-run and long-run if you've had principles of micro and I'm not known of anybody in here has in the short-run what's the short-run in principles of micro that's that time frame considered nobody had principles of micro so what's the short-run don't remember so in micro the short-run was when at least one output was fixed or not one output when input all right the long-run was when all inputs could be changed we've got an example of that right over here the university wants to expand classroom resources they can't just do that tomorrow it takes time to do that all right and so in the short-run they've got inputs that are fixed there's only so much building space available and the long run they can do things right think and expand glass hall they can tear down glass all built something else they can tear down all the buildings and rebuild them all into one giant building you can do anything that you want to do in the long run but in the short run at least one input is fixed in macro when we're looking at this guy when we're talking about the short run we're talking about basically input prices right and I sign a contract the contract says I'm going to be paid this amount of dollars for the 2017-2018 school year that's fixed that's the short run and the long run though the input price can be anything right in the short run here's my salad my salad or is this for 2017-2018 what's it gonna be for the long run 30 years from now certainly hope it's not the same mone and money that it is today right although I've been working for Missouri State for a long time so no that's probably true all right same thing for you guys right I mean you guys get paid you have a job what do you get paid $8 an hour do you expect that to change tomorrow no right it's going to be the same it's the job that you have is that gonna whatever job it is and I'm not saying that Ashley's gonna be in that same job 10 years from now but somebody else will be different in that same job right what are they getting they're gonna get paid 8 bucks an hour for that no it'll be something different right nine fifty or ten or twelve or four dollars and 78 cents or whatever the number is it'll be different so we have this short-run input prices are fixed in our long-run all of these input prices can change okay so let's think about what's happening here because we know why this aggregate demand curve is sloping down we have this real balanced effect and we have this interest rate effect and we have this international substitution effect all right so that here is our price level you said oh look prices are 100 q1 and prices fall on average 10% we go to this guy q2 let's think about what happens here we've got some price level 90 we're just making some amount of output whatever that guy is we're just making q1 level of output now all of a sudden for whatever reason prices go up remember this is our price index so they're going up about 11% right they're going up from 90 to 100 for some reason on average all prices tomorrow go up 11% but the input prices are fixed the output prices are increasing the input prices are staying the same what does that mean for the firm's they're making more money profits have gone up that's exactly what it means so what this means is that in the short run these input prices are fixed but output prices can change right I mean that's what MSU says here's my price my salary starts July 1 actually it starts August so here it is August 2017 and then here it is August 2018 and I'm paid the exact same amount every single month our prices stay in the same every single month and then all of a sudden in July of 2018 - August 2018 they go up two percent no they're going up continuously throughout the year right every single month that goes by my real salary is doing what it goes down alright every single month that goes by cuz stuff cost more slightly more in April of 2018 than it did in August of 2017 my real wage is decreasing slightly every single month all right it's the same thing happening here prices go up but the input prices are fixed how do firms respond to that oh crap let's make more stuff profits are increasing and when we're making more stuff we're gonna go from this q1 up here to this guy up here q2 now is it gonna stay that way if Missouri States dead if Missouri State said here's your salary salary X X dollars not X real dollars X nominal dollars and we're gonna pay you X nominal dollars till you're done in 20 years well whenever I get a million bucks in the bank and the house is paid for whichever comes first what would people say if this is the way it was gonna be what would they do who sounds good some people would say no they're gonna say I need a race you got to give me more money my real wage is falling prices are increasing my nominal wages stay in the same my real weight is decreasing you have to pay me more that's where this guy comes from and we'll see what that long-run aggregate supply curve looks like and the things that could make this guy increase or decrease on Friday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_32.txt
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[Music] all right so let's look at our fiscal policy because we've been looking at this idea of fiscal policy and remember that we had we had these different types of fiscal policies right where we had expansionary and we had contractionary and in our expansion area fiscal policy we saw that taxes were going down or government spending was increasing and the result of this was such that if we had a deficit it was growing larger or if you had a surplus it was getting smaller all right with our contractionary fiscal policy it was the exact opposite here we had taxes increasing or government spending decreasing such that if you had a deficit it was getting smaller or if you had a surplus it was growing larger right and we have in essence three different views of fiscal policy and how well it works or how well it doesn't work so let's kind of look at them in the atas model right we have this Keynesian view we have our kind of a classical view and we have our what would be called supply-side view and there's more views than that obviously but we're just gonna look at these these three stir them the three main ones so let's kind of go all the way back to our problem where we've got say real GDP we've got our price level got aggregate demand we've got our long-run aggregate supply we've got our short-run aggregate supply all right so we're at some full employment level of output YF and here we are initially we're in some recession right we're at output level say y1 and some price level just call it P l1 and we know from the atas model that eventually what's going to happen here an irate demand it's what's changing the short-run aggregate supply right eventually this recession we've got a lot of unemployed people remember here you see unemployment is greater than the natural rate of unemployment right so in essence you have cyclical unemployment we don't want that right there was something that happened to made aggregate demand decrease that got us to this SR is one or maybe it was a change in relying on supply eventually we know that whatever it is eventually our short-run aggregate supply curve is going to is going to increase here he's going to eventually do this is what we're saying all right and eventually we'll return to this full employment level of output and we'll do so at this lower price level say pl0 or I'll just call it pl - so we know that eventually SRA s increases to S aureus - output equals YF price level equals po2 car cane says though hey this could take a long time and he's famous for saying in the long run we're all dead meaning yeah eventually everything is gonna work out but why wait for that why not go ahead and fix it now why wait for the long run to occur so he says well if you're in this type of situation what we can use is we can use an expansion area fiscal policy we'll go out and we'll borrow money and we'll make aggregate demand increase right well in essence do this so rather than waiting a long time to go from point B to Point C he says let's just change aggregate demand to go to point a because there's no difference between point a and Point C anyway other than the fact that the price levels higher takes more green pieces of paper to buy stuff at a than it does at sea but there's the same amount of output similarly if we're in a situation like this so here we would use expansionary fiscal policy we could also be in a situation like this we've got to say real GDP we've got the price level we have our long-run aggregate supply curve we've got our aggregate demand we've got a short-run aggregate supply I mean here we are now we're it I'm gonna call this output level to say why - just to distinguish it between the other guy here we are at this guy we're in a boom basically right here we see output equal to y2 we've got unemployment less than the natural rate of unemployment and what eventually is going to happen here if we do nothing what happens here eventually exactly the short run decreases right because we see here at y2 employment is greater than the natural rate of employment the unemployment rate is lower than a natural rate of unemployment right this is where people are working essentially kind of like over time almost workers have to compete with arena employers have to compete with themselves to get workers how do they do that raise wages right nominal wages are increasing and we know that eventually this short-run aggregate supply curve is going to decrease to this guy and so we'll have some price level for because here we are at say price level five or whatever we know that we're going to return to this full employment level of output it's a YF will just happen to do so at this higher price level and kane says why do that why not do this have some contractionary fiscal policy something that makes aggregate demand decrease and so what we get is we get aggregate demand doing something like this so here we'll go to say call this guy e I'll call this guy after call this guy and G so here we are initially at E and he says look rather than going to F and waiting for nominal prices to increase why not just engage in some contractionary fiscal policy will this cut government spending or increased taxes such that aggregate demand decreases and we'll go to G because what's the difference between F and G no other than the price level all right and remember Keynes says don't let me touch my tie anymore Keynes says we can change aggregate demand in such a way that we can make we can make that guy be exactly where we want him to be we don't have to guess we can know exactly right with that Marg propensity to consume and that Marg propensity to import and knowing all of that lets us know the multiplier and we know how large autonomous expenditures are and all that stuff we can essentially just it's just an Excel spreadsheet you just plug in the number that you want for these changes and taxes or these changes in government spending now you've got a political problem here which is that once you actually start spending money it becomes difficult to take money away once you start giving people something taking out money away now becomes very very difficult so politically speaking it's easy to do this it's difficult to this but from an economic standpoint there's another problem and that's called the crowding out problem and the crowded out problem says well when you go out and you borrow all of this money you're gonna change the demand for loanable funds so you have this market right if you're gonna have the government go out and borrow money which is what they're going to do on this expansionary fiscal policy they're going to borrow the money they're gonna have to go out into the market and they're gonna have to borrow it so you can say here is like well when the government wants to borrow money they're gonna go to this loanable funds market all right now how many of you guys have some savings bonds from Grandma or aunt Susie or mom or whatever right I mean that's the loanable funds market all right there's a market out there for people borrowing and lending the money and that can be for us savings bonds that can be in your savings account when you guys put money into your savings account your parents put money aside for college that was the loanable funds market they're putting money in there for savings they're saving it they're the suppliers you guys are borrowing money to go to school and you're now demanders you're the ones taking money out right there's some bank somewhere or some government somewhere that's giving the money to the university and they've got that money from somebody else so we have this market in the loanable funds so that here's our demand and I'm going to call this our private demand and here's the supply of loanable funds right and we have some quantity here I'll just call this q1 and there's some interest rates say I won all right but when they borrow money they got to go into the loanable funds market so when the government says give us money for the savings bond and you can give the savings bond to your kid all right not twenty-five dollars or fifty bucks or a hundred bucks or whatever that they gave to the government back in 1997 when you guys were born there's money that could have gone to something else right it could have been used and somebody else could have borrowed the money so you have this change in the demand for loanable funds all right so here would be demand of both private and public and we get something up here we get this and just right up here queue to get this interest rate here say I - alright so we get this higher interest rate but it's more than that right because when the interest rate goes - I - what happens to private borrowing what is it at now do it q2 is the total that's private and public how much is private borrowing yeah it's less than q1 it's a way over here I'll call this guy q0 here's your public here's your private so you see that private investment private borrowing goes down I didn't even stay at q1 it went down interest rates went from i1 to i2 so let's think about what this guy's says because here's the total borrowing that was occur used to have total private borrowing of this now we have let's see we've got public borrowing here we've got private borrowing here in essence what this increase in the interest rate does is it makes consumption go down and it makes investment go down and there's two different implications a short run in a long run remember the Keynesian model looks like this here's your 45-degree line here's your aggregate expenditure line right here was our output here was our aggregate expenditures and we wanted to get over here we wanted to get the YF right and we said oh look we can just easily program the number into the our Excel spreadsheet and so exactly how much to increase government spending we know exactly how much to borrow all right we're just gonna change it by this much so here's this increase of G but if that increase in G changes interest rates and causes these guys to go down the guy doesn't become this guy what does he do he doesn't shift to this guy he's down alright because Gees gone up but consumption or investment I've also come down a little bit in other words we're actually here okay not at YF where it actually say some amount why to remember GDP want to close all these markers so I don't accidentally drop them on myself we got GDP here C plus I plus G Plus XM right this guy's going up alright this is what the aggregate expenditures war oh look we'll just increase G and we'll get aggregate expenditures to go up and therefore will get output to increase but these guys are also going down so when we're over here and we say okay go out and borrow 500 billion dollars or spend an extra four hundred billion dollars or whatever the number is the G causes aggregate demand to go up but the change in interest rates causes consumption and investment to come back down so we don't see it going out here 282 we actually see them coming here to say 83 right he doesn't quite get us there all the way that's the short-run implication Shortland implication is is that you can't just plug in the number from here and get to where you want to be if this guy's going down what does that mean for the long-run do what well of investments decreasing what else is decreasing investment goes down we don't build the factory your interest rates are too high I'm not building a factory in 2017 so what does that mean for 2025 yeah the factory doesn't exist right the quantity and quality of resources and the level of technology are what determines this guy right so here's our guy in 2017 and it had we built the factory out here in 2025 the guy's gonna be out here right because we've got the factory out there making stuff and everything else and all that other rigmarole but the factory doesn't exist he never comes into existence so he's not out here at 2025 he's actually becomes this guy right here all right there's what your PPC is in 2025 the guy in red not the guy in blue because this decrease in investment made you say I'm not going to the increase in the interest rate made investment go down if investments going down the quantity and quality of our resources are smaller the capital stock is smaller the future output will be smaller you will have less stuff in the future and here's what's really interesting how are people going to know that here they are on the red line and they could have been at the blue line you see what I'm saying because we'll be like they won't even know that it's there here's what we could have been doing all right this kind of goes back to this whole 2% thing that the economy has been growing up versus this three to four percent right I mean if we continue to have this when we could have had this here we are in 2025 are on the red line but we could have been on the blue line but people won't even know it they won't even know like hey we could have had X number of stuff we could have had this much more crap right in real terms so people argue okay a you got this crowding out effect you're not even going to get all the a change and output that you want to anyway and even if you could all that you're doing is sacrificing future output for today you're just making people invest less today you're making the economy worse in the future the new classical view or the classical view kind of says that people are rational so here's our long-run aggregate supply curve here's our aggregate demand here's our short-run aggregate supply here we are y1 here we're going to find F and basically this guy says look we know eventually what's going to happen we know eventually the short-run aggregate supply curve will increase and we go to the full employment level of output if you guys engage in this type of policy over here if you go out and you engage in some policy where you're in essence borrowing money people know that that means that you're going to have a deficit and the deficit today means that at some point in time in the future you're going to have to increase taxes so you can kind of think of it like this you can think of it as the budget deficit over two different time periods so here you are on all of these years you're one year you're one year two year three year four etc you're five here's our revenues here's the taxes here's our expenditures here's our deficit / surplus right so let's just gonna just make up simple numbers here it's 100 100 0 right so here in year one we've got revenues of a hundred we've got expenditures of a hundred the government is spending everything that's coming in they're not spending more they're not spending less to have no deficit no surplus right and then here they have some recession they say oh let's go out and let's borrow money so they have revenues here and let's just say that these guys fall to 90 and these guys increase to say 110 could be anything now you have this deficit here of 20 all right and then next year things get fixed so here they are maybe even revenues go back up to a hundred and they also say basically once you start spending that money it's hard for people to stop spending the money they want their money right but we could even make this guy go back down to a hundred still have this deficit but you still have this guy you got to pay right so that here in year four when these bonds come do the expenditures here are now 120 you got to pay that back well the only way to do that is to increase taxes here if you don't you still have the deficit all you to do is just move the bonds down right and so that maybe now you're back down here to 100 and now you're back down here to 100 all right so you are in essence and these expenditures are in essence paying this back I guess I can make it like this so it looks like that so you have this quote surplus 20 in essence what they're saying is that look you got this deficit right here but you're eventually gonna have to increase my taxes to pay it back the bonds do eventually come due you can't continue to borrow money forever and in fact thanks to interest it won't be 20 that you have to borrow or in raise taxes for it'll actually be like say 30 all right so it's not a matter of oh look we're gonna go out and we're gonna borrow 20 and we're going to pay back 20 you're gonna borrow 20 you'll end up paying back 30 households no there's only one way for them to get this additional money when the bonds come due and that's to raise taxes so even if they engage in some policy here in year two where they cut our taxes and the increase expenditures eventually they're going to have to do the exact opposite they're going to have to raise taxes and cut expenditures so even though the aggregate demand curve could in theory do this if people know that this is going to occur they're gonna save back for the higher taxes so that the aggregate demand curves just like this and then essentially comes right back as people are essentially saving the money for the future of taxes the alternative way to think of it is this and this is especially true if it's a closed economy if you're not borrowing the money from outsiders from foreigners if were the government if we're the economy and I'm the government and I say you guys aren't spending enough money lend me money to spend if you guys have income of a thousand right and I say you're not spending enough and I'm spending so you guys are spending I don't know what you're spending a thousand or you can spend anything I'm spending a hundred all right that's the way it currently is right now and then I say to myself you guys aren't spending enough money we need to spend more right and so I'm gonna borrow from you you guys lend me two hundred so now I can spend three hundred but you guys now have two hundred less so now you're spending eight 1,100 1,100 right G is going up hey I'm gonna borrow money and I'm gonna spend it this guy's going up but where am I gonna get the money from to borrow from you and so if I borrowed 300 from you you have 300 less to spend and so this guy goes up by 300 this guy goes down by 300 what happens to this guy he stays the same and so their idea is that look even if you even if you get around the fact that people are going to go ahead and spend the money they're not going to save you still have to get the money from somebody you still have to borrow the money from essentially people today you didn't change anything you just changed who was spending it you didn't change the amount that was there and so the new classical view says essentially fiscal policy doesn't make any sense it's worthless it's not gonna work in a long run the third view is the supply side view the supply side of you looks at this and says look here's tax revenue here's tax rates if we have a tax rate that's equal to zero how much tax revenue will we collect zero all right if we have a tax rate that's equal to 100 percent how much tax revenue will we collect how many guys are going to work later today okay what's what's your name again Paige okay what do you do again okay so you're gonna go you're gonna deal with snotty kids and you're gonna lose 100 percent of your paycheck they will take all of it exactly how much how much revenue will they collect zero but clearly tax revenue is not zero right there's some tax rate here between zero and 100 that makes tax revenue as large as it can possibly be I don't know what that tax revenue number is I have no idea what that tax rate number is it could be twenty percent it could be forty percent it could be eighty percent I don't know an economists don't really know either but there is some rate that maximizes tax revenue there is some rate where if you go beyond this guy and I'm just making up a number let's just make it 40 percent and I don't know that that's what the number is I'm just making something up if you go beyond 40 percent tax revenue actually Falls all right so if you have this tax rate here say sixty percent people like screw it's not worth it it's not worth it dealing with all right and so here the supply-side view this is called the Laffer curve the supply-side view says it's not what you spend it's what you tax and it's not even necessarily the amount that you tax it's the rate it's the marginal tax rates that are important right it's not what you spend it's how much you take because in essence if tax rates are 20% if the government takes 20% of my pay they are in essence taking all of my labor every Monday right Monday Tuesday Wednesday Thursday Friday 20 40 60 80 100 % I don't teach on Saturdays all right and so if they're taking 20% it's like every single Monday that I come to work I'm essentially not doing anything I do all the day's work I deal with all the emails I deal with all of the kids I deal with all of the crap from Memphis you would deal with all of the crap from everybody else and I got nothing for it it all went to somebody else right and so their idea here is that it's this guy that's important if you raise this guy too much the marginal tax rates too much people are like forget it it's not worth it so if you keep them low enough people have the incentive to save and invest right because in essence the taxes are a form of taking their taking your labor they're taking your time and giving it to somebody else so their idea is that here we are at this full employment level of output say YF and here you are some price levels say PL one the only fiscal policy that's important is this guy these marginal tax rates it's that guy that's important and if you keep these guys are low enough and like I said we don't know what that number is they have no idea people have an incentive to save and invest in work and if they have an incentive to save and invest and work then the PPC curve becomes this guy right so here we are at here in 2025 here we are in 2017 so their idea is that here we are I would say low marginal tax rates and I use the term low in parentheses because it doesn't necessarily mean that it's like 12% it just means that it's lower than this guy right here whatever this number is as opposed to here would be our PPC curve and say 2025 with the high marginal tax rates right in essence people wouldn't work and save and invest as much because it wouldn't be worth it and so the PPC curve is that guy's the guy in blue rather than the guy in black and so their idea is that well if you do this you actually see the PPC curve the long-run aggregate supply curve actually does this all right and you get this new price level PL 2 and you get some new say thing out here in other words they're taking more of a long-term view of things rather than a short-term view the fiscal policy in the short run doesn't really matter it's the long run stuff that matters is their view and there's some evidence that people respond to these incentives right because if you think about it like this think about like this somebody makes somebody who's on welfare they're getting a check % thousand dollars and you say that's bad we don't want you doing that go get a job and so they go and they get a job and that job pays some amount whatever that number is like ten thousand dollars or it earns nine thousand nine hundred and ninety nine dollars and we've said hey once your income goes over ten thousand dollars you don't get welfare anymore and so now they their boss says hey would you like to work more and they say sure and they go out and they earn ten thousand and one dollars but what happened to their real income they went down right because here it was they had nine thousand nine hundred ninety nine dollars in wages they had a thousand dollars and say food stamps could be anything right so here they have actually ten thousand nine nine nine they go out and they earn two more bucks to go above ten thousand this guy falls to zero they're actually facing marginal tax rates that are above a hundred percent to see what I'm saying they take not only the dollar that you were earned in welfare not only do you lose that but you also now if the course have to pay taxes and the dollars that you earn you have a marginal tax rate you're facing a marginal tax rate that's higher than 100 percent and people do this all the time when we know people respond to these guys it's not just the marginal tax rate that you pay that Congress is talking about now it's also this kind of stuff too because in essence what people will do is they will say I'm not going to work ten thousand I will only work nine thousand nine hundred ninety nine dollars it doesn't make sense for them to go from nine nine nine nine to not being on welfare though the income can't be ten thousand it's got to go way above that guy alright fifteen thousand twenty thousand whatever the number is so you know we know people respond to these because we can see it we can see it with not really really rich people we can see it with really really poor people they're making rational decisions why go out and work and get an extra two dollars in wages and lose nine hundred and ninety-nine dollars that doesn't make any sense I'm not gonna do that I'm gonna goof off I'm not gonna go work I'm not taking the extra hours I don't want it because they're facing a marginal tax rate that's really really high so which view is Keynesian new classical supply I don't know if you figure it out you let me know I'll write the paper and win the Nobel Prize and I can go to Sweden and get the nice little 1.2 million dollars and the nice little bitty gold medallion that I couldn't wear around my neck for the rest of life at such a such recession alright this is the end of test three material I will
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_23.txt
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[Music] okay so let's kind of review a little bit what we were talking about we're talking about unemployment last time all right and we saw that in essence towards these four different kinds we had our frictional we had our seasonal we had our structural and we had our cyclical and what was the difference between these guys you guys remember yeah so this guy is like basically when you have a recession right so here was our unemployment from downturns in the economy now what were the other three what's going on with them yeah so here we've got different periods of time where so we could say this has happens on a seasonal basis alright so this was the unemployment that occurs like in January right in February or that occurs in the summertime right during the summer time high schoolers and college kids are off they go back home they start looking for jobs unemployment it's going to go back up all right what we're frictional and structural right so this guy right here is like our first time job insurance moving between jobs now what was our last guy that our structural so there's been changes in the economy Changez unemployment from changes in the structure of the economy right it normally we kind of think of these guys as being like from technology but it didn't have to be from that it could be from people simply don't want product X anymore whatever black product that's is could be anything so we had these four different kinds of unemployment and which of these guys did we say was basically kind of good and which of these guys is bad these guys right here I'm good this guy right here is bad all right you want frictional unemployment I mean you can have you can make frictional unemployment equal to zero the state can say you're going to take this job and you're gonna have this job for the rest of your life that's what Soviet Union did you can do that right there's nothing that says that you can't seasonals a little bit harder to get rid of but I suppose if you could just say once you hire somebody you have to continue to hire them no matter what structural you can say okay we're never gonna have any changes in the economy we're never gonna have economic growth we're never gonna have any new products or old products that people don't want anymore MIT's suppose you could do that but in order to make these guys be equal to zero that's in essence what you would have to do alright and the costs of that are much larger than the benefits that you would get right so then one here that we really want to try to focus on getting rid of is this cyclical okay and interestingly enough we have something that's called the natural rate of unemployment and the natural rate of unemployment is basically when only frictional seasonal and structural unemployment exists right in other words we want cyclical to be equal to zero so in essence what we're saying is that we want all these other different types of unemployment to 2ob do it basically we want the bad type of unemployment to not exist it's what's naturally occurs and the good unemployment we want so let's try it one more time and see if we can if we can get this webpage to work which I seriously doubt that we can we say this guy right here is typically somewhere between four to six percent but that's not a hard-and-fast rule and we're not exactly sure what that number is but that's just our best guess estimate we also saw that we could have changes in our unemployment rate for a variety of reasons right so we saw that when we were looking at our unemployment rate it's the number of our unemployed people divided by our labor force and who is in our labor force who did that consist of it was in our labor force so these were the people that are working and the people that are looking for work right so the people that are unemployed but are looking for work so what that means we said was that well it's possible that the unemployment rate could actually go down and that'd be a sign that things are actually bad and how could it be that the unemployment rates going down and things are actually getting worse well how could this guy be going up because this guy's changing right because people are coming in or going out or this guy could be going down and that could be because these people that are looking for work are so discouraged they said forget it I'm leaving I'm gonna go do something else and once they've left the labor force this part gets smaller this part gets smaller and the whole unemployment rate actually shrinks despite the fact that the economy is not actually better per se all right so we have our unemployment right here and we can see that it got to a high here of we'll say ten point eight percent in November of 1982 looks like about nine point nine what is call oh I think I saw 10 and there briefly so we'll say about 10 percent here in September of 2009 and we can see that the unemployment rate has steadily has fallen steadily since then right and remember these gray areas here are recessions and you can see periods here where these things don't always match up right I mean for example here are the unemployment rates going up if this is the recession of Gray's recession and this part right here must be expansion and the employment rate continues to rise a bit all right but generally for the most part you can see that here with all of these guys right once the expansion begins the unemployment rate begins to fall not always but usually and so now we're down here all the way at four point two percent right so we've said hey our natural rate of unemployment is somewhere between four to six percent in essence what we're saying is that well the only thing that exists is this frictional structural and seasonal but there's a couple different ways to look at this and let's look at this first of all through this unemployment rate to see if the unemployment rate is something different so I would like to go to the CPI website I mean to the BLS website but I can't the Java stuff doesn't I can't they've got these computers locked up so tight they're so worried about viruses you can't they're basically useless I don't know what to do with them so I'll just have to hope this other stuff works here is our unemployment rate though that's called in essence it's called the u6 all right so in other words what this guy tries to do is this guy tries to estimate how many of these people we've got all of these people that were looking for work and how many of those people that have left the labor force because they were looking for work if we could count them what would the unemployment rate be if they were actually back into the workforce right and that's one of the things that they do on that survey when they call up and they say okay did you look for a job no why haven't you looked for a job because I quit looking for work alright so your call to discouraged worker they put you on there as a discouraged worker all right so we saw at the height here this guy was about 10% but here we see that if we'd included all of those people that were looking for work that wanted a job couldn't find one had just essentially left the workforce you see the unemployment right there would have been about 17% all right and so we come down today and we see the unemployment rate is if you look at this guy called u6 about 8.3 so that means that this four point two percent that people are talking about what is what does this guy tell us and this guy's always gonna be higher than him then you know then the unemployment rate but what do we what is this 8.3 tell us what does this guy mean 8.3 was somewhere around and here February of 2012 something like that right I mean you can see here here's it's like low point right here so when they started producing the stats so here's July of 2000 at 7% July of 2000 around 4% something like that about 3% higher than a lush for the unemployment rate you see it's about 4% now what's this guy talus 17% 16% and what does he tell us what does he mean as the unemployment rate 10% or is that employment right 17% that's a pretty big difference right so which is it is a 10% at 17 now you don't take the average is it ten or is it seventeen but those people would take a job if they could get a job the dichotomy is so bad they left so is it 10 or is it 17 do what the answer is one word is it 10% or 17% that's I guess that's technically one word but that's not the word I'm looking for yeah yes the answer is yes depends on which measure you want to look at right do we want to look at what the unemployment rates definition is those who are unemployed but looking for work / those who are in the labor force seems reasonable enough 10% what about all these people that left because they couldn't find a job they got discouraged well if you want to count them then you can do that yes throw them in there which one do you think is more accurate sure that sounds good kinda depends on what you're trying to measure what metric you're looking at cetera all right in other words there's not a hard and fast rule on this stuff and just like we said just like we saw over here I mean you can look at not just this stuff but you could look at say we also looked at things like our labor force participation rates and how did we calculate that guy what was he equal to exactly all right so we have our labor force here and we have our population of a 16 and over right the people that could be in the labor force that we're not institutionalized and so we can see I mean you can look at this guy you can make the time period be knew that you want it to be make it ten years so here's where it was ten years ago what does this downward trend mean what is this guy telling us what do people doing mm-hmm they're leaving the labor force they're saying I'm not looking for work and I'm not working so if the labor force participation rate is going down what is this I put a tenure on here how much of this decline is because of this and I'm just that question is rhetorical I want you to understand the nature of the problem the nature of the problem is is that well if people leave the labor force labor force participation rates can be small or unemployment rates can be going down but that doesn't necessarily mean that things are getting better it depends upon why people are leaving the labor force are people leaving the labor force because I can't find a job or they leave in the labor force because they're retiring or because zombies came and attacked them I mean what is it could be anything that's what we think some of it is but some of it is there are large that ones of the population and are having a hard time finding work and you'll hear a lot of people say well look at these labor force participation rates are the same race today as we had back in the 70s and they're making a false comparison because in essence what they're saying is they're saying as if this thing is going to continue to do this way forever right it's not going to go all the way to 100% he's not gonna go to 90% he's not gonna go to it's just not gonna happen it's never gonna go all the way up there to a hundred percent it's not going to continue to increase forever but you can see this through some other different ways because you could look at this for all right here's what it's doing for black males and you can this is why I like the BLS website the BLS website you can narrow it down to black males 20 to 24 I mean you can get really really narrow you can do it white women at the age of 25 to 35 with a college degree non-married you can't i don't know that fred has that level of detail to it all right but so here we have one for say african-american males let's do it for what if they have I don't know they have white males on here let's see yeah here we go so here's your labor force participation rate for guys all right so here's black men 20 and over right topping off here at around mmm we'll call it upper 70s and down here we're now into the upper 60s here's guys used to be in the 88% all right 88% of all guys we're in the labor force now we're all down here into the low 70s or the black males not that different all right what are these little why is it doing this June June June June June why is it doing that these little Peaks here like that that's the seasonal stuff all right that's that seasonal component people coming in coming out coming in and coming out what's causing that that's not baby boomers sounds good to me that's one of the answers that's one of the possible answers that we think just good old-fashioned laziness don't want to get a job let's see what it's done for women during that time let me know if you see women that's all women oh here we go right here so here's our living down here in the 50s 30% this guy's kind of topped out here at around 60% it's falling a little bit during the recession but not that much I mean you can look at this in all kinds of different ways is 10-year one you can look at this and go back to this guy and he's pretty steady through here he's fallen a little bit right but he's fallen from percentage-wise he's fallen from the 60s to 58 right so not doing this on a basis point change but to 16 about 3% here's our white men what were we doing mm I'll call this guy 76 77 now he's down to call them 72 5% change for guys all right I mean it's interesting stuff and the same thing here for like say unemployment rates right I mean we could look at this in terms of our unemployment rates you guys are college graduates 16 19 no no it's not - no this one's usually pretty good this one's good too here's less than a high school diploma 25 years and over alright so these guys right here is still pretty high right they got as high as 17 they got a hot as high as 18% remember that was this Garrett here never got more than ten unemployment rate where's our college graduates during the recession the college graduates never got higher than five and you can also look at this in other ways all right I mean you can say like let's look at our unemployment rates by male and female here's men I got into the 11 percentage range as opposed to our female so let me know if you see it eight eight and a half and guys were 10 your bachelor's degrees 5% the people that didn't have a high school diploma 17% right you can use this kind of stuff to kind of tease out you know who got hurt the most by the recessions you know and it was which particular groups of people which particular groups of people of less have left the labor force which took particular groups that people are still in the labor force etc it's all kind of very interesting stuff really kind of helps tease out a whole lot more what's going on with particular groups in particular States etc right so for example I hope they have this employment rate West I mean you can look at the unemployment rates and different cut and different states mazury mazury mazury let me know if you see it there we go how did we do nine point eight and we didn't do so good all right other states might have done a whole lot better so if we looked at say I think I think Colorado came out okay if I remember correctly or maybe they did and I can't remember they were below the state I mean they're below the national mr. price state that did really well I can't remember at Texas eight point one eight point four I mean not good but a whole lot better than other places so this is a statistic that gives us a lot of valuable information we can use it to tease out lots of different things what's happening with recessions what's happening with expansions who's seeing the benefits of expansions who's not it's a pretty it's a pretty good tool for us questions so we've got this thing here what we wanted to look at now in unit 3 we're done with unit 2 now we're going to start unit 3 as of right this second moving forward how can we get the economy to stop doing this kind of stuff and let me show you why this is important so let's go back say not to 2007 let's go back to say 2000 and I want to make here right I mean we've got this recession here what would happen if rather than having this recession we had kind of continued along like this this difference right here is a ton of money and I know because I've calculated it when I'm giving speeches and stuff somewhere in the range of around ten to twelve thousand dollars per person that's a lot of money can you imagine how better you'd feel if you had an extra ten thousand dollars that's a lot of money it adds up all right so one of the things that we want to try to understand here in unit 3 is how can we take a lot of this stuff what are the kind of things that we can do if anything maybe there's nothing we can do to keep the economy from falling into recession right to keep it from growing too fast to keep things like inflation to keep things like inflation from being you know 10% and 10% you know having inflation to be relatively low because we know inflation can be bad even if it's relatively low and steady it still has lots of problems so what we want to do is we want to create some models of the economy now let me just tell you if this was a principles of micro class we could use the same textbook from 1902 if we wanted to we understand Micro very well okay micro deals with the cost for firms and prices and output that stuff's pretty easy to calculate all right I mean the formula for cost doesn't change it's the same formula today that you had in 1577 stuff cost with stuff costs macro those a little bit different right because when we're looking at models for the economy in a macro sense we have lots of different models depending upon the assumptions that we use and depending upon the level of detail that we want to look at all right so for example how do I get from New York to LA bring us back down CPC how do I get from New York dollar I don't want to fly I want to drive okay here we go there's a little bit easier right I mean you're gonna take I 95 down to Washington come on over to such-and-such over here and you take this guy over blah blah blah and you can come over here mean break when you get down into here there's not as many options right you don't want to go up that doesn't make sense so let's go backwards this is interstate 40 to take 40 all the way over so we could take 95 to Petersburg to 85 down to 40 and take 40 over right let's suppose you wanted to do it I mean you can do it any way you want it to you can do it any way that you wanted to go in a really really broad in the broadest sense how do I go from New York to LA not high-wage how do I get there I'm in New York which direction do I need to go west right there's the broadest sense don't go east if you go east you're gonna have problems right you go west and then you can see you can kind of zoom in on your map your model that's exactly what a map is a map is a model it's a model of the world you can zoom in a little bit on your model and you can say okay in the broadest sense I go West in a more deliberate sense I go this interstate right in 1 4 7 North 3rd Street Brooklyn New York I just made up an address okay I don't completely made that up so here I am I'm at 147 North 3rd Street in Brooklyn New York and I want to go to it's five to six and churro boulevard California I don't know just build backwards right I mean when you're zooming in on this guy the directions get a little bit more complicated right because now it's okay leave on North third Street come this way to Metropolitan Avenue taking Metropolitan Avenue this way down to down to Marcy Avenue take Marcy Avenue get on the brooklyn-queens expressway all this stuff right and this map this model doesn't show us all of the details right it doesn't show us this tree right here I guess it's an empty lot no it's a tree I guess there's a lot there I don't know it doesn't show us these trees over here all right where's our map again we're on this road right here how do you do your place your guy there there we go see our map doesn't show us all this stuff right here doesn't show past this bush go past this sign past these other sets of trees right here go past the building go past the wife Avenue Kent Avenue right lane exit and continue to go straight continue to do this go under this bridge it's such a such as such as such a cetera you see what I'm saying you can make it as detailed as you want it to be you understand what I'm saying it's the exact same way with these models we can make these models of the economy as detailed as we want them to be however the more detailed the model becomes what's true about the model it becomes more complex that's exactly right and we're not interested in knowing how many trees there are along this road we're just interested in knowing how do we get from New York to LA in a broad sense go west and a more specific sense take highway 95 to 85 to 40 or run a really specific sense take whatever Road it was we were on 3rd Street to Marcy avenues of Queens Brooklyn blah blah blah to a really really really really really specific since past twelve bushes turn left right so we're gonna be dealing with primarily two different models of the economy the first one is called the atas model second one is the Keynesian model right and these two different models have different assumptions and we can alter the assumptions a little bit in each of these to make them kind of variations of these guys and that's what we're gonna do but in essence we're gonna use these two models to help us understand a lot of what's going on in the economy now are these the only two models you think that exist there's a ton of them right there's the atas model there's the real business cycle model there's the Keynesian model neo-keynesian adaptive expectations rational expectations real business cycle theory if I've mentioned that one already I can't remember a classical model neoclassical model supply-side model there's tons of it all based upon slightly different assumptions trying to understand slightly different things and some of them are trying to understand some things and some of are trying to understand a lot of things right so some of the models try to understand a little bit of they want to understand some particular aspect of the macro economy in a lot more detail other ones want to understand what's going on around much broader sense but they all have essentially the exact same goal all right and just like all models they're not going to be perfect representations of reality but that's okay we don't need them to be a perfect representation of reality we need them to tell us how to get from point A to point B and what does it mean to go from point A to point B we don't need necessarily all of the detail along that line so that's what we're gonna be starting with on wins
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_31.txt
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[Music] okay one of the things that we're trying to figure out is which one of these is one to do right so we know that we wanted to raise our axis efficiently as possible once the minimize of deadweight loss we also [Music] [Applause] their payroll taxes these attaches our wages and these are used to fund social programs so this would be things like social security insurance so we've got our taxes so so these are taxes on corporate incomes and all the money that they're making and where wealth taxes access people so this could be things like state-level property taxes the state taxes and I and then we have our consumption tax good services so of course the example this would be our sales and watched by taxes is one of three different kinds of tax we're gonna have aggressive so with our regressive tax as people earn more income base they are attacked a smaller amount of smaller percentage of the rounding so here we see people paying a smaller percentage of their income so people pay a small person their income tax as their income goes up so only if their income goes down they're going to pay a larger percentage of their income tax with the 4-channel it's the same so here you see people pay the same percentage whether progressive its detect ops as progressive people pay lark there and so it's not the dollar amount it's gonna be obvious that everyone is must and a larger dollar amount in taxes their income goes up it's nothing down it's the percent of their income that you're spending that's what determines put the tax is regressive and what we see here is taxes is it generally speaking these payroll taxes are our assumption taxes redress property tax can be kind of course non-progressive can depend upon how many things that is your taxi in the race and things like that so when we talk about like sales taxes being regressive what we need to learn that is that people are going to spend different amounts of their anymore so we say there's a little half of the sales tax be regressive it's the same thing right it's a five percent point two five percent or whatever how can it be a regressive tax because if you have somebody that has income let's say twenty thousand dollars they're going to consume say 15,000 right and so they're gonna have this sales tax they're going to pay sales tax on basically let's say three fourths of their income because they're spending $15,000 of the 20 thousand dollars of income would you have somebody else's income say $200 let's assume that they consume I'm in retail visit services a hundred thousand so they're going to pay sales in other words the reason that we call the sales that's a regressive tax even though rich people buy more stuff I'm going to pay more and sales tax dollar amounts as a percent of their income it's actually usually profit or loss so let's look at some important things here that were looking at tax especially when it comes to these progressive taxes and that's going to be these tax rates there's two important concepts here one is marvel happens [Music] so this marginal tax rate is the percentage change in taxes any tax paid from some changing our average tax rate beer is just going to be tax paid so there's my tax rate's tell us how much additional tax event played based upon our so they go coming back to that they have passed out here we've got these marginal tax rates here with you guys let's just do these means you play thirteen I'll just do it with singles here and if this looks like here's our income here's our tax rates and we have a ten percent tax rate for our first eight thousand seven hundred and forty four but let's let's just round it up it's just holiday seven hundred okay so here's our first 8700 is taxes eight ten percent and then all of the income earned from 8700 up to let's just call it thirty six thousand as tax at this rate of 15% all of the income earned above 30 is now up to your district all at 86,000 taxed at this 25% rate all the income from 86 tiles up until where's McCall highest authorities so we have these marginal tax rates and say okay look as we earn a dollar from it some amount of that dollar is going to be paid in tax but that percentage that you're paying tax changes so let's assume that we made for $90,000 you're single and we wanted to know how much you pay so that's how I come here and in essence what you've done is you've got different amounts of here and of these dollars in here we're gonna take 10% these dollars in here though we're gonna take 15% these dollars are going to take 25 these dollars you're going to take 30 so if you're at $8,000 you go out and earn another hundred dollars you're going to pay $10 and times but if you're here if you're making eighty six thousand dollars you need to have you earn another hundred dollars you're going to pay $33 67 so we can figure out what your tax where I'm going to be to pay 10% on your first fifteen cents for these dollars because the difference here between 86 and 36 has been to thousands with $50,000 we've got 4,000 yes this guy is easy the decimal point four thousand five so 12,500 plus we're going to pay 18,000 submit an $85 your taxes on $90,000 and we can figure out what our average tax rate is so our tax over there is going to be this 18 and now once again there's no 20 point there's no 20 percent tax rate right but that's our average tax rate because if we look at the average the tax rate for this guy our marginal numbers are looking at this kind of step fashion but our averages are trying to doing this because we have some numbers being taxed at 10% we've got some numbers taxed at 15 you've got some dollars times 225 you have some numbers times 33 so we need an average basically and so you can see here I mean this kind of determines or at least a lot of people believe that marginal tax rates determine whether you're gonna work because if you do additional work here you say they say we wanted you to do some overtime so this goes to ninety one thousand but you're gonna earn an extra one thousand dollars in income what you're going to pay it's generally going to keep $667 if you're here if you're at say seven thousand and they say would you like to work overtime you say yes and you earn an additional thousand eight dollars you're only going to pay tempers so you're going to pay $100 keep 900 of those dollars whereas here don't beat 607 of those dollars so does that make people everyone agrees the answer is yes we just don't know what the number is it's probably different for different people so at one point in time Sweden had a marginal tax rate it was 102 percent so what does that that if you had $50,000 and then you earn $10,000 there is your went from 50,000 to 60,000 not only did they take all 10,000 what what they do they take more right so you're earning fifty pounds and say hey would you like $10,000 $10,000 worth of overtime and you're like sure and so they say okay the tax rate is 150 percent we're gonna take all what they didn't come that you learned from your overtime plus we're going to take some of the money that you have before you even started working the overtime year for obvious reasons why what did you do then people stopped working Sunday so we're looking at these taxes it's interesting it's also interesting that we want to know do we tax people or to be tax household so let me show you an example because the units that were taxed and can have all kinds of different applications [Music] that's hot let's look at a tax that looks like this let's soon on the first 20,000 20% from 20,000 so let's look at their income right Donald makes $8,000 Elena makes $20,000 bill makes $50,000 Hilary makes $50,000 if we tax them individually okay Donald your first 20,000 taxes ten percent your money from 20 to 50 stops the 20 percent your money about 50 stops at 30% we do the warmer that we just did if we look at this on an individual tax basis McDonald's gonna hold 17,000 Orlando will go to top Bill and Hillary will both oh eight thousand each so our total BAM attacks if we put this way 19,000 if we tax the household this goes back to this idea we discussed the horizontal language all right we want to treat people that are in similar circumstances if we tax them as a family they're both a 20-3 if we tax them individually they're paying 16 they're paying 19 if they're married and they're not they're paying 16,000 these people are paying 23,000 this is what you may have heard about this when your refund their tax that's called the marriage the tax code penalize you for being there because if you're two individuals together they're shacked up and you're not married you're here we're all I'm paying $16,000 a tax but once you get married you're here you're paying twenty three thousand dollars of taxes so that's the American penalize people for being married if we tax them in the individual out of the last fund said well we don't want to have a marriage under the tax people individually they both have the same family income 16,000 remember the idea of horizontal equity you want to treat people in similar circumstances the same those people are being treated decide why do we have this front why are we having these different taxes why is the why are these numbers larger than these numbers was because of the progressive nature of the task here's bills there's Donald's and then when you add the spouse when you add milena she's got here this is twenty thousand but what's true about this twenty thousand dollars as opposed to this twenty thousand dollars this one's taxed at 10% this one's taxed ecology fixes do you want to penalize people for being married does that make sense right I mean society should not encourage people to do just shack up right exactly make sense of maybe that for least generally we've got what we're done matter so we know we don't want this that's not the answer is is that there is no answer you cannot devise but these are just kind of illustrates some of the problems that you have in developing the taxes do you want to make you want to penalize marriage generally all right so I'll have a system like this well they're making the statement but because of the differences well that doesn't seem fair because if these people don't get married that's one of the things that they tax individualist and you've got hostels that make the same but there is no solution the only solution would be anyone so when we're looking at fiscal policy Keynes's and we're looking at things wide changes and taxes or changes in government spending and when we're looking at government we can have for the government of course the revenue for them the taxes so we can say a budget deficit this is when they're spent is greater than government brothers when they can also have a bunch of surplus this would be even government spending last thing or so here's government spending evil and if you look at the national debt that's just some eight of all these government debt assistants are possible just a doll and we saw for our country so we have all the deficits and surpluses that we packs and some of you maybe want to add all that up that adds up to 17 trillion dollars deficit in any given year is not 17 trillion dollars whatever was in this year spec's 383 three point eight trillion dollars when we spent almost three point nine those caught 329 Troy and we had parameters seeds we have revenue three point three trouble nice we have seven under six hundred billion dollars and we can engage in types of policies here too we're under the change and your demand as we can have learn called spam canary fiscal policies we can have contractionary order restrictions physical follows so if our expansionary fiscal policy here we're seeing the decrease in taxes or an increase in government spending and if you have a deficit the deficit is going to get larger or if you have a surplus what would happen in the surplus it'll get smaller by contraction fiscal policies exact opposite here you're looking to say increases in taxes or decreases in government spending so that if you have a deficit or if you have a surplus and interestingly enough these surpluses and with these deficits we can go out and we can engage the fiscal policy that makes these guys change on purpose we can have it's called discretionary fiscal policy where we go out and we after the change times more government spending leather or making them rise Falls as opposed to passing just go balls where these guys change we mean let's go all the way back to our business side here is real GDP or I saw GDP doing something kind of like this and we know it's happening here between time t1 and t2 what's occurring here real GDP is falling what do we call it up they call me recession so we know between this time period we've got a reception what's happening to employment goes down we're seeing unemployment go up so employments going down what's happening to tax revenue it goes to sourcing tactics if unemployment is going up and so there's more people not working there's more people needing the welfare this for more people we need food stamps etc what's happening together and spend it's so tears pair of us keeping everything else constant what should happen to the deficit between Taiwan and it goes up deficit it's gonna get larger if we had a surplus if I can spot and do that on its own you don't have to do anything so ladies between time t2 t3 it's the exact opposite right there you got an expansion the economies grow employments increasing other one is going down well if employments going up the taxes are going if unemployment going down and we're standing government spending going down so here it's a tariff pair is keeping everything else constant you're seeing the devil your small or if you have a surplus this is where we happens call automatic stabilizers come into play these are things that change government spending automatic so these things automatically increase taxes or was change tax that automatically change taxes and/or so examples would be things like food stamps Wow because by the time you know you're in a recession and then you go out and say what should we do about this let's help people we'll have a program where we give them money on welfare we'll give them food stamps or whatever but my time actually implement the policy but time an action starts taking effect you clip me over here all right it could be like we don't need a I just took too long that's why I call automatic stabilizers they automatically begin to kick in they automatically start increasing government spending on the progressive income tax does the exact same thing because if people's income is $50,000 right and then for some reason it falls to say $20,000 if you have progressive taxes they're going to pay their tax burden their average tax rate is going to automatic certainly when you've got the expansion apart you're going from time here t2 to t3 people theoretically don't need food stamps and Welfare right so spending on these guys is automatically reduced you're automatically seeing reductions in government spending automatically the progressive income taxes hey as people are going from 20,000 to 50,000 to say seventy thousand dollars in income the marginal tax rates are going to get higher the average tax rates going up we're automatically kind of taking money out to ensure that the Comcast pulled over you so you've got in essence three different beauties and it is came to a beautiful fiscal policy we have this new classical view of fiscal policy and we have those called the supply side now what we'll see on Wednesday and what these guys actually
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_34.txt
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[Music] so you recall what we said is that we were looking at our money here we had something that kind of look like this all right we're here was our quantity of money here is our interest rate I'll call this star so we've got some interest rate here we're at some I 1 interest rate we've got some amount of money we're just gonna call it say him star what else to call it okay I want to call it m1 because it's not m1 so I could say we've got some amount of money here we want to know what happens when they increase the money supply so let's see what happens so we saw yesterday Wednesday how the Fed would change the money supply so they engaged in one of these things and it alters our money supply I'll call it ms2 up here and I'll call it M star star so we've got this effect that lowers our interest rates down here to say i2 and what we have here at our loanable funds market all right we had some quantity here of loanable funds just q1 LF bless you and we see this change and the money supply it deposits and essentially it increases people's money balances and we see this corresponding change and the supply of loanable funds and we get our lower interest rate here to say q2 LF now you'll recall that when we were looking at our a das model there's just some price level just call it sake pl-1 here when we're looking at our a das monal one of the things that would change there go get demand curve what's changes in the real interest rate well that's exactly what's occurring right here we're seeing changes in the real interest rate right so we're seeing interest rates fall and we actually have a name for this we call it the interest rate effect we're seeing this interest rate of facts such that when these interest rates fall consumption and investment go up so we're seeing this decline and interest rates lead to these increases in consumption right and increases in investment and you'll recall all right GDP C plus I plus G this X n all right or we had this in terms of the aggregate expenditure C plus I plus G Plus X oh by the way you want to do it both of these guys are going up there for aggregate expenditures are going up and therefore GDP is going up right so we'll have some change here in aggregate demand getting us to some change here and output whatever that change in output is that we want it to be right in other words if this was our long-run aggregate supply could just as easily have changes in the money supply rather than changes in fiscal policy and get us to the same level about but we can manipulate the aggregate demand curve by changing the money supply just like we could with changes in tax policy and how much government spent and things like that so we actually have these two competing levers right we have fiscal policy and monetary policy the other effect is called the direct effect and it's pretty simple all that it says is that when we see this increase of the money supply people have access money balances and so they spend them ben bernanke who was the former chairman of the Federal Reserve Bank he was chairman of the Federal Reserve Bank during the recession he's famous for saying in essence if all of these types of policies don't work I couldn't always just go up in a helicopter and just drop money and they actually kind of call it you know kinda like this helicopter effect it's the exact same thing as this direct effect in fact it's at the speed you know you know colloquialism on this idea of the direct effect when we have these changes in the money supply we see these changes in money balances people have excess money balances here they're holding too much money and so they spend it well that also changes the aggregate demand curve right and just like changes and we have these increases here in aggregate to make our increases in the money supply can cause this to occur it's the exact opposite occurs if we decrease the money supply all right so if we decrease the money supply there's less money and the loanable funds market interest rates increase consumption and investment fall that makes aggregate demand go down if we have this decrease in the money supply people have too few money balances they don't spend and aggregate demand Falls so let's look at some international economic issues real quick we've seen this several different times we're been looking at situations maybe we're looking at the market for say wheat and we have some price here and we know at this price we've got some quantity but what happens if the price is something different right we've got some other price up here I'll just call it say pw4 right now we know that at this point in here we would have our quantity demanded here we would have our quantity supplied here we would in essence be producing a surplus all right and here's what's interesting about a lot of these different types of goods and services some goods and services are easier to trade than other goods and services and a lot of this how easy it is to trade it has to do with in essence the transportation costs so let's look at wheat as an example if we look at the transportation costs to transport one metric tonne from Portland to Tokyo all right this costs $11 so it's important to ask ourselves well how many loaves of bread can we get for a metric tonne of wheat all right and we see that we can get two thousand five hundred and seventy four loaves of bread so if we take this two thousand five hundred and seventy-four if we take this 11 dollars and we divide it by our two thousand five hundred seventy four loaves of bread we'll see that the cost to transport this metric tonne of wheat per loaf of bread is about point four cents I think really really careful about what that means if bread is selling for two dollars in Portland and we have a ton of wheat sitting there and bread and Tokyo is selling for two dollars and one cent there's only a 1 cent differential between the bread it makes sense to take that metric ton of wheat stick it on a boat ship it to Tokyo because it only cost point four cents to get there and we can get an extra point six cents for and point six times 2574 is you know I don't know whatever had some amount of money or whatever it is something less than something but it's free money I mean the transportation costs are are already included in the price some things are difficult to transport explosives nitroglycerin if you wanted to transport nitroglycerin from Springfield Missouri to Chicago you would have to be really really careful right if you go over a pothole what happens you guys know what nitroglycerin is right it explodes it's highly volatile it's extremely volatile so you have really really high transportation cost it doesn't make sense to transport nitroglycerin large long distances but there's other goods and services that it does make sense to transport long distances and you can actually get a sense of how important transportation costs are if you look at in the past so that over here would be saying England here's London here's New York all right and you've got some transportation costs with a boat right this is before railroads and that's some cost whatever that is and then you can say to yourself okay now I'm in America how many miles inland can I go before this cost right here is exactly equal to this cost all right and this cost right here is about 22 miles so think about what that means you've got some cost whatever the cost is that you could make the cost to be whatever you want it to be to put a ton of something from London to New York on a boat this is before railroads that's some mountain with ten bucks whatever it is and then you say to yourself okay I've got ten dollars here yeah I'm in New York I want to take this inland how many miles can I get this inland with my ten dollars and you can go twenty-two miles that's why things like the Erie Canal were so important right so here's the here's Lake Michigan you know here's the Great Lakes up here here's the Mississippi whoops then go through Houston goes through New Orleans right so people would grow food here put it on the Mississippi up here go up here to Chicago Great Lakes up here Erie Canal to here Hudson River to here put on a boat and ship it out alright it greatly reduced the transportation cost of getting stuff around the country so if we have these goods and services that are relatively easy to ship their prices can be determined basically in world markets not local markets so let's look at an example let's go back to our wheat example here's our quantity of wheat here's our price here's our worldwide demand here's our worldwide supply all right so we have some quantity here we have some price here and in the US there's not quantity there's our price that's something like this all right so we have this worldwide price here that's actually different from the price that we have in the US but wheats cheap we could ship wheat easily it has low transportation cost relative to the cost of what it takes to produce it and so when we look at this guy we've got some world price right here and at this world price we see that the quantity demanded here is gonna be here for consumers quantity supplied for our US farmers is going to be here and we've been calling this a surplus as we've seen it earlier but in our purposes here it's not a surplus we would call it what what would we do with that surplus and sell it overseas right wouldn't and if we sell it overseas to other countries we call it what mmm-hmm so we see here that we've got our exports now interestingly enough who benefits from this if we didn't have any trade what would the price be in the US there was no trait you wouldn't have a surplus sitting there every single year that wouldn't make any sense so what would you do yeah you have P us right the price would be P us but thanks to world trade the farmers in the u.s. don't sell it at P us they sell it at P W so who benefits who's better off exactly thank you right without the trade the price is P us thanks to trade the prices PW and you can actually see how much better off they are right they're better off this distance right here this blue guy so I'm going to call this box a and B B being this little guy right here so these US farmers they see an increase in producer surplus of a plus B who's worse off exactly consumers because if they didn't have any trade the price that people would pay for bread would be a dollar 49 not two dollars right we would pay this price right here not this price so US consumers have a decrease in consumer surplus of area a we're area a here is this guy alright so here's a here's how much worse off the US consumers are they're worse off that guy they're a US producers are better off a plus favor so we could in theory come up with some kind of system where farmers compensate consumers area a and then they keep beef for themselves US consumers are just as better off at p us as they would be at PW because they're getting a as some kind of rebate or whatever how is that you want to structure it and US farmers are better off by beat alright but somebody does loose let's look at the flip side of this let's look at a market for say textiles alright shirts are really cheap to ship so here's our worldwide demand here's our worldwide supply all right so we have some price here PW we have some worldwide quantity here say QW and then here's our market for the US so here's price and quantity here's US demand u.s. supply right so this guy qus is the quantity we would have if we had no trade whatsoever but we do have trade there's this pricier PW it's cheap to ship t-shirts relative to what it cost actually make the shirt right they can be shipped cheaply so here is our quantity demanded in the US here's our quantity supplied us and here we see that we've got this difference once again in the past we would call this a nut deficit it would be a shortage thank you very much but here it's not a shortage its what exactly it's imports so we have these imports here QD minus Q us so who benefits here us consumers other countries do benefit but I mean that is correct but we're looking here at our local markets here so we see US consumers are better off right because they're getting lower prices and in fact if we wanted to calculate their change and consumer surplus it's this area CD right before trade consumer surplus is this guy all right after trade consumer surplus is this guy it's the difference between what price what people are willing to pay in the price they actually do pay all right so here's our consumer surplus they're better off consumer surplus goes up by C plus D so we see consumer surplus as increases by C plus D who's worse off who loses into this situation us wise cuz the price would have been P us had there not been trade but thanks to trade there's this price PW all right they have this lower price as well we here we see a decrease in producer surplus and producer surplus remember that's the difference it's the area above the supply curve but below price so producer surplus would have been this guy had they not had trade thanks to trade now producer surplus is this little triangle right here they lose area see but the gains to consumers are area C plus deep so there could in theory be some way where US consumers compensate producers here area C and then they keep D for themselves right you can have this in structured in all kinds of different ways I mean for example I mean here we how like I said we have low transportation cost what do you think the transportation costs are to get your phone from China to the US how much do your iPhones cost yeah one of they're now selling one for $1,000 what do you think the transportation cost are to get that guy from China to the US they're not very much you want to give a guess as to what you think it is it's four cents by boat cost him four cents to put it on a boat and in fact the transportation costs are so cheap and because it takes a long time it takes longer for the boat to get there than a plane obviously the plane is gonna get there faster right it's gonna be more expensive yes it will be what do you think the transportation costs are by plane it's 51 cents per phone even though the transportation costs here are what four times 12 is 48 13 times more expensive by plane than boat they actually ship them by plane because they can get here in 18 hours and they can sell them to you and then that money can be sitting in their bank account earning interest and they have figured out that the money that they earn with that thousand dollars sitting in their bank account earning interest it earns more interest in that time than they would have saved here by the boat they make more than 47 cents and interest on those two weeks or whatever that it takes for to get there so they actually ship them by plane rather than boat but even at 51 cents the transportation costs are really really really really low right they are on a thousand-dollar phone the transportation costs are essentially zero right I mean it's basically the same thing is it being equal to zero who benefits us consumers hey the things made in China and it costs only a thousand dollars where as opposed to being made in the US it would have cost fifteen hundred dollars or whatever whatever the number is so let's look at what happens if we put restrictions on these markets there's essentially two different types of restrictions we can do we can do tariffs or we can do quotas the tariff is just a tax on imports the import quota is just a limit on how much can be imported and they look very very similar let's look at the tariffs first let's just since we were talking about the phones let's talk about the phones so here's our worldwide price PW here's our quantity demanded in the US here's our quantity supplied in the US right so we know we're importing this much okay here's the price that would exist P us if you had no trade whatsoever all the phones are made in the US it can be any number that you want it to be you can make the number or anything if we put a tariff on this guy it's going to raise the price PW plus T where T is our tariff and we see we're going to get quantity supply to changing the here quantity demand to changing to here and imports are going to fall to this amount whatever this amount is gonna be anything that you want it to be now there's four little areas of interest here a B C and D so let's think about this who loses from the tariff who's worse off us consumers right because the price they are paying now for the phone is $1300 not $1000 whatever the number is it can be anything like I said that you want it to be and they're worse off we see that US consumers here lose and they lose they see a decrease in consumer surplus of area a plus B plus C plus D who gains from this who's better off exactly us producers right us production has increased from qus bless you to Q or to Q s to Q s Prime all right here's how many more phones we're making here within the u.s. or textiles or whatever it is that you want it to be it can be anything that you want it to be so we see the increase here and producer surplus is area a what do you think area C is remember this is a tax here's the size of the tax here's how much is being taxed so C must be exactly now we've got two other areas here B and D what do you think we call these guys is it efficient for us firms to make phones are they good at it no if they were good at it they would have been doing it in the first place so now rather than making qs4 making Q s Prime we're making more phones more textiles more whatever it is but we're not good at making that stuff if we're making stuff that we're not good at what does that call it's a deadweight loss and that deadweight loss is area B and D right so we see here consumers are worse off area a b c and d us producers are better off area a US government's better off areas c that's just a transfer of consumer surplus from firms into the government that's not that big of a problem but not all of consumer surplus gets transferred area B and D just are gone if we look at the import quota the import quota says limit how much can come in [Music] and just like we have over here I mean all that we end up doing we all you have to do is just change some of these things I'm going to call this guy now P prime P prime all that the import quota says is that you can only bring in this much and that much can be is any difference that you want it to be it can be you can bring in this much it can be you can bring in this much and then you just got to say oh okay well if I'm bringing in this much what price is at a current that occurs at this price if I'm bringing in this much oh that occurs at this price if I'm bringing in this much oh that occurs at this price right it looks exactly the same and you have the exact same areas here a b c and d and you have the exact same changes in consumer surplus so for our consumers here we're seeing consumer surplus decrease area a plus B plus C plus D you're seeing us producers better off area a so we see this increase here and producer surplus you said the same deadweight loss B&E here you're deadweight losses from the tariff or strike that from the quota the only thing that's different here is Area C and over here with the tariff remember the tariff is a tax so C is tax revenue the quota just says you can only bring in so much and so C becomes higher revenue for foreign firms so what we have here is we have a situation that under both of these situations whether it's the tariff or whether it's the quota the losses are larger than the gains so what type of arguments do people use to get these things passed they use primarily three different arguments I use the National Defense argument they use the infant industry argument and they use the anti-dumping argument so the national defense argument says people come in and say hey we need this stuff for national defense we want to have quotas and tariffs on this stuff because we don't want to be reliant upon the Chinese for bullets and so we need to be able to ensure that we can make bullets on our own and there's some validity to that regardless of whatever you think about the Iraq war you've got these precision bombs all right and the Swiss are really really good at making clocks and they hate war and so we're sitting there bomb in Iraq in 2003 and this was like screw this we don't like this we're not going to sell anymore of the clocks that it takes to run the precision-guided bombs and the reason that the clocks are important is that here's the world right here's your satellite and this satellite sends a signal that says here's the time the time is 8:45 thirty-seven point three nine two seconds right and this satellite sends a signal it says hey the time is 8:45 point three seven three nine two seconds and if you're standing here these satellites are in the same place they never move they're go over the exact same place but the time depending upon where you're gonna be the time that it takes for this signal in this signal to get to you is going to be slightly different and so when you have a third satellite here telling you the same thing hey the time is 8:45 thirty seven and three nine two seconds there's a time differential for each of these guys and so your phone says oh look satellite number one two and three are all telling me it's 8:45 thirty-seven point three nine two seconds and these signals are all coming in slightly different times the reason they're coming in on slightly different times is because it takes time for the radio signals to get there there's only one place on the planet where this one and this one and this one the time differential between these can be such and such and that's right here right and of course the more accurate you can be measuring time the more accurate you can be down to the foot level right the meter level whatever so the switch like we're not gonna say of these clocks so the National Defense argument says well we need these things so that we can protect ourselves the problem is is that this is used for all kinds of different things they really don't have anything to do with National Defense at the exact same time if we need oil from Russia and they need wheat from us what are we likely to do they sell us oil we sell them wheat if we get into war we're not going to get their oil they're not gonna get our wheat that a good thing or a bad thing that's a bad thing so what are we likely to do yeah try to have some peace right use some diplomacy try to not get into war the infant industry argument says hey when these industries are small and young and not mature they need protection and once these industries mature then we can protect them the problem with this is that once those policies are put in a place politically speaking it can be very very difficult to get rid of them the anti-dumping one here says hey people are selling stuff below cost and so the idea here is that ok they're going to take this stuff they're gonna sell it below cost drive all the US firms out of business once all the US firms are out of business they're gonna raise prices to absorbent levels and make huge profits but that ignores the fact that consumers benefit from the lower prices it also ignores the fact that let's assume that they did that they sold below cost to JoVE everyone out of business and then they raise prices to these really high amounts making huge profits US firms would come back into the market if there's the profits there so all of these arguments really kind of don't hold water
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_33.txt
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[Music] [Applause] and then see how all of this ties in to policy see how the Federal Reserve uses all of this stuff to change interest rates and impact the economy and whatnot so let's look at the demand for money and it's just like the demand curve for any other good or service so we have our interest right here and we've got our quantity of money right we have some money demand function here and let's think about what we mean by this when we're talking about the demand for money right we know that we've got some amounts of wealth right and when we've got these assets and we want to think you know what percent do I want to hold as money that's in essence the question that we're looking at right I mean because I've got assets in the form of a home cars furniture stocks etc right here's these assets and it's a matter of okay what's set of these assets how much of these assets do I want to hold US cash and what are these assets do want to hold and light this wealth in the form of home or cars or furniture or whatever right so when we have this relatively low interest rate here you know I'm just making up a number here say 2% we're gonna have some money demand here some quantity of money that people want to buy out here right as the interest rate goes up say 10% we're gonna have some other different quantity of money that it is that we desire to hold right and for obvious reasons this interest rate is in essence the opportunity cost right because if we're holding these assets in the form of money money doesn't earn any interest the only thing that earns interest and grows as things like you know stocks and home and your your cars don't they depreciate in value about things like that you've got these other assets that you can take your money and convert them into that could grow at some rate or say 10 percent or 2 percent well at 2 percent you're not missing out on that much to hold these assets in the form of cash balances 10 percent you are and you want to hold less money all right so let's look at some of the reasons for holding money well the first one of course is this idea of transactions demand right recall that we need to have in essence dollars or euros or yen or whatever currency it is that we're looking at in order to conduct transactions so we see here that there's a certain amount of money that you need just to be able to conduct the daily transactions of life and you'll notice here that as output increases transactions demands going to increase right you need more of those dollars to conduct those transactions it's the exact same thing for the price level right if we see these increases in the price level we're going to see transactions demand go up people are going to want to hold more of the assets in the form of cash we also have precautionary demand we're people in essence want to hold cash in case of an emergency so think about it like this right let's assume that there's only one thing that I have wealth invested in and that's my home all right so here's the house right and this has there's some amount of wealth I'm just making up a number there's some amount of wealth in here a hundred thousand dollars there's no other cash I have no cash there's nothing in the bank account there's nothing in the savings account there's nothing in my wall it's all in the house it should be obvious you're going to need some cash in order to conduct daily transactions right I'm not going to be able to do anything I'm not can't go to Walmart and say well I got a hundred thousand dollars but I can't give it to you yet because it's in the house all right that's not going to work they're not gonna give us groceries and stuff same thing here for precautionary demand if there's some emergency for whatever reason one of the cars breaks down it can be anything that you want it to be all right so here you have some emergency where you need cash all right so you say okay car breaks down or kid breaks their leg or etc how am I going to pay for that right I have no way to do that and even if I did I've got the money here in the house how am I going to get it out right so if I want to get this money my wealth out of the house I want to convert the wealth I have in the house converted into cash what am I gonna have to do sell the house how long can that take months years sometimes even if you find a buyer quickly it can take months and then you got to pick up all your stuff and move it all out of the house right it's not practical it's not practical to hold all of your wealth in your home or all of your wealth and stocks or all of your wealth in antique furniture or whatever all right so we have some precautionary demand right people want to hold cash in case of emergencies third one here speculative demand all right so here was specular demand people want to hold cash in case there's an opportunity to buy some asset at low prices right so a stock or oil or Bitcoin or a house or whatever it is that you want it to be right you've got some asset it is that you want to purchase it's a great price and you want to be able to do that well let's go back to this example let's assume all the wealth is tied up in the house and you say to yourself there's a great opportunity to buy some stock that you think is cheaply priced well in order to get your wealth out of the house in order to convert it into cash to be able to buy the stock you're gonna have to sell the house that could take months or years and by the time you've done that that good value may have gone so you want to be sure that you have some cash very speculative demands so let's combine these two guys together right because we know that when we're looking at our supply of money we had our supply of money it was just some number it's just some number in some given time frame so here's our quantity of money there's our interest rate there's our money demand here is our money supply right the money supply is set by the Federal Reserve Bank now you'll recall when we were talking about the gold standard you would have this gold that people would have and they were deposited in some Bank all right so here's alpha bank right they've got this gold they're gonna deposit it in this Bank all right and then the alpha bank gives them a little piece of paper that says this is worth you know they deposit $10 worth of gold and they're gonna get this little piece of paper from Alpha Bank that says this is redeemable for ten dollars in gold that little piece of paper has the name alpha bank on it and if you go on to Google and you type in old bank Reserve old bank notes or whatever it is that you want to come up with every bank issued their own currency so if you took this $10 or this other person over here takes their $10 in gold and they deposit it here in beta Bank they're going to get a little ten dollar bill that has that says this note is redeemable for ten dollars in gold coin at beta Bank now let's assume you've got a wide distance here between these two I mean it can be hundreds of miles tens 20 miles 50 miles 100 miles 500 miles they can be any distance that you want it to be and you've got this little piece of paper here and you want to go to this store and it's got $10 in beta Bank how does this store owner know that if he goes to beta Bank you can take that 10 dollar piece of paper and you actually get ten dollars worth of gold out of it because the bank here has an incentive just like with that fractional reserve system that we saw earlier they have an incentive to issue more currency than what they actually have gold for so what happens if everybody takes their currency they're $10 bill notes and they all go back to beta Bank and they say I want my 10 dollars in gold and the bank can't do that right or the same thing here you can have the exact same situation happening over here where this person right here can take his little note that says $10 from Alpha Bank and he can go to the store how does the store know that if they give them the goods and services and they're getting a piece of paper in exchange that that piece of paper actually means anything let's see what I'm saying you can't and in fact the farther away you would get from a bank the less goods and services that that piece of paper would exchange for because if you're over here in Springfield Missouri and here it is you deposited your $10 into first Springfield Bank and then you take and you get on your horse and bugging you go all the way up to Kansas City and you take your dollars your ten dollars and you want to spend it at the store up here if that store wants that gold it has to take that piece of paper all the way back to Springfield to get it's ten dollars worth of gold there's a transactions cost that's being incurred there's also no way for the store to know if the bank actually has the gold and on top of that there's no way for the store to know if the note is even valid maybe it's completely counterfeit so you had at one time 10,000 different notes that we're moving between the country right so you guys know when you get a dollar and you look at that dollar and you can wonder what does this guy counterfeit or is it's not counterfeit now imagine there's 10,000 of different types of notes from 10 from all kinds of banks all over the place you have no way of knowing which one's good and which ones not the value of your $10 is really really good here in Springfield but as you go farther and farther away it becomes worth less and less you take this $10 note here to the store here he might say I've never heard of that I'm only gonna give you $5 worth of goods and services for it and he's gonna get five dollars for this one he's going to give 750 for this one he's going to give eight dollars for this one gamma Bank up here which is way up in like northern Dakota he'll give two dollars for that $10 note I mean think about all the different transactions you have no way of knowing what you're actually gonna get with your money right a really high transactions cost so the Federal Reserve came along it is a semi-public central bank right it is not a government agent even have my wallet with my gosh I meant to bring my wallet who's got a piece of paper who's got a $1 bill $5 bill $10 bill anything if you look at this guy what are these notes what does that say Federal Reserve that all Reserve Note right it's a bank don't let me forget to give this to you by the way it's a bank that basically says it's not going to be based upon here or alpha bank or gamma Bank or Springfield Bank there's one bank that's the Federal Reserve Bank that is issuing these notes you don't have to know okay I'm at Springfield Bank because it wouldn't say Springfield first Springfield Bank $20 note bata Bank $10 note alpha Bank $5 note Gamma Bank $1 note redeemable for $1 right and I mean you can see on here this is it's signed by the Treasury but it's not issued by the government this is not a government issued currency there is a currency that is issued by a bank where people said this is ridiculous this doesn't work this doesn't work in a modern economy where you want to have transactions where people are mobile and people are doing different things that that system doesn't work anymore you can't have 10,000 different notes that people are constantly trying to look up to see if they're legitimate or not we need one we need in essence a Federal Reserve Bank and the Federal Reserve was founded basically in 1913 partially due because you had all of these panics right had panics in 1897 1893 we were getting to the point where having all these different types of panics you had another one in 1907 where people are saying look I don't I don't believe the notes that beta Bank is issuing anymore I don't believe the notes that alpha Bank is issuing anymore when I go to them I don't believe I can get the money so people would go to bait a bank and they would say give me my ten dollars give me my gold and they would say we don't have it so that means the piece of paper that people are holding is now what worthless right so now they're holding worthless pieces of paper you would have these panics where people are saying well if the notes that beta Bank are bad maybe the notes of alpha bank or bad so people go to alpha bank and they want to get all their money out they want to get the gold out an alpha bank now has a run on its back right so the federal government said this is ridiculous we're going to create this semi quasi public quasi private bank the Federal Reserve Bank you're the ones that issue notes it's backed by The Full Faith and Credit of the Federal Reserve Bank it's not backed by The Full Faith and Credit of the United States it's the Federal Reserve Bank and the Federal Reserve Bank can create money basically out of thin air all they have to do is essentially print it you can actually go to the Federal Reserve Bank in Kansas City and you can see all the money coming in same thing in st. Louis all right so you've got all these different branches of the Federal Reserve Bank and they're each responsible for kind of making sure that there's liquidity within their own individual divisions their own little Vigil markets so you actually have a decentralized centralized bank right there it's actually twelve different banks so you have a Federal Reserve Bank in New York you have a Federal Reserve Bank in Boston you have a Federal Reserve Bank in Richmond you have a Federal Reserve Bank in Atlanta you have one in Cleveland Kansas City st. Louis San Francisco Dallas Minneapolis I'm missing a couple but so you have these different banks right so when the Federal Reserve sets the money supply they just set it they said the money supply is X right and they have this mandate where they aren't Nessun stand ADA to try to have as much stability as they possibly can to keep employment as large as they can to keep inflation as low as they can and at this money supply level you have some interest rate here that exists wherever this is gonna be you say 5% if they increase the money supply well let's have that be an increase in do it in green if we have this increase in the money supply blessing will have some interest rate here if say three percent all right and at this three percent level the quantity demanded of money is going to increase if interest rates are going down investment is gonna go up consumption will increase as people say hey the car loan was five percent now the car loans are three percent the more likely to buy a car the exact opposite happens if they decrease the money supply all right so here the interest rate maybe is say 8 percent well at 8 percent so here's our decrease and 8 percent investment goes down you've got consumption going a consumption going down people say hey it's 8 percent I'm not going to buy the car hey at 8 percent I don't want to have my money and in cash I want to put my money into my savings account I don't want to hold it all right and so you see economic activity basically decline so go all the way back to our GDP guy here at our price of our apples times our apples and our I can't remember what we had be as and our computers and our whatever D was I don't remember it was too long ago all right but when we're seeing interest rates go up hey I want to buy less of this stuff if we're seeing interest rates go down hey I want to buy more of this stuff right consumption of these things increases GDP goes up same thing here if you're looking at this from the Keynesian model remember the Keynesian model you had our aggregate expenditures our C plus I plus G Plus X minus M right if interest rates are increasing this guy's going down this guy's going down if interest rates are going down this guy's going up this guy's going up making this guy go on alright so you'll recall that we were looking at these changes in aggregate demand from our different models so that we would have our real output or price level over here so here you are you're just at some output level just say y1 you're at some price level say PL 1 when we see these changes over here they impact interest rates and those changes and interest rates can make aggregate demand do this or make aggregate demand do this in other words it's not just fiscal policy that moves these aggregate demand curves we can have changes in the money supply that also changes the aggregate demand curves so let's see how the Fed does this right and let's remember our quantity theory of money that we've talked about previously right remember this was our money supply and we've talked about this before this was our velocity this was our price level and this was our output so that we said hey basically in essence what you've got here is a nominal GDP equal to this money supply times how many times each of those dollars is going to be used right the only way that we can have more transactions here is if there are more dollars or those dollars are getting used faster if the velocity is increasing all right well the velocity doesn't change very much changes in velocity are pretty small and they're slow to change all right which means when you have these changes in the money supply that's when you're going to have these changes over here and this alright so if we have these increases here and this guy's staying constant we're going to see these changes here and our nominal GDP but you'll recall we said this guy is our real output and what determines real output we've talked about this right day to what are the determinants of real output the quantity and quality of resources and the level of technology what do any one of these guys have to do with money do little pieces of paper make people suddenly smarter do you little pieces of paper suddenly make us know how to turn the Sun into electricity do little pieces of paper suddenly make factories show up no so ultimately changing the money supply here can only change what in the long run exactly that's why we say that inflation there's a saying that says inflation is everywhere and always a monetary phenomenon it's completely created by printing paper that's what it is because the quantity and quality of resources or little technology ultimately have nothing to do with the number of green pieces of paper that exist in the economy all that the green pieces of paper do is just make it easier to make transactions to store value from one period to another to measure the different prices of different goods and services relative to each other that's all that it does it doesn't actually create anything in and of itself so let's see how the Fed changes the money supply because we know that ultimately it's gonna change basically the level of prices in the long run but we can't have some short-run changes so let's see what we're doing here with these different things right we've got our Federal Reserve and they essentially have three primary ways that they change the money supply one of these is going to be the discount window alright the discount window is in essence the rate that the Fed charges banks for loans so you'll recall that we have this fractional reserve system talked about this last time banks can keep as much on reserve as they want to they can have reserves of a hundred percent if they want to but nobody does they have this required reserve if they have reserves above that those would be considered excess reserves and they can hold those if they want to there's nothing that says that they can't hold excess reserves so here's the spank let's just make the simplifying assumption that the required reserve ratio is ten percent people have made a hundred million dollars and deposits and the bank therefore has ten million dollars on reserve let's assume they don't have any excess reserves they've been able to lend all of it out now let's assume 20 million dollars worth of people come alright you can make a spending image you can make it be a hundred people each deposit in a million bucks 20 people go to the bank one day and say I want my million dollars back okay well we have ten dollars we have ten million dollars literally on cash in the vault so we can give you where are they gonna get the other ten million from yeah exactly hey we need to borrow ten million dollars real quick because we've got 100 million dollars and deposits we didn't keep any excess reserves because we don't have to keep any excess reserves we lent out ninety million dollars twenty million people twenty million dollars worth of people have shown up and say we want our twenty million bucks back we're gonna have to wait on those loans we're gonna have to call in the loans or foreclose on them or whatever is it we're going to do whatever the arrangement was with the note but in the short time we need our 10 million bucks all right so we have our discount window here so you can see if the interest rate here goes up banks don't want to have to go borrow money all right and so they're going to hold more they're less likely to loan they're going to have higher levels of reserves you're going to see the money supply decreasing all right they're not going to lend out as much if interest rates go down hey if it's really really cheap to borrow money if I guess wrong and I don't think 20 million dollars worth is going to show up on any one day to get withdrawn but I guess wrong and interest rates are really really low and forget it who cares go ahead and make the notes go ahead and make the loans to people right yeah here's ninety million dollars worth of loans because if I guess wrong and I need to borrow from the Fed it's not going to cost me that much all right so we see if interest rates going down we're gonna see the money supply increase we have our reserve ratio we can change this required reserve ratio all right so if we increase the reserve ratio and what anything's going to happen the money supply they have to hold more on reserve if this reserve ratio goes down you're gonna see the money supply increase they don't change this very often for obvious reasons right that would be difficult the primary way they do this through open market operations this is the buying and selling of government bonds and it's really really easy to see if it's going up or if it's going down depending upon whether they're buying or whether they're selling here's you you have a bond here's the FET if they buy bonds the bond is coming this way and what's coming this way what do they give me in exchange for the bond cash they gave me money so if they're buying bonds you're gonna see the money supply increase right because now I don't have pieces of paper I can't take the bond to Walmart and buy groceries with it but I can take the cash on the other hand if I've got money and they sell me bonds well I used to have green pieces of paper that could take the Walmart and use to buy groceries now I have a piece of paper that's a u.s. savings bond I can't take the pieces of paper the savings bond to Walmart and use get groceries with that so if they sell bonds the money supply goes down and what we'll see on Friday we we will get done with everything by Friday so we got done with stuff faster day and I thought we would so that's good so we will have our test Monday
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Eco_155_Principles_of_Macroeconomics
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Eco_155_Principles_of_Macroeconomics_Class_10.txt
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[Music] okay this is an article that's from the Washington Post I found several years ago it talks about basically it's not what we're going to be looking at today or anything basically it's just something to get you started reading here for the next couple of weeks kind of deals with basically the idea of price floors and price ceilings so we'll get to that in a little bit more detail later on okay so let's kind of go ahead and review what we had looked at on Friday and I split the class between this one and the social issues so basically everything that's done in unit 1 between you guys and the class that I teach at 10:10 is completely identical in unit 1 but I did things a little bit out of order for their class rather the people of the questions people were asking so let's kind of review what we've done a little bit just so I can keep track of making sure that I've done everything that we need to do before we can move on we've been looking at this idea of demand there's our quantity here's our demand curve here's our price right and what we saw was that we know that this guy's slopes down I'm just making up numbers here ten and five and I'm gonna make this guy say 15 and I'll make him say eight so we know that we have this downward sloping demand curve we have this law of demand right and remember that our law of demand says basically hey as price goes up the quantity demanded is going to decrease not demand decreasing the quantity demand it's going to decrease alright and we saw that there was in essence two different things happening here one was this income effect and substitution effect and what these guys said was in essence hey when the price goes down it's just as if you have more money right and at the exact same time when the price goes down we substitute away from the goods that are now relatively more expensive even though their price hasn't changed and we substitute towards this good which is now relatively cheaper so when the price goes from say ten dollars to eight dollars it's just as if the money in my wallet can buy more which is true that's the income effect and I'm gonna substitute away from these other Goods and substitute towards this guy we also saw that the flip side of that was basically this idea of willingness to pay and diminishing marginal utility and what we meant by that was that each successive unit of the good that we buy gives us slightly less utility so in other words we know that the height of the demand curve equals our willingness to pay right and the reason that we're willing to pay that much is because that's how much marginal utility we get from that unit that unit gives us that much mu marginal utility all right so in other words what this says is that when we're looking here at this guy we say that the fifth unit gives us ten dollars worth of utility right and therefore we're going to be willing to pay ten dollars right let's make this clear it's not that we're willing to pay ten dollars for five units we're willing to pay $10 for the v th unit all right and similarly over here right we've gotten number fifteen all right this fifteenth unit gives us eight dollars of utility therefore were willing to pay eight dollars right in other words it's not that we're willing to spend $8 and get 15 units I'm gonna spend 8 bucks I'm gonna get 15 songs or whatever it is we're looking at I'm willing to spend $8 on the 15th th unit right we also saw what we would have with an increase and decrease in demand so I'm just gonna use these same numbers 5 and 15 so here we have say 10 8 and what we said is that will what we're looking at an increase in demand what that means is that at every price people want to buy more and so we said okay that means this guy's shifting this way and sure enough at this price of 10 people now want to buy say 12 and at this price of 8 people now want to buy say 20 it also means that we're willing to pay more for each successive unit that we have so we could just as easily say that an increase in demand means that at every price we want more when we could also say an increase in demand means that at every price we're willing to pay more for every quantity right so here was our quantity here is our price it was our demand so we had 5 and 15 there's time there's 8 and when we have this increase in demand here we can say oh well look at every price consumers are wanting to buy more units or we could say for every single unit we're willing to pay more so for the fifth unit we used to be willing to pay ten dollars not ten dollars for five units ten dollars for the fifth unit now how much are we willing to pay for the fifth unit give me a number that makes sense mm-hmm just some number greater than than that right now the fifth unit is worth twenty dollars to us right we're willing to pay twenty the fifteenth unit th used to be worth eight dollars to us we were willing to spend eight dollars for the fifteenth th unit not eight dollars for fifteen total units now how much is the fifteenth unit worth I could say no because it doesn't quite hit right same thing with a decrease in demand right we saw that when we had a decrease in demand at every price consumers wanted less I'll just use these same numbers here five and fifteen there's ten and eight and here we're gonna have this decrease in demand and we said with a decrease in a man at every price consumers want to buy less right so here at a price of ten now they only want say one at a price of eight and now they'll buy say eleven right or similarly the decrease in demand could mean that every quantity we're now gonna do what exactly we're willing to pay less for it so here we have our let's do it like this right so our fifth unit we used to be willing to pay $10 for all right not ten dollars for five units ten dollars for v th unit now how much are we willing to spend for the fifth unit give me a number that makes sense six dollars sounds good the fifteenth unit th used to be worth five dollars we would spend five dollars for the fifteenth not five dollars for fifteen units now how much is the fifteenth unit worth mm-hmm it's exactly right it's not worth anything to us all right zero we wouldn't pay anything for if somebody was out there in front of strong Hall passing out music CDs would you take one if they're free some people would but I guarantee half of you would not write moons last time you guys bought a music CD exactly you're gonna go by us you know it take one for free half the computers don't even have CD ROMs anymore if they're new here take my take my CD no it's garbage alright it's the best music ever I'm sure it is but I don't want the CD right so changes in demand cry and we saw what some of these factors wore that would change demand what were some of those factors mm-hmm so we had things like preferences what else exactly we had preference preferences we had income above what was true about income exactly you have to make a distinction between are you talking about a normal good are you talking about it inferior good because with the normal good what happens exactly as income goes up we're buying more with the inferior good when income goes up we would buy us right there man decreases alright what were some of the other ones we have saw price of related good and so what was true about these related goods we had two different classifications here very good so we had our substitutes and our complements and substitutes and complements or what what's an example mm-hmm so if the price of Apple's goes up and we're saying apples and oranges or substitutes what happens to the demand for oranges exactly demand for oranges increases right because we're switching and then what was true about complements exactly these are guys that are consumed together right they're consumed together and so we could say the price of the hotdog itself goes up so we're gonna see the demand for hot dog buns goes down alright cuz we're buying fewer hot dogs therefore we need fewer hot dog buns hot dogs are also inferior Goods by the way and like I said I mean hot dogs are good I like nut I mean fear good doesn't mean that it's like evil what were some of these other two what were these last two expectations about future prices and income very good and our last one was number of consumers right so if the number of consumers goes up we can expect demand increase we expect the number consumers to go down expect these guys to go demand to decrease okay so let's look at this important distinction between because here when these guys changing we're looking at changes in demand when price changes we're looking at changes in quantity demanded right and so we've got an important distinction here so here's our quantity here's our price triangle means change change in quantity demanded change in demand huh what's happening here is a change in price we don't know how that change in price is coming about yet and what we're gonna see later on Wednesday is that that change in price is going to come up from a change in supply this change in demand is when one of these factors over here is changing so here you're looking at a change in demand determinants here we move along the curve here we move to a new curve so you'll recall and we were looking at graphing we said oh look we have this drunk function right we said here's how much the person's blood alcohol content is changing is the number of beers is changing that was this guy right we were moving along the curve and then we said oh no this is the curve for a 180-pound guy what does the curve look like for a hundred and fifteen pound woman that's this guy it's a whole new relationship right when we draw this guy bless it when we draw this guy and we're changing price all of this other stuff is staying the same preferences income the price of related Goods expectations number of consumers there's nothing that's changing the fundamental relationship between price and the quantity that people want to buy we're just changing the price when we have this guy changing one of these is changing there's now a whole new relationship between price and the quantity that people want to purchase right so here for example on this guy when we're going from this point right here to this point this is a change in the quantity demand it's not a change in demand it's a change in the quantity demanded these guys right here our changes in demand there's a whole new relationship back the price can stay the same and people can be buying more buying less depending upon whether demand has increased or decreased all right so let's look at some examples [Music] this is going to be a change and quantity demanded or a change in demand a barber raises the price of haircuts and experiences a decline in sales that a change in demand or is that a change in quantity demanded exactly right so here we've got a situation where we're charging $10 for a haircut right and he's doing let's see 30 haircuts a day and he increases the price to $14 and this falls to say 20 I'm just making up a number right so we've gone from this point right here to this point right we're looking at a change in quantity demanded what's happening here what are people doing they're getting fewer haircuts how they're going somewhere else letting it grow longer doing it themselves getting it cut really really short so you can only have to get one haircut you can get fewer right whatever that it is all right they're doing something else right the quantity demanded is decreasing there's not been a change in demand the price of gas went from two dollars before the Hurricanes to about 2:30 was that a change in demand or is that a change in quantity demanded of gas quantity demanded right so if the paper says the price would from two dollars to two dollars and 30 cents and we've seen a decrease in demand for gas you know that that is what incorrect that's exactly right number two consumer incomes rise with the result that more jewelry is purchased change and demand or change in quantity demanded very good change in demand so here's our quantity here's our price here's demand we can make this be anything we want it to be right what could be I don't know five hundred dollars by 20 rooms and at a price of seven hundred and fifty dollars to buy ten rings right so now we have this change in income consumer incomes rise with the result of more jewelry is purchase you can the price will be anything you want it to be the price is gonna be seven hundred and fifty dollars surprise gonna be five hundred it can be anything make this a 30 all right don't even have to have the second one you can just have the first one the price can stay the same that price is at 750 we're selling 10 rings a week the price goes are the consumer incomes rise keeping the price at 750 now we're still now we're selling 18 rings a week or whatever the number is right now what type of good would this guy be very good normal let's look at number three here the price of Toyotas goes up with the result of the sale of Fords decreases what's happening here price of Toyota's increases with the result of the sale affords goes down changing a man or changing quantity demanded so that's what I'm saying what happens is a change in the manners that a change in quantity demanded I've got a 50/50 chance of guessing right change in demand for what switch market Toyota for here's the demand for Fords right price of say 15,000 price of say 20,000 I'm gonna sell 10 a week at 15,000 I would sell 12 a week the price of Toyotas goes up oh this should be increasing I see what you guys are saying now the price of Toyotas goes up with the result of the sale of Fords increases what's happening over here what do people doing they're shifting from Toyotas to forts we see the demand for Ford's going up so this guy is doing this alright so the prices say 20,000 now people want to buy say 11 Ford's per week what's happening though for Toyotas 50-50 chance of guessing right I'll just even make the prices the same exactly so what's happening over here the change in quantity demanded of Toyotas they're buying fewer these two buying more of these this is because of a change in demand this is because of a change in quantity demanded because what's happening here is a change in price what's happening here is not a change in the price of Fords it's one of these guys changing no surprise that we're related good that's what's changing so when you're looking at these things you got to ask yourself what's changing is it one of the demand determinants if it is then it's a change in demand if it's just a change in price then it's gonna be a change in quantity demanded and like I said we don't know why this has changed yet but as we'll see here I think here's the supply of Toyotas this guy has changed which made the price go from 15,000 to 20,000 yes it can be both dependent upon which one you're looking at are you looking at the market for Fords or you're looking at the market for Toyotas that's exactly right that's exactly right the university takes out parking to put in buildings as a result the price of parking goes up all right change in the demand for parking or change in the supply okay women we don't know supply yet right here's where we are here's the supply of parking whatever this is I'm gonna I don't even know how many of these slots we don't have 10,000 let's say it's 4,000 I don't know how many we have this is some number whatever this guy is 100 bucks take out parking spots you're here this guy goes to 150 this guy goes to this this is a change and the quantity demanded of parking it's because there's been a decrease in supply but if we're at the point where we're here this is 150 and 3000 this is 104 thousand and there's an increase in the number of students that come to Missouri State that's a change in demand the demand for parking has changed and interestingly enough and we'll talk about this more on Friday both of these things are basically changing at the exact same time yeah both an increase in demand and a decrease in supply at the exact same time and what will see us we'll see how that changes both price and quantity questions about demand before we move to supply okay so let's look at supply when we're done with supply and demand I will always give a week's notice on them tests remember what I said on day one the University wants us to say the test on such a big stage and I'm just not going to do that the test is whenever the test is when we're done with the material whatever that is so that's look at supply we said that demand was a schedule it showed the various amounts of product which consumers are willing and able to purchase at each specific price in a series of possible prices during some specified timeframe supply is very very similar right it's a schedule which shows the various amounts of a product that producers are willing and able to bring to market at each specific price in a series of possible process during some specified timeframe okay so we said demand was to schedule so the various amounts of product which consumers were willing and able to purchase it each specific price in a series of possible prices during some specified time frame supply as the schedule shows the various amounts of a product that producers are willing and able to bring to market at each specific price in a series of possible prices during some specified time frame so let's take a look here at an example let's assume that we're looking at the market for wheat so we have our price we have our quantity supplied and we have various prices here one two three four five all right and I'm just making up numbers here so it's gonna make this guy 1 million will make this guy 2 million will make this guy 3 million will make this guy 4 million will make this guy 5 million okay now we saw with demand when we saw increases in price what did people do they bought less with supply when we see increases in price what do we see happening make more right so the law of supply ceteris paribus as price increases the quantity supplied increases right and we can graph this guy and see what he looks like it's pretty easy guy to draw so we've got our guy here here's our quantity here's our price 9 2 3 4 5 and these are in millions right now these millions and we have some supply curve that looks like this right we see sure enough that as the price increases the quantity supplied is going to increase right and just like with the man I mean we could say oh well how much is going to be produced if the price is $2.50 well we can know that from this guy so we saw with demand this guy was downward sloping because of income and substitution effects and with supply it's a similar idea right because we also have this willingness to pay right slash which tell told us what the height of the demand curve was right there's this idea of diminishing marginal utility yeah into a degree yeah that's exactly right and what we want to know is we want to know if they wanted to bring in more water why did the price go up that's what this guy wants to tell us right because we know what's happening here with demand we had income and substitution effects or this idea of willingness to pay the idea of marginal utility supply is similar right why is this guy soaping up first one here it costs more to make more let's look at a map of the United States when you think of wheat what states do you think of all right here's the US when you think of the wheat market what do you think of what states Kansas Nebraska right you think of here right you think of South Florida no do you think of Washington State no right when you people see wheat they know Kansas Nebraska South Dakota Iowa is really more corn Missouri myths northern Missouri basically northern Oklahoma that part can we grow wheat here yes why don't we because it cost a whole it cost a lot more money to grow wheat in South Florida and Northwest Washington than it does in Kansas and Nebraska right and Oklahoma in fact when I was in Oklahoma and grad school we went away for vacation we came back two weeks later there was wheat growing in our yard you didn't even have to plant it the stuff just grows automatically right it's cheap so if we want to grow wheat here in South Florida or here in the northwest corner of the state it costs more to grow wheat there and we're going to need a higher price to compensate for that additional cost so we say to ourselves why does this guy slip up well it costs more to make more just like the height of the demand curve told us how much people were willing to pay the height of the supply curve tells us how much it cost this guy right here is telling us benefits this guy right here is telling us costs so when we look at our supply curve here right we know that price is not set the price is not different for all of these single units prices what it is right let's just assume that the price of wheat is three dollars we don't know how that price is set yet it just it's just three bucks all right so here's our price the height of the supply curve tells us marginal cost it tells us how much it costs to make that particular unit this one millionth bushel of wheat costs one dollar to make that's what this guy says it's not one dollar to make a million bushels the millionth th bushel cost one dollar to make the 2,000,000 th bushel costs two dollars to make in other words when we make this two millionth bushel here we are we've made 1 million 999,999 bushels and this can have some cost it gonna be whatever cost you want it to be a trillion dollars cost of this is 1 trillion I'm making up a number a hundred thousand million billion trillion what this guy says is that when we make bushel two million costs now go to 1 trillion and - that's what that says it's the additional cost it's how much costs have gone up by so if our price is $3 and we want people to make 4 million bushels is that going to happen nope because all of these bushels bushels three million and one all the way up all costs more than $3 to make it if we're only getting $3 it doesn't make sense to keep making more we're not going to make them we'll pick it from here on Wednesday
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British_Literature_Lectures
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Enlightenment_Era_Jonathan_Swift_Gullivers_Travels_a_Voyage_to_Lilliput_Lecture.txt
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followers travels fete 575 notice the literary element of parity here you hear parody nowadays and um you know the main person that comes to my mind is Weird Al Yankovic okay if you know him he takes the exact same song same rhythm all of that just changes the lyrics it makes it kind of funny maybe puts a little polka twist to whatever the music situation is but this particular piece is a parody of a travel journal at this particular time people were starting to travel a little bit more okay and not everybody could afford to travel and so these people would go out and have an adventure go see far-flung places and come back and write about their adventures and pass it along and they're not everybody was poor we can live our travels and our vacations through you the author okay so this particular piece is a parody the character's name is Gulliver okay the root of that is the word goal a bowl which means you easily believe stuff you're easily fooled okay this is not you know legit journal this was written as a parody there is a ton of satire sprinkled throughout here as well and as we go through it I want you to be able to pick apart these things now Gulliver is from England okay he's English Swift is Ireland Irish from Ireland okay and we already know the hostilities between the two countries okay we just spent a long time in Modest Proposal talking or I spent a lot of time talking about it okay so as we go through this remember Gulliver is speaking for the English what might Swift be saying the author by the words that are coming out of his mouth you see how he could be kind of condemning himself in his own country because Swift is writing about it from the outside we'll talk more about that at the end but the first one begins it's called a voyage to Lilliput this is from a bigger works and we're only going to read two small sections of the travels and this is a place where he wakes up tied down and a bunch of small people so he's a giant in a small land he'd probably seen that a you know allusions to that several different places there was a Star Wars Clone Wars cartoon last year I was watching my kid and all of a sudden c-3po was tied down I'm like and everybody's smart like this is daughter so I might have put it on Moodle so if you wanted to check that little scene out but I mean you see allusions to this stuff all the time a giant being tied down and that's happening if you ever saw the cartoon Mickey and the tailor and he ties down a big giant you might remember that that type of thing but you see the allusions to it a lot in in literature in wonderful cartoons everyone Culver travels from a voyage to Lilliput you know Lilliput as I said and as you see it in the illustration on the next page they you know he's a man Mountain they refer to him as they have all of these you know lines and ropes drawn over him you know 576 there that said besides they shot another flight into the air as we do bombs in Europe and remember I told you in the preface to this that think about what might the Irish Swift be saying about the English with Gulliver being English okay so Gulliver is saying that they're shooting more stuff and me kind of like we shoot stuff at you know mom's back in Europe back in England you know when the people observed that I was quiet they discharged no more arrows so when I stopped fighting they stopped shooting at me and things were fine even says I'm probably enough of a match that I could take care of their biggest armies if I truly wanted to but he didn't he's not there to war and fight you know they brought full they brought baskets full of meat they fed him these people are six inches tall here's where we kind of start getting into the ridiculousness of this of these small people we see the the emperor with that crazy long name not really relevant but look at to whom Gulliver is addressing at the beginning of that particular paragraph there because the reader maybe perhaps may perhaps be curious to some idea of the style and manner of expression particularly at people so the reader remember we are reading a parody of a travel magazine a travel book something and so this is he's recounting golfers are counting his story through this Travel Magazine brochure pamphlet to to English and just my readers might be curious you know how did they communicate how did they talk what was the communication like so let me tell you about it so let me tell you what the Emperor's name is let me tell you a little bit about him and he goes into great detail look at the just the hyperbole just a description of the Emperor you know they believe that there's only 12 miles in circumference of the earth they believe that their earth is only you know this land 12 mile circumference all the way around you know the the monarch of all Monarchs taller than the sons of men whose feet pressed down to the center and whose heads strike against the Sun at whose nob the princes of the earth shake their knees so really an intimidating imposing individual especially for somebody what that tall okay gets on perspective the King toward the man-mountain his reference to him because he's a man and mom look at the listing of things that you know what you're gonna do these things for me why because I say so because we could do things to you the little man thinks he has power over a caller he goes first the man-mountain shall not depart from our dominions without our license so you cannot leave without our permission okay because we're going to untie you but there are certain rules you got to play by and some of these sounds well that's probably a good idea because imagine the damage that a big roaming giant could do to the little the little people and such I'm second he shall not presume to come into our metropolis without our express order we've seen how you know what happens when Godzilla comes walking around okay so don't even think about coming to our cities without us knowing ahead of time don't just show up that might freak some people out okay thirdly the sudden man-mountain shall confine his walks to our principal high roads and not offer to walk or lie down in the meadow or field think about how much damage he could do by laying down in somebody's field the size right you took a step might be an acre he lays down I could be heck acres you know it could be a ton a ton of acreage and what would that do to that person's crops and so you got to be careful okay again the parody of a travel journal and the absurdity of the satire as well fifthly the man-mountain shall be obliged to carry in his pocket the messenger and horse six days journey once in every moon so once every month you're going to take a crew of a man in his horse and carry them and go survey because imagine he could walk and cover a lot of distance as opposed to a man on a little horse you don't he can huge strike so you're gonna start surveying our land for us six he shall be our ally against our enemies in the island of Bluff you skew and do his utmost to destroy their fleet which is now preparing to invade us and now it gets to a little bit more of well what can he do for you know it so much look at the liberties we're gonna give you it's more about what can he do for us well you can survey our land show us what we truly own and all but he can be a big warrior and that's what that that example is the example of the illustration on the other page and there you know there are a couple other things for him you don't need to know all eight or nine or ten something but just the the restrictions put on him by this small individual the last thing about Lilliput that is of interest and I think it that really screams the satire of this of this situation and what Swift might truly be saying you know subtext here through Gulliver and through the Lilliputians is talking about their enemies if you look down at the bottom of 578 where did that this is even before the war he's talking about here at home here at home we labor under two mighty evils a violent faction at home and the danger of an invasion by a most potent enemy from abroad and so Bluff askew from abroad but even we have infighting here okay and it's so ridiculous that the way with which we can differentiate between this person and this person they refer to them as the tremendous lummox in our by the size of their heels their shoes that they wear if somebody is a low heel or a high heel ah I see your shoes I know exactly what type of person you are it's very much could be you know a poke at you know maybe some sort of organized Congress we have Democrats and Republicans do they get along very well some might say that their inability to get together and work together is what hurts our country some might say that some might say that the low heels and the high heels cannot function and we and that's causing us to have some issues here at home and that's one of our my te heels that mighty evils is or are the heels okay and it's ridiculous right the shoes that's what they use to differentiate their their beliefs and their ideologies about what should happen it's ridiculous but even more ridiculous is the war did you were able to figure out what the war was about what they were fighting about what happened what happened on what he cracked an egg and cut his finger okay you've all cracked an egg you're cracking on the fat end great excellent and throw that away I hurt myself yeah it's against the law to crack it on the big end which we will refer to as big Indians anybody that does it ok you must crack it on the small end I've never attempted to crack it on the small end I doubt it's very clean that's very even doable aren't you allowed like the physics of it can't you like put more pressure on it you know what I mean stand it up on end and I think it I think it would take a lot more force to break it that way then squish the fat end and crack it the way you normally do but look at the description of their history the wars that have been fought the people who have died the people who have said go ahead and kill me because I'm not gonna crack my egg on the small and I'm gonna crack it on the fat end how stupid okay and this is that satire how ridiculous is it that they're fighting over that now we need to step out of this and think about what Swift might be saying about war can you see wars fought for stupid things I tell you where's Ben and people have died for a lot less than an egg your her the Battle of Troy the movie Troy what was that part about one one woman okay she eloped and went off to be with the you know the the Trojan Prince well the Greeks had a problem with that so Greeks wage a war that went on for seven years eleven years something like that where Achilles fought and stuff and there's a line of Shakespearean line or a Marlowe line it goes is this a face that launched a thousand ships and that's supposed to be a very beautiful thing to say to a woman because is this the face that launched a thousand ships that people went and had a war about okay now is he directly referring to Troy no do you think he's making a statement about war and anti war uh probably not how ridiculous and stupid you know we have lost forty capital ships and a much greater number of smaller vessels together with thirty thousand of our best seamen and soldiers and the damage received by the enemy is reckoned to be somewhat greater than ours so not only have we taken this big hit but we you know that whatever losses we've had supposedly our enemies have had even greater losses my gosh look at all these people that are dying because of an egg and and you're just following your leaders without having any sort of thoughts for yourself okay so a war faring nation fighting about stupid stuff okay we have these little guys who are very aggressive and very violent okay and they have their you know their of you know term Exxon's and some Exxon's their their their government their their fights here and abroad just like a lot of the countries that you know do have wars us and other people we have our evils here and our evils abroad and a lot of people think that just by fighting that's the way to take care of your situations
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British_Literature_Lectures
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Modern_Era_George_Orwell_Shooting_An_Elephant_Lecture.txt
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George Orwell we didn't really discuss too much about him uh through your website searching you might have read some about his biography and his life and and times and such uh this is a non-fiction piece called shooting an elephant and it's really about his time in the military for England where he was called upon to shoot an elephant okay there's no surprises here non-fiction piece really happened um it's kind of neat to see uh after we've experienced 1984 and we can imagine what kind of an individual he was to think of you know so distrusting of government and so resentful of government um and here we get to really see kind of his journal or story about when this occasion where he had to shoot an another but there's a neat line in the beginning here of the building background says the Sun never sets on the English Empire if you think about how it's all spread out and spread around the world you know it might be dark here but it's sunny in Australia and so the Sun never there's always sun on the on the land on the Empire um and and they have their military spread out to keep the peace to keep order that type of thing so that people don't hurt themselves that type of stuff um very similar not exactly same but similar to uh American role in Afghanistan and some other of those places we're trying to instill a democracy but yet the the people there don't want us there but yet we exert ourselves upon them to help out because we feel we need to um not exactly the same but close to it because these people are ruling them we're not ruling them even though we're kind of forcing oursel um in certain situations but that's beside the point um and his argument was you know we shouldn't be here we should let them do what they want to do the very beginning of the the introductory material there were they mentioned Kipling who wrote The Jungle Book and Orwell they said that Kipling was big into the colonialism the we need to spread out we need to make everybody British and make everything wonderful and all this stuff and Orwell resented that he did not think that that was the case um upon reading this and I think you'll find it entertaining um but it's really troubling at the end to see what the mindset of um Orwell has become and it's not much of a stretch to think about wow the the seeds were definitely planted you know for 1984 in this particular time period okay um so it's kind of nice to throw this at the end of uh at the end of our our semester so that we've experienced him we this really wouldn't be as exciting or as neat if we didn't understand that wow that's the author of 1984 doing all of these things um so we get to see him in the military there was a military presence in 1984 okay so we get to see him in the military doing things that he doesn't want to do um they'll talk about women you know um they were being treated inappropri rately if there was a British woman walking and she was on a company people would spit on her um things like that you know and people would hurt them in football games soccer um you know things like that so uh pay particular attention to some of those things look at uh you know the role of the class structure again in here even though we're not in British land well technically this is British Commonwealth but we're not in London to see it you know with the PRS and so on but here they kind of have their own version of their PRS and how they perceive the different classes and that type of thing so pay particular attention to that shooting an elephant um we see a lot of resentment in the very first couple pages of uh Orwell towards you know his Imperial Roots his uh connection to uh the colonialism that is spread throughout the world and where he is particularly um stationed at this time he says throughout here at well M at the beginning excuse me that you he is uneducated and young at this particular point so he hasn't really experienced life or experienced the world but what lit he has he doesn't necessarily think that we British people should be supplanting our beliefs and practices upon other people um looking on 1080 along the left side um for at that time I'd already made up my mind that imperialism was an evil thing and the sooner I chucked up my job and got out of it the better theoretically and secretly of of course I was all for the burmes and all against their oppressors the British as far as the job I was doing I hated it more bitterly than I can perhaps make clear in the job you get to see the Dirty Work of what your country does and what they're in charge of um and that really scarred him um which we can see played out you know in the novel 1984 and I'm not familiar with some of his other writings but I would IM imagine you could see some of that resentment towards you know big government as well um I almost said big brother uh but government and people in charge you can see that that resentment played out elsewhere um you know I did not even know that the British Empire is dying still less did I know that it is a great deal better than the younger Empires that are going to supplant it so he doesn't realize in the grand scheme of things that they are coming down from that golden age they are coming down and losing you know retrospectively you can look hindsight 20's 20 and he can see that we were a lot stronger than we are now um and yet he's still worried about the people that are going to supplant at the smaller countes so yet I don't support my people but yet are they better than what could supplant them and that's where he was struggling and such um I was stuck between my hatred of the hate hatred such a strong word I was stuck between between my hatred of the Empire I served and my rage against the evil spirited little beasts who tried to make my job impossible with one part of my mind I thought of the British Raj as an unbreakable tyranny so the British rule is unbreakable tyranny but yet another part I thought that the greatest joy in the world would be to drive a bayonet into a Buddhist priest's guts what I mean that's kind of a violent thought instantly I think back to 1984 remember all those thoughts Winston had those those oh we should really do these things to Julia or to other people and so on um so he feels for these people but yet because of all the ridicule and the the little beast who make his life difficult he just wants to take a take a bandit just stab out a priest guts and kill him so he's a conflicted individual I can think we can safely say that um so that's where his struggle is and that's before we even really broach the uh uh the elephant situation okay the situation that he doesn't want to kill this elephant that you know they said was tied down and broke loose it was in heat it needed to mate okay it was I the it went nuts okay you might have a cat or dog that hasn't been fixed and you might notice when it's you know they they are in heat um and this elephant picked up they called him a coie and you know put him down with his trunk and stepped on him killed him and and we know went on its course okay it didn't premeditate I'm going to go kill people and go on a rampage it was just this thing's in my way get out of my way and and just kept going um however he was kind of responsible being the law in that area and he went to uh to see what was going on when he finally tracked it down if you look on the next couple Pages um it says that he didn't want to to shoot it maybe I'll try to get close to it and if it doesn't charge me or doesn't show aggression maybe I can just go away and everybody will be okay with it but he realizes that the moment he started heading towards it with his rifle and everybody in that crowd kind of started to get excited I'm envisioning like the the movie Rocky when he's out any of them I guess he goes out training and he just starts running and then everybody starts coming behind him and um just joining and cheering him on cheering him on um you know Forest Gump when he goes on his run during that segment of the movie why does he go I don't I wanted to run so he takes off and hundred well I don't know dozens of people start following him and just start running with him for no particular point but here are those people they want some entertainment what's their particular motivation we've been talking about motivation a lot in the last couple stories um the the reason characters do or say a particular thing those people they might just want entertainment they might want to see something big get shot um at the end when he says that you know they stripped its bones and they took everything you know meat maybe they wanted food maybe they wanted the ivory I'm going to get the first one after he shoots I might get the ivory you're going to have to fight me for and so then they had to you know go and deal with that situation um and so everybody had different motivation and he couldn't just walk away at this point he knew that he was committed to shooting it even though he didn't want to do it because he didn't want to be laughed at um the crowd would laugh at me and my whole life every man white man's life in the East was one long struggle not to be laughed at okay and that's the highlighted on 1082 if you look at the leftand column uh he goes into greater detail you know and suddenly I realized that I should have to shoot it after all the people expected it of me and I had got to do it I could feel their 2,000 Wills pressing me forward we have about 2,000 people in this school imagine one of the pep sessions all of those people following you while you go and do this now are you going to be able to go oh I'm not going to do it and walk out of that gym without doing it with everybody's will pressing on you that mob mentality pressing on you um it was irresistible and it was at this moment as I stood there with the rifle in my hands that I first grasp the hollow the futility of the white man's Dominion in the East cuz think about it they are in charge he should be able to do and do whatever he wants within reason obviously but yet they're pushing their will upon him and forcing him to do something do you see how that seems like a contradiction and so on um here was I the white man with his gun standing in front of the unarmed n unarmed native crowd here I am standing with my gun in front of an unarmed crowd seemingly the leading actor of the peace but in reality I was only an absurd puppet pushed to and fro by the will of those yellow faces behind I perceived in this moment that when the white man turns Tyrant it is his own Freedom that he destroys so he really doesn't have the freedom to do what he truly wants to do in this situation because of you know England and what they put him uh you know put him into this situation so a real struggle and I wanted you to really get that sense of he didn't just walk up and start shooting it shooting and emptying his gun clip it was a mental struggle and angst back and forth back and forth and then he finally when he does shoot it it doesn't die he shoots it again and again shoots it in its mouth shoot shoot shoot seems like a sensitive place and the thing didn't die after he left it took 30 minutes for the thing to die now if it had died right away he still would have been troubled by it but the fact that this thing had to struggle for whoever knows how long total that this thing had to start bleeding and dying in the pain and it couldn't get couldn't even get up anymore and the blood was just oozing out the fact that it labored long and long and long probably Twisted that knife a little bit further into Orwell's back about it you know what I mean you always hear about putting an animal out of its misery that type of thing um he was trying to do that after the first shot didn't work and he tried to shoot it and shoot it and shoot it and shoot and shoot it um but the last couple lines if you take a look there we really see the example of uh how I told you to to pay particular attention to the um what do you call it the the uh uh societal hierarchy that structure that we've been talking about in 1984 we had the pears and the party members and the upper party members and so on um even here in this Society he said that you know everybody was you know some people were glad that he did it other people weren't like I wouldn't have killed an elephant because it killed a I mean elephant's worth so much more than one because they think that those coolies are those PLS and they're the Bottom Rung and this isn't Orwell saying this this is the other commoners and the other Burman or Burmese okay so they had this societal structure playing out in their town in their town maybe because of some of that English influence of colonialism and how things are run and how things work back home in London and and other parts of the world maybe that has influenced them and how they perceive other people um but yet it's just a brief little element to kind of highlight you know that integral part of our unit um that we've seen reflected in a couple pieces and just the the last couple lines I often wondered whether any of the 's grasp that I had done it solely to avoid looking like a fool and not having people laugh at me and so that's the the ultimate ultimate reason um that he ended up doing it and so we see that pain that anger towards England towards why are we here why are we doing this and then I have to go and do this this is ridiculous I don't want to do it and we just really see the Ang I think this resonates a lot stronger we should understand it a lot stronger just because we know where Orwell eventually eventually runs into the novel 1984 but now we can see him as a young impressionable uh it didn't say anymore how old he was did it 18 19 20 little bit older than you and yet these are your influential years and we can see that with him and if he has all this angst and just frustration we can ah that would explain some of the drama that was um you know evident in the in the novel 1984 so that's why I like to have Orwell way here at the uh at the end of our um unit after we've done the novel
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British_Literature_Lectures
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AngloSaxon_Era_Geoffrey_Chaucer_The_Canterbury_Tales_The_Pardoners_Tale_Lecture.txt
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the partner's Tale the irony of the partner's tale you need to keep an eye on as we read through this the verbal situational and dramatic the dramatic irony one is very obvious I think towards the very end when the final uh the final little moments play out now along the journey they are telling these stories okay and this particular story is the partner so maybe oh tonight's the wife of bath then Thursday night partner you can tell us a story when we stop for dinner okay great so the partner is going to tell a story and we know how persuasive he can be he makes monkeys of the congregation remember and so here we have him um with the uh uh you see his strength with the words we can understand you know how he's going to be preaching to live a certain way and but we know that he is a little bit of a hypocrite we know this okay so as the moral of the story plays out we understand what his intended purpose is okay and it's almost comical to us because all of the vices that are demonstrated throughout this almost all the vices I would say um definitely reflect back to the pardonner but the world doesn't know that because the partner keeps that covered up okay because he's a holy man and all holy men are good right um so page 117 pardoners ta we're going to listen to it um the the main premise uh there are I believe three young men who are just drunk beyond belief and they are told that uh somebody has died and that makes them upset so upset and enraged that they decide we are going to go out and find death and kill it capital d a t h as if death is a human person that could be found and killed you already see the they're probably going to have a problem doing that okay so look at the moral of the story and I think the story is kind of entertaining along the journey they find an old man on the side of the road and uh who helps steer them along the way all right the partner's tale kind of see a moral to the story there a little bit the old man had said what are you going to find you know they're looking for death he goes well if you want to find Death it's under a tree so finally get out to a tree what did they find bag of gold But ultimately what do they find they do find their death okay um let's go back to beginning on page 117 just painting a picture if you remember back at the beginning of the um introductory material we talked about how a lot of people died during this era you know there was all the wars and stuff but there was also plague uh a lot of people died if you've seen uh uh Monty Python um you know the bring out your dead scene where uh somebody's just walking down outside ringing a bell bring out your dead bring and they're pulling a cart with dead bodies on it seems kind of gross and andoros I guess in a way um but people drop bodies and they walk away because death was so common um so somebody brought out a body and dropped it and goes I'm not dead yet you will be you will be you know and then they pluck them on the head to so that they're it's it's British humor it's funnier the later at night that you watch it and the older you get um cuz I wasn't a big fan grow up but it's kind of pretty funny especially late at night so anyways um so kind of the at the beginning of this hearing the bells and hearing the the the call going on it's not necessarily bringing out a cart for your dead but it's signaling the passing of someone someone's died and so those people in the B go hey go find out what's going on oh so and so died so and so died and that gets him upset and um as you've seen in movies people that you know consume a large amount of alcohol and maybe don't have too much up here um that's usually not a good uh it's not going to turn out pretty um and that's ultimately what happens um and if you look on 118 you know we will kill this traitor death I say just that statement alone I know I preface this uh reading by saying that what they were going to go out and do but what a weird statement we're going to go find death and kill him okay you go do that you know we're going to stay inside um so those individuals go out and look and they come across an old man um a poor Old Man line 53 54 right around there who humbly greeted them and thus began oh god look to you my lord and give you quiet to which the proudest of these men of right so the the drunk guys go what old fool get place so get out of my way why are you all wrapped up except your face so why live so long isn't it time to die shouldn't you be dead old man is that a nice greeting in response to the old man go oh peace oh you guys are nice people how are you aren't you dead yet so you kind of forget the way that they you know that their personality and they're drunk and they're young and they're not treating the elderly very well and so the guys respond aren't you dead yet well you know the old old fellow looked him in the eye and said well because I never yet have found though I have walked to India searching round Village and City on my pilgrimage one who would Chang his youth to have my age and so my age is mine and must be still upon me for such time as God my will I've walked around and I'm looking for people who will you know who will switch with me but that's not happening so I'm pretty much waiting to die and I will die when who tells me when God tells me that it's time to die and so he's kind of waiting to die um in fact he says not even death alas will take my life and look at how he said death capital D similar to the capital D death that the young men are looking for and so bells are probably going to start going off in their mind here momentary like death death's not going to take your life well tell us where death is so he can take his life once again not too smart um probably the drinking helped with that um so since death's not taken the top of 119 so like a wretched prisoner at Strife with within himself I walk alone and wait about the Earth which is my mother's gate so look entrance to her grave um I knock knock with my staff from night to noon and crying mother open me to me soon come take me so we see an old man who's wanting to die okay who's pleading with the mother come take me take me to death take me so we see what his motivation is but the guys um are are real rough to this old man um oh line 95 the young men say a certain traitor death again proper noun who singles out and kills the fine young fellows here about and you're his spy by God you wait a bit and where he is or you shall pay for it so the old man well sir If It Be Your Design to find out death turn up this crooked way towards the Grove I left him there today under a tree and there you'll find him waiting score great young men are going to be happy they're going to get what they want to find death um and the old man says you know what go on I've tried with you but you're not speaking very nicely to me so take off um and so they don't have very good manners um and so then the rest of this is the young men dealing with we have all this gold what should we do so there's three of them they choose what draw straws figure out you know who's going to go the youngest has to go into town because they can't pick this go up and walk into town if you saw somebody walking on the street with gold what would you think a whole bunch of different things probably where'd you get it who do you have to kill to get that where' you rob that all of these different things and they didn't kill a anybody they just they found it okay but they need to sneak it in so they can't they have to wait till Darkness so they send a young one in to get provisions and you know some wine and have a nice time out here and we'll just wait until dark and we'll divide it up and go into town our bank accounts will be this will be wonderful um the moment the young one leaves what do the two that remain conspired to do kill them their friend that doesn't sound nice think about it pure math you're dividing something three ways what percentage 33.33 3 3 3 33 you kill one person what's your percentage you just got to raise this is the entire premise of the opening scene to a dark night right with Joker and the crew they're robbing the bank and everybody as they finish their Duty somebody shoots them person picks the lock shoots them opens a safe shoots them by the time they leave isn't it just Joker and the bus driver for the most part that's the thing because if you you're splitting things 10 ways million dollars I'm sure they were taking much more but you split things million bucks so 100,000 all of a sudden if you kill everybody but one person you go up to half a million it's just math it's just numbers and that's what they're thinking about so greed okay we've had them drinking drunk mean to old people and now we see them conspiring to commit murder and greed and actually they do commit murder and ultimately what happens as a result of that they die can you kind of see the moral of the story spoken by this person this religious individual who's in charge of pointing out what sins you probably are committing and you can come to me and get pardoned for it okay and so the young man goes he goes to the Apothecary and it turns out he poisons the wine so after they kill him they pick up the wine cheers mate we're half a millionaires millionaires whatever and they start to drink here's that dramatic irony moment I alluded to earlier because as we're listening to this aren't you thinking they're going to pick the exact wine didn't you think that you saw it happening so as they're drinking and they fall down dead you're like good you deserved it but really did they they deserved it as much as the other guy did I guess okay and this is the pardoner's point he's telling the story in order to get people people to think about their eternity these people they're probably not going to heaven folks they're going to hell look at everything they did in this afternoon and then they died they're probably going to hell you don't have to go to hell you can actually go to heaven but you need to change your ways and you can see how it can turn into pre a preachy type thing and all of you guys are feeling guilty so all of you want to come talk to me later with your pocketbooks in hand for pardon and salvation so you can be happy and sleep at night until you do your sins again and then you can pay more money and see how that kind of works out the cycle um anyway uh that's the pardon's tale moral to the story probably don't drink be nice to old people don't be greedy don't commit murder I mean these are all things that should make sense but these are ways that you should live your life and so the moral of the story because ultimately what could happen death could find you okay was it kind of neat to think about well they found gold they didn't find death but ultimately they did die so well I guess the guy's words were legit you will find Death they were just too blind and probably too blind drunk to really think about those words and the meanings of them okay and the repercussions for their actions so um a nice short one kind of gets a point across do you see how this makes a lot more sense to us and kind of more interesting to us knowing what kind of a person the partner actually is knowing how hypocrit he I mean he's greedy but the story says not to be greedy you see the contradiction so who knows what else that that pardoner is really doing probably everything in the story he well I don't know if he does murder but you know he he has a lot of vices and probably in his story is pushing upon those vices because he knows that he's not alone so
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British_Literature_Lectures
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Enlightenment_Era_Jonathan_Swift_Gullivers_Travels_a_Voyage_to_Brobdingnag_Lecture.txt
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now we're going to continue on to Brobdingnag and this is a much shorter one just a couple pages and in this particular land Gulliver is small and he's in a land of giants now he's not being like you know shrunk or anything he's just I'm gonna land now where everybody's much bigger okay what I want you to do is try to make comparisons between the small Lilliputians and the big brobdingnagian it's kind of fun to say rob big brobdingnagian okay look at how they view war how they view violence while the Lilliputians are quick to fight and quick to war what are the big guys like okay do they agree do they disagree what are their thoughts about Gulliver and then ultimately once again we have to keep thinking since this is Sarah what is Swift saying or trying to say by you know making Gulliver defend England and defend Europe a voyage to Brobdingnag here they almost treat him and he says you know I'm kind of like a pet you know a small little being that is here to talk and and entertain and tell stories about what life is like back home and he does again this is still a travel journal but it's just a different location he goes that the Prince took a pleasure in conversing with me inquiring into the manners religion laws government and learning of Europe wherein I gave him the best account I was able the the rudder on the purple and stuff upon completion of the stories we have kind of a neat little back and forth between the two individuals up mainly the the lead and in Gulliver now he says he was perfectly astonished with the historical account I gave him of our affairs during the last century protesting it was only a heap of conspiracies rebellions murders massacres revolutions banishment the very worst effects that avarice faction hypocrisy perfidious Ness cruelty rage madness hatred Envy lust Mouse and ambition could produce so the individual that Gulliver speaking to doesn't really think too highly of Europe and mainly where Gulliver's from England okay he thinks that their last century has been filled with I'm not going to read all those again there was a big one in there I was lucky to get through that word without messing up but there was a lot going on and it wasn't a peaceful place there was a lot of other problems going on in that situation my little friend he calls him grilled rig on 581 my little friend gild grilled Drake you have made a most Admiral pain Jurek upon your country you have clearly proved that ignorance idleness and vice are the proper ingredients for qualifying a legislature do you want legislators have any of those characteristics you don't want them to have any vices you don't want them to be you know ignorant idle sit and do nothing at all and having vices having faults you know what those people but you have proved to me that to be a legislator in your country you need these things now as I'm getting ready to talk remember think about Swift's motivation for writing us the English twisting the knife into the back of the English and the things that he is saying here because Gulliver being English is telling him the history and promoting all of these things about England and Europe but in essence he's talking about England that's Swift talking about sticking it to the British look at the things that they've been doing that there was a legislature that laws are best explained interpreted and applied by those whose interest and abilities lie in perverting confounding and eluding them so those people involved in in enforcing and making up laws are the individuals that you know you know their their abilities and interests are in perverting and confounding and in eluding the laws that they are creating do we see that even here sometimes lawyers or judges they could be corrupt individuals as well police officers they can be corrupt I mean we've seen it in movies right you know I'm not saying officer Nair is by any means corrupt if you want to tell him I said that though you could tell him I'm okay but I'm not really and I have it on video that I'm not really but anyway so what he's saying is a you know the the prints the the brobdingnagian are kind of chastising Oliver and his and his country and his continent for being horrendous people horrendous okay now what I wanted to talk about briefly because what I want to wrap this up here pretty quick is how we had the Lilliputians of small little people were very violent very loud and abrasive and warfare but we have these people who we might consider what gentle giants right Gulliver offers him some knowledge and this is where we really get to see that play out Garber goes in he goes nothing but an extreme love of truth could have hindered me from concealing the part of my story he says that on 581 because remember he's recounting this stuff to the readers he doesn't want to insult the English readers of this and remember this is all parody but the English would be reading this and they might be man who is this writer why is he telling us that he should have edited out but what he say is nothing but an extreme love of truth I am a journalist I must put fact in their stuff like that the love of truth could have hindered me from concealing this part of my story you know I am heartily sorry as any of my readers can possibly be that such an occasion was given that that all of this happened that I had to relay this stuff the last page on these individuals these giants you know these these gentle peaceful beings right around the middle right below that box there it says in hopes to ingratiate myself further into His Majesty's favor I told him of an invention discovered between three and four hundred years ago to make a certain powder into a heap of which the smallest spark of fire falling would Kindle the whole in a moment so what gunpowder eventually into cannons I know of an invention that was created and I could teach that to you and listen what cool things you can do and it goes into great detail the proper quantity of this powder rammed into a hollow tube of brass or iron according to its bigness would drive a ball of iron or lead with such violence and speed as nothing was able to sustain its force that the largest balls thus discharged would not only destroy whole ranks of an army at once for batter the strongest walls to the ground sink down ships this is the important part with a thousand men in each to the bottom of the sea and when linked together by a chain would cut through masts and rigging to divide hundreds of bodies in the middle and lay all waste before them let me tell you how to do it I can do it he got so excited surely you big people need this want this imagine what you could do and that's where we see the fault and the heirs of the English thinking and that's what Swift is really taking the knife out and just jabbing it back and forth again look at the how war faring they are okay and really bloodthirsty and such and the gentle giants are so appalled and you know so upset they says that the king was struck with horror at the description I had giving given of those terrible engines and the proposal I had made he was amazed how so impotent and groveling and insect as I these were Hugh's expression so these aren't my words as the writer these were his words because everything I'm saying it was from this other individual on that such a groveling and insect as I could entertain such inhuman ideas and in so familiar manner as to appear wholly unmoved and all the scenes of blood and desolation and that's really the last part to really focus on in here is about how this small little guy and really representing England and Europe but mainly England from Swift's point of view can go into such great detail yeah yeah I could teach how to do it so he doesn't really excite like yeah I can tell you - oh you you can kill a thousand people who wants him and and send all the ships to the bottom and yank blow through hundreds of people you know if you change to cannonballs together and just cut him in happen or you could just do it yeah yeah I can show you how to do is kill thousand people all right if you link them together it can blow through hundreds of people just cut them in half I kept four if you want you're talking about human life and you're either doing it very excitedly or very nonchalantly it's not what's its life and that's what they cannot grasp the broad big naggings cannot grasp or comprehend about the situation okay these are wonderful comparisons when they are put in lip books which they are always put in the books it's these two sections now of Oliver's travels is though it's not a huge book but it's a book okay a bigger parody and such but these two point-counterpoints hopefully I know I told you but hopefully you were able to find these elements of satire sprinkled throughout here that that shows that it is a great representation of of that type of writing okay and remember think what is the writer saying and don't forget don't lump him well this is British literature he's British no no no he's Irish which means that the stuff that he's saying and writing through the mouth of this English person might be significant and relevant
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British_Literature_Lectures
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AngloSaxon_Era_The_Seafarer_Lecture.txt
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the seare uh the building background very very key and very helpful for a lot of the literary pieces that we have throughout this year um you may or may not have picked up on that the switch in mood from Line 6 was it 63 to 64 64 right around there um you may have picked up on it on your own you may not have um but hopefully with that background uh you're able to be on the alert of it a little bit more um give you a little bit greater understanding the building background will be vital um when we get down the road in the Renaissance and stuff with some sonnets and poems and here and there where it gives us a little little bit of background on the author and that individual's connection to the person in the poem and otherwise we might miss out on the all that subtext um that you'd say oh it's still an okay palem I still get it but it means a little bit more and there's a little bit more substance behind it or under it um in that case so uh with this um we see a a big change and first off we see very Darkness very uh rough existence um the very first line This tale is true and mine uh so it's a real you know a retelling and again we don't know who the author is similar to bolf it's it's unknown um if this was a story that was passed around uh a speech passed around the way that this reads especially with the second half uh in play it it comes across kind of like preachy kind of like a sermon uh where one one could you know tell a story and then there's a moral to the story um and whoever wrote this uh the monk sat down the controversy is it's two different people controversy is that there's this story and so he wrote down the first two pages and then he looks no one's around no one's around let's put some Christianity into it and let's make this a moral and a lesson and so Scholars have argued that it is two different people because it is so different um look on page 75 just some of the world words and phrases just pop out uh showed me suffering the you know something in sorrow showed me suffering um you know it tells of Smashing surf when I sweat it in the cold of an anxious watch so when I'm on watch when I'm out here you know at night Darkness if there's no moon there's no light unless I guess it could have some little lanterns or something but you know in 5 6 800 1,000 ad I don't know what they would truly have um but uh and know Stars it'd be really dark and they need to be out there to listen for the sounds of waves breaking over reefs maybe other ships other boats things they could run into they don't have radar or sonar to keep track of that stuff um you've seen it in movies and pirate ship movies where they go up in the Crow's Nest and so they could look out and then they could see if it's getting too shallow ah steer it to the right you know they can do that but in darkness if you're on watch you're the only one out there in darkness just hearing the wave into the ship if the ship is still moving if it's not you're just sitting there in darkness think about that have you ever been in a pitch black situation you know I mean just pitch black I'm not talking about your bedroom where oh well the street light kind of comes through a little bit or my night light if it's not plugged in it's pretty dark no I mean like pitch black you know here he would be in almost pitch black and you would just hear the ocean or if there's no nothing at all I mean it just be kind of freaky kind of Alone um and so he says that it was so nerve-wracking and so bad and horrible that you know he sweated in the cold you not supposed to sweat when you're cold okay so it shows you that he had some concerns there talks about a hardship groaned around my heart hunger tore at my sea Soul no man sheltered on the quiet fairness of Earth can feel how wretched I was no man alive can feel how horrible I feel okay life is Pass Me By he goes on to the next page and so on talking about how you know the seasons change spring summer things Bloom everything's great but out here on the water really the seasons don't change temperature might go up or down a little bit right the wind Stills the same storms could come in but you don't get to experience that you know the springtime you know there's going to be a day in mid March where it gets really nice and the baseball team can finally go outside and softball can finally go outside out of the gym and it's just it's spring but then it will snow again later on but you have that day or two it's just really nice and you get to experience you know the blossoming trees and you get away from all the dead looking hibernating trees and plants and there's that season change and then ah optimism he doesn't get to experience any of that and so it's just Perpetual misery and hardship and no man on Earth can feel how wretched I truly am um page 7 76 another line talking about a soul left drowning in Desolation just there's no hope um you know I wish that I would be you know on land well you do get to go on land but then we go right back out again he has no body he has nothing and it's not a great existence it's like if if you were grounded some weekend and you know that oh we were going to go to the game and then go out afterwards and then go to so and so's house and and you know that all your friends are doing it but you are at home because of whatever reason you're pretty miserable you're pretty angry upset and you want to be elsewhere you're like 7:35 tip off oh now they're out at wherever and now they're at wh ever's house and you're pretty miserable pretty rough um and he has these thoughts these feelings um if you look down at yeah lenting about summer and the cuckoo and the singing and we don't have any of this around 55 to 60 and so on and all of these things just miserable it's horrible no one has feel how wretched I am and so now we have this shift and that's where you change over because instantly he goes thus the joys of God are fervent with life where life itself Fades quickly into the Earth the wealth of the world neither reaches to Heaven Nor remains and here's where we can kind of start to see kind of a sermon kind of a preachy kind of a moral to it um where you know whatever you have here on Earth you can't take it with you the money you have the wealth you've accumulated you're not going to get to take it because people do things in their life people live a certain way make decisions a certain way in order to acrw all this wealth all this standing and some of it might not be the way that God wants you to behave and act well but I need to provide I need to get all this money so well you can do that but you're not going to be able to take it with you there are some cultures uh Egyptians don't they um you know they tomb them up the big pharaohs and stuff and what do they put in there bunch of junk money spices things for the afterlife so you can have a comfortable existence and that's their their beliefs and so on whether it happens whatever who knows but here they're saying that you can't take any of that so no matter how you live your life you're not going to take it so you need to live your life by a certain set of principles and everybody kind of knows what that is down the lines of Christianity um there's a line coming up about kind of like the Golden Rule treat others as you want to be treated things like that um they say something similar um the days are gone when the kingdoms of Earth flourished in glory now there are no rulers no emperors no givers of gold as once there were when wonderful things were worked among them and they lived in lordly magnificence those Powers have vanished those Pleasures are dead the weakest survives and the world continues kept spinning by toil goes on to say that the soul is stripped of its flesh knows nothing of sweetness or sour it feels no pain bends neither in hand nor its brain a brother opens his palms and Pours Down gold gold on his kinsman's grave strewing his coffin with treasures intended for heaven but nothing golden shakes the wrath of God for a soul overflowing with sin it's kind of a neat line nothing golden shakes the wrath of God for a soul overflowing with sin there's a famous Song by Led zeppa called Stairway to Heaven you've heard of it maybe a little bit hopefully if not ask your folks grandparents about it it's pretty good um but there's a line you know and there's and so buying a Stairway to Heaven you can't buy a Stairway to Heaven this money doesn't do you anything the only thing that can get you up you know in the VIP area up that escalator up that Stairway to Heaven is to live a certain way the money trying to bribe God that doesn't work too well and that's what they're saying um there's a line 106 that I like death leaps at the fools who forget their God it's kind of like one of those mantras you know one uh should try to remember in order to live your life accordingly you know death leaps at the fools who forget their god um I was driving down south once and I saw these Billboards on the side of the road you may have seen them around I don't know if they're around here but all it was was a just with um the words what was it are you lost question mark God next one was turn here to find your way God and then if you turned right at that next exit there was a big church there to kind of welcome you that type of thing but there they use these spiritual sayings and different things like that to get you thinking about living your life all the time in a certain way and this is one of those things that just kind of I don't necessarily want to say it would be a scare tactic but yet you throw that up on a billboard or a bumper sticker people would probably start to take notice a little bit um but death leaps at the fools who forget their God he who lives humbly has angels from Heaven to car him courage and strength and belief so those individuals that even if you're wealthy and stuff you still need to be humble you still need to live your life a certain way and if you struggle if your life just seems horrible kind of like the guy the Sailor the speaker you will have strength and courage brought to you by Angels you will be protected think about what is going to happen after this life look at the goal look at the end of the race what ultimately is there and you should be sad about it you should be positive okay but you need to live your life a certain way um I like this part here a man must conquer Pride not kill it so you can still be prideful okay you can still as it goes on to say that you know be firm with his fellows treat all the world as the world deserves with love or with hate but never time you can hate people you can hate things you can be angry but don't do harm don't act upon it still have your your morals and your understanding um we're going to do a piece down the road down the road where um you know uh somebody um doesn't treat nature very well and certain things happen to him as a consequence um and the moral at the end was you know don't harm nature nature is an extension of God if I wanted you to harm that thing I would have told you to you know that type of thing um and so these are all kind of the golden rules and we see the positive we see the light and that's why these things are so different the first half and the second half that people Scholars have thought that it's two different people um and I I kind of tend to agree we saw what uh you know the Christianity in bolf how that was sprinkled in and we know a monk would have sat down and done that and so it's pretty reasonable to think that they would do that here um I had a young lady a year ago who said uh I kind of think it's the same person I said why he goes well think about if it was a sermon or a speech being given you know you you set it up for look how lost look how destitute look how you know nowadays we see stories all the time so and so was on drugs or were homeless or miserable life but they got things together when they found you know a calling found the Lord found whatever it was and so by showing and since it's a a firstperson account um they can speak with uh pretty uh uh resounding uh evidence and so I I kind of like that idea um I don't know which way I go it's not important um the main thing is um figuring out the mood and seeing how the mood definitely shifts from one half to the second half okay that's pretty big and pretty important
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British_Literature_Lectures
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Enlightenment_Era_Charles_II_Declaration_to_London_Lecture.txt
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charles the second declaration to london when he came back and started the restoration era um a lot of issues were going on the puritans had shut down theaters and there were a lot of uh really bad policies that he didn't like so he had to fix some of that now he allows women as we said in our introductions uh to the unit a lot of women on stage now and art is flourishing now and he has to pick up the pieces of this tragedy just like politicians come in now and then they have to pick up uh the scraps of what the previous administration had had done uh good and bad uh mostly bad is what we hear about you don't hear about the good and so that's what he's saying is in the first place the woeful experience in this late heavy visitation has sufficiently convinced all men of the pernicious consequences which have attended the building with timber so ultimately that's three lines of saying um you have seen the problems based on the fire how everything is built with wood and so that's an issue because what if this happens again and so what it's it's a call to action for the future building of things to not incorporate timber as you know in their building look at what he said about brick he says the most notable benefits of brig which in so many places have resisted and even extinguished the fire because brick doesn't burn hopefully you knew that and so if buildings were made of you know most of the buildings were made of brick the fire would have been not as damaging maybe it would have stopped and so he has ideas for fixing this so it doesn't happen again i would imagine fire was a common thing back then maybe not let's torch the whole city but how do we deal with it and so they're coming up with ways and one of which was brick he also talked about if you look at um right after that if anybody builds with timber and goes against the law the first person to come and inspect man shall come around and we'll rip your house down we'll make you rebuild it because you're doing it wrong because your timber building is threatening everybody else's and so that's a problem he also mentions stuff about the the streets we're going to make sure that they are wide enough okay that hopefully if this happens again it's less likely that the flames can jump across because if it's a very narrow like between the desks and stuff if it's very narrow streets for one or two people flames can easily jump we've all been in bonfires before where wind can shift and you see the flame move back and forth and if that happens and it can jump the street that's a problem so we're going to reassess our layout our street layout and alleys and lanes we're not going to even do unless it's strictly strictly necessary and we'll have a committee come together in order to take a look at that and it'll follow the same rules and so he's doing a nice job of making sure this doesn't happen again and these seem pretty basic and simple uh don't use wood yeah but what did they have back then they have a lot of sheet metal and pvc piping and no and so they use what they what they had um you know this is 400 years ago um uh more than that actually well we're right around 40. yeah my mouth's all off today um but it was also about the river we need to be further back from the river for the same situation okay we don't want things jumping we want to keep the flow of pedestrians and boat traffic and we don't want to suffocate everything and then lastly talking about these different traders that uh you know have their smoking these different traders that utilize fire you know that's a that's a big problem when everything around is wood and so they need to be very careful you know where they're located whether we allow it because it's dangerous not just for the smoke and that it produces secondhand smoke things like that the smells uh but also that fire is is really difficult imagine blacksmiths can they do their job without fire no remember that fire fire then bang bang put it back in pull out bang bang that type of thing and so you can imagine that they had certain restrictions them and other types of jobs for going forward so another uh piece of nonfiction in conjunction with the the fire of the sam peeps article we just read a little bit ago his diary um so good nonfiction this is true this is what happened and it's kind of neat to see the written word not just in a fictitious state but what really was passed out amongst the people and decreed and you're hearing the same words from this king that the people 400-ish years ago heard as well so that's a it's kind of cool if you like that so
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British_Literature_Lectures
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Renaissance_Era_Elizabeth_I_Speech_to_Troops_at_Tilbury_Lecture.txt
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speech to troops at tilbury um a lot of interesting information on her um you don't need to necessarily know for the test on 254 or so but it helps to understand the the you know the character that she had why she was such a strong ruler why she was so much loved and revered and up to even now um i may have told you the other day that you know along with her maybe queen victoria in the 1800s i mean those were the two big time uh monarchs or queens kings of um of their history that especially females um so very uh very integral woman in history and it's kind of neat to see uh a little bit about what she uh believed and such um interesting underneath the political savvy area there i'm talking about how you know she had a was it a cousin mary queen of scots you know attempted to kill her but she put her in the tower of london and then eventually after repeated attempts as assassinations then she finally had her executed but she seemed to be somewhat of a merciful individual you know not so bloodthirsty like bloody mary her older sister or older half sister i guess um so uh it's always important to remember that timeline that we went over in class the the henry's daughters and such how this one was more accepting of religion of allowing you to you know practice what you like even though she um held on to her father's belief really kind of neat to see how smart she is look at the bottom portion of that paragraph where we stopped talking about possibly hinting hinting at a possible marriage to king philip ii of spain elizabeth stalled him from attacking england until she had built a stronger nation with which to resist a spanish invasion now you got to remember the very first wife of henry was catherine of aragon she was the spanish uh ancestry spanish nobility okay so in spain's eyes she is the true king so she excuse me she's the true queen and all of the others don't count they're null and void so that means any offspring of the others would be null and void she's the daughter of anne boleyn the one who he re married after the divorce and so other people consider elizabeth and that bloodline to be no no we should be able to put somebody in line because queen catherine and it was bloody mary but queen mary they're gone so now we get to put a family member in there and so they were thinking about invading and she kept kind of flirting with phillip not necessarily saying she's going to marry him but not necessarily saying she's not and as she's stalling him she's building up her her navy okay if you heard of the term spanish armada okay i mean that was the biggest wonderful strongest naval you know very famous um you know in the early world and she kind of kept stringing along so she built her you know maybe back here so that when they eventually do invade because they do and that's where our speech to tilbury begins um you know she has something to counter with it because if she didn't they could probably just come and overrun them and swarm them okay so really smart smart woman very interesting we found out you know a little bit more how she chose not to marry you know things like that because could you blame her seeing what happened to all the women that her dad you know her dad wasn't the pillar of you know that's the way a marriage should run and so you know didn't didn't go with it um on the building background of 255 uh the speech to the troops at tilbury um they're getting they're on the point of england on the water where when spain is coming the armada is coming and when they make landfall it's going to be here and there's going to be a battle kind of like if you've seen the movie troy okay when achilles and brad pitt show up okay they make land on the beach and there's a battle right away and they secure the beach before the rest of the you know i think it's rest of the greeks show up and it's very similar here uh they are getting ready to welcome in an invading horde force coming to take over their country people would probably be a little scared okay you have the greatest armada navy armada coming and probably going to overrun your country which isn't i mean geographically it's not that big is it no you know and so it's not even uh you know they're not even united at this time it's just really england um there and so um you know they're worried now this is a very famous speech and we're going to refer to this again a couple months down the road when we talk about winston churchill you heard about him from world war ii he's going to give a speech both of the speeches are given to their followers they're they're people that they're responsible for commoners and such um and each one of them is you know impending doom with uh with uh what's his name churchill it's the nazi invasion in hitler going to come and start bombing and we're going to look at how he talks uh you know talks them up and gives them pride and gives them hope we're going to see her do the exact same thing they're just going to be several hundred years in between but yet they're both strong and very resounding okay listen to the selection speech to the troops at tilbury elizabeth the first my loving people we have been persuaded by some that are careful of our safety to take heed how we commit ourselves to armed multitudes for fear of treachery but i assure you i do not desire to live to distrust my faithful and loving people let tyrants fear i have always so behaved myself that under god i have placed my chiefest strength and safeguard in the loyal hearts and goodwill of my subjects and therefore i am come amongst you as you see at this time not for my recreation and dysport but being resolved in the midst and heat of the battle to live or die amongst you all to lay down for my god and for my kingdom and my people my honor and my blood even in the dust i know i have the body but of a weak and feeble woman but i have the heart and stomach of a king and of a king of england too and think foul scorn that parma or spain or any prince of europe should dare to invade the borders of my realm to which rather than any dishonor shall grow by me i myself will take up arms i myself will be your general judge and rewarder of every one of your virtues in the field i know already for your forwardness you have deserved rewards and crowns and we do assure you in the word of a prince they shall be duly paid you in the meantime my lieutenant general shall be in my stead then whom never prince commanded a more noble or worthy subject not doubting but by your obedience to my general by your concord in the camp and your valor in the field we shall shortly have a famous victory over those enemies of my god of my kingdom and of my people okay we're going to talk a little bit about her her rhetoric her use of words you've studied speeches throughout your schooling um studying jfk speeches or martin luther king speeches you know what makes them memorable what makes them strong you know repetition here and there you know throwing in maybe some illusions here um but this is a very strong piece because i mean just imagine the impending battle that's coming and you're talking to people who are laying down their lives for you the queen and she comes down amongst them excuse me the very first line you know my loving people the greeting we have been persuaded by some that are careful of our safety to take heed how we commit ourselves to our multitudes for fear of treachery so we've been persuaded by some we've been told by some to you know be careful because of treachery we shouldn't be walking around armed masses for fear of my life that's what some people are telling me but i assure you i do not desire to live to distrust my faithful and loving people let tyrants fear let those bad people dictators fear why would i be fearful of my people that i love so much she's going to do a very good job and you'll see some examples here when i bring them to light of bringing herself off that pedestal and bringing herself down to their level and making them feel much much better and much more at ease so let tyrants fear i have always so behaved myself that under god i have placed my chieftain strength and safeguard and the loyal hearts and goodwill in my subjects so i put my life in your hands and i'm gracious and happy to do so therefore i have come amongst you the next line i'm going to live or die amongst you all to lay down for my god and for my kingdom and my people my honor and my blood even in the dust we have this parallel structure okay this is a lit term that you guys will have if you haven't had this already you know this kind of repetition that the same type of sentence structure it's for emphasis okay you know my uh was my god and my kingdom and my people my honor my blood even in the dust i've come to bleed with you now do we really expect her to pick up a sword and start fighting with him no and it even says that here later on but she is still there in spirit nonetheless and still agrees with the cause and such and here's where it gets real go real interesting in that how she kind of equates herself to them but really shows them hey even though you know we're commoners we are still english and we are still strong and resilient i know i have the body but of a weak and feeble woman but i have the heart and stomach of a king and of a king of england too so i see you you guys see me an old weak woman but i have the heart and stomach of a king and not just any king but a king of us a king of england so i have the resolve i have the strength intestinal fortitude to really kind of take this to the next level with you guys um and i take uh and think foul scoring that parma or spain or any prince of europe should dare to invade the borders of my realm to which rather than any designer shall grow by me i myself will take up arms i myself will be your general judge and rewarder of every one of your virtues in the field so anything you do here i will reward you i'll praise you i will be here for you i will support you again do we expect her to be out there fighting with the sword and shield obviously not okay obviously not however you know she is still saying that i'm here for you we are all together she appoints a lieutenant there towards the end to command uh my presence out here so he's kind of my my proxy and he will be out here with you and imagine i mean a pep talk this is a big rallying pep talk cry it's kind of like um one of these type things in in impending doom if you ever see the movie independence day just a blow em up space alien movie it's kind of interesting wolf smith um right at the end they're getting ready to fight all of the the alien spacecrafts and the president of the united states gets up on top of a plane and addresses all of the crop dusters and regular skydiving pilots i mean just normal people but he's getting ready to suit up and fight with him now in that one he's going to fight because he's used to be a fighter pilot but um you know he brings himself down to their level and he gives that big speech today you know we fight today is our independence day title of the movie okay and so we will you know we are going to face extermination and we will fight and have our independence and blah blah it's very similar to this the spanish armada horde of aliens invading that type of thing but we still see this type of speech played out in movies and tv shows all the time but this one is you know hundreds of years old by one of the greatest rulers in english history and a great woman role model so that's a an outstanding outstanding piece the very last line look at those last two lines we shall shortly have a famous victory over those enemies of my god of my kingdom and of my people look at the order of that one might say that the very first one is the most important couldn't you look at it and think that the last one is the most important and my people think about who her audience is these people going to almost certain death and to fight for her and yes they are coming to attack her god because they aren't you know a catholic nation anymore they're going to come and attack my kingdom which is all my people but they're coming to attack what i hold most dear to my heart my people okay so this is a wonderful speech it's very short it's a great speech to look at the word choice in order to get the message across and it reads pretty well i think there's a link on moodle if you want to take some time to look at it later uh from the movie um i think it's queen elizabeth it was with a helen marin who won the an oscar for playing elizabeth in a later movie um but she she i think it's just about half of the speech you get to see and you see her walking around amongst everybody while while giving the speech and you see her smiling and everybody yeah you know it's kind of you know braveheart before the big battle yeah fight for whatever and everybody's like you know that's the type of mentality that uh that showed up here as a result of her words um so a very good speech and and you know it's it's non-fiction it's real the other stuff you know poetry and that type in fiction we read but you know kind of a historical document here so that's kind of neat
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British_Literature_Lectures
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Modern_Era_DH_Lawrence_The_RockingHorse_Winner_Lecture.txt
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so rocking-horse winter the main reason we we incorporate this in this timepiece it showcases the that class structure that we've been talking about a lot okay the the role of a you know we in the past we have the proles and the higher-ups but here it deals more with the individuals who live beyond their means in order to put on a show for something that they're not they dressed a certain way or they try to live a lifestyle that they really can't afford we saw this a lot in the last handful of years with our economic problems people buying house is that they can barely afford and then if there's any sort of hiccup at all then they miss a payment then it snowballs in it and they're toast you know they wanted that extra you know even though you can get a loan approved for two hundred fifty thousand it doesn't mean you should get one for two hundred and fifty thousand okay it's like maxing your card out right away so we have a family the money is struggling the kids pretty much tormented by it and it leads him to his death you know there's always a pressure that we need more and more money there's a lot of pressure put upon the kid because he has a special ability where you know riding his little rocking horse he can see the future you know as a sports fan I would love to know that wouldn't you how many of you have watched a football game would like to you know I wish I would have put money on that game Mike Tyson got knocked out in Tokyo by Buster Douglas it was a craziest odds in the world I can't remember 50 or one that this Buster Douglas would win it was just unheard of and he knocked Mike Tyson out who was a bad man back in 88 89 90 round then that's one of those things like man I wish I could just drop ten dollars on you know I mean but of course you know being greedy and such I'd probably put everything I could afford and people think I just I was nuts but anyway so this kid and his uncle devised a plan where they are going to the kids gonna rock on a horse come up with a name and the uncle is going to go place a bet and they start to win and they win big however that money kind of seeps through their mother's fingers they even set up a neat way to get her the money without her really knowing where it came from and she could provide for the family and make things better and not so strenuous and stressful however she starts to buy other things to help keep her lifestyle the way that she wants to be portrayed and that adds additional burden just like putting more and more weight on that kid and that kid should not be the you know the the lone breadwinner of that family have this stress on him and he rides that rocking horse in the visions not coming to him and so he just goes longer and longer until it comes or in case that's very any erosion ends up just rocking himself to death it's really sad it's sad that the you know the the problems of the mother of the family has pushed this kid to to such extraordinary means and ultimately the innocence of that kid was stripped away and things that he should have been just playing on his horse not riding it in order to come up with the payment for the house for the next month or you know whatever did the example would be so there's a struggle there and so that it's a the motivation of the you know the mother to get money the motivation of the son to get money it's a lot different we talked a lot about a lot about motivation of a character with a loser named rosemary in a cup of tea just just the other day you know her motivation throughout the piece changes whether was to bring home the little girl for whatever reason the husband's motivation not really having too much he's barely on there but her motivation at the very end with her husband is much different than what her motivation as a character was earlier on and so here we have even though the same goal is to make a lot of money and keep money the motivation is to provide for a family or spend okay it's much different and his actions uh you know are really tragic so take some timing and get through that story if you did not get through there
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British_Literature_Lectures
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Renaissance_Era_Christopher_Marlowe_A_Passionate_Shepherd_to_His_Love_Lecture.txt
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all right Christopher Marlowe a very interesting guy very controversial ending to his life I always found this interesting achieve I always find it interesting we go back and read it because for a split second I kind of forget you know his supposed secret life as a spy I mean when I think spies we think of spy movies nowadays we think of James Bond and gadgets and espionage and people knowing multiple languages and sneaking in I never think about you know walking around Shakespearean time and somebody is a spy for somebody else and that thought just kind of interests me you know what I mean like the the shady dealings in pubs and bars and back alleys and what truly can they spy on that type of thing Marlo is very very famous not just because of you know his spine his uh his death at the end but you know I mentioned early you know their courses in college it's just called Shakespeare there's some called Chaucer there are some called Marlowe very very famous he's a side character in the movie Shakespeare with love which if you haven't watched you probably should watch him won Best Picture in like 98 I think it beat Saving Private Ryan but it was it's a good movie and there's a character Marlowe and just side by side with Shakespeare in the portrayal of the movie Marlowe is heads and tails above William Shakespeare in ability and he was widely you know it was funny because people were auditioning for the Shakespeare plays that Shakespeare is putting on but everybody kept memorizing Marlowe lines from his plays and his works to audition for Shakespeare nobody was memorizing Shakespeare's work so everybody really liked like Morrow yeah a lot of people think that the the spy story was legit you know and then people like well no it was just a bar fight somewhere like oh it was an assassination others were you know talking about I mean if it was fighting over a bar tab why would you get stabbed in the I can't really pay off your bill if you're dead you know I mean so that's where some of the the scholars are going back forth like yeah that's not legit but interesting life interesting story if you ever wanted to do more reading on him I think you would be a fascinated to some degree the next page a passionate Shepherd to his love this is the first of two pastorals that we are focused on this is a litter mitts very importantly understand it they're really three types of poems we're gonna focus on in this unit sonnets which will nail out the next day poet pastoral and then metaphysical poetry at the end okay sonnets we spend more time with and then passionate shepherd and the pastoral so we do a little bit less with but as you see the pastoral the passionate shepherd to his love was not meant to be realistic but instead an idealized celebration of the natural life okay the natural life not the industrialized busy smelly this is nature at its finest so however you have to remember that it begot because you hear pastoral and you probably think all great it's a religious palm well no no you know nature maybe think of pasture like the meadows to help remember it I don't know but it's a way of celebrating the natural life the common life maybe the country life however you want to remember it you will see that played out in these next to past roles and say oh that's definitely a pastoral but it's important to my mother because people will miss these questions on the final exam simply like what kind of a poem is this people go saw on it and when we see sonnets you will realize that this is far from what a sonnet even looks like but pest rules are pretty important wireless poem suggests the dissatisfaction of urban people yearning for the lost innocence of a simpler time in place the simpler time in place the natural life okay and we'll see this here in a little moment these next two pieces by Marlowe and then whoa Sir Walter Raleigh on these are like the most famous pastoral these two and almost every lip book you will find will have at least two past roles in them and the first two that you will find will be the two that we do here so these are pretty pretty famous the first one the passionate Shepard to his love okay there are some repetitious lines that happen pay attention to those think why do you think the OHS are repeated do you think there's a significance but think about that natural natural beauty that natural life that we were just talking about what makes a pastoral we have a passionate a passionate Shepard pretty much proposing to his love to this woman and he's promising her all of these wonderful things and look at those nature elements that we see here listen to the selection the passionate Shepard to his love by Christopher Marlowe come live with me and be my love and we will all the pleasures prove that valleys groves hills and fields woods or steepy Mountain yields and we will sit upon the rocks seeing the Shepherd's feed their flocks by shallow rivers to whose Falls melodious birds sing madrigals and I will make the beds of roses and a thousand fragrant posies a cap of flowers and a curtal embroidered all with leaves of myrtle a gown made of the finest wool which from our pretty lambs we pull fair line slippers for the cold with buckles of the purest gold a belt of straw and Ivy buds with coral clasps and amber studs and if these pleasures may they move come live with me and be my love the Shepherd Swain's shall dance and sing for thy delight each may morning if these delights the mind may move then live with me and be my love okay the very last line is repeated in the last two stanzas ultimately what's he doing he's proposing to her to come live with me and be my love babies as they winters wasn't was this a pretty poem a lovely poem come look at all these wonderful things I will give you okay just look at the picture and the setting that he portrays you know come live with me and be my love the first line and we will all the pleasures prove that valleys groves hills and fields woods or steepy mountains yields all of these plug come live with me and you'll see the pleasures at all of these nature settings all these natural elements can provide you we will sit upon the rocks and seeing the Shepherd feed their flocks by shallow rivers to whose Falls melodious birds sing magical we're going to sit on a rock and look out over the field with the the Shepherd and his sheep and a little babbling brook next to us and the birds are gonna be singing can you just picture that you don't hear car alarms going off you don't hear factories you don't hear honking sirens whizzing by can you just imagine that the prettiness of that and if you were there with somebody loved that be semi romantic especially if there's no smell of you know manure in the area that could really make it horrible and I will make the beds of roses and a thousand fragrant posies a a cap of flowers and a girl embroidered all with leaves of myrtle a gown made of the finest wool which from our pretty lambs we pull fair line slippers for the cold with buckles of the Pyrrhus coal do we see the natural element I mean the stuff he's providing for he's getting from nature if you're getting cold I'll make you some slippers I'll put little gold buckles on them and we'll make all of these other things for you I'll make you you know a cap of flowers and just really pretty and real romantic you know talking about a belt of straw and Ivy buds with coral clasps and amber studs if these pleasures maybe move come live with me and be my love if these move you come live with me and I will do all of these for you all will provide all of these all of them and then the last two lines again if these the lights thy mind may move then live with me and be my love so if you are liking these things and you love me as much as I love you come and we will have a wonderful life together so very pretty a very loving poem and that is a passion Shepard to his love
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British_Literature_Lectures
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Victorian_Era_Charles_Dickens_Oliver_Twist_Lecture.txt
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Oliver Twist Charles Dickens made into countless movies TV shows different you know the BBC and England has done several versions very famous Hollywood musical called Oliver I believe won Best Picture in the 60s so overall movie it's you know a musical play that people can do and perform very famous this particular piece is taken from you know the novel so this is a very short section and this is part of the exposition which as we know from our plot diagrams and triangles and all that it's just basic background stuff that you need to know before we can really get going in the meat and potatoes of the story I read this piece in my English novels course I took as a grad student I enjoyed it and I hated great expectations when I was a freshman you guys read that I believe I mean with a passion I remember it took like over 200 pages in my literature book and I remember putting it off until over Christmas break because then we come we came back into January for about two weeks before our semester ended and so I put it off and so I took it to Florida to read and I kept putting it off like okay well sit and read it when I turn the book in at the end of the year it had some sand in it I mean so maybe a lot of it was my fault that I put it off and put it off but I just never really got into it with all of her I did this little excerpt is so small you just get to barely meet Oliver and get to see what a situation is the book is so enjoyable there's a lot of action and plot he is an orphan who gets pushed out of the orphanage and really kind of has to live and fend for himself he's recruited into a gang of thieves kids kid thieves you may have seen the movie all of her and company the Disney movie with the cats and stuff right and dogs that's based on this it's called Oliver and he's a thief and that okay and there's another kid thief named that a Dodger The Artful Dodger is his name and they all work for one older man named Fagin who is in charge of all of them he gives them food and housing in a you know horrible conditions but you know he's kind of even though he's in charge of the thieves he's kind of a good guy because he does care about them but yet he's in charge the thief so there's that kind of morale you know do we like him or doing not but anyways he runs into he befriends at some attractive lady you know prostitute there's a man who goes and kills and chases all of her and he's connected with the process I mean it's just there's a lot of action I mean not like you know Armageddon action or die hard action but yet it I was like wow if great expectations had a smidge of this I'd have enjoyed it much more so you may enjoy that if you ever have to read that in college or you want to read it just for you know for a classic piece we're going to listen to here in a second again pay particular attention to the how the children are treated because remember in this era the Victorian era the child labor and all of that even though it started in the Romantic era William Blake and all of his poems that we talked about it still is prevalent here if they're treated like you know almost like a prison the amount of food that they're given because they're considered the lowest of society these people don't contribute these kids don't contribute they don't have any parents and so it's a real rough surviving up the kids are really treated a lot like prisoners okay the way that they have to eat the rations with which we see in the story you know what half a half a roll or half a biscuit on Sunday hey big spenders you know onions team and just they barely had any and for a little boy Oliver to speak up and he speaks up because well it's pretty much chosen and fate and all that but a kid was saying you know I'm I'm gonna I'm gonna eat this boy next to me I if I don't get more food I'm gonna I'm gonna die I got to do it and so everybody decided a well they believed them and so we need to ask for more and that's where little Oliver was in charge of figuring that out and being the kind of sacrificial lamb or the messenger and upon the conclusion of you know they were posted a scientist take this boy body in London can take him take him take him and we will pay you to take him it's like somebody comes by your house every week to pick up the trash but they pay you to take away your trash can't see how that plays out but thus we see you know the food that you know that with the board what they have to eat as opposed to what Oliver has to eat you know it doesn't really it's not equal and that's where we see where these orphans who aren't productive to society and don't have kids and you know our way at the bottom and we can see where that hierarchy builds up and we see greater representation of that in the modern unit when we get you know talking about that in great detail and so just a lot of the the not too much excitement in this particular chapter or section I think it said the background this is part of chapter 2 in the book and so we have a lot of exposition that needs to be set up so that the rest of the plot and the rising action and the climax and all that stuff can actually occur later on in the novel so take particular note of those elements of you know that how the children are treated just being able to say well they treat it badly that's not really good enough okay look at those specifics of how they live their life and really it's kind of troubling to think that children rubber treated in such way or children certain expectations were placed upon them and this particular time period and this isn't the beginning because remember we we had some experiences with Blake back in the romantic the chimney sweeper you know kids being forced to uh you know we're fearful of dying and such because of what they had to go through and you know kids just shouldn't have to have to go through that so
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British_Literature_Lectures
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Romantic_Era_William_Blake_London_Lecture.txt
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London page 760 now as I said the previous one um the lamb is a that was the sweetest one now we start to get a little bit darker okay I want you to in your mind paint a picture of what London looks like would you want to go to this particular place if they were painting this picture on their travel brochure would this be enticing for you to go to look at the the common man that's in there remember this is in the heart of the Industrial Revolution and so I told you earlier in the introduction that things aren't always that great as you know industry you know goes up goes up and so we get to see the Fallout uh of what happens to a society London by William Blake I wander through each chartered Street near where the chartered thingses does flow and Mark in every face I meet marks of weakness marks of Woe and every Cry of every man in every infant's Cry of Fear in every voice in every band The Mind forged manacles I hear how the chimney sweepers cry every blackening church appalls and the hapless Soldier sigh runs in blood down palace walls but most through midnight streets I hear how the youthful harlot's curse blasts the newborn infants tear and blights with plagues the marriage hearse London positive portrayal even even if you struggle to understand every single line did you pick out some key words to help set the tone and the mood um you know the very first stanza weakness marks of Woe you hear Cry of every man infants cry talking about mind forg manacles oh now the chimney sweepers cry soldiers are sighing there's blood running down walls harlots you know prostitutes cursing in the streets talking about plagues and and marriage hurt and that's not very sunny and cheerful and everything's everything's swell everything's great um it is a dark dreary place okay it is a dark dreary place um you know these individual every I wander through each chartered street now where the chartered themes does flow and Mark in every face I meet marks a weakness marks a well so as I walk down every street by the river everybody I pass I see this this longing in their face I see this weakness I see this struggle this defeat that everybody is going through in every Cry of man I hear it in every infant crying of fear in every voice in every band The Mind forg manacles I hear so in every voice I hear I hear these mindforge manacles these shackles these chains that people are creating upon themselves because the work environments in these places you know child labor laws those of you that have worked when you were younger you had to follow certain rules and stuff that's because of History children being abused in the workplace going to work when they are 6 7 8 n whatever to bring home money it was very dangerous a lot of kids died okay um people would work for barely any money almost all day to go home be with their family then do it again the next day and so we see these mind Forge manacles and people are crying he sees the weaknesses on people's face you know how every how the chimney sweepers cry in every blackening Church of halls and the Hess Soldier size runs in blood down palace walls just not a lot of positive imagery we have here especially when you have blood running down palace walls so maybe the blood of the soldiers and the wars and those revolutions okay and the sigh of the soldiers we can see that reflected on the The Palace walls you know defending our nation and such so we could look at this as London it's rough here but it's also rough abroad and even abroad it still affects us and impacts us uh here at home um and then ultimately to to seal the The beautiful landscape of London but through but most throw excuse me but must through midnight streets I hear how the youthful harlot's curse blasts the newborn infants tear and blights with plagues the marriage hurts um if you hear a lot of prostitutes swearing and stuff and trying to you know find uh income and such that's probably not the best situation to have in a city you know what I mean you really don't that's not a great promotion for your particular City and we have that on top of all of those other things it's almost like a math equation the blight and the plague of a plus b plus C plus d equals London equals this wonderful place okay so these dark images okay we'll see more as we go um on in in the uh in the future okay London
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British_Literature_Lectures
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Victorian_Era_Alfred_Lord_Tennyson_Ulysses_Lecture.txt
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and read the building background of this uh ulses that's might sound familiar from your freshman year when you did uh when you did the odyy I believe okay have you ever thought about what happens to these Heroes when they get older you know what's the next chapter the next Story the next era of their life um I think of that with regards to uh Sports people sometimes football players tend to not play very long because of the impact that their body goes through and so some of them retire in their 20s because of injury concussions whatever maybe in the early 30s if they live a full life they have another 50 years 35 to 50 years what's that going to be for them a lot of them are broke and have no idea how to you know go about living and such and that's you know those are tragedies and such but what about these Heroes these these wonderful um examples of heroics that you guys read about uh in The Odyssey as fresh um you know when we talked about bolf we actually got to see you know not just his heroics as a young man with grindle and so on but we got to see and I think that was 50 years in the future too hope I'm not just making that up but it was considerable time had passed and they had all that peace we got to see him as an old person and we saw him um in in peace time and he had no opportunity to be heroic until that Dragon showed up again does this all sound familiar I know it was several months ago okay but here we have an individual who is now King okay and ulyses is for lack of a better term he bored okay that adventurer who had to go and and have all of these adventures and now all of a sudden you're sitting on a throne can you imagine how bored you would be there's a line in the movie um Vin Diesel movie in Samuel Jackson's triple X um you know he's like an action star and then uh you know they they recruit him to be a undercover agent lack of a better term and um they're pretty much blackmailing him to actually participate because he's you know so much I'm such a loner I'm not helping you coers you know all that stuff and you know Samuel Jackson goes you know what have you ever been to the zoo you ever looked at uh you know into the eyes of the Lions you can tell which ones you know were are being captive the ones that were cap capured in the wild and now stuck in a cage you can see it in their eyes you can see them how they're you know they're eventually giving up but that they are raging you know and dying in essence um and that was to push this guy because he was going to go to jail and rot in jail and so that eventually got him to come out and fight um but here we have a king who just has no nothing anymore he has a son um towards the end we're going to see how he uh has a plan to kind of have one last adventure okay so it's very short it's about 4 minutes long uh so follow along please ulyses by Alfred Lord Tennyson it little profits that an idle King by this still Hearth among these Barren Crags matched with an aged wife I meet and Dole unequal laws unto a Savage Race that hoard and sleep and feed and know not me I cannot rest from travel I will drink life to the leaves all times I have enjoyed greatly have suffered greatly both with those that loved me and alone on Shore and when through scut drifts the Rainy hiades Vex the dim sea I am become a name for always roaming with a Hungry Heart much have I seen and known cities of men and manners climates councils governments my myself not least but honored of them all and drunk Delight of battle with my peers far on the ringing Plains of windy Troy I am a part of all that I have met it all experience is an arch where through gleams that untraveled world whose margin Fades forever and forever when I move how dull it is to pause to make an end to rust unburnished not to shine in use and as though to breathe were life life piled on life were all too little and of one to me little remains but every hour is saved from that Eternal silence something more a bringer of new things and V it were for some Three Sons to store and hoard myself and this gray Spirit yearning and desire to follow knowledge like a sinking star beyond the utmost bound of human thought this is my son my known tacus to whom I leave the scepter and the aisle well-loved of me Discerning to fulfill this labor by slow Prudence to make mild or rugged people and through soft degrees subdue them to the useful and the good most blameless is he centered in the sphere of common duties decent not to fail in offices of tenderness and pay meat adoration to my household Gods when I am gone he works his work I mine there lies the port the The Vessel Puffs her sail there Gloom the dark broad Seas my Mariners Souls that have toiled and rot and thought with me that ever with a Frolic welcome took the Thunder and the Sunshine and opposed free Hearts free foreheads you and I are old old age hath yet his honor and his toil death closes all but something air the end some work of noble note May yet be done not unbe becoming men that strove with Gods the lights begin to twinkle from the Rocks the long day wanes the slow Moon climbs the Deep moans round with many voices come my friends is not too late to seek a newer World push off and sitting well in order Smite the sounding furrows for my purpose holds to sail Beyond The Sunset and the baths of all the Western Stars until I die it may be that the gules will wash us down it may be we shall touch the happy aisles and see the great Achilles whom we knew though much is taken much abides and though we are not now that strength which in Old Days moved Earth and Heaven that which we are we are one equal temper of heroic Hearts made Weak by time and fate but strong in will to strive to seek to find and not to yield so we have that that hero that one who's Longing To to go out and do anything really but not sit here um he talks about uh on page 15 um that little the first line it little profits that an idol King little prophets a king to be Idol just it doesn't Propet it it's not usually a a really good thing and so on um which is a nice first line um talks about roaming line four 13 or so um that he has become a name he ceases to be the man the hero he's just kind of a name a legend he doesn't feel like he's doing anything so I want you to be able to understand the frustration maybe The Angst that he has building up um on page 933 talking about you know that he had drunk Delight of battle with my peers far on the ringing Plains of Wendy Troy you've heard of the battle of Troy right not only a movie but you know he thinks back on that you know I am part of all that I have met yet all experience is an arch where through gleams that untraveled world so even though he's had all those things he he can look through an arch and just see the untraveled world the the Ventures that he has yet to have and he's getting really old so he probably won't have them since he's sitting back here doing nothing um talking about that uh uh how dull is it to pause and to make an end to rust rust unburnished not to shine in use and so I'm just sitting here rusting from age instead of shining in battle even if you have a sword that could rust rust over time he would rather have it rusting from use than rusting from not doing anything do we see these things adding up this plus this plus this equals frustrated and bored okay he has an idea to have his son telarus take over well I'm going to go away I'm going this is my son my own telarus to whom I leave the scepter and the aisle so he's going to be in control the last line of that stands that he works his work and I'm Mine He's fully capable to lead you to do what needs to be done he's going to do his work and I've got to do mine I've got to live I've got to do things um line 45 my Mariners Souls that have toiled and wrought and thought with me few lines down you and I are old old age have yet his honor and his toil so just because you're old doesn't mean that you can't go out and you know do wondrous wondrous things um on page 934 just to wrap it up he goes come my friends is not too late to seek a newer world don't stop don't stop the last few lines one equal temper of heroic Hearts we are made Weak by time and fate but strong in will to strive to seek to find and not to heal don't give up don't sit back and do anything we're going to have one more Gathering one more fight one more Adventure um and that's really ultimately what what they want because not only is he alone but those people that fought with him and travel with him you think they want to sit around and drink and do nothing these are adventurers they want to get together and go and fight or just live because they're not living they want to open up that cage door and let that Lion Spring out is ultimately what's going to do and so they may not they may not return and they fully understand that but they're fine with it because they are living one more time okay
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British_Literature_Lectures
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Romantic_Era_Samuel_Taylor_Coleridge_The_Rime_of_the_Ancient_Mariner_Lecture.txt
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too all right uh 804 804 and 805 rhyme of the Ancient Mariner you could follow along uh as we set up in class this is a narrative poem If you see the term narrative that means story okay um uh I think we had it we talked about this back around um maybe bolf time a while ago uh 806 807 this was written by Coolidge and as we set up and talked about Wordsworth they were Chums they were buddies they were probably the most famous literary Duo like co- friends that existed um you know back in Shakespeare's time there was a a I don't want to say debate it was more of a a friendly rivalry I guess you could say between Christopher Marlo if you remember him the spy who got knifed in the eye remember that guy yeah no someone um anyway we have him uh uh you know that's in the 1500s and so on but these guys are you know a little bit later on uh we have a collaboration between the two even though we only have it with the by line of one person cooler wordsworth's fingerprints are still sprinkled throughout the story The Presence of the albatross which we'll talk about in a little while um you know that was one of his little things that he contributed before he bailed out and stopped um contributing um part one on 806 80 7 did did we listen to a portion of this for this class there was one class that we got through part one but we didn't in the others okay the setting the main focus of the setting is an old man at a wedding pulls a young wedding person aside says I need to tell you a story man I got a party I got to I need to tell you a story and it talks about something in his eyes that transfixes him focuses him that he just I must listen to this story you've seen uh you know um um I watch the show True Blood anybody watch that show they have a thing where the the vampires can glamour people they call it which means erase their memory so after they abide him or attack him if they don't kill them then they can glamour them so they'll forget that they were even attacked and then they can go it's all in the eyes it's almost you know Aladdin ja Jafar with his staff right see I talk Disney you guys know what I'm talking about right that's exactly there was somebody Terra plumber she spent her 2hour delay watching lad and I said very good because she couldn't go back to sleep ask her about it she'll love to know that I told you um anyway so we have this story being told and there is a moral to the story okay it involves nature we'll get there in a little bit okay as we see the religious implications and so on uh the penalty that he uh had to endure for killing that bird and so on uh kind of his Penance his punishment you know there are certain religions and faith and you know monks if you've seen uh The Da Vinci Code that albino monk you know he inflicts pain onto himself as a form of penance for his murders and his his uh his transgressions against the faith and by inflicting more pain ah okay I'm being forgiven I'm suffering so so it's okay okay um so we see the albatross being used wrapped around the sailor's neck and it's a a big Winged Bird if you look at the links on Moodle you know the biggest wingspan and you drape that over somebody's shoulders and they have to carry it around almost like you know the preppy look of the the sweater you know that type of thing imagine a bird wrapped around you um so it's very very similar and who wants a dead carcass really I don't um so anyways that that's the Penance and we'll get to more of the morals as we go through the story um so 808 809 we might have we might have talked briefly about this but I I don't think we got into as much detail as I would have preferred um they're Sailors Sailors are extremely superstitious I'm a huge fan of the Deadliest Catch and they are extremely superstitious those Sailors there you know there's a certain Captain who every time they start a new string and pull up the first pot he's he's he's knocking on different things you know he has a bobblehead he knocks he knocks on things kisses a picture does all these things because if you don't do that it's going to be a horrible string and there'll be no crab in the in the pot okay they are crazy superstitious so the they're surrounded by Ice they're heading south it's not a very pleasant ordeal okay and remember this is if they don't have any wind they're not going to bust out the ores and start rowing across the ocean they have the mass up they have the the the sails opened but they're not going anywhere if that wind doesn't kick in and so they're down there surrounded by ice and there's fog and they're going very slowly and it's a horrible thing then all of a sudden this bird this Albatross you can almost can you envision it what this looks like just out of the Mist just these big wings just come soaring out almost like Jurassic Park right the pterodactyl just flying there um and so it comes out and it it just kind of the fog goes away all of a sudden they're LED out into good Waters things are wonderful and for some reason this guy decides I'm going to kill the bird why well we find out later I oh for whatever reason oh I guess it's crossbow you know so it's like that instead um anybody know what Star Wars character us as a crossbow chewbaca extra point for you that point can be redeemed for nothing just my respect uh page 809 so after he kills it imagine can you imagine the faces of the crew members upon seeing him shoot this this bird that has brought them all of this Good Fortune they're not too pleased if you look on 810 because upon killing the bird things kind of the breeze the momentum that they had just stops um day after day we stuck nor breath nor motion as Idle as a painted ship upon a painted ocean so we move about as far as a painted in a painting that doesn't move very far very fast okay okay and there's water water everywhere and all the boards did shrink water water everywhere nor any drop to drink cuz you you don't drink salt water if you're already thirsty and dehydrated you don't want to drink something water with salt in it that further gets you dehydrated and so they're surrounded by water oh glorious water but I can't drink a single drop none so it's almost torturous right it's almost torturous um the next paragraph this kind of important because this is the first time he mentions these pres this presence of a slimy creatures whether you know these some sort of serpents or snakes or something I I'm not really scared of too many things I don't think I'm not scared of snakes but there's something that creeps me out I might have shared this with you earlier something that creeps me out about a snake moving through water have you all seen those how they just they I mean they move weird on land and stuff but through the water it's just almost like they can just go wherever they need to and and get me you know there's no way I can really get away I don't know it's just a weird thing so that's me sharing with you for the day um so anyways he mentions these slimy things that did crawl with legs upon the slimy sea uh goes on about the the Blackness of the water and witches oil and and then um and then the very end almost for the Penance that we alluded to a little bit ago everybody's kind of fed up with like you know what dude you're going to wear this bird you're pennant just draped over your neck like this big weighted mat just hanging over all right so that just wouldn't wouldn't be very uh very nice um let's next part part uh three if you're following along with me it's a little warm in here today isn't it really yeah and I like it warm but this little I'm really little too maybe if I had short sleeves I'd be just perfect um so anyways as they're uh as they're just kind of hanging out not going anywhere because when there's no wind there's no motion all of a sudden this boat shows up on the horizon and the boat starts moving closer to him is that kind of weird how is that boat moving and we're not so right away we should understand that there's some weirdness going on okay that Supernatural type thing and so this boat pulls up right next door to them almost imagine you latching holding hands so that they can stay next to each other kind of uh booing next to each other dropping anchor and so on um the people on that boat if you look in the stanza with 190 there on page 813 talking about the nightmare life in death was she so we have two people we have death and then this woman so two people on the boat okay every time I see death I always think and I might have shared this with with you Family Guy the Grim Reaper always hanging around right so I mean it's it's a person personified individual of death uh when we did the what was that the the pardoners tale remember those drunk guys ran looking for death we're going to get them they actually thought death was a person to go and get here we actually have a a physical entity and they're doing some games some dice game whatever the game is who knows who cares but the dice or die is rolled the girl I win instant change okay take a look at these lines the sun Rim dips the Stars rush out at one stride comes the dark so instantly boom it's dark with far her whisper Over the Sea offshot the Spectre bark if you look Spectre bark where's my footnote of that ghost ship so boom gone the ship disappears takes off instantly I won they're gone it's darkness that Supernatural nightmarish qualities of the Romantic era are at play here but the the the freaky part is one by one the next page one after one by the star doged Moon too quick for groan or sigh each turned his face with a ghastly Pang and cursed me with his eye four times 50 living men and I heard nor sigh nor groan with heavy Thump A lifeless lump they dropped down one by one um if you've seen the movie Avatar okay when they're on Pandora and you know he's in the tree of life trying to tell them hey they're going to come and blow you up and if they unplugged his body back in Science Central I know that's not the name of it but you understand I'm going with his body his Avatar body just slumped it made no noise and it was just dead and lifeless we I know it's not dead but you get my point okay so here we have how many four time 50 living men and they all died they all just started falling boom boom boom boom without saying anything without groaning but as they fell their eyes were looking right at them because who caused all of this problem the mar the Mariner and so they can't swear at him and stuff they don't have time but just staring at him as they die and you've seen the movies when somebody dies you ever seen where they walk up to the body and go like this it's always such a tacky cliche shot because they die with their eyes open so one of those things you know they act to close their eyes um but imagine some of the bodies you know being however they fall they fall and they're in that position and if they're looking right at them they're looking at them and staring at them for eternity and so on um but yet he is the only one that survives uh as we move on to the part four we are teleported instantly back to the setting of The Story which is the wedding okay the wedding so the party go I fear thee Ancient Mariner I Fear Thy skinny hand because you just told me that everybody on your ship just died but you're okay uh maybe you are death coming to talk to me so all of a sudden I the the the the the party goer the wedding go in fearful of you um he goes no I fear thee and I Fear Thy glittering eye and thy skinny hand so Brown oh fear not fear not that wedding guest this body dropped not down so I am the only one who didn't drop okay he still has his Penance too to suffer for all because he shot that bird that Albatross um page 8:15 so we are transported back out to the story where he mentions a thousand slimy things lived on and on because he still saw them in the water a thousand slimy things they went on and on and so did I uh I looked to heaven and I tried to pray but or ever a prayer had gushed a wicked whisper came and made my heart as dry as dust I couldn't pray I couldn't pray to God I couldn't get my forgiveness I couldn't I'm just stuck you guys have heard of purgatory right okay I'm not saying he's in purgatory I'm not saying like this is a TV show Lost where everybody's dead already and then they have an alternate universe no um but he's just unable to it was like MC Beth after he killed Duncan and he heard the Duncan son's next door you know say a prayer and MCB said I can't even say Amen because of what I have done is so bad I couldn't say Amen how horrible and he's in a similar similar boat here um Seven Days Seven Nights I saw that curse and yet I could not die so for a week he's sitting there in a motionless boat surrounded by 200 dead people cursing him with their eyes his imagine what that would look like in a movie how horrible that would be um down at the bottom this is where we see a big shift because he's going to release the bird here in a moment and it's not anything that he did uh he looks down in the water and he watched the water snakes around line 280 or so around in there how they coiled and swam and every track was a flash of golden fire oh happy living things no tongue their beauty might declare a spring of Love G rushed from my heart and I blessed them unaware sure my kind Saints took pity on me and I blessed them unaware so he couldn't pray he couldn't do any blessing before but all of a sudden for some reason he was able to bless these watery things these snakes and this is only a very subtle thing you may have just blasted through this in reading it but every time in the previous Pages he mentions them it's always slimy H just h h floating around swimming around gross but the thing is those are elements of nature that bird he shot for no reason is an element of nature he wasn't respecting that bird he's not really respecting those things we're kind of getting to the moral here so okay and so all of a sudden after all of this weak of these dead people he is able to bless those unaware bless those things and it say unaware subconsciously he's oh what beautiful things so happy creatures and he's able to bless them and the saint allowed him to do so because he couldn't earlier the selfsame moment the same moment I could pray and from my neck so free the albatross fell off and sank like lead into the sea so the point of being like lead means it weighed a lot and it went away and so his Penance is done or so he thinks um part five the wind picks up he can hear it he can sense it where are we at where we at however if you've seen Pirates of the Caribbean when they say oh we're going to Tortuga or we're going wherever they have to climb up those you know the fun looking ladders of rope they got to unfurl the sails and do the wenches and these different things right so it's a a mini manyi individual job he can't do it by himself so he is not fully capable of harnessing the wind and so this is almost like straight out of some horror movie all of the dead bodies fill up St stand up and they go about their business and he's able to sail and go on um kind of condensing a couple parts all in one so we can keep this moving because I want to get to uh um you know your your unit test prep um we have uh uh all of these you know the the the the the ship is actually moving now and it's taking him home now the next part was kind of maybe was off for you a little bit where I had the the the Angels talking and the sounds and you could hear voices the American your voices and so on and those individuals are talking about has he suffered enough oh I think he's suffered enough he's he's okay he's gone I don't know if he's gone and as they're deciding yay or no yay or no his boat is going towards home back towards him oh he's okay no he's not back and forth back and forth being jerked it's like tug of war tug of war uh we finally see him allowed to come back home to his Harbor 822 823 so turn with me please we see him talk about the lighthouse top which we heard him talk about upon leaving his Harbor earlier in the story um a boat shows up and as the boat gets nearer filled with the hermit and the pilot and his son what happens to the boat that he was on with all of the corpses sinks it sinks all of a sudden it starts to take on Water I have no idea why outside of you know uh cover his tracks I mean he didn't do it you know those those beings those things maybe this was giving those Sailors a you've heard a Burial at Sea right maybe that's the way they want to they would want it go down imagine the story if they pulled up and docked next to this because the bodies the zombies the spirits had left and they'd fallen down again can you imagine rowing up to that boat you look up and you see the Mariner hi and and the boat is full of corpses that'd be like weird I would think um and so we have uh the uh he has to get off the boat and they pick him up and so on um page 825 we're kind of getting to the the last page here page 825 we are back he tells the story the pilot and the hermit want to hear about the story and there was something within him that said I have to tell them this story okay because just like those uh Canterbury Tales there's a moral to the story ready you good okay I don't want to speak too fast I want you to make sure you get it okay uh so he tells his story he tells about his his his actions and his penalty it's kind of like if you see a TV show now where you know there's a convict who does a crime he's released or she I guess ladies make crimes too and then they're released and they go to schools and try to educate and you need to hear my story so that you don't make the same mistakes I do you mean we're not supposed to go shoot Birds no that's not it respect nature because nature is an extension of whom God hopefully you got that from all of the Illusions sprinkled throughout okay so an appreciation of nature is an appreciation for God disrespecting of nature is a disrespecting of God and so on now is the Penance done is this guy totally on parole done don't I don't have to check out anymore what do you think yay no what does he still have to do tell the tale he doesn't know when he doesn't know to to whom until he feels a pain he feels his heart he just feels something that oh I just I have to do it I tell it and then I'm fine then I can relax for a while but as I go about until I feel that pain again I just you've had that before like there's something I I'm real my Moodle page is the bane of my existence I have the prettiest Moodle page you have of Any teacher don't I it's okay I know it okay okay I have so much stuff on there it's ridiculous okay I would spend an hour on that page just cleaning it up adding something maybe you know what maybe I can move it from here to here and it'll make more sense I don't want to be I don't want to get confused maybe if I move this here no maybe maybe here no and I just spend time doing that I could say you know it's fine and move on but if I ever find something on the Moodle page I'm like I just I'm going to be thinking about that until it's done it's kind of like if you ever have a charlie horse in bed at night and you guys know what I'm talking about your your calf just really locks up do you lay there in bed just waiting for it to get done if you do that's going to take you much more time to work it out you're supposed to get up and work it out I sit there and I just kind of punch at it to try to get it loosened up but you get up and you kind of stumble and it's painful like oh it's horrible isn't it it's horrible okay but you got to get it you got to get at it and the sooner you do it the sooner you can relax and so his Penance is I must tell this story um line 580 which forced me to begin my tale and then it let me free since then at an uncertain hour that Agony returns until my Gastly tale is told this heart within me Burns and I pass like night from land to land I have strange power of speech that moment that his face I see I know the man that must hear me and for this individual this wedding goer it is that himym he needs to he needs to hear it okay and so on um page 826 right around 610 or 615 around in that area so farewell farewell but this I tell to thee thy wedding guest he prayeth well who loveth well both man and bird and Beast he prayeth best who loveth best all things both great and small for the dear God who loveth us he made and loveth all okay whether that's the slimy ugly serpent creatures in the water or a beautiful graceful Bird that's flying okay you all think dogs and all those you know your cats are just beautiful animals you ever seen like a ferret or some little moles moles are the ugliest looking little things but you respect those the same you respect the things that are are nice that type of thing okay um so the last stanza he went like one that hath been stunned and is of sense forlorn a sadder and a wiser man he rose tomorrow mourn so the wedding gust he got up and he left he didn't go in and have a good time because he had all of this input all of these these things just told to him it's a pretty gruesome Grizzly tale a lot death kind of sucks to be those 200 men who died doesn't it so this one guy could learn a lesson it's just like we had the wife of bath tail remember the Knight who raped that young woman and then he ends up with a beautiful wife at the end well what about this woman what about these 200 guys and so on that's where we get to the moral of it okay
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British_Literature_Lectures
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Victorian_Era_Robert_Browning_My_Last_Duchess_Lecture.txt
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to her husband Robert Browning uh we get the other half of um you know the the other Viewpoint I guess of the uh of the of the marriage of the the love affair um we see uh him valuing that marriage and that love as much as she did um I don't know if you can say maybe even more I mean he longed for her afterwards um the statement at the end because they eloped went to Florence um 15 years later she died and he picked up his son and they went back to England and then he never remarried he said no I I buried my love in Florence he can't find love elsewhere is that kind of a it's sad but isn't it kind of a romantic notion you know he's still held on to her after you know after death and so on that that was his wife that was his love and he wasn't going to find anything greater um you know out there so why look um and so I think that puts a nice little rib ribbon on the uh on the love okay that we saw um from her background information but then also from her Sonic 43 and we see him reciprocating that uh to her Okay so we've established a little bit about him um his piece called my last Duchess on 981 this is considered a dramatic monologue okay it's one character okay to set up the picture to set up I don't want to give away too much um there's a picture okay this gentleman is giving a tour to another gentleman around his house showing him in the artwork showing him um this different statues the things and he stopped at this picture and he goes oh yeah I see you looking here this is this is my last Duchess my last wife okay and he goes on to tell a story um about her and about the relationship as we read it and listen to it think about was it a happy relationship ship things end well okay if it's his last one that means he's not with her anymore what happened see if you can answer that in your own mind and so on okay because the person he's walking around is a Suitor for another woman somebody came to him or he's out looking for another wife or somebody's coming to him to to try to to have him marry again and so he's just kind of showing them around is there a motivation for him to tell this story about his wife to this individual does he have kind of ulterior motives okay I know I'm throwing a lot out you but just kind of keep all those open in your mind a little bit so what's the purpose for him doing that what was their life like together him and his wife But ultimately why do you think he's doing this why do you think he's talking to this gentleman about her in this way okay my last Duchess by Robert Browning that's my last Duchess painted on the wall looking as if she were alive I call that piece of Wonder now fra pandolf's hands worked busily a day and there she stands Wilt please you sit and look at her I said fro pandalf by design for never read strangers like you that pictured countenance the depth and passion of its Earnest glance but to myself they turned since none puts by the curtain I have drawn for you but I and seemed as they would ask me if they Durst how such a glance came there so not the first are you to turn and ask thus sir was not her husband's presence only called that spot of joy into the duchess cheek perhaps fra pandolf chance to say her mantle laps over my lady's wrist too much or paint must never hope to reproduce the faint half flush that dies along her throat such stuff was was courtesy she thought and cause enough for calling up that spot of Joy she had a heart how shall I say too soon made glad too easily impressed she liked what air she looked on and her looks went everywhere sirch was all one my favor at her breast the dropping of the daylight in the west the bow of cherries some officious fool broke in the orchard for her the white mule she rote with round the Terrace all and each would draw from her alike the approving speech or blush at least she thanked men good but thanked somehow I know not how as if she ranked my gift of a 900 years old name with anybody's gift who'd stoop to blame this sort of trifling even had you skill in speech which I have not to make your will quite clear to such and one one and say just this or that and you disgust me here you miss or there exceed the mark and if she let herself be lessened so nor plainly set her wits to yours for sooth and made excuse in then would be some stooping and i' choose never to stoop oh sir she smiled no doubt when a I passed her but who passed without much the same smile this grew I gave commands then all smiles stopped together there she stands as if alive Wilt please you rise we'll meet the company below then I repeat the count your Master's known munificence is ample warrant that no just pretense of mine for Dowry will be disallowed though his fair daughter self as I avowed at starting is my object nay we'll go together down sir notice Neptune though taming a seahorse thought a rarity which klouse of inbrook cast in bronze for me while we're there at the end look at those last couple lines he starts to refer to other artwork ah well come on we'll just we'll continue the tour we'll continue walking along here so he gives you the the idea that we just are walking and oh yeah this is my last Duchess let me tell you about her and we're done and now let's move on just like that like like she was nothing did they have a wonderful marriage not so much okay now what happened to The Duchess we see back on uh to towards the end it says uh line 47 or so uh there she stands as if alive so I guess we can assume that she's dead okay I don't think that's too far of a stretch since he's looking for a new Duchess um was their marriage happy maybe at the beginning okay uh if you look at the lines uh around line 10 to 12 or so on um some might question as to you know the flush in her cheeks the little smile her eyes just looking you're not the first person to ask about that and well what is she looking at well sir was not her husband's presence only that called that spot of joy into the duchess's cheek so made her blush a little bit it wasn't just me it was other people and so we start to see uh some jealousy come out uh especially on that last page there um she had a heart how shall I say too soon made glad too easily impressed um people give her things and she thanks them um she thanked men good but thanked somehow I know not how as if she ranked my gift of a 900 years old name with anybody's gift so I might give her you know some jewelry or whatever oh thank you thank you thank you somebody commment her gives her something oh thank you thank you thank you but it's me I'm the Duke I brought you up from wherever and you are now nobility for the most part and you treat me the same way as you treat a common person as if you're ranking my name my family line a family tree that you are now a part of for a little bit longer as the same as some commoner giving you some trinket or so on um she smiled oh sir she smiled no doubt whenever I passed by but who passed without much the same smile this grew so this kept going this kept going then in the the highlighted text I gave commands and then all smiles stopped together so she stopped smiling for him as well as the other people so she did what she was told and stopped smiling looking flirting with other people but she also stopped doing that stuff with him he probably didn't necessarily appreciate that too much and there she stands as if she were alive hm interesting do you think he has some ulterior motives for telling this this story because we know she's dead now do we know how she died no can we think that maybe he did something I think that definitely uh as upset is he still is about that picture I think it could be said that something happened or if she died of natural causes he's not too broken up about it all right well if you want to get up you know we can talk about you know what's going to happen and the the diary and we can talk about what's uh you know hey let's continue our tour so I can show you the rest of the stuff but also think about it the person he's given the tour or two is really a Suitor a representative for another family for another female can you see this is kind of a little words of warning if I do marry her what should I expect you saw what happened with my last Duchess can you see how it's kind of a little subtle warning or could be taken in that way not that it is 100% that but I see it as a little bit of a yeah you uh you might want to might want to you know tone that down cuz look what happened I didn't stand for it she didn't do it anymore and that's my last Duchess she's there as if she were alive okay um so not like a love poem type thing uh but definitely a dramatic monologue something uh different and something uh of interest and note um ah
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British_Literature_Lectures
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Enlightenment_Era_John_Donne_A_Valediction_Forbidding_Mourning_Lecture.txt
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in there was a really good one two really good ones in this poll and that will read that you listen to it it's like what but then we break it down and break it down like oh that's an interesting way of thinking about okay okay that makes sense good so the father of really metaphysical poems John Donne very religious as you see on the next couple pages very significant and well you know well-respected theologian and preacher you know up until his you know his dying days you know his sermons would just you know people would come from far away to hear them and you know being yeah you know this was an individual because we called him a radical because of the metaphysical poem but this was an individual who all you had to do to graduate from Oxford was swear on oath or just say a pledge maybe like the Pledge of Allegiance you know but it like how we have the line one nation under God if you had a problem with God or you didn't believe in God you might not say the Pledge of Allegiance and if that's what would keep you from graduating that okay fine I'm not going to go against my beliefs that's what his beliefs were regarding the religion and such and he wouldn't say that at Oxford so he went through all of the schooling but he wouldn't say that Oh to the Queen because she didn't agree with the the religion and he was a you know ultimately he you know his that didn't affect his life too much with regards to where he ended maybe he would have gotten there sooner if he would have done it I don't know but an individual who who goes against the grain and does what he wants when he wants and how he wants which as a radical that's really the definition of one you know uncompromising your beliefs and we see that you know in his life but we also see it in the foundation of what metaphysical poetry truly is paid for 31 in the building background I just said a little bit ago the halle done was planning a trip his wife and had a premonition that something bad would happen while he was away she urged him to stay home and at first done heeded her warning but his friends eventually convinced him to go sensitive to his wife's suffering he wrote the poems were going to read and a valediction the one we're going to read is a farewell statement okay it's a farewell statement if I die blah blah blah page 433 a valediction as you go through this listening to it you the meters a rhythm it's might seem a little choppy there might not be the flow that we were used to with the sonnets how I just kind of wrapped around okay but remember that's the point the meter is going to be choppy you should be able to understand all the words you know use footnotes as you need them but you know very simple vocabulary is what was used for me I've been through this thing I don't know 40 times over the years the first couple stanzas are okay the third and fourth are kind of difficult to get through but what I want you to focus on is don't get discouraged because the second page it flipped that really quick I want you to find those extended metaphors those conceits what are they comparing two things something - something they do it a couple times I want you to identify those if you kind denta fie those we have succeeded okay I'm not looking for you to give me a summary of it into this entire piece I want you to be able to find those new literary elements that we're we're trying to identify and then we will go through and discuss them okay so notice the meter notice the you know it will be choppy and such look for the conceit think about while this you know how could the intellectual be you know stimulated by reading this a valediction forbidding morning by John Donne as virtuous men past mildly away and whisper to their souls to go whilst some of their sad friends do say the breath goes now and some say no so let us melt and make no noise no tear floods nor sigh tempest smoove to a profanation of our joys to tell the laity our love moving of the earth brings harms and fears men reckon what it did and meant but trepidation of the spheres though greater far is innocent dull sublunary lovers love whose soul is sense cannot admit absence because it does remove those things which element it but we buy a love so much refined that ourselves know not what it is interest rate of the mind care less eyes lips and hands to miss our two souls therefore which are one though I must go endure not yet a breach but an expansion like gold to Airy thinness beat if they be too they are too so as stiff twin compasses are to thy soul the fixed foot makes no show to move but doth if the other do and though it in the centre sit yet when the other far doth roam it leans and hearkens after it and grows erect as that comes home such wilt thou be to me who must like the other foot obliquely run by firmness makes my circle just and makes me end where I begun okay so forbidding morning to mourn you know to to weep to be sad and such because you got remember that building background is important this is one of those times that just like with the Thomas Wyatt knowing something about him and amble in you know makes that poem that's on it's a little bit you know stronger and more relevant so here we understand that you know I'm going to be leaving you you've had horrible premonitions if and you guys have all had that I got a bad feeling about this just something something sits wrong and you really just you don't want that indivisible go or do something and so here he's cognizant of that he understands that but he is going to go and remember the religious aspect of this regarding you know his feelings and his faith from his you know author information so the top of the page you know as virtuous men pass mildly away so as they die away and whisper to their souls to go while some of their sad friends do say the breath goes now and some say no so let us melt and make no noise no tear floods nor side tempest move to a profanation of our luck joys to tell the lady our love so some people virtuous men as they passed away and whisper further Souls to go fine fine fine but line five let us melt let us go apart let us leave and make no noise no tear fuzz no no don't cry about it because you're crying about something might happen to me but here's what you got to remember if you have an individual who is extremely faith-based and know that they are going to you know for this particular original with religion that they are set for the afterlife they've lived their life a certain way and they're ready to go home you hear them say so honey don't cry for me I will be back our love will still be strong but if I were to die don't don't worry about me don't cry about me because I'm actually home and I'm up there I'll be up there waiting for you okay so keep that keep that in your mind you know as you get going the next page let's find those conceits the last four stanzas the first conceit is in the second stanza they're our two souls therefore which are one though I must go indoor not yet a breach but an expansion like gold to Airy thinness be so our two souls are like gold that seems weird okay but imagine you guys have all played with play-doh okay you've seen blacksmiths make you know pound out metal and such and you know it's a red molten glob but as they hit it what happens to it it flattens out right and outside of your play-doh fracturing and breaking it it just keeps it keeps spreading and the thickness and such you know so our two souls which are one so our two souls are actually one okay and it's uh like the gold to Airy thinness beat and notice even though I leave and even though we're getting beaten because we're a part we're a part are we breaking what's happening to us we're just spreading out just like geographically I'll be leaving but we're still together you see it and that's not something you would probably write if you hadn't what is our love like or what are our two souls like if I gave that thing to everybody you probably wouldn't come up like gold beating spread I mean it's it's not one that someone would jump to think and that's why it's a wonderful example of this this type you it's out there but yet you were able to make your argument and make your case so relax cuz our two souls are actually one okay and even though we have an expanse we don't break we don't breach we don't tear we don't rip we stay strong and stay together even though we might get thinner and thinner and thinner as we go pull away on the next stanza so we said our souls are one but you know if they are actually two they are two so as twin a stiff temp twin compasses are to thy soul thy fixed foot makes no show to move but dot if the other do you guys have all had math right geometry so our love if we're to if we're to if you didn't like my previous stanza wifey here is your soul and here's my soul and notice we are connected okay but as this is you know sitting in paper we're still connected to some degree and notice the foot the fixed point at home as the person travels away notice what happens the point it leans after waiting for them to go longing for them in whatever direction they go and then when they come home what happens to it it stands up straight again as they come together okay it comes back and forth so if they be - they are - so as Swift twists stiff twin compasses are to thy soul is the fixed foot and makes no show to move but doth if the other do so it only moves if the other one moves and though it in the center sits yet when the other far doth roam it leans and hearkens after it and grows erect as that comes home such wilt thou be to me who must like the other foot obliquely run thy firmness makes my circle just and makes me end where I begun and so our love your strength wife woman is that fixed foot because if you start moving around okay because it's the fixed point if you start moving around I'm not going to be able to find my way back home okay so you keep your fixed foot and then I can no matter where I go as long as you're stuck in place I will be able to come back to you can we see that do you see how you have to kind of think about it a little bit in the demonstration obviously helps okay but you see the love you see those extended metaphors that the struggle that these uh that the wife had you know with uh with the husband and such and that's why thy firmness makes my circle just and makes me end where I begun so don't feel so bad I will come back our two souls are like one like they're in this beat but you know if you don't believe that in the air to the well then they are like this and I relies so much on you and our connection and I will come home and you know and we have a great relationship everything's great okay but we do have that element towards the beginning that calmness okay that calm this sense we are out of those England Saxon heirs of you know you know there is no afterlife or anything like that here it's solely Christian base for done so he knows what's what's going to happen here you know in the future and such so a little different maybe a little bit more difficult to understand than your basic sonnets but it's something that you know it's meant to be more difficult it's meant for the intellectual and hopefully you were able to find those those examples okay
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British_Literature_Lectures
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Macbeth_Monologues_Lecture.txt
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monologues pull those up on your screen if you haven't um if you don't know which one you're gonna do um let's see we have seven different ones to choose from and we're gonna go around and i'm gonna well probably with the most classes no more than four can take either one and that'll work out well people tend to jump on the shortest one i would strongly go against that um as we go through these here and explain i would probably go for the ones that you maybe can uh understand a little bit more then you know maybe one that's a bit longer just because you understand it or it might be easier remember um that's what i would go with that's just from an actor's point of view the very first well first off the monologues you're going to be getting on today and then you'll be presenting them and you can look in the lesson plans to see what day that is and obviously if we have cancellations or we need to push things back and alter it'll get pushed back but it happens at the very end of the unit okay right before we do the test the way this unit works out is uh we have a couple weeks to go through all of the the play and such um and we have a you know a handful of days to work on a group project and it's during that working on the group project that we present uh you'll be presenting them to me up here it's not in front of the class like a speech this is not intended to be like a speech um my as you've heard me talk in class the most important thing is additional exposure to content a lot of you haven't touched shakespeare since freshman year with romeo and juliet um you were 14 maybe 15 okay now that you're 17 18 maybe some of you are 19 now you've grown a lot in that time okay and you've probably forgotten a lot in that time from your experience with shakespeare um i strongly believe in the more times that you uh deal with shakespeare the easier it is now the point of this is um have you ever heard this saying that you never truly know something until you have to teach it okay that's very much so i was like that in school with math i never really seemed to have a great math teacher and especially in college i was finding my so i was teaching myself calculus because it was a big lecture hall and they would just go through it and i'm like i'm not following this so i would have to sit down my book and and figure it out that's a long way of doing it but i think i understood a lot better than just you know being told about it um so that's the point of this shakespeare you're going to pick one of seven monologues and between now and when we present you will learn those ma that monologue um you will and you can look at the rubric online um you're not going to be graded on projection you're not graded on acting or stage presence that's not this isn't pearson's class this is not a class on acting i just simply want you to be forced into a situation where you have to learn shakespeare on your own the rhythm the word choice that he uses you will see a lot of parallels between the monologue you take and what we go through in class in macbeth and the point being the additional exposure to here the additional exposure of the in-class work hopefully it makes your experience a little bit easier to uh to handle for those of you that struggle i think macbeth is one of the easier plays to understand and comprehend um and uh however if you are not big into shakespeare which i doubt many of you are it can be a little tedious early on i think most everybody gets relaxed as we get going through because you're used to it you're used to it because of the additional time and exposure spent on it and that's what the point of the monologue is okay you have two scores underneath the your macbeth projects it's a whole category it's 15 of your grade the monologue is half of that and the other half is your group project this is the easiest 100 percent you can get in this class is on this monologue i will you start with a hundred hundred if you get through it without making any massive mistakes or needing my help you're gonna keep your hundred it's not about speed it's not about you know your volume and all of that i've had people go to b or not to be that is the question whether it whether it is nobler to to suffer the slings and and they they throw it out there and they take their time and they get it they get 100. i've told you it's not an acting thing this isn't a speech projection thing if you need to take a moment take a moment now if you get ridiculous i'm going to cut you off and just grade you with what you've done but each time you have to ask for help each time you butcher or paraphrase your grade starts to come down and i'll talk more about that as we get going but realistically this is the easiest i've had people wrap it before okay and not to present just like they just memorize it like this to be or not to be that is the question you know they memorize it that way and so they're up here and you can see them tapping their foot as they as they spew it out and totally fine whatever works for you um we'll spend some time in the future kind of showing you how to break down your monologues from an actor's point of view maybe that will help you you know i will provide as much assistance as i can but this is all out outside of school time for you okay so this is something you're going to have to do on your own most of them are 25 to 30 lines so if you just do two lines a day that literally will take you two minutes to memorize two lines if you did a little bit each day this will be very very effortless but most of you will wait until the last day or the last weekend and you have to spend a couple hours sitting down and figuring it out but hopefully you don't stress out because it really isn't that uh that hard to do um on the moodle i put a lot of uh extra help for you a lot of resources and such um the link monologues how to break it up i went through and color coded them kind of some people are more visual other people like to listen to things um you know i put uh audio recordings of each of these monologues of myself reading them if you want to listen to them as you're memorizing them if you memorize them and then you want to hit play and try to do it along with it that's fine every time i do a new show i always record all my lines put them on a cd and then stick them in the car and so then driving to and from wherever you know there's just to and from work that's 30 40 minutes a day that i can listen to it okay if you want to listen to your music station but when instead of listening to the minute and a half of commercials you can play on your cd and listen unless you channel surf which i probably would anyways um sometimes people don't understand what you're saying you being that individual not understanding what the monologue is saying there's a link no fear shakespeare where it translates it for you into modern day okay sometimes knowing what is being spoken helps and so you can look that up and so i gave you that link as well i had one person who actually memorized the translation once so don't do that um i have video clips of each of the monologues directly below the audio recordings myself now those aren't video of me doing them they're voting videos i've edited from movie productions there's a couple versions of the hamlet one there um sometimes to see somebody visually acted out might help with your understanding um i don't know but uh like moodle all year long all semester long there i put out resources there for you if you use them or not that's up to you then if you look at the files at the bottom if you want to download either the audio or the video because otherwise you're streaming it on the upper links if you want to download it and put it on your mp3 player or whatever that's that's fine um you know i had somebody last semester who uh uh went to the y and was on it was on one of the ellipticals and she would listen to it and memorize it that way and she goes well i'm going to be running for 45 minutes i might as well listen to it and she got almost all of it so you know find times where you can you know you can use your time wisely not waste it so with that being said if you look at the monologues the first one is mark anthony it was from a play julius caesar you may or may not have done that your sophomore year um this is an extremely famous one uh the video segment is with uh uh marlon brando who was the godfather it's a very famous one julius caesar has just been killed mark anthony was his right-hand man the conspirators you know stabbed him in the back e2 brute that whole thing and they're getting ready to take over and they've killed the dictator in the conspirators minds and mark anthony was a friend of caesar's he goes do you mind if i speak at the funeral and everybody's like i don't know you're you're pro caesar and then they finally let him speak and throughout this speech and this is only about half of it so within this four-minute monologue that he has he is able to get the crowd completely behind him and caesar even though caesar's dead and they rush the run the conspirators out of town but he was able to speak and you will see in here through reading it that he was not allowed to speak false falsely he couldn't lie he couldn't speak inappropriately about about the conspirators at all and so he doesn't violate his word but yet he is such good a good orator and good speaker and his word choice was so great that he was able to convince all of rome who two minutes ago was glad that caesar died now they were very vengeful that he was dead and wanted to kill the conspirators and so it's a wonderful speech if you look through there there's a lot of lines that are repeated so even though this might be one of the long ones you know there's a couple that are repeated over and over so in essence it's maybe one of the short ones if you were to memorize um you know just sheer number of lines um the second one's hamlet probably the most famous one that to be or not to be if you've seen billy madison you know the competition at the end that's the monologue to be able not to be that thing this one's probably the most difficult in context you know to live or die to to be awake or not you know it's you know to exist or not exist that's the question uh he's a very melancholy very depressed individual in his play it's a very dark play pretty much everybody dies at the end of his play there was a movie that came out a couple years ago called hamlet 2 you know one of the guys from tropic thunder was in it or you know knight's museum it was it was funny but the whole point is out of all the movies ever made hamlet 2 is probably one that's not going to give it's like titanic 2. there can't be a sequel because in hamlet everybody dies so the fact that they come up with this you know their take on hamlet and come up with a sequel it's very comical and farcical um which is interesting um so his is very in-depth and very deep um so those of you who really want to challenge that would be one um you know to impress your you know college professors with and such henry v is my favorite um this is actually about half of the length that it's actually um they're getting ready to fight the french i think at the battle of asian court and they're outnumbered like 10 000 to 300 or you know just something absurd um and he rallies them up this would be a pep talk you know before a big football game or something where you know we are severely outnumbered but he says today is the feast of crispy and today's date you know today is february 1st henry's day make up a day whatever and he goes he that outlives this day and comes safe home will stand a tiptoe when this day is named and you know and everybody will be on the anniversary so happy and proud and you know get everybody fired up and they eventually go out and win this is a henry v was a history so it was one of the legit uh not a fiction piece um so it's just a wonderful rallying cry it's one i memorized for college and just kind of still retained over the years but i did the one that the full one that was about twice this long so it's a very good one a lot of people really enjoy that one um the macbeth one this is his most famous one from this play that we will read you know he's getting ready to go up and attempt to murder the king um and he's pretty much dealing with uh he doesn't want to do it but his wife is pushing him and you'll see that lady macbeth is really the main villain of the the uh the piece and so she's kind of she had goaded him he had said i don't want to do it and then she pushes him and calls out his manhood and all of this stuff and so he's kind of walking up the steps to go kill and he sees this imaginary dagger before him you know dripping in blood and and that's a you know him getting ready to go do it so it's a really deep one um the next one is romeo you read this one your freshman year it says you know his uh you know what software like through yonder window breaks it's just it's a very simple one it's a him infatuated this is with this woman juliet and comparing her to all these things then the last two lady macbeth the sixth and the seventh one um these are um two monologues as well um if you want to get a little bit of insight into these monologues you know taking the macbeth or the two lady mcvest those are things that we will cover in class so you'll get a little bit of you know more exposure to that or an additional exposure than the other ones but i think all of them definitely have their own their own perks and such
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British_Literature_Lectures
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Enlightenment_Era_Jonathan_Swift_A_Modest_Proposal_Lecture.txt
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Jonathan Swift he's probably one of the top six seven authors that we're going to uh you know deal with you throwing in shakes and Cher and Orwell and those guys um but uh this guy probably is a little bit more famous than Orwell um the main literary element that we focus on with regards to Swift and that he's associated with is the term satire and you've probably heard it a lot when you think Sati you just might think oh things are funny okay well that's that's humor um satire in a way really the point is it it brings out the faults of something of society whatever and usually it does it with uh the cliche is tongue and cheek usually kind of um not openly looking for jokes and laughter but instead making you chuckle a little bit uh nowadays John Stewart and Steven colar boom those guys are sa tires um there's a lot of uh political columnist and such around the you know in print and such uh some TV as well um but those are the you know for for your age and such you probably be more familiar with those individuals and if you've seen their show you know they they're smiling and having a good time here and there but when they're delivering the news it's pretty right it's pretty straight face okay um are they making up news a lot of times they're taking the news that's happening and they're taking actual video clips of congressional conferences and and using the exact words that people say and making it interesting making it relevant and what they're doing they're showing you the faults of these people and the faults of you know the government and the faults of how wrong this some you know this country is at times but they're doing it in a way that's poking fun at those individuals that's what's satirical and that's what's silly okay so when you think of satire this particular semester we want you to think of this just like when we dealt with I think I spoke about Swift and satire back when we talk about choser with characterization remember all the details about the person indirect indirect characterization what they are how they act you know what they look like that type of stuff here when you think of satire you need to think of Swift and this Enlightenment time period um he's an Irish writer you know as you see uh in some of the background about him that a lot of people you know thought that you know he hated mankind he hated humankind because of you know how kind of dark some of his stuff was okay uh we're going to read a piece probably his most famous both of his most famous pieces um you know in the next few days and such um but uh however his deep love for Humanity that caused him to criticize it and his dream was to cure the ills of his age through humor and so through his words he was hoping to cure the problems and the faults that he was pointing out in his writing but everybody on the outside like man look how much you hate Ireland look how much you hate this no I love Ireland well then why you doging on us like this well I'm pointing out the faults but I'm doing it funny you're not getting it you have no sense of humor okay um but this particular piece Ireland is being um you know crushed not with a military but with their economy during this time period um a lot of the issues you see here you know we kind of still dealing with currently present day um you know we had bigger issues you know stock market crash and the depression you know that type of thing uh you know in the last 100 years um but if you look on the building background on 565 for AAS proposal um he's drawing attention to economic conditions in Ireland in the early 1700s at this point Ireland was ruled by England because remember um let's see Malcolm went to England so Donald Bane went to Ireland okay um now that was you know 700 years earlier but it's just an island it's right next door to it so geographically it's very close um Ireland was ruled by England and English laws limited IR Ireland's ability to trade with other companies Ireland could buy certain products only from England at only at high prices English landlords who owned much of Ireland's best land charg exorbitant rents do you see how England is putting a big strain and a crunch on Ireland you can only import from us and we're going to really charge you through the nose okay and so they have a lot of problems they don't have much money and the money they do is it's staying in their economy is it staying in Ireland to help build things and stuff no the money's going to England and the landlords who own land over here they're charging big rent well is that money staying here no that money's going back to England and so they have problems um you know with Hunger with poverty with overcrowding okay there's just too many babies coming out and we're just you know there's no room to put them and nobody can feed them and take care of them and you know they're you know um every problem that comes with you know an impoverished country that they're dealing with okay is England the sole person to blame you know well they're kind of in charge so you kind of always blame the manager or coach right aren't they the one that gets fired okay um but a lot of his resentment is directed towards England okay now he could write an essay and here's where we need to focus he could write an essay that just says England You' stink and here's why boom boom boom boom boom list 10 things and people would read it people would probably agree with it and move on there's no writing there is there just listing something that's not writing that's not satire what he is going to do is he's going to list these are the problems in England okay or excuse me in Ireland caused by England and here's how we can fix it and my S my proposal my my Modest Proposal which means it's not the best okay even though he'll argue in here that my proposal is the best so even the title is satirical in nature cuz it's a it's a modest proposal take it for what you will it's a modest we'll just put it out there see what happens see what sticks okay but his situation to fix the economy to fix the hungry to fix the overcrowding to get money into our economy to have an import export business does anybody have any idea what that is have you heard it before people talking about in other semesters they're going to eat babies okay now it's satirical okay it's not meant to be serious but what he's showing you is with this absurd notion we can solve all these problems okay and it's through this humor and through this satire that the real problems the real issues come to the Forefront and that's what satire is and that's what satire does nowadays and this is probably the most famous piece of satire um well in the literary World any any textbook that says satire boom Swift is right there especially this okay he's a mathematician he likes numbers as well an e econom e Economist there we go um he's going to break it down for you by the end of this you guys should eat your babies your country will be fixed if not completely fixed on the road to recovery CU wouldn't it fix overcrowding wouldn't it fix the hungry and the poor guess what they can do they're baby Factory they can like cattle pigs there you go nurture it for a year sell it make some money now that seems crazy and that seems wrong but that's important to grasp on to those Notions of that this is a satire and look at how this absurd idea how at the end of it it could make a little bit of sense okay um and when he breaks down numbers numbers that's he's making his point he's doing a literary textual evidence analysis that I tell you guys to do he has an opinion and he's using facts to back it up and he's using these numbers okay to back it up and look at all the problems that he's getting fixed M proposal Jonathan Swift um you know in setting this up we spoke about the you know the the element of satire and you've heard me mention it a lot just in the The Limited exposure to this particular unit um this if you have to think satar in the final exam you want to come back to this particular piece to think about okay this particular piece where he says let's eat babies and that's just crazy and outlandish but yet for I hope you guys finish reading it um you saw that wow this makes a lot of sense and again towards the end and we'll get there when he says you know I don't want to hear about you know taxing absentee land owners I don't want to hear about other proposals where we do this or do this as he mentions those things we'll see that wow those are like realistic non-baby eating solutions to our problem but we're not doing it and so by coming up with this absurd situation it's really bringing to light opportunities for improvement for their country okay and so that's that's why it's important that's why it can be so outlandish and and just crazy to some degree um even though it kind of makes sense once we get going with it um you know some of the language in here is quite interesting The Voice the word choice that he picked um ladies referred to as what livestock breeders ladies do you approve of that connotation I wouldn't think so but you were referred to as breeders you know we're taking the you know the human element out of it yes we're eating human babies but we are focusing on just man woman and let's see if we can you know the numbers of it how we can break this down um he starts to go into the idea there um you know on page of 567 uh it says that it is true a child like right around the middle it is true a child just dropped from its Dam may be supported by her milk for a solar year with little or other nourishment so the point being it's not very expensive to take care of a baby in that first year as long as you know you know they didn't have formula and stuff like we do now so you can skip it it was mandatory breastfeed done boom so for a year they're you know it's pretty cheap but after that they became a burden on the family and if family can't take care of them a burden on society okay and that's where he goes into those greater details about poverty and children the only good they can be you know if they're gifted is a pickpocket on the street you know that's only rare cases um and so really there's no contribution to society and you have to put in all this money and time on those children and why you don't even have that money to spend in the first place so sell them make some money make a profit sounds like a good idea sounds like a great idea um there is likewise another great advantage in my scheme that it will prevent those voluntary abortions and that horrid practice of women murdering their bastard children a last too frequent Among Us sacrificing the poor innocent babes so people aren't going to go and have abortions because that's almost like burning money okay and remember keep this in your mind that this is supposed to be outlandish and crazy but it's addressing a problem and so abortions must be a problem back then too and and but people aren't going to go and do crazy things and harm themselves or harm their babies because why would you want to be tearing apart money or burning money and goes away that'd be ridiculous and Men I mean you're not going to beat on your wife because you don't want to cause a problem with the baby or cause miscarriage so excuse me so this will help marriages women you're not going to get beaten as much Yay see it's a win-win in addition to everything else so these are issues that are prevalent in Ireland but kind of prevalent in today already too to some degree okay um so those are just other little things not huge gigantic change the way Ireland is things but yet it's still something that is uh uh mentioned because hey this is a perk as well so he's thinking he's thinking um the math on the right hand column around in the the purple text here it says about 200,000 couples whose wives are there's the term breeders from which number subtract 30,000 couples who are able to maintain their own children okay so that's 170,000 babies that you know can't be cared for and let's just subtract another 50,000 for those women who Mis carry or the children die by accident you know what nowaday what SIDS um sudden infant death syndrome that type of thing um so we're down to 120,000 120,000 I just love the numbers how he break see I love baseball and baseball is all about B numbers and you can preach somebody's greatness or their horrendous I guess that's a way to say um based solely on numbers and things can make sense to you if you just break it break it down and so we break it down like well how many people are in the country well there's a one point whatever 5 million and we get it down to there's 120,000 babies that can't be cared for each year now what do we do with them and that's really the central theme and that's where he takes it off and goes from there um bottom of the page there I am assured by our Merchants that a boy or a girl before 12 years old is no salable commodity and even when they come to this age they will not yield above 3 lound or 3B and a half a crown at most on the exchange which cannot turn to accident either to the parents or the kingdom that the charge of nutriment and Rags having been at least four times so whatever it costs you know whatever you would sell it for when they get older you've already spent three or four times that just to get them to that stage and so by getting them older and older you're actually not going to be making as much money you see how that's playing out and so you got to get rid of them when you haven't put much money into it have you already stopped thinking about them as babies and as livestock and a ways to to make money maybe to some degree and then you question whether you're sick or not okay um the next page there uh he goes into greater detail before he even gets into the big problems of things he talks about how it can be prepared how things can be cooked how they can be exported and sold and you know we've read books and we know people who have traveled who you know they've taken some kids and it's beautiful wonderful it's like Ratatouille everything's just sweet it's awesome okay and so he's trying to get people think well you know if we can look past the fact that it's kids fine have you guys ever had any crazy stuff to eat I'm not one to experiment with my Foods at all but you know um you know in um other countries Far East and stuff you know dog is readily normal would you have a problem chowing down on your dog well not necessarily eating your dog but what if you're grilling dog and your dog sitting there right next to you I ate pig that would be weird pig intestines would be something would be quite gross quite gross but other cultures you know so once you can get past the fact about how gross something is okay and if they can cook it in a certain way you might be able to uh convince yourself that it's actually okay um I love the bottom of this column here where it starts talking about the numbers because it's 123 thou or 120,000 kids it doesn't it's not divided equally you know boys and girls and all that but they decide and they break it down almost and I'm no farmer but I imagine you have to break it down when you're thinning out your herd and stuff you you don't need as many men as you do women right right okay why do you think that in Lion King is's just one man because all of those are his women okay he can breed for all of them you don't need to have a harmonious marriage to you know one and one in one that type of thing um so he says one male will be sufficient to serve four females that the remaining 100,000 May at a year old be offered in sale to the persons of quality and Fortune through the kingdom always advising the mother to let them suck plentifully of the last month so as to render them plump and fat for a good table so pork them up right pork them up you want to get them fat um plus you know if you sell them by the pound don't you want them heavier more to eat price per pound and all that um and a child will make two dishes at an entertainment for friends and talk about being seasoned with a little Pepper or salt and it's good boiled and oh yeah now us nowaday like man that is sick you know we have these stories about cannibals or people dismembering bodies and it's just it's just gross but he's not really saying we should do this okay but he says at the end you know don't tell me about any other proposal don't tell me about anything else unless it can do this this but that's his point don't tell me about these other things these things that we can really do that we can actually do but we're not doing that's where the frustration is and so so he's challenging who is this for lawmakers people who can you know rabble Rouse and create situations to to correct the situation okay it's not just for the common people because they're living it so all those ideas that we'll see in the next page about you know changing and taxing and doing all these things you know that's uh that's something that's uh needs to be addressed by people who can um down a little bit you know I grant that this food will be somewhat dear and therefore very proper for landlords who as they have already devoured most of the parents seem to have the best title to the children now have they eaten their tenants no but remember they're you know raking them across the coals for the money and they pretty much eaten and devoured them anyways they might as well have the kids and so you see it's a little a little snide comment here a little jab at the English and such uh you know infant's flesh will be in season throughout the year but most well excuse me but more plentiful in March and a little before and after for we are told by a grave author an emminent French physician that fish being a prolific diet there are more children born in Roman Catholic countries about 9 months after lent than in any other season can you think about that is that little humorous N9 months after lent lent typically people give up stuff right it's our sacrifice that type of thing right and so what are they alluding to as being given up for this Lent I think we can all guess you remember the ice storm a couple years ago okay not you know it knocked out a bunch of power for for a long time over the holidays well there was Art there were articles in the paper come August and September of that month of that year talking about how the DuPont Hospital and all the other hospitals are overcrowded hm what was going on when the power was out and they had nothing else to do that happens me I'm a blizzard of 1978 baby or 77 it was 77 because I was born September of 78 okay you see how it works okay and so that's why he doesn't call huge uh a huge um um he doesn't cause a huge stir as a focal point but again it's a little sub jab and also it's a jab at the Roman Catholics who is a big you know they're having big problems at this time with Catholicism and such and so he goes not only will we be eating babies and solving all these other but we're going to be eating a lot of he calls them papal babies papal Pope Roman Catholic babies and so we'll be getting rid of the Catholics too you see how that's working out and these are he doesn't spend a lot of time on that's what's with the beauty of the voice and the word choice something so small within the greater scope of these Pages something so small is just another little you know a jab in their back twisting of the knife okay and so he's saying we have a problem with this religion and with the cathol Catholics Catholicism we have these problems you know with the landlords and he just twisting the knife a little bit more um yeah on 569 he's talking about that uh uh you know the mother she will have eight Shillings net profit and be fit for work till she produces another child so the women when they're at home you know they're taking care of the baby in order to sell it and then they can go and have a job until they're ready to have another baby and so women can be productive and be producing and bringing money into the household um those who are more Thrifty as I must confess the times require so the times require because we are kind of poor poor people look at what else we can do to the bodies we may Flay the carcass the skin of which artificially dressed will make ad uh admirable gloves for ladies and summer boots so we can use the skin too not just the meat and not just the food now we're being resourceful and what can we do with all this meat and all of these Goods we can sell them or we can export them and we can control the price and that money can come into us and help our economy okay are we kind of seeing this play out all right um so he goes into a little bit more and a little bit more and a little bit more there um but um you picked up on that uh page 570 here's where he kind of goes into his listing where he goes I have too long digressed and therefore shall return to my subject I think the advantages by The Proposal which I have made are obvious and many as well as of the highest importance for first as I have already observed it would greatly lessen the N number of papists what I just mentioned a little bit ago taking care of a lot of the Roman Catholics you know as our most danger ous enemies talking about that you know and um uh uh um secondly talking about the poor tenants will have something valuable of their own and help to pay their landlord's rent uh thirdly the nation's stock will thereby increase 50,000 pounds perom so we'll have all of this you know Surplus that we are way down as of the last however many years um the constant breeders for four five um six you know seven it just goes on and on and there are just tons of other advantages here is an awesome thing and if you don't get anything else of it notice his argument when you have an argument you make your case do you totally ignore the Counterpoint or do you address it address you address it and that's what he does on this next page he goes I can think of no objection that will possibly be raised against the this proposal unless it should be urged that the number of people will be thereby lessened in the Kingdom meaning that that we will you know eat ourselves out of numbers but with enough breeders and we should be able to keep our um our population going and stuff he goes that I calculate my remedy for this one individual Kingdom of Ireland and for no other that ever was is or I think ever can be upon Earth so this might not work for another country I'm just saying that this is just perfect for us for irland the numbers the our problems our situations this might not relate to Egypt South Africa you know all of those other places around the world some of which they don't even know exist at this time um but this solely just works for us works for us um therefore here's where it gets important therefore let no man talk to me of other expedience of you know of taxing our La absentees at at five Shillings a pound of using neither clothes nor household Furniture except what is of our own growth and manufacturer so stop buying foreign Goods strictly buying what's here and these are all things that they should do that they can do but the common people don't really have that Authority needs to be the lawmakers and the people in charge to say ah we are taxing you five Shillings on every pound we will not be importing from you anymore okay we are going to be exporting all right so they need somebody to take charge um and there's a ton of others um you know other things going on right there uh so very important because we have that point Counterpoint that's very very key and he remember I told you the title is a modest proposal is almost satirical in nature because he thinks that his proposal is the best it is the best don't tell me about all these other things that don't work okay so we can see that that this is a wonderful wonderful example of satire and he says therefore I repeat let no man talk to me of these and the like expedience till he hath at least some glimpse of hope that there will ever be some Hardy and sincere attempt to put them in practice to put their not just say it how many times do you well you guys might may not have watched a ton of election stuff over your life but this year a lot of promises are made a lot of things are said and a lot of things are forgotten once they attend you know get to office people say pretty much anything to get elected I mean that's the common belief right and so he goes I don't want to hear anything about that I don't want a politician just talking until they have a plan to put this in place to get it through Congress and through the senate or whatever they have and uh and you know be good for the country um where is that and lastly that very last column you know first of as things now stand how they will be able to find food and was rayment I haven't seen that word before rment for a 100,000 useless miles and backs so these are the situations that need address folks and I don't want to hear about unless you have plan first I want these 100,000 miles fed these poor miles how are you planning to feed them each year secondly there being around million of creatures in human figure throughout this kingdom whose whole sub subst gosh I can't read today I'm sorry whose whole Subs subsistence subsistance put into a common stock would leave them in debt two millions of pounds per sing so we have a lot of people and our economy stinks and a lot of people are in debt pretty much everybody's in debt so these are situations and things that you need to figure out now um in conclusion down there at the bottom just in case anybody thinks that I Jonathan Swift am a you know a conniving person who I have a ton tons of babies on the way or a lot of Mistresses so I'm going to have a lot of kids we don't you know my kids are past sale you know they're not going to be worth anything and and my wife and I aren't going to make any more kids so he makes a wonderful argument from start to finish these are our problems these are our issues these are how we can address them don't tell me about doing these and these which realistically those would be good ideas to do and I don't want to hear anything unless you can have a plan for these problems don't talk to me about it and just in case you think that I am trying to make some money on this deal and me be a sneaky politician I I I have nothing to gain for it outside of Ireland has something to gain okay so think back to this piece for satire think back to Jonathan Swift mod proposal you probably remember the fact that it's dead babies and eating babies and stuff a lot um but really think about the subtext of it and what he really means and how he goes about doing it okay
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British_Literature_Lectures
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Romantic_Era_Lord_Byron_from_Childe_Harolds_Pilgrimage_Lecture.txt
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the Lord Byron George Gordon Lord Byron very interesting very outgoing very flamboyant personality he stood out I mean if you can't tell by looking at that picture you know he was a lot different than a lot of people his back history and such isn't necessarily testable stuff but look I mean it just really shows you how against the grain he was um you know we even saw Wordsworth even though he seemed very dignified such he was against the grain with regards to his beliefs in his practices in in the literary world and so we see this kind of era of rebelliousness and such they say that you know they call him the most colorful figure of his day you know he was born with a clubfoot which caused him some embarrassment early on but he was able to overcome it so he wasn't one to sit back on his on his limits he was able to still push it and he was accomplished in many activities and sports the literary celebrity down at the bottom had spoken that he was a you know kind of born into not necessarily nobility like a monarch or anything but he was born into his title he didn't do anything to achieve it okay Hinda and he was an individual that you know probably was a bit of a celebrity to some degree he had the money he was wanting it he it said that he got in trouble because he had a lot of love affairs going on he kind of ran out his welcome and all of a sudden he becomes a literary relevance so people actually think wow you actually contribute something instead of you're famous for being famous kind like some people we might be able to mention you know celebrity wise and so then he finally gets some fame get some popularity and he does a lot of good with it we see on besides kind of self exiling himself from England what things weren't going to also he leads and he travels and stays with the Shelley's that talks about Mary Shelley and Percy shot Mary Shelley wrote Frankenstein and we'll talk about Percy Shelley later this unit but you know so he travelled around I mean one of the most interesting features in this is one how he died really young just from whoo but when he died what was he doing all he was down in Greece training their soldiers helping them for their rebellion this is an individual who was not Greek okay but he was there because he was championing their cause and he supported them and so he was helping them fight and preparing them for revolution and preparing them for the battle and so we have this individual armed you know who was a celebrity of his era probably more so than a lot of the individuals that we read and you can see when it talks about that he was you know his life as well as his literary accomplishments you know were um you know a mother laughter by you know PO on 8th annual Hawthorne Dostoyevsky Herman Melville you know all these famous literary works of you know later in the 1800s then you know and on a very very key an integral person there is a term called Byronic hero if you flip to 848 really quick a Byronic hero is kind of associated to him okay with his name Byron and such but this is an individual who if you look at the bold points you know is rebellious feels alienated about something you know is a very bold and very dangerous individual okay if you look in the right-hand page and I want you to read this page when you have time you know people like James Dean you know those people who have who lived and played hard and you know we're brilliant at whatever they did but you know they they died young you know it was kind of like a tragic type thing people said in the last handful of years Heath Ledger um you know it would been something similar he was a bold person he was rebellious you know in nature and such and you know he had a you know kind of a tragic end there and a lot of times when the tragedy is somebody who is young and had some sort of accomplishments literary or you know in the world to some degree that those individuals are you know Byronic to some degree so we see those qualities and characteristics portrayed in that individual back to his reading on a 8:45 from childe Harold's Pilgrimage gate childe Harold's Pilgrimage being back on says that this is to suggest the characters inner nobility and his quest for meaning sick of society held in barks on a series of journeys across Europe only to encounter more disillusionment in the wake of the Napoleonic war so Napoleon you see the root word in there but this particular piece is very short look at the title of it okay the right below the subtitle and this is from a larger work but it's called apostrophe to the ocean and if you remember apostrophes that's when you are directing a statement toward something that cannot reciprocate it remember when we did the poems and such Oh moon Oh sleep you know things of that nature you don't expect to be to have a conversation you're just talking to that individual or thing okay or idea I guess it could be like sleep on it so this one is directed towards the ocean okay our childe Harold's Pilgrimage ' to the ocean from childe Harold's Pilgrimage by George Gordon Lord Byron ' to the ocean there is a pleasure in the pathless woods there is a rapture on the lonely shore there is society where none intrudes by the deep sea and music in its roar I love not man less but nature more from these our interviews in which I steal from all I may be or have been before to mingle with universe and feel what I can narak spread cannot all conceal roll on thou deep in dark blue ocean roll ten thousand fleets sweep over the in vain men marks the earth with ruin his control stops with the shore upon the watery plain the wrecks are all thy deed nor doth remain a shadow of man's ravage save his own when for a moment like a drop of rain he sinks into thy depths with bubbling groan without a grave uh knelled on coffin and unknown his steps are not upon my paths my fields are not a spoil for him thou dust arise and shake him from thee the vile strength he wields for Earth's destruction thou dust all despise spurning him from thy bosom to the skies and send His Tim shivering in thy playful spray and howling to his gods were haply lies his petty hope in some near port or Bey and dashes him again to earth there let him lay the armaments which Thunder strike the walls of rock build cities bidding nations quake and monarchs tremble in their capitals the okhla by Athens whose huge ribs make their clay creator the vain titled take of Lord of thee and arbiter of war these are thy toys and as the snowy flake they melt into thy yeast of waves which Mar alike the armadas pride or spoils of Trafalgar by shores our empires changed in all save thee Assyria Greece Rome Carthage what are they thy waters wash them power while they were free and many a tyrant since their Shores obey the stranger slave or savage their decay has dried up realms to deserts not so thou unchangeable save to thy wild waves play time writes no wrinkle on banaz your brow such as creations Don beheld Val ro list now thou glorious mirror where the Almighty's form glasses itself in tempest s' in all time calm or convulsed in breeze or Gale or storm icing the pole or in the torrid clime dark heaving boundless endless and sublime the image of eternity the throne of the invisible even from out the slime the monsters of the deep are made each zone obeys thee thou goest forth dread fathomless alone and I have loved the ocean and my joy of youthful sports was on thy breasts to be born like thy bubbles onward from a boy I want and with thy breakers they to me were a delight and if the freshening sea made them a terror twas a pleasing fear for I was as it were a child of thee and trusted to thy billows far and near and laid my hand upon thy mane as I do hear from childe Harold's Pilgrimage ' the ocean he is addressing the ocean the water about how big and how timeless start you know he mentioned on that page and we'll get there you know about the ships like okhla vaya fans you know Leviathan is BC in Atlantis remember the cartoon movie Atlantis the Leviathan was the thing that protects it so big monstrous thing and so these ships that are like okhla vaya thens are really just like toys and if you think about it I mean just the sheer size of that water and those waves what they can do you know there are aircraft carriers that are like cities floating cities with tens of thousands of people I imagine I don't know definitely thousands of sailors okay but you know they've land and they move around and they have food and things like that on there you know I mean it's a self-sustaining city in essence and a storm can just mess that thing all up if there's a hurricane coming that ship heads the other way tries to get around it okay because it would turn it into like a toy in a bathtub when you guys used to have you know a little toy they used to you know it's small in the grand scheme of things that big the biggest boat ever made is still pretty small look what happens to you know Titanic with nature and such that was the biggest boat ever constructed and it didn't even make it through its first voyage you know the 100-year anniversary is coming up here next month of the sinking maybe not the there rerelease in the movie and I'm accessed off 3ds so that's just for you a little bit of extra stuff for today but the apostrophe on page 845 um you know he's very pleased with the ocean he loves the ocean you know talking about you know there is a you know pleasure and rapture in this and I love man the less but I love nature more but I love nature more and think back we've talked about this a lot in this particular unit about all of these nature elements okay nature and the nightmares and kids all those things that influence writing and here we have another individual as to why this particular piece is a good representation of that of that uh era um man marks the earth I like this line ten twelve run there man marks the earth with ruin his control stops with the shore so on earth man can just ruin and war and all of this stuff but and outside a pollution now and all of that stuff you know the man's ruined it stops at the shore okay because whether it's a million years ago a thousand years ago or two years ago we can go out you know thirty feet into the water and look straight out to the water and it's the same view that we would have had a million years ago okay yes we can look at oil platforms now for looking in the exact rights okay man ceases to be able to control that okay there are people would say you know we've spent more time at the bottom of the ocean or less time at the body the bottom of the ocean you know then we have in space meaning that we've explored space more than we have the the fathoms of the ocean and that's here on earth there are worlds down there that you know it's you know they're mountain range is bigger than Mount Everest underwater were you aware of that I mean that's just the scope and size of what's out there okay and just a little boat out there I could do a lot of damage okay a lot of damage could be thrust upon that and really that's kind of what is talking about the the rest of this about the shoe size of it the the ships and man and how nature Trump's all of that I like the line forty four time writes no wrinkle on diners your brow so like with humans and a lot of it even animals and such that people age and you can tell their age by looking at them with the ocean it just keeps going thousand years from now they're still unless we have some huge crazy something happens blows up we're going to have you know waves coming in and the sound will be identical in conclusion at the very end he comes back from talking about all of the size in his love for nature and sums it back that you know and I have loved the ocean so just in case you forgot throughout these short two pages to whom he was speaking or addressing we see once again that it is nature and don't forget what an apostrophe is okay remember I told you when we learned it that's hey you're going to need to remember this and people tend to forget for some strange reason even though it's extremely easy to uh to spot okay
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British_Literature_Lectures
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Modern_Era_Dylan_Thomas_Do_not_Go_Gentle_into_that_Good_Night_Lecture.txt
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dylan thomas do not go gentle not good night this is another individual that on jeopardy you would want to throw out his name for a 20th century poet and such um some background on this particular piece um thomas enjoyed a particularly close relationship with his father whom he addresses in do not go gently into that good night the elder thomas who was blind encouraged his son's writing and thomas composed many of his early poems seated at his father's desk in the study of their home in swansea the point being he was really close to his father okay um this is a real famous poem an emotional poem a poem that uh obviously addresses his old man who's getting older and older and he's blind and as we've seen in some of our poetry you know death is inevitable and it's coming and so do not go gently into that good night an allusion to don't just die off and look at the repetition in some of these particular lines do not go gentle into that good night by dylan thomas do not go gentle into that good night old age should burn and rave at close of day rage rage against the dying of the light the wise men at their end no dark is right because their words had forked no lightning they do not go gentle into that good night good men the last wave by crying how bright their frail deeds might have danced in a green bay rage rage against the dying of the light wild men who caught and sang the sun in flight and learn too late they grieved it on its way do not go gentle into that good night grave men near death who see with blinding sight blind eyes could blaze like meteors and be gay rage rage against the dying of the light and you my father there on the sad height curse bless me now with your fierce tears i pray do not go gentle into that good night rage rage against the dying of the light now we know a little bit about thomas excuse me dylan thomas and his close relationship to his father you should be able to see the frustration you know if if you've all had some loved one that was slowly kind of going and going and just giving up but you know that their soul and they have so much library no don't don't go whether it was selfish on your part just wanting them in your life a little longer um which isn't like the bad word of selfish it's just you know maybe it was time for them that they should move on um but do not go gentle on that good night old age should burn and rave at close of day rage rage against the dying of the light the wise men at their end know dark is right so they know that death is coming because their words had forked no lightning they do not go gentle into that good night good man and then he goes into descriptions good men you know crying about how bright their frail deeds might have been so those that are living in the past telling their old stories about how oh i should have done this or i could have been somebody i could have been a contender you know things like that you know wild men who caught and sang the sun in flight and learned too late they grieved on its way do not go gentle on that good night even grave men near death who see with a blinding sight blind eyes you know don't go gentle and that's a good night you know fight rage and push push but then ultimately we find out at the end who's he's addressing in wordsworth we find out towards the end he's addressing his sister here we find out dan who are you really oh we're talking about his dad and so there's a greater meaning and a love of understanding to this peace then and you my father there on the sad height curse bless me now with your fierce tears i pray do not go gentle into that good night rage rage against the dying lion that repetition those rep those lines are repeated for a reason okay to push home the point fight fight rage you know look at my tears look at my passion that i have don't just die off keep fighting keep doing and keep living okay so um this is a nice piece to uh to kind of wrap up our poems um you know for for the for the unit and for really the semester just keep fighting keep raging don't just settle you know keep going okay
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British_Literature_Lectures
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Renaissance_Era_Sir_Edmund_Spenser_Sonnet_30_Sonnet_75_Lecture.txt
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edmund spenser sonnet 30 I think out of the the different poets and such that we go over I think his are a little bit easier to understand and comprehend the first time through I don't think by any means that the others are just impossible I just think his are just real straightforward um you know when he's comparing two different things it's obvious what he's comparing the story that he might be painting a picture of was pretty easy you can see the building background that the sonnets that he wrote follow a narrative sequence and tell the story of a turbulent romance on both sign of 30 and 75 are from his work amaretti and exemplify the Spencerian sonnet form which Spenser and intended or invented um usually semester I I say okay well let's figure out what what rhyme scheme this is and so everybody sitting there figuring out and I'm like okay well what type of which are the three types and they just spend minutes trying to figure it out even though you know we came up with the real quick thanks and there's usually one person who raises her hand right away and I shake my head they put their hand down because they figure it well Spencer he wrote it to Spencer in time you know that was the quick answer but other people are just quick to you know figure out the rhyme schemes and such on which on tests and finals we won't give you the writer or poet and so it won't be that simple so everybody was doing doing fine but it's one of those little jokes it's kind of like a piece of paper that has like forty instructions on them and instruction one is read all instructions before you start and then they you know as you go it telling you to do an underline all the O's and struck a bubble but if you get down to the bottom says just turn your name in something you know put your name on here and turn it in but people spend hours going through that because they didn't read their directions the first one said read them all that type of anyway page 267 sonnet 30 by edmund spenser the the unrequited love once again somebody has so much passion for this individual but she is just completely cold to them look at the descriptions for his love to her love and see if you're understanding what's transpiring listen to the selection sonnet 30 by Edmund Spenser my love is like to ice and I to fire how comes it then that this are cold so great is not dissolved through my so hot desire but harder grows the more I her entreat or how comes it that my exceeding heat is not delayed by your heart frozen cold but that I burn much more in boiling sweat and feel my flames augmented manifold what more miraculous thing may be told that fire which all things melts should harden ice and ice which is congealed with senseless cold should Kindle fire by wonderful device such is the power of love in gentle mind that it can alter all the course of kind so we see the very first you know why I guess technically the three quatrains I'm down to lying 12 you know that's the problem he's my love is like ice my love is like two ice and I to fire how comes it then that this her cold so great is not dissolved through my hot so I'm so hot for her but she's so cold for me well shouldn't my inflamed passion melt her coldness and warm her up to me eventually shouldn't that work but in essence what does it do it does the opposite my fire and my heat actually harden her ice even and make her colder and her cold which is you know filled you know ice is filled with he said was it senseless cold actually Kindles my fire it makes my fire even hotter but what's that fire going to do to the cold make that cold even colder and colder huh you see how it goes back and forth and he can't win we know based on laws of science and nature that that doesn't happen it shouldn't work that way the fire should either you know melt it or there should be enough cold that you know puts out that fire and we see in the very last two lines such is the power of love in gentle mind that it can alter all the course of kind so the power of love okay there was that song in a the power of love okay Huey Lewis it is a very emotional you know very strong in someone's mind that it can alter science it can alter these things that shouldn't happen okay so love is so strong and this individual has so much love for her but not getting it back in return so I think this is one of the easier ones to see that exemplifies the the anguish that one person might have um you know of love for an individual it doesn't you know get anything back you know in return and in essence you know his fire just kind of gets stronger and stronger based on her coldness and she gets colder and colder and he you know just kind of keeps going and we can app from the outside we can see that and go out it's just that's tough luck buddy because you're just on him self-destruct you're just going to keep going and keep going and keep going um the next one I think is probably the easiest one we've dealt with sonnet 75 um as we listen to it figure out the setting okay but ultimately the the discussion that the the man and the woman are having about love and their eternity eternal love for each other listen to the selection sonnet 75 by Edmund Spenser one day I wrote her name upon the Strand but came the waves and washed it away again I wrote it with a second hand but came the tide and made by pains his prey vain man said she that dust in vain assay immortal thing so to immortalize for I myself shall like to this decay and eat my name be wiped out likewise not so quote I let baser things devise to die in dust but you shall live by Fame my verse your virtues rare shall attorneys and in the heavens write your glorious name where when as death shall all the world subdue our love shall live and later life renew so where is this happy transpiring hopefully you're looking at footnotes footnotes are there to help you and it's the word strand which you might not have heard referred to as a beach before he's out there drawing names and writing names in the sand but as you all are aware whether you've done it or not you know the waves come in and pretty much wreck everything that you've done whether that's a sandcastle writing names in there or whatever you could spend hours and then the water comes and it looks like you were never even there and so he writes their names her names in the sand and then the water comes and takes it away again I wrote it with a second hand but came the tide and made my pains his prey vain man said she that dost in vain si a mortal thing so to immortalize fry myself shall like to this D K so it's so you're such a mortal you're such a man who thinks that you can write my name and think that that will last forever that our love will you know you can show it as lasting forever because I will die someday I will be dust I will be like the sand someday indicate what's kind of morbid thought okay but you know she's just sizing him about it his response line 9 not so quota I let baser things devise to die and dust but you shall live by Fame my verse your virtues rare shall eternal and in the heavens right your glorious name where when as death shall all the world subdue our love shall live and later life renew so even though she says that you know we will know we will die our love will end you know it's that's the way it is mankind and will be washed away just like the sand did okay and no one will know any difference but he goes nope and if you look in the yellow text there my verse so I will write your name and write poems or poetry's you know you know there are some famous rock songs that are written about women you know those are people I oh I wrote a song about you oh that's wonderful wonderful okay even if that romance breaks up even if they get a divorce that song is still out there that song is a snapshot of what they had or what one person thought they had with that other person and so through his verse I will make us immortal you understand it's very similar to if you have seen the movie Shakespeare and love others in open it's about Shakespeare falling in love but it's a young Shakespeare he's not goober famous yet and he's struggling he has writer's block you've heard a writer's block and the only way he can write is when he's in love when he has amused me it's not even love it's just he's you know having sex with some woman but he's infatuated with her and that's fuel for the fire for him to write and so we see him early on in the movie that he's in love with his woman he's sleeping this woman and she's married to somebody else but that doesn't stop them because you know they're in love and they just can't keep their hands off each other whatever well he walks in on her with somebody else who isn't her husband and he's upset that she's cheating on him which okay kind of have your moral issues going on for whatever um and he had just written a play that was was called Romeo and Rosalyn he had the first act done and this woman's name was Rosalind and he looked her and goes I would have made you immortal and he walks out and drops the papers into fire now we know now because we know Shakespeare dramatic irony and all that can you imagine would he have made her immortal can you see how if there really was a Juliet in his life how he made her evil yes she dies in the play got it got it but that love that Romeo and her have if he experienced that love and wanted to showcase that for the world he can showcase that love in that poem and you know that can go on forever and ever hundreds of years after the actual affair actually took place so kind of a romantic gesture and so we can see the man as maybe the hopeless romantic and maybe she was convinced by his you know by his uh boasting that he could make them immortal and make them eternal with the with writing a verse and capturing their their essence
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British_Literature_Lectures
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Renaissance_Era_Wyatt_The_Lover_Showeth_How_He_is_Forsaken_Whoso_Lists_to_Hunt_Lecture.txt
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I like for you to read this information about Sir Thomas Wyatt and the building background on the next page this individual it would help immensely to have a little bit of background about his life especially since it deals with you know Henry the eighth and one of his uh one of his wives Thomas Wyatt I think was Sir Thomas Wyatt it really paid to be good with Wars you can see how he had some falling outs with with Henry the eighth and Henry is a very temperamental King you know probably a very moody and emotional up and down and if he doesn't like you things usually get you know things happen now what's interesting about him is his alleged past relationship with Anne Boleyn remember Anne Boleyn was on that list of his wives she was the one who kind of tempted him and I mean he obviously made the actions himself but you know she was the the temptress that got him to you know separate from the Catholic Church start the Church of England make her the Queen and then she eventually birth you know Elizabeth but you know there were rumors and allegations that he had a relationship with her you know when they were younger before she was called to court before Henry's eye fell upon her some thought that it was a romantic in nature I think based on some of the stuff we read today we might be able to see that yeah that's true he probably was in love with her because think about what would happen with them if you were in love to somebody or betrothed to them but then the King all of a sudden noticed her and I want you to come to court and you're my mistress now I mean what do you think happens just it's over I guess it's done but if you really had feelings in your love of that person can you just sever those ties just like that probably not you know and so I think we'll see a you know a poet who's you know lamenting about the fact that love is out of his life and you know it struggles and especially if he's the head poet if he's around Henry all the time and he gets to witness his maybe ex-fiance his ex-girlfriend his ex maybe ex-lover being paraded around as a new queen right in front of them you think that might be difficult those of you that have had relationships you know if you guys break up but then maybe your friends start or your mortal enemy starts dating but you're always around that though that couple now you know might that be difficult and you have to stay professional and maybe it's a secret maybe you can't say that you dated because the King probably wants his Anne Boleyn to be you know a virgin chaste so maybe he refuses to even think that there was something that could have happened and so it wouldn't be good to go I actually had a relations with your wife at one time that probably wouldn't be a smart move with Henry okay and so we see we see why it's you know that the epitome of the the Forsaken love or the one who love has just left them and forgotten who they are and their life is is pretty uh pretty dramatic but turn the page the first one we were going to read since I said forsaking the lovers showeth how he's forsaken the lovers show us how he is forgotten how love has left him how love has moved on now remember these are very very fast poems and so they uh they kind of zip right by you know look for little things in here little clues litter little uses of figurative language and lit terms here and there and when they compare things look and go oh well that's assembly oh that's a metaphor well I like what they're doing here listen to that alliteration in sound it's not going to be well it could be you know the alliteration that we had in a circle Wayne and the Green Knight was just hard to even say and repeat sometime you know there were four G's in one line you know things like that but just kind of keep an open ear the best thing I want you guys to get out of these because on tests on assignments on exams you will have blind passages where here's the poem and here's us on it and here are some questions it might take multiple readings to get through them what I want you to do the first time through did you have an idea as to what was happening I'm not saying get up in lecture now but did you get it did you what happened because remember we have the big chunks there is you know a problem there is some situation and then the bottom there's some sort of advice some sort of answer can you differentiate and figure out what is the advice and problem if you can figure out what the advice is usually you can figure out what the problem was if you can get just that the first time through that's great okay and then after we go through it maybe you have a better understanding oh okay this makes a little bit more sense great that's what we want the more exposures you have to it hopefully you pick up a little bit more each time um so the lovers show us how he is forsaken listen to the selection the lover show with how he is forsaken by Sir Thomas Wyatt they flee from me that some time did me seek with naked foot stalking within my chamber once have I seen them gentle tame and meek that now are wild and do not once remember that some time they have put themselves in danger to take bread at my hand and now they range busily seeking in continual change thank ad be fortune it hath been otherwise twenty times better but once as special in thin array after a pleasant guys when her loose gown did from her shoulders fall and she me caught in her arms long and small and therewithal so sweetly did me kiss and softly said dear heart how like you this it was no dream for i'll a broad awaking but all is turned now through my gentleness into a bitter fashion of forsaking and i have leave to go of her goodness and she also to use newfangled s but since that i unkindly so am surveyed how like you this what has she now deserve it okay so how is the lover forsaken we know just from the title that you know things aren't the way that they used to be anymore in the first few lines you know they flee from me that sometime did me seek with naked foot stalking within my chamber so there is a remembrance of you know naked feet chasing people around they're not like in a weird soccer way but you know naked feet probably getting ready for bed or after bed or playing around afterwards you know many times you know they flee from me and they flee now those that sometime had been in my room in my bed not within my chamber once have I seen them gentle tame and meek that now are wild so now they're wild and unobtainable they don't give me the time of day whatever but before they used to be tamed was in other words a gentle tame and meek you know when we were together but now we're separate and they're wild and you know I'm not not with them anymore you know thank to be fortune it has been otherwise twenty times better but once a special so I have been with these people it's happened many many times twenty times before and but there was just this one special time and that's where the second stanza you know in this whole array that you know this you know the strap the gown fell from his shoulders and she me caught in her arms long and small and I did kiss her sweetly and oh I said dear heart how like you this so there was this one moment that was just so special maybe it he means there was just this one girl that just really did it for me and I just was I was just head over heels in love with this woman because I can remember the way her hair was flicking around on her her gown just fell off or you know whatever it would be and then some I questioned him in line of 15 he goes it was no dream for I was awake because some individuals or he might even tell himself because you know they're so wild though they're so unforgiving they're so ignoring of him that you know maybe you're dreaming it maybe it never truly happened because no it happened before I wasn't dreaming and I can remember especially that one time and so he can keep that thought in his mind some people might say wow you're really you know stressing yourself out you're really torturing yourself by keeping these memories in there but you know maybe he's holding out hope that that could change because he goes you know that was real it did happen but things have definitely gone and been different and as we go through these sonnets remember that notion of unrequited love unreciprocated love love for one person but you don't get it back and isn't that almost you know more painful than anything you have these strong feelings but they just wouldn't give you the time of day it's not necessarily a crush but you just have these these longings for it to be with this person but they don't want anything to do with you and you're just kind of crushed by that and we'll see some more examples as we go through today the next one on who's so list to hunt who so list to hunt who wants to go hunting okay look at what it through this is a short one I'm at the sauna look at what he compares hunting to you know I'll just leave it at that listen to the selection unit to the English Renaissance theme to love's labour's whose so list to hunt by Sir Thomas Wyatt who so lists to hunt I know where is and hind but as for me alas I may no more the vain travail hath wearied me so sore I am of them that farthest cometh behind yet may I by no means my wearied mind draw from the deer but as she flee at the for fainting I follow I leave off therefore since in a net I seek to hold the wind whoso list her hunt I put him out of doubt as well as I may spend his time in vain and graven with diamonds in letters plain there is written her fair neck roundabout nolle mate and Jer for Caesars I am and wild for to hold though I seem tame you know hunting deer and so on they say the hind I know where is an hind a female deer so in essence we're not really talking about deer I guess somebody who's completely ignorant of you know the the love aspect of sonnets or of Thomas Wyatt might think oh well it's just about hunting because he's talking about pets and things around their necks but think about the deer as the women and see where we are where we can take this so who wants to go hunting I know where there's a deer but as for me at last I may know more so who wants to go hunting I know of one that you could hunt but I'm not going to anymore the vain travail the vain hard work to do something in vain is to do it just pointless busy we're busy so he goes I've done this it's left me so sore it's left me so miserable you know in lines five six around they're talking about drawing from the deer as she flee at the fore you know I come closer to them but they flee so imagine a deer bouncing away as you're getting closer so whenever I make the move whenever I try to you know get a relationship they run away you know like these deer she flee at the fore fainting I follow just oh and I just keep going and then she I get closer and she runs away oh I just keep going and keep going and I'm not getting you know that reciprocation of love I leave off there for so I quit I quit since internet I seek to hold the wind you understand how pointless that would be imagine a big butterfly now you've seen those people out there with these big butterfly nets can you catch wind in those things no I mean the wind goes right through it but yet that's his point you can't succeed with this particular dear I can't succeed in love it's like I'm out there trying to catch the wind with this net it's pointless but yet it's a good visual whoo so list her hunt I put him out of doubt as well as I may spend his time in vain so who wants to go waste some time and Ravin with diamonds in letters plain there is written hurts her neck roundabout no lame a Tangier for Caesars I am and wild for to hold though I seem tame and if we went back to the building background it talked about how Julius Caesar actually had you know pets walking around with little signs that say you know do not touch and you probably knowing Caesar would not touch those animals you would leave them alone okay so what Wyatt is alluding to here in his historical allusion is that I know of a deer here that you can try to hump but it'll be in vain because around her neck around its neck there are diamonds in letters plain how can it be diamonds around somebody's neck would we call that ladies a necklace it's a necklace she's not this woman is not wearing a sign that says no touchy I'm Caesars but just wearing those jewels around her neck screams a lot and it says a lot and so around her fair neck round about no LeMay Tangier for Caesars I am wild for it to hold though I seem tame though I seem tame and proper and this beautiful young lady and beautiful Queen I'm actually pretty wild and if you were to try to get with me things could happen you know so it's very dangerous to be with me and so you don't want to mess with me and this this necklace maybe it's you know some sort of crown on the head it says hey I am Caesars but we know Caesar is not Caesar it's who Henry the eighth I can't okay and so if you look through this again you know without knowing all that stuff you can just think about you know oh dear well I know where there's some deer you could go get but there they it says they're Caesar's pets okay well that's just a very elementary approach to it knowing about Wyatt knowing about his feelings and history relationship with her we get a lot more you know context and subtext to this particular one and it's kind of it kind of really showcases that that poet who doesn't get love but has some much feeling and so much out there and putting himself out there just for constant rejection so it's a it's a pretty good
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British_Literature_Lectures
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Victorian_Era_Thomas_Hardy_Poems_Lecture.txt
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Thomas Hardy interesting note it said that you know in the you read in the last 30 years he wrote how many poems thousand that's a lot of poems a lot of things to think about a lot of things to structure and you know it's a way to I guess perfect your craft to write about anything that pops in your mind you can write something you're eating breakfast and something enlightens you about your cereal you know maybe some world-changing events you know that's good fruity pebbles and you know you could write some code or something to - bamm-bamm and pebbles or something we're good we're gonna read three of his today starting with the darkling thrush a bird a thrush was mentioned if you can recall briefly back in 1984 when they were in the golden country there was a reference to a Darkling thrush - a bird so an illusion to some degree here page 1005 a man is not very without giving too much where a man isn't very appreciative of his surroundings but you know things are horrible and remember this is a time period a lot like Haussmann this is the transitioning between the the you know the the pessimism and the darker darkness just like we talked about in dover beach of you know the the late you know 1800's into the 1900s so he kind of bridges the gap and so we see a little bit of that but yet there's a bit of an optimism when the presence of a bird sings so look at look at his relationship - or his thoughts I guess pertaining to that bird the darkling thrush by Thomas Hardy I leaned upon a kapa skate when frost was Spectre gray and winters dregs made desolate the weakening eye of day the tangled bind stem scored the sky like strings of broken liars and all mankind that haunted and I had sought their household fires the land sharp features seemed to be the century's corpse out leaned his crypt the cloudy canopy the wind his death lament the ancient pulse of germ and earth was shrunken hard and dry and every spirit upon earth seemed fervor less as I at once a voice arose among the Bleak twigs overhead in a full hearted even song of joy in limited an age had thrush frail gaunt and small in blast be ruffled plume had chosen us to fling his soul upon the growing gloom so little cause for caroling zuv such ecstatic sound was written on terrestrial things afar or nyah round but I could think there trembled through his happy goodnight air some blessed hope where of he knew and I was unaware the first couple stands us deal with the desolation the gloominess it's a very somber painting on that this individuals painting for us you know talking about that you see some of the words desolate weakening broken haunted I mean all of these things you see corpse and crypt and death lament that doesn't seem like a very sunny happy picture okay and and then those last couple lines in every spirit upon earth seemed fervor list as I seemed as does destitute and gloomy as I as there's no chance for hope or redemption but then the next column at once a voice arose among the Bleak twigs overhead in a full hearted even song of joy a limited an agent thrush so the bird look at the description frail gaunt and small in blast but ruffle plume so a small dirty frail looking bird but it's full hearted and it's just singing out singing out had chosen thus to fleeing his soul upon the glowing gloom and that makes him stop and thinking you've seen that last stanza there where he's so negative in those first couple stanzas than the third stances it's about the bird and then the fourth is the realization that wow something so small frail gaunt weak-looking consigned beauty and find a reason that's the most important find a reason to be singing full hearted in such a gloomy setting then maybe there is hope for us maybe it isn't necessarily so bleak and horrible and that's where as he says at the end the last line some blessed some blessed hope were of he knew and I was unaware it's very similar to a Rime of the Ancient Mariner when he has the albatross around him and he looks down and he says all and I blessed them unaware and he had no idea that he was doing it just blessed them unaware and so it's kind of a nice little parallel on these two lines so that hope that that desolate feeling even it probably doesn't completely change him it still opens up the picture - wow look at this little thing finding hope and beauty maybe I can look a little harder and I can find that beauty and find something here the man he killed a pretty self explanitory analyzing the relationship between two soldiers one on either side had he and I but met by some old ancient in we should have sat us down to wet write many a nipperkin but ranged as infantry in staring face to face I shot at him as he at me and killed him in his place I shot him dead because because he was my phone just so wife oh of course he was that's clear enough although he thought he'd list perhaps offhand like just as I was out of work and sold his traps no other reason why yes quaint and curious warriors you shoot a fellow down you treat if met were any Baris or help to half a crown so of remorse figuring out why did I do what I did if you've seen any movies of a war at times after the battles done they kind of walk around to the corpse and empty out their pockets whether they're plundering or they're trying to find some Intel who knows different motivations but there's usually a moment or a scene where whatever side we the viewers supposed to be on they are doing you know taking a wallet out of their person that they killed and they open it up and what do they find they find a picture maybe of the you know they're a young wife back home who's waiting for this soldier and you instantly think oh boy she's going to be horrible news you know she'll never see this guy again maybe there's a the dad a picture with the guy with some kids and all of a sudden you realize while they they are a human being there's some but even though we were fighting even though he shot at me and I shot at him and I I won and I killed him he is a human being he is somebody else and as he says in that third or four stanzas at a fourth one that you know he enlisted probably the same as I did probably sold off the belongings and just joined for no other reason he's probably the same person as I am in fact as that we see at the beginning at the end if we had met outside of war maybe we would have sat down and drank together in a bar maybe we could have hit it off and been friends but I killed him I shot him dead because because he was my foe because they told me who my enemy is and I went and shot and I did what I was supposed to do but I didn't kill him because he wronged me or that we believe in different things just he's my enemy and I and he's understanding that his enemy might feel exactly the same way about him and it's a shame that you know we are at war now this takes place during the time the if we read more about Hardy you know he wasn't a big proponent of war he was more against it and it was around this era these errors that a lot of the Commonwealth of Britain were having some military issues and not necessarily all uprisings but there were some you know battles and such going on and so war was prominent and it was something he just had to do to keep your you know one quarter of the world's population and landmass you know to keep the rain and stronghold on that they didn't necessarily grab all the power through their war through you know fighting but you know in order to maintain they had to have military presence it's like Rome that when they had a lot of the world you know in the you know the 300 and 400 AD and so on when we started this class you know they had to put you know regiments and groupings elsewhere to control the peace and control and keep track of what's going on so the man he killed just a lot of regret and remorse and and sadness really it's not like yeah man I killed you I'm gonna go kill you and you and your nose I shot him because I had to is either him or me but yet why I probably probably could have gotten along and that's really the sad the sad notion this next one is not necessarily a sad I find this one of the the funnier ones because like I said I usually have a dark sense of humor and so on but ah are you digging on my grave so the voice is coming from the dead corpse in in the in the grave and this individual hears noises going on six feet above them and they're wondering who's up there what's going on ah are you digging on my grave by Thomas Hardy ah are you digging on my grave my loved one planting rule no yesterday he went to Wed one of the brightest wealth has bread it cannot hurt her now he said that I should not be true then who is digging on my grave my nearest dearest kin ah no they sit and think what use what good will planting flowers produce no tendance of her mound can lose her spirit from deaths gin but someone digs upon my grave my enemy prodding Sly nay when she heard you had passed the gate that shuts all flesh soon or late she thought you know more worth her hate and cares not where you lie then who is digging on my grave say since I have not guessed oh it is I my mistress dear your little dog who still lives near and much I hope my movements here have not disturbed your rest ah yes you dig upon my grave why flash did not on me that one true heart was left behind what feeling do we ever find to equal among humankind a dog's fidelity mistress I'd dug upon your grave to bury a bone in case I should be hungry near this spot when passing on my daily trot I am sorry but I quite forgot it was your resting place so this woman being buried she hears all this commotion goes who's up there who came oh is it my beloved is it my is it my husband it is he planting some flowers are they up there doing different things are my loved ones on the first stanza well no it's not my husband because he went to Wed yesterday you know so it's not him because he's off doing other things and not worrying about me well then who's digging up my grave is it my nearest kin I know they sit and think what's the use what good will planting flowers but why plant flowers what are they gonna know why even bother waste time okay so what isn't her husband isn't her nearest kin what about my enemy Oh are they here no she thought you know more worth her hate and cares not where you lie so now that you're dead she's not thinking about you anymore she's not coming to do things to you so it isn't my family my loved ones it isn't my my enemy well then who's up there who's digging on my grave oh well it's I your dog I hope I haven't disturbed you in my digging oh yes you dig upon my great why didn't I think of that before all the one true heart the one being that really still cares about me and loves me and trying to still come to me all wonderful of dogs loyalty of dogs fidelity and then here's where my dark humor comes in Oh mistress no no I was digging I was burying a bone in case I were to ever be hungry near this spot I completely forgot that you were here I'm sorry do you see the humor in that maybe the the dark humor maybe it's just really really sad for that lady who's dead but Oh wasn't my lover and my my family my kin no it's it's your dog oh of course the dog we had such a great relationship you love me you missed me and this me oh no I was just putting a snack here a stash so if I remember or hungry when I'm walking by I can eat I'm sorry to bother her got you were here completely forgot so again little dark humor I think but still you know once again you know um you know the the the death connection we see the the the darkness that not necessary morbidness of a zombie talking or anything not nothing that dark but yet we have some humor sprinkled in here that we haven't necessarily seen too often in poetry and just kind of show you that poems can be used for various various reasons and desired outcomes and so
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British_Literature_Lectures
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Modern_Era_Winston_Churchill_Be_Ye_Men_of_Valor_Lecture.txt
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Winston Churchill very famous obviously an individual you may have seen pictures of him with FDR back in World War two you know he wasn't always in charge however he was a politician he was a very famous author on tons and tons of books a lot of histories and nonfiction type stuff but very good with the with the language and the piece we're going to read here is a it's the most famous speech that I've heard of his not being from Britain I don't know if there are others but this is the one that that I know him by be men of valor this is his first public radio address to his people okay and look at the year it's a 1940 met yep May 19 1940 a world war two is going on put yourself in that position where they're at the Nazis are spreading through Europe they're getting a lot closer and eventually they're gonna hop over that little bit of water an English Channel and attack England and London okay so he knows the war is coming everybody can see that that plague that Nazi plague spreading throughout Europe and they're a little country yes they have that Empire but realistically they're really small tiny and they're isolated okay and so his job in this radio address is to even though we have this impending doom coming this dark storm on the horizon coming okay we must not waver we must be strong he does a wonderful job and pay attention to the details okay where he's talking about numbers and all of these different things you know would you be convinced if you were a British person yeah yeah let's get them because you were all in the same mindset of oh they're coming they're coming impending doom okay impending doom is coming but look at how he with his spoken word he is able to convey his you know the purpose of you know of unifying a troubled country and that's what he does here this is very famous okay and I mentioned this back when we talked in the Renaissance period remember Elizabeth the first her speech at Tilbury the Spanish Armada was getting ready to come okay and they did come but the English Navy was able to defeat them and they never landed but remember what she was telling them and they were the greatest naval force in the world okay the All Stars were coming to fight us on our own Court okay and and she knew this if I remember she walked amongst them and talked about how you know I've had this you see a feeble and old woman but I have the heart and stomach of a king not just any King but a king of England right okay that was a famous speech so we saw that and that was you know 15 late 1500s okay but in here where you are in 1940 so we have a man who's in charge not a king or queen but the Prime Minister so the real power because you know the king and queen don't have power more figureheads now and so we now we have the leader of England a man this time but yet overwhelming odds against you but yet the same kind of message and we saw what kind of rallying cry was behind Elizabeth does he get would you think he gets the same kind of rallying cry would you be motivated to fight and die and do what needs to be done based on what he says so pay attention that meae men of valor by winston churchill BBC london 19 May 1940 I speak to you for the first time as Prime Minister in a solemn hour for the life of our country of our Empire of our allies and above all of the cause of freedom a tremendous battle is raging in France and Flanders the Germans by a remarkable combination of air bombing and heavily armoured tanks have broken through the French defenses north of the Maginot Line and strong columns of their armored vehicles are ravaging the open country which for the first day or two was without defenders they have penetrated deeply and spread alarm and confusion in their track behind them there are now appearing infantry in lorries and behind them again the large masses are moving forward the recruitment of the French armies to make head against and also to strike at this intruding wedge has been proceeding for several days largely assisted by the Magnificent efforts of the Royal Air Force we must not allow ourselves to be intimidated by the presence of these armored vehicles in unexpected places behind our lines if they are behind our front the French are also at many points fighting actively behind theirs both sides are therefore in an extremely dangerous position and if the French army and our own army are well handled as I believe they will be if the French retain that genius for recovery and counter-attack for which they have so long been famous and if the British Army shows the dog and endurance and solid fighting power of which there have been so many examples in the past then a sudden transformation of the scene might spring into being it would be foolish however to disguise the gravity of the hour it would be still more foolish to lose heart and courage or to suppose that well-trained well-equipped armies numbering three or four millions of men can be overcome in the space of a few weeks or even months by a scoop or raid of mechanized vehicles however formidable we may look with confidence to the stabilization of the front in France and to the general engagement of the masses which will enable the qualities of the French and British soldiers to be matched squarely against those of their adversaries for myself I have invincible confidence in the French army and its leaders only a very small part of that splendid army has yet been heavily engaged and only a very small part France has yet been invaded there is good evidence to show that practically the whole of the specialized and mechanized forces of the enemy have been already thrown into the battle and we know that very heavy losses have been inflicted upon them no officer or man no Brigade or division which grapples at close quarters with the enemy were ever encountered can fail to make a worthy contribution to the general result the armies must cast away the idea of resisting behind concrete lines or natural obstacles and must realize that mastery can only be regained by furious and unrelenting assault and this spirit must not only animate the high command but must inspire every fighting man in the air often at serious odds often at odds hitherto thought overwhelming we have been clawing down three or four to one of our enemies and the relative balance of the British and German air forces is now considerably more favorable to us than at the beginning of the battle in cutting down the German bombers we are fighting our own battle as well as that of France my confidence in our ability to fight it out to the finish with the German air force has been strengthened by the fierce encounters which have taken place and are taking place at the same time our heavy bombers are striking nightly at the taproot of German mechanised power and have already inflicted serious damage upon the oil refineries on which the Nazi effort to dominate the world directly depends we must expect that as soon as stability is reached on the Western Front the bulk of that hideous apparatus of aggression which gashed Holland into ruin and slavery in a few days will be turned upon us I am sure I speak for all when I say we are ready to face it to endure it and to retaliate against it to any extent that the unwritten laws of war permit there will be many men and many women in this island who when the ordeal comes upon them as come it will we'll feel comfort and even pride that they are sharing the perils of our lads at the front soldiers sailors and airmen god blessed them and are drawing away from them apart at least of the onslaught they have to bear is not this the appointed time for all to make the utmost exertions in their power if the battle is to be won we must provide our men with ever increasing quantities of the weapons and ammunition they need we must have and have quickly more airplanes more tanks more shells more guns there is imperious need for these vital munitions they increase our strength against the powerfully armed enemy they replace the wastage of the obstinance struggle and the knowledge that wastage will speedily be replaced enables us to draw more readily upon our reserves and throw them in now that everything counts so much our task is not only to win the battle but to win the war after this battle in France abates its force they will come the battle for our island for all that Britain is and all that Britain means that will be the struggle in that supreme emergency we shall not hesitate to take every step even the most drastic to call forth from our people the last ounce and the last inch of effort of which they are capable the interests of property the hours of labour are nothing compared with the struggle for life and honor for right and freedom to which we have vowed ourselves I have received from the Chiefs of the French Republic and in particular from its indomitable Prime Minister Monsieur Renault the most sacred pledges that whatever happens they will fight to the end be it bitter or be it glorious nay if we fight to the end it can only be glorious having received His Majesty's Commission I have found an administration of men and women of every party and of almost every point of view we have differed and quarreled in the past but now one bond unites us all to wage war until victory is won and never to surrender ourselves to servitude and che whatever the cost and the agony maybe this is one of the most Austrians in the long history of France in Britain it is also beyond doubt the most sublime side-by-side unaided except by their kith and kin in the great dominions and by the wide empires which rest beneath their shield side-by-side the British and French peoples have advanced to rescue not only Europe but mankind from the foul list and most soul-destroying tyranny which has ever darkened and stained the pages of history behind them behind us behind the armies and fleets of Britain and France gather a group of shattered States and bludgeoned races the Czechs the poles the Norwegians the Danes the Dutch the Belgians upon all of whom the long night of barbarism will descend unbroken even by a star of hope unless we conquer as conquer we must as conquer we shall today is Trinity Sunday centuries ago words were written to be a call and a spur to the faithful servants of truth and justice arm yourselves and be men of valor and be in readiness for the conflict for it is better for us to perish in battle than to look upon the outrage of our nation and our altar as the will of God is in heaven even so let it be it is better for us to perish in battle than to look upon the outrage of our nation and our altar as the will of God is in heaven even so let it be that's not the first reference to God that he has throughout here you know referring to our fighting men and such oh god bless them god bless them and you know still showing admiration and support for those individuals even if you know you know they're they're struggling and dying on the front I speak to you for the first time as Prime Minister I mean that's that's the key thing that just is hard to believe that some just you thought your job you know well you have to take over for somebody's other position but here you're you're taking over our country and a country that is in war and now you have to address everybody and this is the first time that that they are hearing him in his capacity as Prime Minister and it is a solemn hour for the life of our country of our Empire of our Ally's and above all of the cause of freedom so you just list him he even talks about how they over ran Holland in Belgium and you know within days you know they took over the Nazis and such and when they turn their attention to us because they will turn their attention to us it's inevitable so he's coming straight out and saying that this is going to happen just ignoring it isn't going to help we need to do something we need to unite and get all of our resources and everybody firing on the same cylinders page 11 69 at the top they're talking about the French the friends remember on Britain's engagement is really along the northern area of France and so the French are you know struggling and fighting and such and dear for the most parts are losing and if the French army and our army so he's starting to come up with you know what ifs if they can fight and if they can be victorious because you know history shows that they have done it before so why wouldn't they positive thinking positive thinking and if the French army in our army are well handled as I believe they will be if the French retain the genius for recovery and counter-attack for which they have so long been famous and if the British Army shows the dogged endurance and solid fighting power of which there have been so many examples we should be pretty good so not only is he pumping up the French about their counter-attacks you know they're on the ropes but they come back fighting and swinging not only are they famous for that but us if we can do what we've done before not just once or twice but countless examples I'm not even going to go into the exams because there's so many so if we just do what historically we've done we're gonna be okay we're still gonna fight and have some death but we still you know we still have a lot of opportunity for myself down towards the bottom I have invincible confidence in the French army and its leaders only a very small part of that splendid army has yet been heavily engaged so yes they are getting beaten but I have invincible confidence in them because only a small portion has actually joined the fight of the French army is what he's saying and I have it on good good good evidence to show that practically the whole of the specialized and mechanised forces of the enemy have been already thrown into the battle and we know that very heavy losses have been inflicted upon them so the French have only you know put in a small amount maybe 20% throwing this out there 20-25 percent of the resources and there they're getting pounded but we also know that the Nazis are all in they don't have any chips back to play with the French still have some gambling to go these guys everything is there and they're starting to take hits and heavy losses and there's no replenishing there's no substitutions they're gone they're in there for the duration till the clock runs out okay and so he says the French guys here I'm British I know we're British but our French they're our allies they're only having gauged 25 maybe half they probably still have a lot in reserve and look at the damage that they've caused on the next page in the air we have been crawling down three or four to one of our enemies so for every one that we die and lose we take down three or four well it sounds pretty good doesn't it yeah but what you know if you look balae below that the subtext that's great if we start with an even number right if we have a million Nazis verse a hundred British you can take down four you can take down a thousand a piece but eventually that million is going to hold out over over that hundred actually I might be just about right but do you see the whole point of that but yet the people that are fighting are doing a great job we should be very proud of them we're taking out three or four enemies for every one that gets us that's great we need to keep fighting and keep doing that and keep doing better because we are in that you know exacting revenge on them and so on talking about their bombers down there at the bottom the fierce encounters which have taken place and are taking place at the same time our heavy bombers are striking nightly at the taproot of German mechanised power and have already inflicted serious damage upon the oil refineries they need that oil they need that gas for all of their tanks all of their planes all of that mechanized machines that they're using to hold their power and accrue more power and we are cutting off those supplies nightly bombing nightly and so we are hitting them and we are hurting them and so be positive about that we're not just sitting back waiting for them to come get us we go and get them yeah that bulk of that hideous apparatus of aggression which gas top gashed Holland into ruins and slavery in a few days it will be turned upon us I'm sure I speak for all when I say we are ready to face it to endure it to retaliate against it there will be many men and women in this island who when the ordeal comes upon them as comet will so again this is like the third or fourth time it's coming folks this war is coming but we're not just gonna hide by we're going to welcome it and fight it and retaliate and we're going to endure it and ultimately be victorious you know that there will be people here men and women who will feel comfort and even pride that they are drawing away from them apart at least of the onslaught they have to bear their prideful that all of these bombs you're dropping on us here in England where aren't they dropping the bombs at on their troops fighting in France all these bullets you're wasting on us their bullets that are being spent and not being shot at our boys and bunkers all around France and we're prideful of that because I'm a frail woman and oh you know 80 year old woman 60 50 40 year-old woman and I'm not gonna pick up a gun and fight but I can contribute here just like we did ladies in America during World War two you've heard of Rosie the Riveter right at that bit poster the cartoon lady with the bandana going like this you know they were in the factories riveting you know submarines and putting together airplanes and all these things while the men were away the women really probably fought that war by providing all of that stuff and so he's saying the relatively the same thing that we will provide them they need planes they need weapons they need all these things and we will make it for them and we will be prideful of that and everything that comes face to us all of the attention that they're drawing to us is not being focused on them it's like in the Lord of the Rings movies the tower sauron's tower that big eye in Mordor right that's always looking around for them looking around well Frodo and Sam are there at the base of the volcano Mount Doom to throw the thing but they can't get they can't cross to get to Mountain Doom because of all yours and so Eragon and all his friends got to the gate and they go hey come and get us come and fight us so they emptied out all the orcs it was a distraction they were they were ready to die sheer numbers they were they were toast toast and that's what makes it so heroic that Eragon just charges them and even the little hobbits go and charge the fight they're running to certain death for the most part if Frodo doesn't get up there and does do what he does you know with Sam such but the whole point is the moment that all that attention happens that I goes over to attention and so Frodo can skip around you know with Sam up to the mountain that's not really skipping but you get my point and get up to the mountain and and drop the ring in they were pleased they knew that this war was coming and they welcomed it because every enemy that was focused on them was not focused on Frodo and the main objective the main objective is not win the battle but when the war okay so anything that can be drawn to us will you know Frodo and Sam and can win the war and that's ultimately what we want that's ultimately what happens spoiler alert so more airplanes more tanks all of these things you know the knowledge on the last page they need to have the knowledge that wasting will spread speedily be replaced and enables us to you know to draw more so when they're shooting if thou my gosh this is my last clip on out of ammo they know that there's more ammo coming and hopefully soon it's not like okay well I'm out of bullets throwing rocks at them now that won't work too well with tanks well let's probably didn't work well tanks either but we have to provide our boys our service people with that that sense of of pride and of support so really a great rallying cry okay even says that this is one of the most all striking periods in the long history of France and Britain if you've seen the movie Apollo 13 they're going to the moon and there's a big accident happening out there and it's a it's a tragedy and all of these things and you see in Mission Control and these people like all this is a you know this is the the most traumatic that the worst possible day in history and this flight director turned out goes null I think this is one of our finest moments think about that can you see how Churchill's saying here that this is one of the great moments of history folks you are lucky to be a part of this history bully for you good job let's go and make history so a good pep talk knowing certain death is coming through you know coming war and all this thing and everybody's petrified and scared and now you have a leader who comes out in this first opportunity and tells you all these things don't you want to just lace them up and go and do what you need to do maybe not go on the frontlines but maybe run to the factory and help with the construction okay so I mean it's just a wonderful wonderful rhetoric use of the words compare it and contrasted to what Elizabeth said in her speech to Tilbury okay remember she got them riled up he got these guys riled up now he's not standing amongst them along the water you know talking to them so it's a bit different but yet through the radio these people are hearing it and his country is is being coming unified more so than it ever was before during this time period okay
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British_Literature_Lectures
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Enlightenment_Era_Metaphysical_Poetry_Introduction_Lecture.txt
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all right metaphysical poetry metaphysical is a kind of a big word I don't quite understand that and da da da dun and just take deep breath it is not very difficult and especially after you see you know the language is somewhat easier to understand it's more conversational but the main aspect that we want to take away from this is it was written for people to really you have to be real intelligent to get it they wanted you to you know people can understand it but the smarter you were the more you could get out of it and that's who they were writing it for it's important to keep these side by side with with sonnets in that you know sonnets were very rigid very strict in number of syllables number of lines your rhyme scheme must be a certain way you had to play by a lot of different rules if you wanted to if you wanted to be considered a sonnet writer a poet here these guys were kind of considered the radicals these people wanted to write poetry but they didn't want to play by anybody's rules they wanted to make up their own their own game their own rules and then play by those I mean so that's what they ultimately did John Donne was really the father of that highly complex extended metaphors you guys here metaphors all the time comparing something but the main thing that's interesting about these are they're called extended there they're really in depth sometimes it's not just a something is like this or something seems to be like this and then they move on it's more in depth more elaborate they might go into greater detail the word conceit that should be a litter that's on your list if not that will want to get on there before the test but conceit is what's called an extended metaphor I'll show you a couple of examples today in his poem and that should make a little bit more sense to you but understand that that's really kind of the main one of the main features of metaphysical poetry avoidance of smooth or regular meter that smooth or regular that I am and I am back pentameter the baboom baboom but boom you know smooth and regular and it flows and sounds like sometimes even though we'll be able to understand these words sometimes you know it's a shorter line a bigger line a medium line a bigger line it doesn't it's not the same and that's understandable since these guys didn't want to play by those rules of the earlier poet you know the unconventional imagery that the you know we don't typically describe things in a certain way and you'll see that play out here the bottom of 428 when it talks about Duns tone is less formal formal and his word choice is simpler than those of most Elizabethan poets but his verse makes far greater demands on the reader's intellect that's the thing you got to remember this is for the smart people to get could the dumb ones get it well they might be able to read it and understand a little bit but he wants you to think about that metaphor like how is that really like oh okay I guess I can see it they want you to really challenge yourself to get the understanding so while it's easy to read and easy to comprehend you need to be able to you know to think in order to get the true meaning is what they're saying his poetry often includes an elaborate metaphor a witty argument or accomplice Plex philosophical speculation the one we're going to read about called valediction forbidding mourning a husband is getting ready to travel away and the wife has a bad dream and she doesn't want him to leave and so he writes her this poem that says I'm going to go away but I'll come back and you know and we'll talk more about that but we still see you know some sort of love and we as you read about John Donne on the other page you know he's a very very religious individual and so a lot of what we'll read in his poem is a faith based with regards to I'm not really worrying about what happens in his life because I'll be taken care of and so on the bullet points 428 429 those are the things you really want to make sure you under um I have put a PowerPoint on metaphysical poetry on Moodle I believe there is a slide or two that has a side-by-side comparison of what makes us on it a sonnet and a metaphysical poetry is you know how they how they differ and such um so you want you will want to take some time to look at that and your studying but really these next two columns and so so forth are the really the essence of what makes a metaphysical poetry a metaphysical problem you know we had the argument the intellectual you know the conceits which are those extended metaphors Elizabethan poets were fond of conceits elaborate extended metaphors often these conceits compared the beauty of a woman to the beauty of a natural object such as a star we read a lot of that you know the one about Shakespeare describing his woman to something else or she wasn't like that they compared to you oh you're as beautiful as blah blah blah here was no physical they take it to a whole different whole different level and sometimes they might what why I don't love it think about it and really delve into and that's where they want that insight to come out the metaphysical poet's took the use of conceits a significant step further creating arresting comparisons between very dissimilar objects or ideas that demand thought and imagination to unravel and that's a couple of examples we'll see look at what they have here they talk about that Dunn compares the tears on a man's face to newly minted coins tears to coins I mean we probably would understand you know to do or a waterfall some rain obviously some water to water but compare that to newly minted coins maybe the comb you know the and without reading the rest of poem we can't really guess but you know throwing things out there newly minted coin shiny crisp crisp clear you know a tear that comes down like catch the Sun it might shine like a newly minted coin I don't know we'd have to see it in its context but they want you to have to really think about it
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British_Literature_Lectures
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AngloSaxon_Middle_Ages_Era_TIME_A_Brief_History_of_Heroes_Lecture.txt
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two pages first the brief history of time page 69 and 72. this is a time life uh a time magazine article where it chronicles heroic traits throughout the ages throughout the eras and they coincide with the areas of study that we have go ahead and flip the page through these two pages so you can see how it breaks it down okay you can see each of these errors they have different traits we already talked about the epic heroes and what the in the anglo-saxons what they consider to be uh heroic okay what those values were and they may give some examples but then look at the modern days look at the victorian look at the renaissance the type of traits okay they're different there is a word document on moodle that i want you to open up that allows you it's a grid where you categorically put down what are the traits of the renaissance give us some examples of heroes because you will be able to see a shift in what the beliefs and values are and that will be very helpful come test time at well test time but definitely final exam time should you ever be questioned you know how has the role of the hero changed you have a nice little study guide um a brief history of heroes the time life article um i set it up for you that you know the line there at the bottom throughout history the idea of the hero has fluctuated and evolved to suit the culture of the times i told you from the beginning of the class that um or the semester that you kind of needed to keep an eye on what those traits that are considered heroic what do people consider to be heroic and we started with epic hero and we saw beowulf and such um we were seeing that kind of evolve and change just up through uh what would we just do a sir gawain you know was he really a hero did he exhibit heroic traits definitely early on right but then you know at the end not as much and we will see that progress as time goes on all the way up to you know the modern unit when we get to 1984 and winston and that hero is much different than the shakespearean um you know character macbeth macbeth is vastly different from beowulf and that stuff will make sense to you at the end and this does a nice job of isolating the traits during these eras that we're going to study um and giving some examples of individuals who you know embodied um those those uh traits and principles um so they're on the bottom of 69 the renaissance hero we're getting ready to study the renaissance in a bit um and they're talking about the middle ages and the left-hand column there that uh during that time roman catholic scholars of medieval europe stressed the afterlife greatness came from god not man you know so the true heroes of christendom were the martyrs missionaries and priests preparing for salvation that changes completely during the renaissance okay and to see this shift it's kind of a however you need to remember it little bullet points or some sort of list it would be helpful maybe that chart that we made will be nice as well um the renaissance challenged that they all emphasized man's capacity for greatness and that's important to understand because you will see a shift in these next few eras of humanity and what wonderful things humans can do not so much about god and so on and so we see man taking on more of a role so here that was a philosophy was focused at human values and capabilities humanism and that individual petrarch we'll talk about him when we get to sonnets later on on page 70. during the renaissance the classic idea of virtus moral excellence and goodness you know a manly man was proficient in warfare scholarship government literature and even the art of love there was a term nowadays called a renaissance man if you're considered a renaissance man you are good at several things okay you do a lot of different things um some individuals nowadays uh brad pitt and george clooney they're not just actors anymore they're humanitarians they're people that go and travel to war zones or africa and try to bring aid and help out um you know different people um and it's these individuals who are good at a lot of different things oh and clooney does writing oh and he does directing oh he does he's so it's if you're good at a lot of different things you might be referred to as a renaissance man and that's where the the term comes from was this particular era where being proficient in a lot of different things really makes you stand out and the ideal of the rom renaissance man remains a heroic value today people really seem to cherish that um some individuals they talk about you know there's an individual called machiavelli when you are if you are referred to as a machiavellian that's usually not a good thing it usually means you're very arrogant and sure of yourself i mean look at what machiavelli talks about i'll next that uh machiavelli's heroes were those who thought it was better to be feared than loved who practiced cruelty rather than charity who didn't base their conduct on firm principles or values but on the winds of fortune so what do you you know your personal advancement your personal growth that was heroic and anything that you had to do to get to that was acceptable as long as you were you know up here you're fine and that's to be machiavellian isn't necessarily a compliment in society but during this era that was a certain rationale of thinking um moving into the romantic era um right before the romantic era is an era called the enlightenment and we'll talk about that it's in the 1650s 60s and so on um and during this they came up with the the heroism of humanity a scientific approach to social problems and a belief in universal human progress were to be honored and so focusing on the human um the human uh you know journey and so on and what they could truly come up with and moving into the romantic era romantics criticized the elevation of logic and reason above feeling instead through art literature music and love they celebrated the inner emotions of creative development of the human spirit they believed in the man's natural goodness and the call of individuals to develop their personality to the full feelings this one should be simple because romantic feelings they really were into feelings not necessarily thinking and logic they were more about how does this make you feel and it wasn't all love stuff when we get to the romantic era i don't think we read anything that's lovey-lovey-lovey-lovey stuff but feelings okay and pain maybe in anguish and those are feelings and those things were talked about um some heroes and visionaries of that area lord byron wordsworth samuel taylor cool ridge we'll we'll read stuff from all those when we get to victor hugo you might have heard of gareth baldy from italy you may have heard of um victorian hero we take a big shift into victoria this is in the 1800s victorian air with sherlock holmes that time period you know charles dickens jane austen when you think of those people it's this era and uh for the individuals of this era heroic conduct was not a skill that could be taught it was something individuals were gifted with moreover heroes were not people to be emulated but rather demi gods to be acknowledged that's kind of an interesting way to think about it compared to what we were you know in previous eras and it was this way of thinking that as it talks about in the book that led people to praise you know visionaries and war heroes and churchill and de gaulle and really hold them to such high standards for such a common person in the 19th century the quiet hero was kind of focusing on the unpublicized work of those who provided people with their basic needs was now considered heroic so those individuals who weren't famous but who took care of you know the orphanage and all of those homeless kids who took them in and made sure that they were well fed and pushed them out into the world to be upstanding citizens that was heroic the unpublicized the people that did it not for attention and not to print out poems and publicize yourself it was this quiet hero and so we we've seen crazy evolution of heroic traits just in these 200 years on these pages here and so you see it change lastly into the 20th century where the thinkers of the mid 20th century fled from the idea of connecting militarism with greatness because early 20th century we had world war one world war ii we had the spanish-american war early in the you know 1900s and so on and so a lot of greatness was wow look at that heroics of those individuals who fought and did all these wonderful things and so we start to get away from putting heroic traits in with strictly military and that's where we see the evolution you know a moral quality which must be vaguely described as decency by george orwell and so we'll talk about him he wrote 1984. he was an example of that to help push that philosophy along and then lastly the multicultural media age hero a lot more heroes are coming out nowadays you know individuals who like i said about clooney or you know bono uh from youtube goes out and does a lot of stuff for charity and to raise awareness and and um you know now that we have twitter and facebook people can you know take campaigns to the next to the next level and and get the word out and things like that and can create heroes from nowhere um you know we have heroes left and right um there was a a pilot pilot captain uh sullenberger they called him sully he was one who landed the plane in the hudson river in new york a couple years ago if you recall some birds got hit up in their their turbine and they had land and they couldn't make it to the runway so he just kind of landed it right on the water of the hudson river kind of heroic quick thinking great but man that guy become became uber famous truly did things just took off and a lot of celebrities tend to really kind of stand out in this particular era just because of the the multicultural media being able to get the word out and such good let's move
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British_Literature_Lectures
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Victorian_Era_Matthew_Arnold_Dover_Beach_Lecture.txt
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okay Dover Beach and Matthew Arnold okay um this is the poem that I was really alluding to when we were uh talking about the introduction to this unit um uh the Victorian age with regards to the I think it was big idea three I think it was the disillusionment darker images uh coming um in the building background uh it said that you know he was adjusting not only as the inspector of schools to a new position and he's just married and you know all these things um but he was adjusting to the transition in England from an age of Faith to an age of Science and Technology this individual in his information author bio stuff was very very very religious okay and remember we talked about one of the main people um of this time period was uh not just KL Marx but Charles Darwin um and while he wrote his his book The Origins of Species about his time um you know chronicling biology and uh evolution in in um uh you know different types of animals and such uh people took that and applied it to wow well if you're saying Evolution here then it's Evolution verse creationism and he he was having issues with that and for somebody whose life was faith and was so devoutly Christian about certain things well about everything I guess technically um seeing this as wow this is the new the new way of thinking this is the way everybody's being you know raised and taught and talking about and and it's it's not looking positive for him to have a positive outlook it's dark it's like watching a storm coming you know the skies are getting dark and you see it's just black but yet it's in the middle of the day and you're like okay it's it's of course it's going to rain but you're like well it's it's going to be pretty bad storm okay it's very similar to this um you know this is turn of the century time um we know know since you know hindsights 2020 that we have you know the you know World War I which England called the Great War coming World War II we know what really fueled some of that violence and hatred in World War II um you know very non-Christian beliefs and practices and such um and so he's not saying that there's all of this crazy Holocaust war stuff coming but he does elude to armies and things and and historically we look back remember the Crusades hearing about the Crusades religious fights a lot of fights you know um Middle East around the world you know fights have all been not all of them but a large majority of them we're about fa and the right to practice uh certain religions and so on and certain viewpoints about what's right and what's wrong and so this Darkness on the horizon of the 1900s in the 20th century now that we're past that we can kind of look back and like oh I wonder if he was kind of alluding to this and this and this and this and that and that so uh some of the stuff we'll talk about uh in the future um you know when we get into the modern unit um it's still kind of dark but at that point it's dealing with the actual War and the ramifications and you know the the end of days and all of that and we'll talk more about that when we get there um but as we read through this remember keep this in mind um he's just married again we have a dramatic monologue okay um he's at the uh just a u I think it was a Southeastern corner of England where it's really kind of close to to France where you can almost not that you could see it but you can Envision it's just right it's just right over that little hump in in the The Horizon in the water um but look at what he talks about with regard to Faith look at what he um the darkness that he discusses in the future and ultimately you don't even know he's talking to his wife until towards the end okay uh so follow along and look for all that imagery that he's talking about and remember the the context of religion as it applies to him do beach by Matthew Arnold the sea is calm tonight the tide is full the moon lies Fair upon the Straits On the French Coast the light gleams and is gone the Cliffs of England stand glimmering and vast out in the Tranquil Bay come to the window sweet is the night air only from the long line of spray where the sea meets the moon blanched land listen you hear the grating Roar of Pebbles which the waves draw back and fling at their their return up the high strand begin and cease and then again begin with tremulous Cadence slow and bring the Eternal note of sadness in Sophocles long ago heard it on the aan and it brought into his mind the turbid EB and flow of human Misery we find also in the sound a thought hearing it by this distant Northern sea the Sea of Faith was once too at the full and round Earth's Shore lay like the folds of a bright girdle furled but now I only hear its Melancholy long withdrawing Roar retreating to the breath of the night wind down the vast edges Dreer and naked shingles of the world ah love let us be true to one another for the world which seems to lie before us like a land of dreams so various so beautiful so new hath really neither Joy nor love nor light nor certitude nor peace nor help for pain and we are here as on a darkling plane swept with confused alarms of struggle and flight where ignorant armies Clash By Night the sea is calm tonight the very first line so things are peaceful things are tend to be all right right now okay but as we see at the very end some of those talking about ignorant armies clashing by night and fights and the the the the water comes in and you know that type of thing um as metaphor for the you know the changing of of beliefs the changing of uh the fa of religion um uh Sophocles long ago heard it on the agian and it brought into his mind the turbid ebb and flow of human misery so Sophocles long ago on the AG andc he heard this on line 14 it talked about that the Eternal note of sadness he's hearing on the sea or from the sea um and Sophocles is a great thinker philosopher um he also heard it and he related it to human misery ah I can agree with that I can understand that and so then he do not Matthew Arnold and do Beach goes on to talk about the Sea of Faith was once too at the full and round earth Shore lay like the folds of a bright girdle furled but now I only hear its Melancholy long withdrawing Roar retreating so it used to be full the Earth to be surrounded and full the Sea of Faith used to be wonderful but it's like there's a drought and the water's just receding and pulling away from what it used to be okay and we know from the the building background and our introduction about the faith and all of that uh we know why the belief in religion and such is pulling back the the shore um the last stanza we don't even know know who he's addressing it's very similar to Wordsworth tin turn Abbey we just think he's talking about the nature and the children and stuff but all of a sudden we find out oh well his sister's there okay so it takes a whole different uh uh turn at that point from there to the end but here he goes I love let us be true to one another for the world which seems to lie before us like a land of dreams so various so beautiful so new hath really neither Joy nor love nor light blah blah peace nor help for pain it's really a darkling place it's really a it's horrible and it's not going to get better and all of this stuff that just happen you know swept with confused alarms a struggle in Flight where ignorant armies Clash by night let us stay true together while people have painted the world to be such a wonderful glorious great place to be it's really not but let us stay true to each other let us stay believing in each other but also keep our faith strong and so that everything else that's happening around the world the Seas of Faith are you know retreating away people are starting to voice your opinions more Wars could start clanking and clamoring out but let us stay true to each other because the world is not a wonderful beautiful place so this is very very different from some of the poems we've had so far where it's just real beautiful real happy I love you I love you honey all of these wonderful things oh sonnets and all these I mean this is It's really dark okay it's not a very glamorous uh portrayal of what is to come which is why this is a great example of that big idea that we were talking about uh with the disillusionment and darkened Horizons and so on okay uh
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British_Literature_Lectures
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Victorian_Era_Elizabeth_Barrett_Browning_Sonnet_43_Lecture.txt
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all right Elizabeth Barrett Browning interesting lady interesting individual I think a lot of the interest and especially a significance of her poem and you know her relationship with her husband is even that much more special because of how she was hampered by her father kind of overprotective would you say a little bit ladies would you enjoy that type of treatment probably not I think would be a fair statement and just imagine you know your self-esteem your shelter Dennis that's even appropriate way to say shelter is just your experience the outside world would be very very hindered and you wouldn't be able to you know feel like somebody could actually love you and such but she eventually got an admirer and will read his his work in a little bit and they eventually you know fell in love and got married against you know wishes a father and so on but it's one of those things where you know Love Finds away you know just like life finds way drastic park you know Oh life it will find a way page nine forty nine forty one with her son at forty three those of you who read this for the first couple lines should sound relatively familiar okay how do I love thee let me count the ways right don't you see that in a movie or cartoon you know or he loves me he loves me not in there plucking daisies you know or petals or roses are red violets are blue how do I love thee let me count those are all the kind of generic not that this is generic but the generic intros to to love poems and such that you might see in the in a modern world and such the little bit of additional backstory so she there was a strong love connection between her husband and her obviously but you think most marriages are or should have this poem was not meant to be printed a little bit of a back stress that's kind of neat okay one of the most famous poems here was never intended to be to be read by other people let alone students you know 150 years later it was just one of those things a little note to put in put in her husband's pocket you know when you were a kid did you ever pack your lunch to school or did your mom ever do that your dad did they ever slide little notes in their little things like I love you those aren't meant to be published okay my wife puts little things like that in my my kids stuff every once in a while it's nice little surprise for him I got one with some beanie weenies once it was pretty sweet so she cares I love beanie weenies big fan service this one here just put a little note in but the husband thought it was so wonderful that you know he was collecting I'm keeping them and say you should print these you should publish these are great and she was even being deceptive about that where she gave it the title the collected works the sonnets from the Portuguese hoping that people would think the poems were translations rather than expressions of her own emotions so hopefully people would read them and think oh well something was translated weird that's why it's you know it's not really her emotions and so she was kind of trying to protect herself because she was being she was putting herself out there she's very vulnerable because what if he gets slammed at critique and people hate him it she wasn't trying to please those people that that's truly how she feels and she didn't want to necessarily be hurt open herself up to the to that um that criticism okay the literary elements a repetition just skim down the left-hand side of the stanza just look at that you see the repetition it's obvious yeah I love thee okay I love thee the the obvious repetition of certain words certain phrases tend to really push the point of that piece and it is not an accident do you guys think it's an accident when you watch and we're watching TV and there's back-to-back commercials they were exactly the same have you ever seen that it's the same way like haha somebody screwed up do you think they screwed up absolutely not McDonald's paid to have the same bit McRib commercial but and I love mcribs as well the same McRib commercial back to back to reiterate maybe somebody was missed the end and maybe you're flipping through the channels and you missed it maybe you were sitting there watching the game and you're watching both commercial like I just saw it oh yeah me Chris hmm I'd really like him to career Google go there after the game ideally that's what McDonald's would want you to okay I'm so repetition they don't make mistakes okay that especially the commercials it's so expensive especially even gets a Super Bowl time there's always a news story about how much 30 seconds costs and I've watched over the last 20 years just go up what was last year couple million at least at least at least so sonnet 43 page 9 41 just follow along please sonnet 43 by Elizabeth Barrett Browning how do I love thee let me count the ways I love thee to the depth and breadth and height my soul can reach when feeling out of sight for the ends of being and ideal grace I love thee to the level of every day's most quiet need by Sun and candlelight I love thee freely as men strive for right I love thee purely as they turn from praise I love thee with the passion put to use in my old griefs and with my childhoods faith I love thee with a love I seemed to lose with my lost Saints I love thee with the breath smiles tears of all my life and if God choose I shall but love thee better after death ok so is this is a love poem I think we obviously get that not a whole bunch of analysis needed in this ok literary element of repetition I wanted to focus on just that I love thee freely I love thee purely I love thee with a passion I'm at the very end and if God choose I shall but love thee better after death so you know hopefully if things go well we go to heaven everything's great I love you love you love you everything's wonderful maybe we can have our eternal love in heaven should God choose ok but the love is continuing continuing and it's just and remember from her history what we read a little bit ago don't you think she really really really does love him she probably thought she was going to be an old maid with cat have you seen the symptoms with the cat lady the crazy kooky one and she just has cats it's weird she doesn't necessarily believe because of her history and her health issues and such that she was going to have or find somebody to love her for her and he loved her because of her verse of her poetry and he fell in love with the person who came up with those words so it's really kind of a sweet thing so any earth-shaking revelations about this thing no I was just a strong love poem that should mean a little bit more to us knowing the background information about her okay would we have been able to tell us a love poem without knowing anything about Elizabeth yes does it have a little bit greater sense now yes remember we talked about Thomas Wyatt one of the first sonnets okay when you talk about with Anne Boleyn they were the former kind of boyfriend/girlfriend lovers type thing and you know it made more sense since we knew that they was really amble in they were talking about and not deer and Julius Caesar was not Caesar it was Henry the eighth and so it made a lot more sense to us okay that's why knowing a little bit about the history the historical significance at the beginning of our units that stuff plays out
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British_Literature_Lectures
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Puritanism_to_Enlightenment_Era_Puritan_Introduction_Lecture.txt
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from purism to the enlightenment introduction um the Renaissance is over and if you've noticed from time to time from unit to unit they don't the the years don't necessarily syn up exactly like one ends at 1620 the next one starts at 1620 there's kind of some overlap and such um a lot of this they um you know they keep track of this stuff by uh you know the the person in charge the Monarch in charge um you know when we get to the Victorian age that's because of Queen Victoria uh the Renaissance a lot of that is mainly uh Queen Elizabeth but also has a little bit of her cousin James I um and this particular time uh really has like two separate stories that are going on uh in the Renaissance remember we spent a lot of time or I did talking about Henry VII and his wives and that was like okay well that's nice that's soap opery but yet how the Fallout of that dealt with the religion we saw how the religion played out um and all the people being killed um you know and caused the you know the stone or the ball to the snowball to slowly get bigger and bigger as it rolls down the hill um we see that even continue in this particular piece um or this particular time period you know 1620s and 30s and 40s um regarding the Puritans um now if You' I think you've heard of Puritans um you know remember doing The Crucible uh a junior year uh you know the people that came over on the Mayflower do you know why they came over for from the Mayflower it wasn't to go exploring it was to practice their faith and their religion um the Puritans that came to a America uh came from Holland but they were transplants from England and they had escaped England because they wanted to be able to have their own not necessarily have their own religion but be able to practice it without their uh you know some outside influence um they caused as you'll see when we talk about and as you read it um they caused ultimately the the Civil War their Civil War during this particular time period um a fracturing the King was dissolved the parliament was put in charge um there was no Monarch for a handful of years and when you think of England I don't know about you but I kind of always think of you know king or queen nowadays they don't have much power do they they're just really kind of a figurehead okay uh they're not really lawmakers they're just really kind of the face of the money and face of their empire I guess you could say um but the story really starts off here with James I first who was Elizabeth's successor he was the one that MC Beth was written for which a handful of you still got wrong I don't know how many times I had to say it during McBeth that this was written for James the first and there was a shout out a cameo when he was in the line of apparitions and blah blah blah we talked about that um but anyways the divine right of the king um if you look there in that First Column it says that when James one succeeded to the English Throne he firmly upheld the principle of the divine right of kings the belief that the Regent deres power directly from God okay so he believed that his power that that you know his rule his right to rule was given to him by God was passed down by God and so on now this is where the problem happens Parliament starts to question you know the the power that the king ultimately has like I don't think you should have all his power let us take some of this power from you let us do some of what needs to be done and he refuses to give up any power at all okay he refuses to give up any any at all um and in doing so he believed it wasn't just because I want my power which might have been a subtext of it uh but he felt that I got my power from God who am I to give it away it would be a slight against my religion and my God to give away any of my power okay so do you see where the the friction is going to be um you know when he passed Parliament was hoping that his son uh Charles I was going to be different okay we have a new king hopefully he's a little bit different and we can kind of get the ball rolling with this taking some of the power from the King and putting it in the courts and having it you know play out in more of a normal situation and Charles I first was just like Daddy okay he did it like Daddy and that's where the Schism happen that's where the break occurred and Civil War uh broke out um yeah because uh Charles believed that because of his belief that he would be committing a grave sin in surrending part of his authority Charles disregarded parliament's opinions on economic spending and commanded his subjects to observe a form of Anglican ritual that was offensive to Puritans and other dissident and so Puritans are starting to have things imposed upon them okay and those didn't stick around and fight uh fleeing and running away is the wrong word but choosing to leave uh might be a little bit softer term in order to practice their own faith okay so for this particular time period this is the story okay when you think back to the enlightenment you're like what's the enlightenment what's the Puritans you need to think back about this struggle okay so the Puritans fight a war uh with uh you know Charles and such Charles is defeated and the Puritans take over and they do not make a king okay uh Charles the first son Charles II is exiled he lives away um you know out of the country uh the the rightful King successor to his father um and we have a gentleman named Cromwell okay they call him the Lord protector of the country he was the individual who really led the the the assault against Charles uh I first and against I don't know say against England because they're all England um but really against um uh you know the king and the rightful uh people that were in charge um and so upon uh winning the Commonwealth said you know what hey you should be uh in charge um now I've kind of alluded to the Puritan rule back in the you know Shakespearean time um but some of the things they did they closed theaters they banned dancing and music they caused all religious icons to be destroyed as graven images and forbade the celebration of Christmas okay an enjoyable time during this time period to live probably not uh if you were to read some of these other Pages you know you would get defined for spitting in the streets or swearing you could be finded um you know it was during this era where the Puritans knocked down or closed the theaters they knocked down the globe after it was rebuilt because of the fire and such but they knocked it down and put up apartments and such and the globe wasn't rebuilt until 1997 I think it was and not really on the same spot just down the road um but anyway so we have this we have this uh absence of a monarch okay uh the Lord protector dies his son is incapable of running the country of running and doing what needs to be done and so Parliament says let's invite Charles II back let's talk to him okay and let's restore our monarchy with the changes that we wanted a long time ago okay so Charles II comes back becomes king and this is what's important because you might hear this ter you will here this term the restoration what is that well we're restoring something if you restore a painting you bring it back to its Brilliance right to some degree or some artwork or a table they're restoring the monarchy they're restoring um you know what everybody came to think of English rule at the time and now we have a king again okay and they keep having Kings from here on out um but this was a a weird Schism of break in the timeline of English History uh where there wasn't one for a while and that's kind of strange so that's why it's important um the restoration when he came back he brought back art he brought back theater he brought back dancing women were now allowed to be on stage because remember they were it was illegal at the time or you know beforehand men had to dress up and such um and so a lot of things changed a lot of things and everybody started to think differently and act differently and you know after I'm not sure the year 12 years 14 years 15 16 years of uh you know Cromwell and of the Puritans and now everybody could flourish and be I istic again and that what is what brings on the enlightenment so when you think of the Puritans you you know think about what they did to the country what happened that Civil War and such but ultimately that led to the restoration and Enlightenment okay so try to keep those uh phrases uh you know um in accordingly in your mind um the last paragraph there that the enlightenment was a European philosophical and literary movement that in England is often called The Age of Reason so books and such call it the enlightenment they may call it the age of reason you might have heard of uh you know either of those statements uh it is characterized by a profound faith in the power of human reason and a Devotion to Clarity of thought other Hallmarks of the age were a skeptical at attitude toward traditional religion so we can we start to see people not NE necessarily go against religion but a little bit more of I'm not fully behind what you're saying I don't want 100% believe I I'm a little skeptical a little bit leery on that subject this is going to start growing and manifesting as we get going through the next you know decades and hundreds of years leading into you know 150 years 200 years from now when Darwin shows up and he caused a big you know controversy um but we have individuals we you know we start reading about the humanist movements and things where people start putting a lot of faith in what humans can do and not give so much credibility to uh to God and and their religions and such um so we really see the seeds of that starting to be planted uh here in this uh in this chapter so uh very important even though it's you know it doesn't take up many pages in our book the historical uh significance is pretty overwhelming um the Big Ideas one two and three I've already spoken about in detail here's some more information um the FES puritanism and the Civil War um talking about what the religion uh was like the conflict um more specifics I already talked about about him but you might want some more details uh more information about Civil War Puritans rule so when cromo was in charge and so on um the restoration on big idea 2 like I said that's when Charles II comes back in and it's on I mean he comes in almost on a parade okay and if you read any of the backstory you know he came and he forgave the judges he forgave the people who upon his father losing Cromwell had him beheaded and he died obviously okay you take off someone's head um so crom cromwell's dead now but uh Oliver II Oliver where did that come from that was all over crell um Charles II came back he's the new king he forgave the people you know okay good oh May C everything's fine let's move on except for Cromwell did you read what he did to the body of Cromwell he dug him up publicly beheaded him and dumped him in an unmarked grave so he held a little bit of resentment I think towards a little bit of upset about his daddy uh being killed the way he was so he forgave everybody but he wanted to take out his revenge on on one person and well I guess one corpse how do you like that job having to dig up the body so you could you know knowing what's that would just be wrong um anyway so the restoration more information there going on about Charles II and some really interesting stuff to help uh build the story and the big idea three those of you that are still confused a little bit about the Age of Reason or what the enlightenment truly is um here's some more information and uh introduction uh you know their observation of Nature and just sit back and watch and you know you can really see what's going on and see God and nature and things of of that uh caliber um scientific review the an the rule of the Ancients um you know satire is during this particular time period and that's what we're going to talk about uh next with um Jonathan Swift
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British_Literature_Lectures
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Romantic_Era_Percey_Shelley_Ode_to_the_West_Wind_Lecture.txt
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o to the West win by Percy Shelly this is a husband of Mary Shelly uh who who wrote Frankenstein um Percy was a very famous writer in his own right um this one is his most famous piece um well my opinion but you know it's that's just my opinion uh but it's called ODed to the West Wind you may or may not have heard of it um in college if you take literature courses you'll hear the name Shelly and you probably will be need to know that OD to the west wind was his thing um you know an ode we've heard about uh you know apostrophes or when you're directing something but an ode is something you write specifically for somebody it's different from an apostrophe okay apostrophe is just discussing something with with somebody or something not expecting a reply an ode is an Ode to the West Wind where I'm going to focus on the nature and the nature element that is wind okay and what it does and the beauty and how it transports people you know different things like that Ode to the West Wind by Percy Bish Shelly oh Wild West Wind thou breath of Autumn's being thou from whose unseen presence the leaves dead are driven like ghosts from an enchanter fleeing yellow and black and pale and hectic red pestilence stricken multitudes oh thou who charry atest to their dark wintry bed the winged seeds where they lie cold and low each like a corpse within its grave until thine Azure sister of the spring shall blow her Clarion over the dreaming Earth and fill driving sweet buds like flocks to feed in air with living Hues and odors plain and Hill Wild Spirit which art moving everywhere destroyer and preserver here oh here thou on Whose stream mid the Steep Skies commotion loose clouds like Earth's decaying leaves are shed shook from the Tangled boughs of heaven and ocean an angs of rain and lightning there are spread on the blue surface of thine Airy surge like the bright hair uplifted from the head of some Fierce meid even from the dim verge of the Horizon to the zenith's height the locks of the approaching storm thou durge of the dying year to which this closing night will be the Dome of a vast Seiler vaulted with all thy congregated might of vapors from whose solid atmosphere black rain and fire and hail will burst oh here thou who did waken from his Summer Dreams the blue Mediterranean where he lay lulled by the coil of his crystalline streams beside a pmus Isle in Bay's Bay and saw in sleep old palaces and Towers quivering within the waves in tenser day all overgrown with Azure moss and flowers so sweet the scents faints picturing them thou for whose path the at Atlantic's level Powers cleave themselves into chasms while far below the sea blooms and the Oozy Woods which wear the sapess foliage of the ocean Know Thy voice and suddenly grow gray with fear and tremble and despoil themselves oh here if I were a dead leaf thou mightest bear if I were a swift Cloud to fly with thee a wave to pant beneath thy power and share the impulse of thy strength only less free than thou oh uncontrollable if even I were as in my Boyhood and could be the comrade of thy wanderings over Heaven as then when to outstrip thy Skyy speed scarce seemed a vision I would n have striven as thus with thee in prayer in my sore need oh lift me as a wave a leaf a cloud I fall upon the Thorns of life I bleed a heavy weight of ours has Chained and bowed one too like thee tameless and Swift and proud make me thy liar even as the forest is what if my leaves are falling like its own the tumult of thy Mighty harmonies will take from both a deep autumnal tone sweet though in sadness be thou Spirit Fierce my spirit be thou me impetuous one drive my dead thoughts over the universe like withered leaves to Quicken a new birth and by the incantation of this verse scatter as from an unextinguished Hearth ashes and Sparks my words among mankind be through my lips to unawakened Earth the trumpet of a prophecy oh wind if winter comes can spring be far behind oh to the West Wind this man loves his wind if you couldn't figure that out okay um I think I later towards the end that last page uh reads a little bit easier um and you can see him wanting to almost be connected with the wind uh because he has such you know strong feelings about it it's just something that um you know an individual can sit there and just think about something and something so normal as wind but think about it on a different level where did it come from where did it originate is it just is it cyclical like this wind This breeze that goes by me you know it goes on a path and will it recirculate back to me again in a certain amount of time does it ever die because we have those days where there is no wind well where did it go why do we have wind we have windmills there must be wind all the time you know just you start to to think of things on different levels and you may or may not get a deeper or fonder appreciation uh for something as simple as the wind okay there's a movie called American Beauty it was the best picture I think it was 99 I believe the Oscar um and uh one of the the high school students that's in the movie um he likes to videotape stuff just stuff he's portrayed as being kind of weird um like he just has his room is full of cassette tapes of stuff that he's recorded you know he'll record just a dead bird and just let it record for minutes not that he finds death interesting but there is something interesting about that and and he goes on about it but one of the most famous portions of that movie is um he is on a playground something and the wind has picked up this uh plastic bag like you would get at a grocery store and it's just blowing in the air and then it it's Dan I mean there's a voice over going and and he's talking about how beautiful it is because in there's a nice music playing and this thing is just dancing and then it comes down and then it picks back up and Spins and you probably all seen garbage or litter doing the same thing like cool I wonder if I'm going to run over that cup no it danced out of the way before it got to me something like that but it's a really a cool scene where he just talks about beauty in the world and it reminds me or actually this reading this reminds me maybe it's because of the wind reminds me of that particular moment in the movie when he goes on about this bag and to watch it because they end up watching it in silence and it really is one of the most beautiful moments of the movie but how silly oh it's just wind and a trash blowing around yeah but if you think about it differently and think of it not as a bag in trash you think of something else I mean it's just it just dances and it's just really it's really a neat neat movie if you get a chance to watch it um not appropriate for school viewing but to on um you know certain uh you know phrases and lines in here that just kind of step out um you know Wild Spirit right at the bottom of that first part which are moving everywhere destroyer and preserver here oh here and then you know I'm going to present an OE to you um and just a lot of description here and there a lot of um imagery okay uh that uh you know should pop out to you from time to time um but the fourth heart let's look at that let's focus on that you know if I were a dead leaf thou might bear if I were a swift Cloud to fly with thee a wave to pant beneath thy power and share so these are ways that you know he wants to you know experience the wind you know let me be a leaf you know and just spin spin down the street um I remember um in my old house um a couple years ago it was really windy in the fall and you know how in the fall people uh rake their leaves to the curb and then people come the city comes by and Picks Them Up or they should um you know there was just a big Windstorm and I remember just watching the wind come down and everybody's nice piles of leaves what do you think happened to them yeah messed up but they were all I mean they'd start blowing and not just like like a hair dryer to you know sugar or something just blow it all over the place but you know there was there's some swirls here and there and some would go up in I mean it was really interesting it's not like the movie oh that's so beautiful but it was really kind of neat to see you know the wind and the patterns that wind takes because while wind is invisible it doesn't necessarily just go in a straight line do you understand you know there's movements and elevation and just it's it's all over and it's it's quite neat if you think about it and this person obviously did okay um so just a a lot of neat things uh being an ode understand the difference between ode and apostrophes and we saw um this particular ode
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British_Literature_Lectures
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Victorian_Era_AE_Housman_Poems_Lecture.txt
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ae houseman 998-999 uh very intellectual individual um with these two authors today um we're really kind of bridging the gap between the victorian and the modern we're really transitioning and that's why these are the last authors that we'll focus on in this time period some of their philosophy some of the writing styles and things that motivated them you know kind of bridge bridge those gaps between the uh the evolution of writing and so on um very very smart intellectual man um you know reading here about him it's not necessarily significant for the course but just to you know the way that a poet's mind works or writer's mind the more we know about it the more we can understand and hopefully appreciate their work a little bit uh in finer detail um you know his studies of greek and latin for the most part were self-taught um even after he you know it said his nervous breakdown and he went back the next year and finished his schooling but not with honors you know with a lesser degree um but he continued on his own time to go and study these classics and in studying these classics you know he got better and better and more refined and more educated and eventually that's where his job took him um you know uh his career path uh at different colleges and heads of departments and things like that um most of his poetry especially towards the end if you look on the right there the grief and poetry era you know especially the last of his poetry uh you know dealt with you know a lot of the pain that he struggled with growing up you know the death of his mother was pretty traumatic um if you've noticed you know some of the you know most famous musicians you know a lot of their work comes from some of the pain and torment and struggle that they've had throughout their lives and you almost wonder would they be able to have obtained that enlightenment without suffering that pain so can truly anybody be rock star do you really have to be a troubled you know childhood or something i mean it's just something that people debate uh here and there but with houseman he can tap into that pain and that darkness um and that loss and help you know uh um hopefully other people and and help spread emotion uh through and through um to an athlete dying young on page 1000 for us to an athlete dying young there's an article that i'm going to have you take a look at later uh it might even be active already some of you may have read it you know you hear a lot of this uh you know young students dying young you know how tragic it was and and things of that nature um and this is to an athlete diane is the main focus um look at what he says about that individual and how they you know can celebrate and reflect on that individual and just follow along it's a short one to an athlete dying young by a e houseman the time you won your town the race we cheered you through the marketplace man and boy stood cheering by and home we brought you shoulder high today the road all runners come shoulder high we bring you home and set you at your threshold down townsmen of a stiller town smart lad to slip be times away from fields where glory does not stay and early though the laurel grows it withers quicker than the rose eyes the shady knight has shut cannot see the record cut and silence sounds no worse than cheers after earth has stopped the ears now you will not swell the route of lads that wore their honors out runners whom renown outran and the name died before the man so set before its echoes fade the fleet foot on the sill of shade and hold to the low lintel up the still defended challenge cup and round that early laureled head will flock to gaze the strengthless dead and find unwithered on its curls the garland briefer than a girl's okay this one is an example of the literal element a lyric poem um as we were listening to it we kind of really sensed you know a flow a melody kind of um you know a nice little song to some degree um there was a good flow a good meter and all of that um you know from the first stanza the time you won they're reminiscing of remember that time that we you know carried you chaired you lifted you up in celebration of whatever uh a compliment accomplishment you had oh that was wonderful and then the second stance is well we're doing this now today the road all runners come we're not talking about a race okay we're carrying you now shoulder high what does that mean coffin in a casket we're coming down the road that all runners come down death everybody comes okay um and so it's kind of nice to see how well we i we remember and we can reflect on how we carried you in victory and now we're carrying you you know and and it's sad we're carrying you like everybody else um all of the other uh you know descriptions in the in the following stanzas about you know dying before the man the name died before the man and uh the last line at 24 they're the the still defended challenge cup and we're going to remember you and and that your hair and the stuff in your hair what do they call it the uh and around that early laurel head will flock to gaze the strengthless dead and find unwithered on its curls the garland briefer briefer than a girl's um so we will remember you as this champion as this victor if you look at old um uh old uh olympics pictures and such you know it was a crown of victory a you know little little head thing that they would wear besides you know the medals and such um and so they would come and remember you we would come and think about this we will come and look at those as if they were curly as so much stuff on it as if they were a girls um and so it's a piece that's uh you know to an athlete young you already know what it's kind of about um but really in essence the main thing is the reflection of the past and and kind of sad but written in a lyrical kind of way it's still kind of melodious and semi-enjoyable okay the next one is much shorter if that's possible when i was 1 and 20. so when i was 21 when i was 1 in 20 by a.e housman when i was 1 and 20 i heard a wise man say give crowns and pounds and guineas but not your heart away give pearls away and rubies but keep your fancy free but i was one in twenty no use to talk to me when i was one in twenty i heard him say again the heart out of the bosom was never given in vain just paid with size aplenty and sold for endless rue and i am two and twenty and oh tis truth is true okay the first few lines when i was 1 and 20 i heard a wise man say give crowns and pounds and guineas but don't give your way so don't give your hard way don't fall in love you can spend money on them you can give them all this stuff but what ultimately don't you want to give them at this age don't give them your heart okay but i in the blue i was 1 and 20 and no use to talk to me i'm not hearing it i'm 21 i know what's best right you guys have all experienced that your folks you know at this age until you do something you're like no way i'm not going to do that i know what's best i know what i'm doing you're not listening to the wise man or wise woman in that case okay um and that's he even noticed this and you look at because this is really told this poem is told uh from kind of a past tense okay because you see at the very end he goes ah but now i'm was it two and twenty the last couple lines and i am two and twenty and oh tis truth is true so within that year from 21 to 22 what did he give away his heart he didn't listen to the wise man that he had heard mention that okay so now he is crushed okay he's been defeated to some degree because when i was 1 and 20 i heard him say again all the heart out of the bosom was never given in vain to paid with size of plenty and sold for endless rue sorrow remorse in the footnote there okay so giving it out okay it's you're going to be getting some pain and you're opening yourself up uh for a lot of sorrow and remorse and he gets struggled so you can see this kind of as the lover's lament which we haven't really done much of since uh since the sonnets when we talked about unrequited love and remember how it seemed like all the guys were loving after the girls but they weren't getting any attention or affection directed back at them and so we see houseman here in when i was 1 and 20 the kid kind of learns his learns his uh his issues and still 22. that's still pretty young to learn um to learn a life lesson
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British_Literature_Lectures
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Renaissance_Era_The_King_James_Bible_Lecture.txt
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elizabeth the first is considered one of the greatest rulers in england's history if not the greatest for women what an amazing amazing role model she never married can you blame her i mean look at what she grew up with around her dad and all of those moms and stepmoms she never had any kids which that causes a problem come her end time okay where we have i don't have an heir so she eventually does set on a cousin up in scotland which is the country on the same island of england but right above it uh james king james of scotland she names him as the heir so when elizabeth died king james of scotland comes down and he is now the king of england and the king of scotland it's like he united two kingdoms where do you think the term united kingdom came from okay so in referencing england in that area in those countries it's the united kingdom and that's because we have um uh the uh where we are here the stewards so we went from the family of tudors to the family of stewards and that's where we start with james and his son and and we'll talk more about that when we get to uh the next unit and so on the king james bible page 414 415. um i'm not as i told you i'm not going to go through um necessarily what it was about but there was some more example of parallel structure here towards the beginning but the premise of this particular piece the importance the historical significance of this was it was the bible commissioned in english for the english speakers and english readers this was the first time and without that if you didn't know how to read latin or french you were stuck by solely getting your material this is what the bible says solely from your clergy solely from the church so you were kind of a mindless robot with regards to um comprehending the the word of god or whatever the bible said on your own you had to be spoon-fed it but now that something is in english and if you can read english you are able to read it over and over get your own theories your own arguments um and make your own you know your own decisions um so you were less mindless page 414 is a really nice page that if you um if you need to come back to review the significance of this or you can't remember um it's pretty good you can see down at the bottom you know not only the most widely read english book but the most widely read excuse me hold on for centuries was not only the most widely read english book but the most widely read english book i know that that sounds kind of what does that mean you know geographically as an english book it wasn't just the most important or the most read but in english around the world i read a stat forever ago the number of bibles that are in existence or that are still printed every year um you know the highest distributed book in the world is the bible or you know some stat like that i i wonder if i could find that again or see if it's updated see if it's still if that stat is still legit but um because people are like oh man no the the da vinci codes the the biggest circulated book like the da vinci code is not the biggest circulated book in the world oh no you know don quixote or something i'm like i i can't speak to don quixote so um that's something i might just have to look up because that's interesting to me
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British_Literature_Lectures
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Renaissance_Era_Renaissance_Introduction_Lecture.txt
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the Renaissance introduction to 42 to 43 and so on very huge movement in in history and British literature history I'm sure you've heard of this before the term Renaissance man and so on and we'll talk more I mean greater detail about what that actually entails later on I want to spend a little bit of time kind of talking about the King of England Henry the eighth he was the kind of the main the main central figure in the early portion of the Renaissance and then we had you know what stout what's his name what's his name Shakespeare and Queen Elizabeth the first really kind of rounded out so a lot of famous famous stuff happens for the most part our study of the Renaissance kind of stops you know around 1600 you know 16 20s 30s 40s we start to have the presence of the Puritans which we'll talk about later in the next unit and the Enlightenment and and there's a civil war and stuff like that even though that you'll notice that the years in these eras somewhat overlap a little bit it's not like a concrete this was a hundred and three years and everybody agrees that the next year started the next era it's not like that it's very kind of fluid okay and just kind of overlapping to some degree so I want to talk a little bit about Tudor England if you look on 242 Tudor is really the name the family name the family crest of King Henry the eighth you may have heard of Henry the eighth from you know being a king who can't really keep a wife in Henry the eighth historically you know he killed a couple of his wives some died on their own and we'll talk about that in a little bit there was a song I'm Henry the Eighth I am Henry they tell him I am you ever heard that one it just kind of it's around and just goes over and over again it was famous in the movie ghost if you ever saw that with Patrick Swayze in to me more that was way before you were born and with so Tudor England England that the Tudor England the Tudor Monarchy kind of really began after the War of the Roses on the House of York Versailles the tutors people were fighting back and forth we had Edward and then we had Henry and Henry the eighth's dad kind of fought it and then when Henry date Henry the seventh died his son Henry came and he became King he was a very young King a very brash arrogant King you will see that he almost single-handedly kind of caused the death of hundreds of thousands of people because of his religious beliefs and convictions and so on and we'll talk about him in a little bit the Renaissance really you know it started in Italy you got to remember even though this is a class about English history and literature it started in Italy okay Italy you know down there with Rome you know just west of Greece that type of thing the Renaissance is the rebirth the rediscovery and especially in England this is huge because Rome has been gone their influence has been gone out of England for you know almost to go a thousand years almost exactly and when they left they took all of their culture all of their literature all of their education and so now people in England start to have a rediscovery of the classics you might have heard of Plato or Socrates Aristophanes Euripides all of these philosophers and playwrights and such you know art you know they start to really appreciate those works and those classics and really that that kind of era and such it talks about how they have a renewed interest in science art and all learning that had flourished in ancient Greece and Rome so in the minds of the English and the people that are really the people the Renaissance who are appreciating this it's almost like for the last thousand years we haven't done anything we haven't studied it's like if we were to forget about Shakespeare for a hundred years or a thousand years and then we come back to shake oh wow look how wonderfully oh look at all these okay look at this culture oh it was just forgotten for a thousand years it's really quite interesting and so we'll talk about more and see a lot of the classic works later on sonnets and Shakespeare and so on humanism if you look down there at the bottom humanism I we alluded to this a little bit when we were talking about you know a brief history of time the the hero's brief history of heroes where it gives the accomplishments gives credit to the human beings to accomplish great feats in this world this emphasis on humanities rather than gods importance also threatened the authority of the Roman Catholic Church which eventually laid the groundwork for the Protestant Reformation so this is really the first time where people aren't just like wow look how amazing we are because of God it's more about look what amazing things were able to do us human beings okay they're not shining God but they are not giving all the credibility to God and all the honor and such and so this is where we start to really see humans appreciating each other for what they can do and what they can contribute which is pretty important and pretty relevant yeah I'm page 243 down the left-hand column a lot of other neat things that happened new ideas were appreciated people were travelling and so as they travel they come back with these new stories and new accounts and new cultures new beliefs new literary and artistic works and endeavors and it really kind of helps to to perpetuate the culture and really take it out of the Middle Ages and really kind of hit the hit the ground running you know writers travel abroad bought back England not only new books and new ideas foreign works were translated into English so even they brought back stuff and that was eventually you know translated you know there's a movie out recently was the girl with the Dragon Tattoo that's not American story that was Swedish if you Rick well I saw my mom reading it she doesn't know Swedish well no because they take a book and translate it it's like you know the The Da Vinci Code you know the Dan Brown books those have sold millions and millions of copies not here in America they go and translate into different you know different languages and such so that other people can read it and so we were able to in England be able to get influences from other cultures and translated to English for people you know printing presses could start popping these things out and made reading a lot more affordable than what it was before because remember books you know were handwritten things that would cost a lot of money to own a book because somebody spent what hundreds of hours maybe who knows probably not that much and so the common person when people have a book but now with the pre impress you can kind of kick those things out pretty pretty rapidly and such let's talk a little bit about Henry the 8th him and his wives it is true he did marry a lot of women he divorced a couple of them now this was Roman Catholic England now even Catholics nowadays do they usually say yeah sure go get a divorce no okay the answer is no they would not allow it he wanted to get a divorce from his first wife and I'm gonna put it up on the overhead here I'm Katherine of Aragon okay she was Aragon excuse me aragorn was Lord of the Rings weird anyways she was a little bit older than he was she was Spanish nobility which means she was to some degree royalty and she couldn't produce him a son and like any good king not good interract arises good but any king any ruler dictator whatever you want to have an heir you want to have a son and for some reason women aren't a good heir to have because women aren't as powerful as men I think that we will see with one of his children Elizabeth that women are actually could be much much stronger rulers than men could so I really kind of flipped the flip the script on that so anyway she couldn't produce him a son he ran into a lady named Anne Boleyn have you heard of that name before there been a lot of movies and TV shows in last year's The Other Boleyn Girl Natalie Portman Eric Bana a Scarlett Johansson it's about ambolyn meri melanin and King Henry there was a show on Showtime that just wrapped up called The Tudors if you want to watch it it was very good my wife enjoyed it so I ended up watching and with her and it was historic historically accurate and it was this whole era of his wives and you see the ups and downs and it was it was very good so anyways she could not produce him a son she did produce him a daughter named Mary and that name will come back you do not have to memorize all of these but if you can remember the story and the progress and why did he do this and who was the next it really makes things a lot easier to understand especially as we get going through the literature and you get to see the mindset and the struggle of this religious time in this era and so anyway she couldn't produce him a son and so he started to kind of flirt around with this other girl named ambolyn this little cutie and she was like I'm not going to be your mistress but you know it if you make me the queen I will give you a son and since he can't get a son she gave him a son but he died stillborn okay so there must be something wrong with her God doesn't want us to have children together God doesn't want us to be married now obviously we know that that's just him putting his ulterior motives into play I mean it's just like a soap opera what was going on for these you know 20-30 years and so he decided you know I'm going to divorce her and I'm going to marry this young girl ambolyn so we can get together and she can give me a son and I can have this hot little wife that was the goal that was the intention and the Pope did not agree with that he said you cannot do that and he's like I'm king of England what are you gonna do like well we're going to excommunicate you he goes you can't excommunicate me I quit I'm gonna make up my own religion and that's where we get the angle can Church the Church of England have you heard that phrase before okay so the Church of England was born Church of England does not I don't say worship the Pope but it doesn't acknowledge the Pope who's the Pope of the Church of England do you think a king and not just am i doing this but the new country religion is Church of England it is not Catholicism anybody that says it's Catholicism is a heretic who's going against God and by my religion you'll be executed now if you were a very strong practicing Catholic you see there would be an issue with that you would have a big problem with that and so he was able to grant his own divorce the Catholics and the people around the the Europe never acknowledged it so in their mind catherine was always the queen her daughter Mary was always next in line it's important to remember that fact okay so divorced he gives her a dowry he gives her some money you know and sends her off into the country to live sends Mary to some school you know she's now called Lady Mary not Princess Mary anymore and he marries ambolyn ambolyn for one promise to him was I will give you a son doesn't happen she can't come through with their promises you know things don't play out the way she wants she is uh you know he's getting very tired of her he starts to you know see this other pretty lady on the side and he's attracted to her and there's a rumor going around that Ambulance having an affair now the king does not or does not stay married to a woman who's supposedly cheating on the King of England that shouldn't happen okay rumors had it especially though it was set out in the tutor show that rumors were that it was even her brother was one of the people they played it off in the show that they just said that to help with the public perception of oh well I can behead her get rid of her and marry somebody else and the public won't have my head about it because she was sleeping with her brother incest wrong okay so I haven't been able to find out exactly if that was true or not but she was tried and executed for having an affair and she was practicing the church penis so he married Jane Seymour Jane Seymour was a beautiful very upstanding individual he loved her desperately she gave him as you see a son Edward score Jane died from complications in childbirth and so he was crushed but he got his son and it's his only son can you imagine how protective he would be of that he didn't help raise the son he sent his son away to be surrounded by one or two people and and raised and instructed and taught and schooled and nobody with a cold can get close to him I mean it's just paranoid because that was he's gone through a lot to get this son okay so he was rushed into marriage to Anne of Cleves from I believe was Holland he was assured that she was beautiful she shows up not beautiful he was married to her anyways and he kind of divorced that because she's just not very pretty and doesn't want to be around her anymore so I was a very quick wedding and that was hey I'm Church of England I don't get I don't wanna be married I'll get a divorce you didn't she didn't do anything to be killed the next one Katherine Howard they went and found her who actually was kind of an off off off relation second cousin something that of Anne Boleyn found her in an orphanage very young I think she was 14 15 16 something like that and he married her she was very young they played it up in the show that she was very immature giggling around with her friends running around doing crazy stuff not the stuff a queen of England should do okay not at all she eventually did start having an affair with one of his chamber men one of his lieutenants type guys and and both of those individuals were killed as well and then lastly Katherine Parr he needed somebody who was calm and mature and so he married her noticed there weren't any kids produced in these last few marriages Katherine Parr was married to him for a long time and survived him okay so let's look at all of them and there's a nice little way of remembering this how many were there six wives I think the first one Katherine divorced beheaded died divorced beheaded survived it's a nice little way of remembering that okay divorced beheaded died in childbirth divorced beheaded survived it's kind of a way to remember it remember the story but the the main thing that is so important are these children okay the son the son even though he was way at the bottom was the last one born he's the first heir because men moved to the front of the line for whatever reason so when Henry the dot when Henry dies Edward takes over he's a kid so he doesn't last very long he ends up dying and there's some controversy surrounding his death you know whether there was some shady business behind it well then who becomes king or queen because there's no other king we go back up to Mary the oldest daughter now the thing that you need to understand during this time period is all of this religion issues going on if you aren't the Church of England and you're practicing Catholicism you don't swear your allegiance to the king you are executed you're done for okay now we have Mary who's in charge mary's mother was the original Queen Catholic Mary flips it and says Catholicism is now the main thing and she goes out and kills all the heretics of Church of England see how this could be a confusing time for religion did you read what her nickname was Bloody Mary have you heard that before well I know it's a drink my dad drinks it no well it's it's a red tomato juice alcoholic beverage it's it's blood she was given the name Bloody Mary she had all this resentment that she should have been her mom was always pink he imagined the way that Mary would think about ambolyn what would Mary think about you know all of those other Queens you guys aren't Queens my dad can't divorce my mom my mom is still Queen and I'm still princess and so when Edward is King that's wrong all these other women that that's wrong and so she and all Catholics especially in Europe in Spain where Kath was from Catherine of Aragon Spain thinks that catherine was always the queen so when Henry the dies they think that Mary should be the next leader not some Church of England kid Edward they think wow our blood is in charge of England we have this big superpower now but there was some animosity going back and forth when Mary eventually did die we had Elizabeth the first and she's the first person we're gonna really focus on in this particular unit she takes over and Elizabeth the first is considered one of the greatest rulers in England's history if not the greatest for women what an amazing amazing role model she never married can you blame her I mean look at what she grew up with around her dad and all of those moms and stepmoms she never had any kids which that causes a problem come her end time okay where we have I don't have an heir so she eventually does set on a cousin up in a Scotland which is the country on the same island of England but right above it James King James of Scotland she names him as the heir so when Elizabeth died King James of Scotland comes down and he is now the king of England and the King of Scotland it's like he United two kingdoms where do you think the term United Kingdom came from okay so in referencing England in that area in those countries it's the United Kingdom and that's because we have did where we got here the stewards so we went from the family of tutors to the family of stewards and that's where we start with James and his son and we'll talk more about that when we get to the next unit and so on but most of the stuff we focus on in this class period deals with not this customer but this uh this unit deals with Elizabeth and James okay Elizabeth a very strong woman she did keep lovers around which we will see but she just never married so she was one I mean you can't really blame her for not wanting to uh to go down that road and that's where a lot of that stuff that I do talk about was summarized on the right-hand column you know the big ideas humanists Kirti errs the bard for the ages the sacred and the secular a lot of that stuff will come out you know we talked about humanism a lot which is prevalent and two of those three the bard Shakespeare will do a couple sonnets and spend time on Macbeth you know the difference between the sacred and the secular secular world what's going on outside of religion as opposed to you know what what you should be living you know the the movements will talk about metaphysical poetry talk about the Bible being translated into English for the first time imagine what that can do for religion all of a sudden the Bible is translated into your language before that if you couldn't translate on your own you only knew what was in the Bible based on what the preacher people were saying the Bible says this Oh does it well I can't read it so I must listen to what you say in your interpretation of it but now when you can read your Bible and you heard of the King James Bible right James the first to Scotland LeBron James is what King what King James you think they just made that name up it's an allusion to King James okay so we'll get to all of those going on you know in greater detail and so on
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British_Literature_Lectures
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AngloSaxon_Era_Beowulf_pt1_Grendel_Attacks_to_Battle_with_Grendel_Lecture.txt
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the epic hero you might notice a big epic hero named illusion that was used on this page that I might find of Luke Skywalker think about it pretty important pretty important I told you scar Wars shows up in tons and tons of stuff the epic form towards the bottom there look at the bullet points about what makes up an epic warrior we're going to read the epic poem Beowulf okay in a little bit and what you need to know is the role of the you know the protagonist the hero the epic hero in this instance what are some of those traits and as you read through those it's almost like it's got Superman well you're not far off you know outside of flying and stuff you will see things in this story that you know he'll there's an axe that was forged by giant snowman no mere mortal can pick it up but what does Beowulf do he picks it up and uses it that's weird okay and not like the word weird word but poetic lines that have regular meter and rhyme and formal elevator even lofty language you will see that this is very easy to read in a way okay these epics means far out reaching large that's not just some small little poem that's this big big pieces big story being told main characters have heroic or superhero qualities gods are god-like beings who intervene in the events and action on a huge scale often involving the fates of every people or entire people you know there one person is there if you saw the movie Troy how many of you saw a movie it was like yeah instead of fighting a huge war they send out their best person so it's a one-on-one and whoever wins hey we saved ourselves from fighting a war okay sounds like a good idea if you have the best warrior I guess but you sent out that one person who's you know hey if I lose what's gonna happen to all my people what's gonna happen to my family and then we have in that one Brad Pitt was Achilles who was an epic hero and very godlike and almost immortal except for that he'll you know he was immortal what a horrible shot to you know shoot him with an arrow oh I hit your heel oh you died hey score you know doesn't seem like a fatal hit you think you could bounce right back from that but it was that heel what epic hero is usually just a man but yet he embodies all of these traits okay and as we go into Beowulf we will see these exemplify but it's important that you're able to identify because the role of a hero the role of the protagonist of a story is going to change from the beginning from here up through modern unit when we get to 1984 and our hero is Winston those that have any sort of understanding of the novel Winston the novel 19 for Winston is a very frail broken individual he's our hero oh yeah I turn hot beer hero okay but yet that's far different from this axe wielding man with supernatural strength and so on Beowulf was written by whom we don't know remember I told you oral history these are stories that pass on and pass on and pass on and they change and change and change and change and go you know all these different peoples and they know well I have a belief in this so I'm gonna add this we don't know who the person that sat down and wrote it is and so that's why the author this is unknown sometimes you may have seen a book written by anonymous that the same as unknown anonymous means that author chose not to be recognized as their true name there are authors who write with alternate pen names have you heard about this Stephen King does it Richard Bachman so he'll put out books underneath under the name Richard Bachman why I'd have to ask him maybe he wants to see if something will work on its own without the name Stephen King on it you throw a name Stephen King on it it's going to be a number one bestseller seriously he could have his kid write something he throw his name Stephen King on it and it's gonna be a best-seller so maybe it's a way to figure out would you agree figure out a way to see if your work actually has merit my wife reads Nora Roberts books she has a suit in them too it's like JD Rob or something like that have you seen those on your mom's book stands okay that's the same person so here that's different Anonymous is different from unknown and it's important to keep that you know keep that up here so who wrote what we're gonna read some monk probably somewhere okay some monk you will see those elements at Christianity sprinkled in it's going to refer to Cain and Abel those are allusions the author expects you to know who Cain and Abel is in order to make a point they're alluding to something usually they're just names we had the allusion to Luke Skywalker if you had no idea who Star Wars was released our cause you have no idea but then if you did know yo star was oh yeah he led them oh he was a Jedi oh he did all these things that's right a supermoon I mean the Rebel Alliance is gonna be crushed if he didn't get his torpedo down down the shaft of the Death Star and so just putting that name Luke Skywalker there really embodies a point of illusion as an example and so we have an unknown author we have these biblical allusions sprinkled throughout talking about God don't forget this was from a pagan society but this piece was written from a Christian point of view and you should be able to see that so make sure you understand the difference remember the pagans many different gods no afterlife no heaven no hell here Christianity there is a heaven and hell according to that faith another thing I want you to focus on is the term caning this will be on your lip terms list it's a term that you probably have not heard before I'm caning the best way to say it is it's a it's a term that can be used instead of saying the name of somebody or something or using pronouns all the time hee-hee-hee it bail bail bail of the monster Grendel Grandal Grendel Grendel and so I think that I like them okay it's a challenge for a writer with really good caning for example there's one about Grendel who is the monster that Beowulf has to fight off and Grendel they call like the shadowy merchants of death then that's not a lot better than just he walked into that lair the shadowy merchants of death kicked open the door then it sound like some big trailer for some movie it sounds awesome okay but these are elements that on test it's not just the definition I don't care about it well yes excuse me mm-hmm I care about the definitions that you know them but I want you to be able to identify what line of this much what line number has a example of kenning in it and I want you to be able identify and know what they're talking about and so these things to jump out as we read these okay for Beowulf and Grendel and some of them I mean they just sound a lot cooler to read than just Grendel he the shadowy version him death I like that sounds cool so Kenny be able to find these find allusions and also these traits of heroic of epic heroic heroes okay see as these things come out those elements of loyalty all of the things that we talked about in the introduction to the to the anglo-saxon see if those come out and you pick those out okay we're going to start listening to it you will have to get if you look on page 35 you'll have to get to the top they're the Battle of Grendel you can stop at line 420 we won't get through everything but we'll get through the first scene or so okay the last class we got right up to the battle and then we had to stop finish that I do have these audio files online so you can finish listening to about home if you get bored and can't read but I think you'll like how this reads it's a story it's not some crazy poetry type thing that you know it might be hard kind of reads like a story like a fable okay Beowulf Beowulf with the monster Grendel very very famous it spawns spawned countless movies and TV shows and allusions to other literary works where they come back to this time period remember we don't know who wrote this we don't know the monk who sat down and wrote because this was that oral oral story passed on from generation to generation if we look at Grendel the description of him you know he was conceived by a pair of those monstrous born of Cain so we have our first biblical allusion okay and you saw it spread throughout this reading you don't talk about God's almighty candle God this the holy the heavenly okay that wasn't normal in pagan society so when this story Beowulf legend was born it was pagan stuff okay multiple gods but this was written by somebody with a Christian influence and turned it into a propaganda piece promoting religion while still keeping the excitement of the story of the fable so if I were to ask what point of view or perspective is this written from it would be Christianity even though paganism was rampant throughout this era and so on Grendel has a problem with you know the whole of her Oh Herod however you want to say a lot of noise is going on in the version when I was in school I distinctly remember Grendel having a headache his head would hurt because of noise and so he would go down to the hall to eat and snack on these people okay but he would do it because the drums and stuff just just crushed him I don't necessarily get that from here okay from this particular translation so when I was in school is a different translation so you can see how they all differ but yet the main emphasis is still the same he does go down at attack because he's hungry and he wants to eat we are introduced to a few characters herethe gar their king the Lord he sits on a throne there was a mention that when Grendel shows up and he does his damage and everything the one thing he doesn't touch is the throne okay for whatever reason you know whether he thinks it's some sort of biblical angelic thing he just doesn't touch it if you look down around flying 50 or so this one particular night and then at that night Grendel came again so set on murder that no crime could ever be enough no savage assault quench his lust for evil so we see a very we see a hungry individual but a very evil individual in going and you know quenching his thirst to death he knows that he's killing people in order to eat it's not going out and slaughtering a chicken and it's not on the same level of as you know the monster that he is but yet we still see his his focus on murder in order to in order to eat distance was safety line 5758 distance was safety because he would come and get you the only way to be safe was to run away and so for 12 years this mean hall this big imagine a big barn a big pole barn and with benches and bonfires and people would come and drink their Mead and their mutton and their lamb and all of that and you would come in and attack and kill them as they slept he had supernatural powers and about mean snatched him up and eat them you know two or three at a time a whole bunch at a time later on when a bale wolf attacks he rips a guy you know in half and so on normal people can't do that okay yes vampires and those shows can do that but again not real people those are supernatural type elements this the story of or the legend myth horror stories of Grendel started to travel because as people ran away that story goes and it goes and goes and it eventually shows up on Beowulf's doorstep and he hears about it and being the big-time warrior the big boastful individual that he was he wants to go and take care of this and it's the challenge have you seen Jurassic Park to the lost world they're all about safaris and profiting off of them the first movie was a theme park this one is more about creating some sort of a zoo and the main person who's there too hunt a Tyrannosaur trying to source Rex he wants that's his payment he goes you can keep your money I just want the chance to shoot a taranta a male trance or the biggest most powerful male predator ever to walk the earth can you see how we would want to go not we you and I but a hunter nowadays we want to go do that do you remember the story a sound of thunder sophomore year it was that time Safari go back and hunt dinosaurs why well we've hunt lions and polar bears and grizzly bears we've haunted everything you can imagine what's the biggest thing you can go hunt the scariest most treacherous a t-rex okay and so you see where the the the the drive is here Beowulf is this accomplished warrior but what's next well here this other thing is causing Grendel is causing a problem let's go deal with it and so that's his motivation to go it's not so they can open up and have a party it's for glory for honor okay they're not about money they're about loyalty about honor remember there is no afterlife it their afterlife is making such a great story in their current existence that when they die people will talk about them okay it's important to keep that in mind they're coming of Beowulf the next section there they are stopped on the beach they've landed they're stopped by patrol and the man's like who are you you know you look like a great warrior why are you here you here for our gold your for you know to invade well but no we're here to kill your monster we've heard that you have a beast that is causing you problems and you are all scared of it he goes well wouldn't you be scared of the devil because I'm here I'm here to help you okay and so that's where you know the the gentleman talks about how courageous he sees you know the shining decorations the armor everybody obviously is looking towards you Beowulf with some esteem I don't know your name Beowulf but yet you seem to be a pretty prolific Conqueror and so we are glad that you show up page 29 remember one of the elements of an epic warrior is boasting or bragging cocky arrogance egos you know that type of thing kind of like a really good athlete you almost have to be you know arrogant to some degree some degree but he goes on to a story you know about you know all of these hunting monsters in the middle of the night you know in the oceans killing them one by one death was my Aaron's line to 40-ish I killed him one by one death was my errand and the faith they had earned now Grendel and I are called together and I have come and so he's being boastful of all the monsters and things that he's uh you know that he's you know done I'm going to show you some clips next week from the animated motion capture movie Beowulf has anyone seen that came out a few years ago pretty good the the first half is pretty kind of close to this the second half completely different from our translation not that there's is wrong is just their interpretation it wouldn't benefit us to show it but there was a moment where somebody's questioning his loyal not his loyalty but his his athletic prowess his accomplishment somebody goes hey I heard you lost a race to so-and-so a swimming race goes oh yeah yeah and so then he goes into a flashback he goes I did lose that race and they showed we were swimming for many many days and then all of these sea monsters came out and I attacked them one by one and I killed him and I slaughtered them and everything and I just barely got beat do you see how that still that comes across very boastful I just barely lost the race that guy didn't do anything I just barely lost and look at all the things I did so you'll get to visually see that in the clip but you got to keep that in mind these are one of those elements that I asked you to look for those of the the era was him being boastful excuse me the battle with Grendel page thirty thirty one out from the marsh from the foot of misty hills and bogs bearing God's hatred Rendel came because he had heard them and he knew that people were sleeping in this hall again and it's been 12 years and so his stomach is rumbling he wants to eat he's excited what's going to happen he journey straight to the door then snapped it open tore its iron fasteners with a touch and rushed angrily over the threshold he strode quickly across the inlaid floor snarling and fierce his eyes gleamed in the darkness burned with a gruesome light then he stopped seeing the hall crowded with sleeping lawyers stuck with rows of young soldiers resting together and in his heart laughed oh and his heart laughed he relished the site intended to tear the life from those bodies by morning the monsters mind was hot with the thought of food and the feasting his belly would soon know so he got who look its kind like a big buffet spread and Yahoo I'm gonna get that oh oh oh dessert I saw you know you're just pretty excited but so it's kind of that weird WY Rd that I was talking about but weird that night but fate that night intended Grendel to know the broken bones of his last human supper because human eyes were watching his evil steps waiting to see his Swift hard claws Grendel snatched as the first gate he came to ripped him apart a couple eyes death and Grendel's great teeth came together snapping his life shut then he stepped to another stiff body clutched at Beowulf with his claws grass but as strong hearted look at this line it's almost like an oxymoron awake full sleeper because after he ripped that guy did they all jump up and attack no they're still faking asleep until he reached for Beowulf that's the wrong one to grab and so he reached for the strong-hearted wakeful sleeper and was instantly seized himself claws bent back as Beowulf leaned up on one arm here's one of those Kenny's that Shepherd of evil guardian of crime knew at once that nowhere on earth had he met a man whose hands were harder his mind was flooded with this is important fear not anger not how dare you touch me snap your head off no it is out of fear no one has ever stood up them before no one's challenge and we're talking about guy who can rip people apart grab up whole bunch in a single handful and somebody you know he's scared he's scared and that's the first time that we see that happen to him and so they fight back and forth back and forth you know the infamous killer down there to bond the infamous killer fought for his freedom wanting no flesh so he stopped being hungry he just wants to get out and go home desiring nothing but escape but he was trapped the next page the that mighty protector of men who is the mighty protector of men kenning for not necessarily got in this instance Beowulf he meant to hold the monster till its life left out so Beowulf forth and letting go he wasn't letting going as we see on the next page what did you with the guy's arm he ripped it it's not like take it off he ripped it out of the socket is that kind of a superhero type thing for this monster and Grendel decided to not decided fled and ran away whimpering bleeding did did he kill Grendel no Grendel still going okay but he takes that arm flings it up on the rafters kind of like a trophy right you can almost match him throwing up and go okay drinks are on the house Mead hauls up he's not coming back here you saw how he was reacting he's not coming back and we have to you know you know I'm my trophy right there what would be the ultimate thing to rip off for proof that somebody's dead the head putting the head up there would be legit if anybody's watching the show Game of Thrones on HBO or something for them it's heads on sticks heads on pikes okay traitors we have a you know up on the the armaments with on the council we have spikes and we put our enemy's heads up there it's not to celebrate their death is to show you what happens to traitors and they are dead when when the Navy team was seal six got Osama in the spring nobody believed it until what what do you have to see an image right the dead body image even when Saddam people are questioning whether that was a legit picture all of these things so people need visual proof that they are deceased and when the monster ran away he's a one-armed monster now if I were to rip out one of your arms and he ran off into the woods what probably would happen to you you probably bleed out so he might be dying but he's definitely hurt and he isn't definitely dead and that's where we see the next sections that you're going to read for the next time he goes off the next day to deal with it okay Grandal runs home to mommy and Beowulf goes specifically to come back with the head we need proof that he's dead and so he goes and Grendel's mommy's not too happy it's kind of like jaws to jaws his mommy is pretty upset you killed jaws my kid and the first one that's a good way to get a sequel really quick is to have the thing that was so bad turned out to be just a baby and then all of a sudden it's bigger in the second one that's where the money is yeah the very last line line for 20 leading into that they swore that nowhere on earth or under the spreading sky or between the Seas neither south or north was there a warrior worthier to rule over men talking about Beowulf and Beowulf isn't a ruler he's just a leader of their men his dad is the king of wherever they're at okay where they're from they're not from here they came to deal with this situation so pretty gruesome pretty violent those uh you know the the way that Grendel has changed from that first scene to the last scene well really from the first seat to grabbing Beowulf and having fear that's a big change and we see that motivation to kill and to eat is completely gone and he just wants to escape typically when you see monsters embattled and even if they're hurt they kind of are prepared to fight to the death that's not really his motivation okay he wants to get out of there because it's been a pretty rough situation what I want you to finish reading is the rest of this the battle with mendl's mother continue to the battle with the dragon okay Fagin will take place I think it's fifty years in where he has become King a dragon has woken in his land and started causing havoc so he kind of has to do that whole like another sequel come out of retirement one last time that type of thing additional glory but more so to protect his people so kind of his motivation has changed a little bit and so we get to see a development of the here on the protagonist already okay we only have a few minutes so go ahead and get started with your reading a lot more supernatural stuff especially with Grendel's mother look for those epic warrior traits and we will finish talking next time
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British_Literature_Lectures
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Romantic_Era_Romantic_Introduction_Lecture.txt
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all right the romantic intro page 698 excuse me um as you went through this notice the years at the top and as i've told you in the other introductions this isn't a clear cut this is from this year to this year and then the next era is this year this year a lot of them overlap okay some of them kind of dissolve out as the other one you know fades fades up that type of thing um but notice this is our time period where we had our um you know revolution here in america uh i think it it took me to some degree to think about what's going on in the rest of the world or you know american wise at a certain time when i'm looking at history in another location um so when we are thinking and reading about you know these different things during this time period in england uh what's going on in america is we're you know fighting for independence we're getting ready to or we've just established our independence this might be one of the first units that you can start kind of recognizing to some degree in that back in when i was in history class you know we barely touched anything in old days like pilgrims and stuff most of it was we started in the revolutionary war you know we spent a lot of time there teachers liked it we spent a lot of time in the civil war and a lot of time in world war ii we never made it to vietnam because we ran out of time that's how it was always uh going about when i was in school um so this might help you a little bit you know and then the next unit that we have the victorian you know that'll be in the 1800s so visually you will be more familiar with the charles dickens the sherlock holmes era the sweeney todd air you know just visually you you have some sort of a connection to it or you should i would think but as you see on this first page tons of revolutions and it's not just american okay um it's a spirit it's a mindset um maybe it's just a little bit of a coincidence but sprinkled throughout the world you can see um you know not just fighting and such but we have the beginning of the industrial revolution the influx of population just going through the roof in the city people are moving close to the city you know industry is starting to pick up technology steam power you know that stuff is starting to really um you know push to the forefront of uh you know what they've done up until this point um and so it's uh you know everything you remember from your history class and such you know is starting to take place here and we will see how that trickles down and affects the society it's not all great an economy things are wonderful okay there are people who suffer as a result of um you know this factory lifestyle we'll talk about that in a bit you know we see the american and french revolutions going on down in latin america there were some revolutions um you know the napoleonic wars if you've heard of napoleon hopefully you have in your world history course um you know this was going on this time periods when you think of napoleon it's it's this particular era and such um on the next page underneath romanticism uh each semester for a split second i think of when we get to the romantic era it's going to be romance and flowery and hearts and all that it's absolutely nothing like that it's a complete 180 of that in fact but for some reason you hear romantic and you think romance valentine's day flowers balloons all that stuff but any association you have with that get rid of it okay get rid of it and you'll see in our examples that we read in the next few days that it's there's nothing flowery and pretty about them um while the enlightenment praised reasoned and its limits the romantics were fascinated by extreme physical sensations and mental states even terror and madness so that's something important to remember um we'll have a story written by a samuel samuel taylor coleridge called the rhyme of the ancient mariner uh he wrote most of his stuff when he was high on opium okay they get to this enlightened state to some degree where they you know forget about what's happening here and they just go to a different plane of thought and consciousness okay and that's where they found motivation and found creativity and such you know so that's a a moment in this particular history romantics works are filled not with moderation and social cohesion but with extr exotic extremes whimsy and caprice nightmares and visions innocent children lone wanderers and quests after the unattainable that sounds like a lot but as you will see in a couple of our pieces especially rhyming the ancient minor a lot of those things are kind of wrapped into one the innocence of children and stuff we'll talk about in a little bit it's one of your big ideas and such but you know that is prevalent in a lot of the stuff that we go over um yeah just other key things in there um the skeptical intellectual is the representative figure of the enlightenment remember we talked about the enlightenment people were a little bit more skeptical of religion not necessarily well i'm an atheist now no they were just a bit more skeptical and leery and hesitant that was the enlightenment period here the romantics it's the sublimely inspired these people are just they're inspired to write something what inspires them and we just talked about it those extreme mental states and and those various uh things of motivation and inspiration um so that's something to keep in mind as we get going um you know they valued expressions of feelings as authentic someone who was capable of feeling deeply demonstrated a natural human sympathy both to nature and to the feeling of others um some other stuff um in romanticism nature is always active vital and spontaneous so nature is very important here and nature is included includes you know just typical scenery and stuff but it's especially the wilderness an interest in the natural state of things and people okay so when you think nature you just might think oh the forest and stuff well yes it's that but it's just the wildness the untamed and in an era where everything is starting to become industrialized the nature aspect and the untamed and unindustrialized is really appealing to these people who like to make connections on different levels and such okay so that's why you see nature sprinkled throughout here um and we'll talk about it as time goes on a big idea too excuse me big idea one two and three you know the stirrings of rebellion here's a little bit more uh in greater detail about the state of nature that i was just talking about um you know the people's sensibility and emotions other things that pushed people was their imagination okay sometimes it was uh nightmarish visions okay very dark um sometimes it's a dark vision that helps them into the light uh you know in the in their everyday life so these nightmares and these visions they have you know could educate them in some degree um as we'll see uh later on uh william blake is a is a key to that and we'll talk about him in a little bit um big idea too some additional information about you know nature what do they truly think it is um so if you needed some more dialogue text differentiating the enlightenment period way of thinking with the with nature and such moving into the romantic here is some more information for you you know the romantics preferred their nature wild and untamed other things the child and the common man um not necessarily we're going to write something about the king or this famous athlete or something it was more about the common person okay we'll read something today about the chimney sweepers you know just common people okay people wandering around the street the children the innocents of children that's the stuff that motivated and inspired writers it wasn't the prestige of some celebrity it was the common person so the wildness of nature are you kind of seeing a theme to what pushes these people that's what you have to remember especially when you're keeping your errors straight you know dreams and nightmares um you know this is the era of frankenstein mary shelley wrote frankenstein uh when this was a year-long course we would read a an excerpt from it we just don't have time to to um to put that in here um but you know a real dark image there you know industrialization and science and stuff you know at its at its most gothic um and so that's a big idea too big idea three the quest for truth and beauty um excuse me the revolutionary spirit because the revolution was going on and people are getting more and more you know worked up or agitated a lot of poets and writers found themselves kind of taking up the fight for other countries not just their own for example there were a few individuals and we'll read about them but few individuals who were so into you know the greek and into the the roman uh you know they were so influenced by those works and the thinkers of various countries that when those countries were having some sort of war or uprising these individuals would go to their go to that country because it had influenced them so much and created these strong feelings within them and they go and fight and that's that revolutionary spirit the mankind you know and all of that stuff rolled up into one so uh so you definitely find that in this particular era um you know the spirit of nationalism exotic places going to certain places and coming back and we kind of started that a little bit with gulliver's in the last one you know with travel brochures how people started to go to various areas and places and come back and tell stories about it here we will see some more stuff sprinkled throughout and if we had more time even more stuff but you know those were things that motivated them and challenged them and and enticed them to do some writing and be motivated by that so um take some time to look over those big ideas um you know the this we didn't spend as much time in the enlightenment era as i would have liked uh we're going to spend about the equal here in the romantics but these are two areas that are very important but yet we can't necessarily give the amount of time that i would like to give to them and they are just as important even though we spent a lot of time with anglo-saxon okay this stuff is just as important as that introductory stuff on tests and final exams so make sure your notes uh you know have this stuff and have it in a way that's easy for you to remember okay
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British_Literature_Lectures
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Enlightenment_Era_Samuel_Pepys_from_The_Diary_Lecture.txt
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from the Diary of Samuel peeps uh this we do not do a lot of non-fiction in this class so when we have the opportunity um we like to incorporate it um historical documents not just uh you know literary um stories of Adventure or uh Shakespeare stuff it's nice to bring in non-fiction to really get a snapshot firsthand account of what it was like um of this particular time period And so this really deals with two separate situations the first is is the Great Plague and if you look at the year it's a 1665 and so this is the restoration okay this is the the the revolution the Civil War is done okay the the Charles is coming back um but it really focuses on what it was like to live to rep play because we don't have movies okay novels were just starting out and novels are more fiction than non-fiction I mean I think that's almost the definition of a novel is fiction um and so uh a little diary and excerpt really shows you what it's like um but I find what really is interesting is if you look at the next page um talks about the Fire of London there was a great fire just like I'm sure you probably heard of the fire through Chicago um that really devastated a lot here we have those close narrow Alleyways we have the thatched roof of of wood and sticks and can you imagine if a fire starts spreading how easy it is to take out a whole section and so you get a firsthand account of I can see the fire in the distance not a big deal I'm going back to bed then the next day holy cow it's even bigger and it's spreading and look at how people are panicking and uh and freaking out so it's a nice little snapshot into uh true account of what happened in Britain's history uh two big things plague and the fire in the 17th century all right so from the Diary of Samuel peeps um the plague we read about in our history class all the time um it's always mentioned Even in our literature history stuff it's mentioned um but it's really uh to put a visual of what it looks like with people bringing bodies people coming to watch the burials um just the the the the fear of what's going on Pro you imagine have you ever heard of somebody uh that that always uh they feel like they are always sick they go to the doctors and they always have uh issues and stuff do you know what that's called I ever heard of that hypochondriac we heard of that before probably heard um and so uh I can't imagine what it be like to be back then and oh I got a blemish coming or oh I got a bruise but then oh my gosh what if it's plague you know what I mean and just living in that world thinking this could be tomorrow that I contracted or and then in such a tight tightly populated area how quickly it could spread um it would just be a just mindboggling um what I really enjoyed of this particular one and I hope you did too was the firsthand account of the fire look at the map there on that last couple Pages where they have a a map of London with the tames going through um TS um and uh you see where the fire took place and how fire starts and spreads and we see this nowadays even uh you know out in California with the drought and you see wildfires and homes having to be evacuated um and so there were people back then who were doing the same thing carts were being pulled through people were clamoring moving pushing to get out of the way uh people were coming from the country with their cart to go to their other house things of that nature um but it started off very tame oh there's a fire in the middle night he goes looks at it okay yeah I can see some light that's nothing I'll go back to bed he gets back up this fire gets bigger it spreads we hear about forest fires now Smokey the Bear only you can prevent forest fires and it just takes one spark that's why you talk about smoking you know you know just dropping your cigarette could ignite something just one spark one smolder heat heat heat and then bow starts um and we've seen if you saw Bambi you know how the the trees explode and it gets really hot and how it can jump from one to the next to the next um and it does that here with wooden houses um even some Stone it got so hot it bring down churches it it just explode and uh people could lose their stuff he was talking about running into some of his friends with just the little possessions that they could could keep um pep Pepes was a uh peeps rather was a um a very wealthy individual and you saw that there at the end where he takes all of his gold and wealth and puts it in a Celler so try to get it I guess underground so that uh you know I guess with tornadoes don't we go down and want to get low so hopefully the fire you know will it'll protect his his wealth um but this is a wonderful not fiction one because we don't get a lot of it but two it's very adventurous you can see what's going on these places that he mentions if you were back then if you knew uh um the layout of London which I do not but some of these places it would make sense to you it's like saying uh you know here and for away oh well at the mall and then Jefferson points and all these other places we in Chicago we go to the water tower rle field or US Cellular you know all of these different places people would know and and um so it talks about certain Church is falling you know you would have this Vision um and it it would be pretty traumatic and tragic um and uh what's interesting also about this diary as it said in the the biography information was um that peeps was not only very wealthy but for 9ine years he kept a diary and he wrote it in shorthand so very like short key wordss that only he could really understand and so you could write really quick journalists do that so that they when they're taking quotes they can't write every single word as it goes and so they write shorthanded and then they they know what it says uh so it took a long time for it to be deciphered I think it said into the 1900s um before people were able to figure out the uh the the I don't want to say coding but figure out what the Shand actually represented um so that's just kind of a a fun little note and tidbit
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British_Literature_Lectures
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Romantic_Era_John_Keats_Ode_on_a_Grecian_Urn_Lecture.txt
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his ode on a Grecian urn an urn is something that you know holds the ashes of a departed if you've seen the movie Hercules the cartoon oculi is the very beginning with the the fates the women they start singing and dance the gospel ladies okay they come out of urns and other vases and things like that or vows is that type of thing we're going to read this particular piece by John Keats a very very famous individual he died extremely young again we're kind of seeing that play out from time to time in his author information it mentions that you know there wasn't a a writer Shakespeare and Milton or anybody that was as accomplished as Keats was by the age of 25 he was famous at that particular point not famous for being famous but famous for his work while other people were still you know maybe in their 30s 40s 50s they became you know literary giants he was one at an early age so very relevant and significant individual so old on a Grecian urn is going to focus on you know an individual if you look at that illustration on that page on you know there's paintings and pictures and graphics around the side of the urn okay and this is an individual imagine if you were at a museum and you were looking at this urn and you just start staring and start thinking about it not like Oh dead person there no you're thinking more about you know the the art on the side and maybe putting a story to it and so as he's talking these different parts in essence it's kind of like a different panel on the urn okay as he's kind of thinking about it so ode on a Grecian urn hold on a Grecian urn you may have gone to a museum at some point I don't know you guys take field trips in middle school elementary go to museum still some of you you know if you ever go to a place you just kind of look at artifacts some of them might be boring to you others might be more interesting but then something might catch your attention I remember taking us some students to a convention in Atlanta I went to a Vincent van Gogh Art Museum and I just remember there was a big painting that wasn't van Gogh but it was from you know eight feet tall four foot five foot white which is massive and it showed this big battle there was a big in the foreground this big horse and a man on it and with a sword and all these little battles in the background and it's one of those that you know some people just walked right by but I found interesting I don't think it was a bloodshed but just all of the little details and stories that that was happening in the background you know there were people you know a woman you know going like this and a man getting ready to do something to her and you saw it's horrible you know but then you're looking around and you know the tides have turned and you see the people who are being oppressed on one side on the other side of the painting they're they're the aggressor I mean it tells a story and you can just spend time and look at it and just move around and look and that's what he's doing here in this first part he's addressing the urn you know um you know thou thou still unravels bride of quietness the foster child of silence and slow time lines five and six you know who are these people these are you know what LED leaf fringe legends haunts upon thy shape of deities of mortals so these of gods of humans or both so what stories do you have to tell Oh Grecian urn that's on you know what men or gods are these what maidens loathe what mad pursuit what's struggle to escape or pipes and timber rules what wild Eskie what's going on and so these next two or three parts has a little segment a little panel little story on that there's a snapshot picture and he talks about and some of them are positives others are you know happy and summer oh that's kind of sad and this first one you know that there's a fair youth beneath the trees thou canst not leave that song nor ever can those trees be their bold lover never never canst thou kiss now winning near the goal yet do not grieve she cannot fade though though has not thy bliss forever wilt thou love and she'd be fair very similar remember when we talked there was that one sign about the guy who wrote her name on the sand and then the water went away or the water came in and took the name and then he did it again and then he said well I will capture you in verse for eternity something like that and so we have these two lovers underneath the tree and you can imagine one singing to the girl or singing to a woman maybe leaning in for a kiss and he's like oh how cute how wonderful you know you two there but then he goes all bold bold lover you're never going to get that kiss can you kind of think of it from that regard you're never going to get that kiss but don't be upset your woman is never going to fade your love is trapped in there and it's beautiful and she will stay as beautiful and gorgeous to you forever and she will never fade and your love will always be there okay you just can't kiss her okay and so that's one of the snapshots um it goes on on the next page to talk about you know the trees oh happy happy vows you will always have your leaves you don't have to worry about you know losing them in the winter and then getting them back it's it you know these things are a snapshot of time that are forever locked in that particular urn Oh at the fourth one who are these coming to the sacrifice - what green altar Oh mysterious priest lead style this heifer allowing at the skies so there's a picture of a man pulling a you know walking with a cow well the question starts to be if you think about on different where are you going why are you going are you going to market are you going home are you going to sacrifice that beast okay wherever you're going you're never going to come back to that particular place so that that house you left think I mean this is really thinking about it but whatever house you left you're never going to go back to it because you're stuck here and wherever you're going to go you're never going to get there and this town there might have been buildings you know an empty village behind him it will forever be empty because it's a snapshot of what it is right then that kind of making sense okay these olds are things that where you spend a lot of time thinking about something in depth and asking yourself questions and you typically might not ever think about it that's what these are ODEs our ode on a Grecian urn hold on a Westwind something so small simple whether it's something you could see or not see like the wind um it's it's interesting so the difference between ODEs and apostrophes understand those
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British_Literature_Lectures
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Modern_Era_Elizabeth_Bowen_The_Demon_Lover_Lecture.txt
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the Demon Lover by Elizabeth Bowen probably the most interest in title of anything we read this entire year the Demon Lord does that sound like something you will Wow holy cow let's kind of movies that gonna be you know this one particular we're not gonna spend as much time talking about her as a writer so much as kind of the things that she did and what was famous for she roped post-world War two about mostly World War two but her settings were of that time cream and so when we talked about the introductory information about the breaking apart of the British Empire and what that would be like in the bombings of London people were still living in luck and so they would leave and go live out in the country where who's going to go bomb farmhouses are gonna bomb trees and so they would board up their houses and so she in this particular piece it's focusing on those the protagonist goes back every once a while into the city to get some things from her boarded up house and then go back out and it talks about the rows of being very deserted because a lot of people are doing that so you can kind of imagine what a vacant rows of houses and houses kind of ghost county how that would feel all right then well that era of feeling maybe not just scared but alone it would be very pervasive so one of the other things she really focused on was she included you can talk by the title a lot of supernatural qualities and elements in her writing so based on the title we might be able to figure out okay something's great he's gonna happen and it really does the payoff at the end is a stuff that you know makes this this really interesting and the main premise not giving too much away is not only does she go back but she shows up at a house that no one knew that she was going to show up it talks about a caretaker who it's kind of got house sitter but the bunch of house was around this street share this one caretaker he doesn't live there he just checks on it every once in a while nowadays we haven't a check my house make sure the pipes didn't explode make sure my cat's bed things like that so you know that type of thing you might have that with the neighbors when you go out of town and so this particular place uh nobody knows even the caretaker that she's gonna show up so she shows up gets her stuff and she looks around all of a sudden there's a letter that she finds laying there address to her with no stamp if there's a letter with no stamp can it be mailed no means somebody said it there and so all of a sudden she starts reading this letter and it shows up that it was from her fiancee of twenty five-plus years ago when she was a young lady and it was not a very happy memory of her party from this person and all of a sudden she realizes this guy went off to fight the war and it was reported that he was dead and now how did this thing show up and then all of a sudden being in this boarded up house with hardly any night she realizes she is not alone in this house and I don't give too much away but we'll just kind of start the story with that so again the faint main thing to focus on it's in here are those elements of the setting that takes place and again obviously supernatural elements and qualities will be obvious but the really that the the setting of what London is like during this era is a good representation the literature from this time period okay so we are talking about the demon lover by Elizabeth Bowen your honor so you get to the very end and it doesn't look like a very positive outcome for this one particular woman I don't want to kind of probably already talked about DNA but the very beginning you go back to the very beginning of this particular story it talks a little bit about that background that I mentioned that the streets of London bombing and how people you know come back and forth but heading into that house for the very first time in a long time to to get some stuff she finds this letter and this plot really does build you know if there's flashbacks to help paint the picture of the past defers a young woman and then we are bought brought back to the future and realize that you know this this letter could have more significance it's really a quite an interesting an idea of a horror movie if we were to see something nowadays the dirty movie scream yeah and there are a whole bunch of other ones but the very first one I think the intro to the movie was a younger group Barrymore was on the phone and it was like I see you you know things like that and she gets worried oh okay who's playing a fragment then it goes and this was a scary sign I'm in the house what and then she runs and something coming spoiler comes flying out from a closet or I was looking at her but the notion that all of a sudden I don't think to find them you're not alone that there's somebody else here it's kind of freaky you know what I mean and imagine when it talked about she walked into this hospital first time and talked about the dead air greeted her and so it was really stale and it wasn't much circulation going on and have you ever walked around like school by yourself and when it's dark or buildings that you shouldn't be in and it's by yourself it's there's something free it's not think about school but when all the lights are off and you're the only one here which hopefully you're never revealing one here because that would really be weird there's an ominous moved to it like and so she's all by herself and she's there just pick up some stuff take back out for a family out in the country when she starts to read this letter and it says oh dear I'm sure you remember today's our anniversary for what surely you remember that our anniversary today it is and remember when I said that we were going to get together again down the road well you know that's happening and I'm sorry that he left London I was that was sad for me but I'm glad you came back I knew you would nobody knew that she was coming back this letter was sitting there forever it talked about in here how the caretaker the house dinner who checks in from time to time yeah been there a long time she could tell and he didn't know she was coming and the mail if he would have seen it he could pocket it and brought it to her in the country the next time you saw there was no stamp on it so it's just somebody said it right here she takes the letter she goes up to her room almost like maybe a child a little girl wants to go read some her go read her diary and or anybody the safest part of your house was your house is probably your bedroom you feel the most comfortable where he spent the most amount of time whether you're awake or not you spend the most amount of time in there I would imagine and so she feels a calmness there and then that's where the flashback happens and if you jump to page 1,300 go there with me please 1,300 down at the bottom and what had just tipped her off was that the letter had a date and it was today's date and that sent her back into thinking about this one particular person and we find out it was her fiance now they didn't have a very romantic love affair by any means he was the soldier going off to war and something very unique captaincy he takes her hand and he presses it against the button of the uniform and when it hurts her you just keep pushing harder that seems a little like demented demonic wrong and she could even she found herself absolutely looking at it and rubbing it later so it was hard time to produce to the scar any of you guys have scars and you kind of forget where they came from I and so I've heard some people say they break their leg and then yours divert out the camera which like they broke you know I mean just we just want to let you just kind of move on but she looked at it just and all of a sudden you're flooded back and it talked about how the fog cleared from 25 years and all of a sudden she remembered she remembered outside him saying goodbye there was no kiss there was no there wasn't anything hot and passionate about their their departure this is the one thing she really remembered and he said I'll be back and if you look on the next page 1302 hearing her cold catch her breath her fiance said without feeling cold you're going away such a long way so far as you think I don't understand you don't have to you will you know what we said but that was supposed to mean supposed to probably supposed to you keep going on to war you're fearful that they're gonna what hi thank you I think you're gonna die well we're talking about a future together but then he says that maybe he's not gonna be as far away as she thinks all of a sudden we come back and I think these are all moments of poor shadowing for us because at the bottom of this page it says that Kathleen behaved well when some months later her fiance was reported missing presumed to kill so somebody's reported missing presumed killed is there a body usually no otherwise would you be able to tell okay so we saw that and so we have this uncertainty about the future and then he's presumed dead okay well move on and so she moves on and every was like boy you're handling this well well she wasn't really in love with him you know she's kind of just forced upon him force upon her that pain comes back to mind and her hands pressed on the button and so she finally moves on when she finally gets into her 30s to about 15 years later she she meets a man and gets married and has kids and that lives up you know lives here in this house but out in the country right now because of the bombings and so he was sent away during the Great War World War one and now time has passed and we are in the middle of world war two and it looks like somebody has come home looking for her and if he was dead this would be a ghost it was kind of weird in that supernatural lining-up of the date that particular date no one was gonna know she was there you know so there's those are the supernatural qualities and this is where she got kind of worried that I'm not alone in this house when she comes back to reality on this next page she goes to the edge of the stairs and listens to the hallway there's nothing I don't hear anything but all of a sudden the breeze is different there's a cool breeze something is causing a draught and then she notices figured out rather that the door to the basement is just open and closed meaning somebody has just decided to leave this for a movie would you be getting a little you know building up oh my gosh there's some history here there and this there's something going on in this house and she goes I'll call a taxi well I can't do that because the phones are dead of course right like a movie you looked it up right all of that stuff there's no cell reception oh my gosh right well she did herself I don't you some people click on the test whereas a cell phone huh and so here's we uh she finally does leave composing herself walks down the streets by five sees some calves heads to one and that's not moving so it's like it's perfectly for Earth she gets in closes the door it takes off it starts driving around it takes her a beat a moment before she realizes I didn't say where I was going to knock on the window you know I'm her now knock on the window the guy opens the glass slams the break so what happens if somebody slams the brakes goes forward right up into that opening of the glass he turns they run that far away and she just stares and then this last paragraph or so is just really that that's the great movie ending she just starts screaming because who does she see she recognizes the face because she thinks back 25 years she doesn't know what the dude looks like there's a description of it it's like you take acid and drop a piece of the piece and drop them acid on the picture and it eats the face way she doesn't really remember she's moved on come on she has kids she's married she starts screaming screaming and pounding falling back in her seat and then if you look at the last few lines last few lines at this car accelerates the words without mercy is it gonna stop the seat what's going on are you okay back there without mercy no it takes off excuse me and made off with her into the hinterland and here we go up deserted streets not overly populated where people will see somebody feeling down through city streets where everybody has evacuated so you can almost imagine taking her to maybe some warehouse or something it doesn't look like it's gonna end happily you know and we bring in again those setting elements and put it back into the Oracle context of the bombings but then other than that it I think is just a pure enjoyable thriller to some degree where you really get to see her kind of go through oh my gosh things are worried things usually thinks play off okay but in a horror story it just builds Milt and then you aren't alone oh good I got away didn't you think she was just gonna throw up everything's fine get a cab awesome and then all of a sudden there he is on their anniversary and no it's really interesting is that it said oh it was it oh right when she got in the car it says without looking around the driver started the engine as she panted panting up from behind and put her hand on the door as she did so the clock struck seven so the moment she was there which if you were called back to the letter you know it talked about a certain time at the appropriate hour and she was worried because the bell struck six when she was back in her room well it's not going to be this hour when is it going to be and I don't even know what the guy's gonna look like it's easy to avoid something easier to avoid somebody if you know what they look like how are you going to avoid somebody you don't even know strangers could be that particular person could be a freaky way to go about life and so then between six and seven all that stuff happens she gets to the car the bell starts ringing seven and that's when the climactic occurrence there at the very 10 so I hope you enjoyed it but again really brings it to our a great study of what visually it would have been like to live there and now you know why to live in London and the deserted streets connecting that set whoa did they just go bankrupt and move out like you're troit no this was because of the bombings so it kind of brings that back full circle to the historical relevance of this piece
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British_Literature_Lectures
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Romantic_Era_William_Blake_The_Chimney_Sweeper_Songs_of_Experience_Lecture.txt
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chimney sweeper from Songs of Experience once again a child chimney sweeper we have the kids no not necessarily nightmares and all that stuff but really just focusing on on the children here and again does this paint a good picture of London the chimney sweeper from Songs of Experience by William Blake a little black thing among the snow crying weep weep in notes of woe where are thy father and mother say they are both gone up to the church to pray because I was happy upon the heath and smiled among the winter snow they clothed me in the clothes of death and taught me to sing the notes of woe and because I'm happy and dance and sing they think they have done me no injury and are gone to praise God and his priest and King who make up a heaven of our misery experience a very short one a little black thing among the snow crying weep weep weep in notes overall weep weep the footnotes that we've seen means sweep sweep so almost out there like anybody need a sweep and imagine a snowy everything beautiful snow but you have this little kid just encrusted in black and soot and dirty sitting there you think that stands out I mean completely stands out you know so somebody stops and goes head where's your father and your mother oh well they're both up at church pray so while the parents are off praying at church we'll what what's the kid being forced to do work he's bring home some money because I was happy upon the heath and I smiled among the winter snow they clothe me in the clothes of death and taught me to sing the notes well so I was happy and I was playing and I was a kid they took me and put me look at it's not that they dressed me to go to work they put me in the clothes of death he associates this clothes these clothes with death if you look at the next page off on the right and read this when you guys have more time down at the bottom talking about the chimney sweeps and child labor I've already talked about it a little bit there's some more specifics in there about how dangerous it truly was and so they clothed me in the clothes of death and taught me to seeing the notes of woe the we've sweep and make my life rough and I have to work and and they're taking away some of that of being a child and because I am happy and dance and seeing they think they had done me no injury and I still continue to because I'm a kid to some agree and I haven't been totally broken I still continue to let dance and I'm happy and I sing that they think that this is cool there's no problem I'll look he's happy doesn't mind working great but in essence the kid is struggling it's a horrible time and what are they do are praying they've gone to praise God and his priest and King who make up a heaven of our misery so the kid is blaming everything he's blaming God for creating the situation blaming the King for the living situation and where's his parents oh well they're off to praise and pray to those individuals that have caused me to come out here and do this so again I'm not a very positive portrayal of London or you know child not the child labour is ever a you know a good thing but um you know it does not paint a very happy picture at all and this kid hasn't been completely broken yet because he still continues to be happy and dance the same you think that's gonna last probably not he knows it's dangerous because he says it's the clothes of wool the clothes of death and taught me to sing the notes of woe so not a very uh not a very positive situation for that child and maybe not the best parenting but if you're poor you're like well you can go work and bring in a couple bucks a week we need that money there's an opportunity so
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British_Literature_Lectures
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Enlightenment_Era_John_Milton_Sonnet_XIX_Lecture.txt
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John Milton uh some good background information there um you know right in the heart of that Civil War of the Puritans that we talked a lot about um you know he goes on this this faical pilgrimage down to Europe from the island of England and then he hears about the revolt and he jumps back on board a ship and heads back home and he starts riding to help the Puritan cause and once Charles the as it said was was captured and defeated so Cromwell and the Puritans won he was writing pamphlets and information that was for the execution of the king um so he was very much on board with with the Puritans and their cause um as it talked about down there then uh Cromwell made him Secretary of State for foreign tongues because as it said with his schooling you know he mastered several different languages and so now his job was to translate a lot of things um so they could understand them um what was particularly of note um was if you saw the last couple lines of that introduction he became blind okay and for somebody whose life is reading before we have bra that's going to be a problem right even with your writing you couldn't read it so he would have to dictate some of his stuff to have it read back to him you know that type of thing he could physically write but who knows where the writing would go and so a lot of his stuff would have been orally spoke um and then you know refined in a conversation um um what was kind of cool was how after graduating from college he went back to his dad's house and just sat and read for six years he read anything and everything that he could find that he thought was of importance um Classics um knowing all these different language he wasn't stuck just reading things in English or things in Latin he was able to read all of these different things so a very smart person um the sonnet that we're going to focus on is sonnet uh 19 and you can go ahead and turn to that page um 19 and it deals with uh his blindness and in it he will mention you know maybe uh I lost my sight because of all of my voracious reading that I spent you know I I wasted it um and you'll see him in here really kind of uh uh really a dark dark that's blind um but uh really struggling with the first portion of this the problem that he is blind but as a true as we can see this is a petrarchan or Italian sonnic so after the first eight lines we have that turn where the last six are focusing on the solution or advice or coming to grips with it and so look for that turn and how he decides that he can come full circle and deal with what's going on that God has given him and then taken away and how he can still contribute Sonet 19 when I consider how my light is spent by John Milton when I consider how my light is spent air half my days in this dark world and wide and that one Talent which is death to hide lodged with me useless though my soul more bent to serve therewi my maker and present my true account lest he returning chide doth God exact day labor light denied I fondly ask but patience to prevent that murmur soon replies God doth not need either man's work or his own gifts who best bear his mild yoke they serve him best his state is kingly Thousands at his bidding speed and post or land and ocean without rest they also serve who only stand and wait so with son 19 uh it's really a focusing on Milton's faith and relationship with God and dealing with his going blind and so we see him suggest um that you know maybe he lost his sight because of use and what we talked about before um but there are two fa phases of this piece the first one is questioning and addressing to God in essence why me I think wouldn't most people think that when tragedy befalls you why me why do my eyes I was doing good I why me and then you come to grips with it and see how you can continue to be productive um the second phasee had his solution to the problem um and so in a way it's kind of like he's a therapist for himself where he's able to this is my problem and this is how we can deal with things if you see uh the illusion look at the illusion there at the top with the footnote I'm talking about one talent that in this dark world and wide and that one Talent which is death to hide it references an illusion in the Bible which I was not familiar with I don't know if other people were says that the ser servant who earns interest from his master on five talents which is a large unit of money is commended the servant who hides and then returns to Talent is condemned and so not being completely honest holding things back when you were supposed to be out there doing what you were meant to be doing that's a sin and you could be cast out and so he thinks maybe I have been cast out and put into blindness in darkness because I wasn't doing what I needed to be doing or to the standards that God wanted to be done and so he struggles with that and has to come uh come uh to grips with that um and uh yeah oh uh one of the things in my notes a tremendous Cloud was cast over him and he was thrust into that darkness and that Darkness the blind now uh structurally there are a couple lines in here um I already referenced the uh the petar but it's kind of neat that he throws in um little a paradox throughout here talking about dark and Clarity how can you have clarity when you're in the dark clar clear you know what I mean it's it's one of those things that helps to transition from he's lost he's struggling with this Darkness but then after a while it leads to Clarity have you guys ever heard about if somebody is blind that their other senses are like freakishly amazing because you guys are functioning around the world with all of your senses you can smell a house on fire you can get out well if you don't have smell you're host until you start maybe feeling it right well what if you can't feel I don't know then you're going to have to see it so if somebody's blind they have to rely on their other SES they're hearing is usually pretty good we had a blind student here at Carol last year and we've had Vision imp pared over the years do you remember the blind student walking around Jason uh it was so weird to him that weird to me that uh he could pick up on me from a far away what was that mrar I wasn't even talking to him but he could you know what I mean it was just like a class we're all working on something and I'm over in one side of room talking and he had a comment about something I was saying that he could hear through all the convers maybe it was just my voice over everybody's I don't know but it's it's one of those things that's my only experience around a blind individual where I was able to witness you know the the senses being heightened uh There's a comic character uh you know Daredevil um you know in in the comic book world where he's a a blind individual but his senses are very fine-tuned um and so uh you know it's one of those things that maybe through that Darkness you become a better listener through that blindness you can become better um than what you were before when you had all those senses and so it's one of those almost uh therapeutic type like I said a therapist for himself where he struggles God why me and then while you're blind a light bulb goes off and he's able to see ultimately at the end that you know he I don't want to say is better off but he's not in the dark so much anymore even though he can't see he kind of has a purpose to going forward
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British_Literature_Lectures
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Modern_Era_Katherine_Mansfield_A_Cup_of_Tea_Lecture.txt
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cup of tea is she pretty does she think she's pretty look I think it was the very first line of the story Rosemarie felt was not exactly beautiful no you couldn't have called her beautiful pretty if you took her to pieces but why be so cruel is to take anyone to pieces you know well what was she will she was young brilliant extremely modern blah blah blah blah blah blah and she's got money and is married okay so she isn't necessarily attractive okay the main setting like us are a couple settings but the early setting is at the jewelry shop finds a gift something you know a little piece thing that's kind of expensive even though they're extremely wealthy wealthy wealthy wealthy if they want to go shop and where do they go shopping even go to a pair of single shopping we're not going to you know the mall we're going to Paris a place to do York to do the shopping in Europe and that's what she's used to and so she goes here hold that for me I'm not going to buy right now and goes oh of course I'll hold it but she's a costs are on the way to the car similar to if you've been to a big city you see the beggars you know with their cups a lot of times you see them with signs you know you know I'm a vet I need money for this or money for that you know Society has told us that really they're just gonna use the money for drugs and so on that isn't always necessarily the case but anyway so she's accosted by a beggar in the description on on 1049 she looked into the creature the battered creature with enormous eyes someone quite young no older than herself and so not that she'd he necessarily sees herself in this in this street urchin but she realizes while we're kind of relatively the same age and if you start to go down that logic in that path then you start to think well we were born around the same time probably went to school around the same time you probably didn't finish school I did you know where did we veer off into me going one way and you going the other way what happened she doesn't really look at her as something to make better she has a certain motivation and that's really the focus that I wanted to concentrate on what is her motivation the motivation isn't to better this individual she gives her money at the end but it's not money necessary to get better it's money to get her out the door because she's challenged by her not by intellect not by dialogue and conversation but because her husband thinks that she's really beautiful she's really pretty and rosemary has that complex about herself I'm sure all of you have one thing about yourself that you're very very critical of I mean that's our society isn't it you know seeing celebrities or models and so on and you start saying oh I need to be looking like that or that thin or all but I have this weird ear problem or my nose is twisted or crooked or you know some little thing and so if you're able to forget about that for a while then all of a sudden your husband comments on how this individual is so beautiful and you haven't an image issue huh that knocks you down a peg or two because she's on her high horse she doesn't want to help this one she probably wants to a little bit but her motivation is she wants to show her off to whom not her husband but her friends right it's almost like look what I found look what followed me home can you kind of see that how she treats her look at this pet that I have she wants to be able to have these conversations with her friends where she can one-up them because she knows you know they're all kind of doing their own little thing but when a conversation go look at how you know humanitarian I am they can't equate to that and so I'm better than you everything's about being better and being superior and that's that class structure that class system that we talked about so really the main thing back and forth then for a few pages is her getting settled she's struggling she's so famished she can't you know she wants food she wants drinks she's trying to give her with a bourbon or brandy the other B thanks they're all really kind of the same but anyway so she tries to oh I just need some tea I'm so famished I'm so I'm going to faint I just need food I can't you know she's not asking for the world she's asking for a little thing she isn't a stew being brought into her family room in front of a fire and you know all this hospitality she just needed sustenance have you guys ever been so hungry you just kind of maybe shake a little bit or I I'm married into a family that when they get hungry they get really kind of and it kind of passed on to my kids now I'm sure I'm not a saint when I'm hungry but I'd like to think I'm a little bit more reserved and kind and gentle but until they can get down and throw down some food they're kind of way on one end and I'm just kind of sitting there quietly on the other like the food take hold come on come on and we have this individual here who's just really at that point that she just has no energy anymore I mean she's struggling so the husband Phillip walks in you see you know sees the dirty clothes just like honey I talked to you a second oh honey this person's gonna spend us for dinner we're gonna be wonderful friends yeah I don't know she's gonna stay she's beautiful what do you mean cheap you she's pretty you think she's pretty imagine if he can see the beauty in a homeless street urchin filthy covered individual and he can see that she's a knockout my words not his okay that would add to that self-esteem issue that we were talking about just a moment ago it wasn't like she was bathed and pampered and it's not like you know the ugly duckling turned into whatever in those movies you know where they take a girl and make her into prom whatever she's before the transformation and he sees the knockout and she's challenged by that she's astonishingly pretty pretty he thinks so good lord she's absolutely lovely look again my child I was bowled over when I came into your room just now I mean he's smitten not like he loves her anything just wow there were some beauty in that room and it wasn't coming from my wife is what he's saying so she runs away and get some money if you look that last column she opened a drawer and took out five-pound notes looked at them and put two back holding the three squeeze in her hand she ran out we never see the the street urchin again because she shuffled out the door if it kind of interesting she pulls out $5.00 that's too much really too much this lady goes to Paris to go shopping can you kind of see it wow you're a great person great person and her motivation just kick that girl back out onto the curb give her money so she can go do whatever she needs to do too you know so she won't you know you know fall apart and then comes in to her husband and it's kind of a weird dynamic in the purple text she insisted on going so I gave the poor little thing a present of money I couldn't keep her against her will could I were you rolling your eyes at this point oh my gosh golly lady you're full of it and rosemary had just done her hair darkened her eyes put on her pearls what has she done to herself made herself look a little bit better and more presentable and prettier because then she goes honey you love me I saw this president it cost twenty eight guineas can I have it oh sure you can have it and this is intra everytime I read this is where he goes oh where was it do you like me oh I like you awfully he said and he held her tightly kissed me and there was a pause then rosemary said dreamily I saw a fascinating little box blah blah oh you may have it little waist won't he jumped her on his knee kind of like a what you put a little kid on your knee and bounce him a little bit right it just seems weird to me it's like a weird dynamic a weird relationship and then ultimately she leans in you know a my lovely Philip am I pretty hopefully he goes yes you seen that one Geico commercial I said Abe Lincoln with his wife it was one of their earlier ones this dress make me look fat and the whole premises you know Honest Abe you can't tell a lie he's up you know something subtle and guys were always yeah but no so I was real funny so I always kind of think of that when when this pops up because if there were two more lines what would Philips response be when he talked to her in the same way he did like a little child a little bit ago or would it be as the loving Oh baby you're the most beautiful woman in the world and I actually mean it I don't know it's interesting but motivation the motivation driven behind you know pretty much her whole story just kind of goes up and down motivation to get something you know to uh to bring that urgent into you know her world so she could have a story and motivation and getting dressed up and for her husband and trying to get that self-esteem issue resolved so there are all issues to be resolved
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British_Literature_Lectures
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Modern_Era_Virginia_Woolf_Shakespeares_Sister_Lecture.txt
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all right Virginia Woolf arguably the most famous British female writer of all time probably Jane Austen you know would give her a run for her money probably but definitely at this era the most famous I believe British writer of this era but all-time probably right up there with Johnson as the most famous a very influential we'll talk a little bit about her contributions and such but a lot of her tones in her right you know had a little bit of a darker nature if anybody knows they take a about her you know she had a few sips in her depression you know in kind of a nursing home but not necessarily committed to an institution but she went to some place to kind of decompress a little bit a handful of times the deaths of her parents really set her off there were times in her life where she was so depressed that she wasn't able to write and for a person whose occupation centers were RIT and I couldn't get a bit of an obstacle to get around especially they make their living that way you know there is our book talks about you know I hurt her death it doesn't go into so much about how she died just then her body was found in a river but it's widely believed speculated and you know the followers above her believed that it was suicide that she walked into the river and and drowned because she was so so depressed in her life one of her big contributions of the era was the style with which she wrote for her work if you noticed in our introductory material it talks about revolutionising fiction up until now it was always focused on you know the plot structure the plot diagram triangle or whatever terminology titled years where it starts with you know the exposition introduced to the main setting and characters and then we have the building up rising action to the climactic and in the resolution so it's the typical structure of any big story or short story well with her it was much different she's kind of threw that out the window and it hearses more of the phrase stream-of-consciousness where it's just she has a thought just like we all have thoughts and it just goes on and on and on and on and on and on it wraps up and we'll see a great example of that in the story in a little bit some of the examples it talks about and the introductory information talks about a piece called Jacob's room which tells the story of a young man's life entirely through an examination of his room so she came up with this fiction where she walked around this person through and by looking at all of the details kind of constructed a person and constructed a persona and a life of that particular individual and in doing so there isn't any plot there isn't any rising action climax is just looking around kind of like you're Sherlock Holmes in approach we're finding all this evidence and what kind of person would live in this what kind of story could we come up with this particular person and so that it was very revolutionary at the time the piece were gonna focus on it a little bit is called Shakespeare's sister where she hypothetically says you know I don't think women of that era if Shakespeare had a sister if Shakespeare were a clone but but a woman that she could have been as successful as him because women weren't given that opportunity and she is definitely a beacon of feminism in the modern times and by showcasing this Shakespeare sister in the past you're able to really show how women were not equal and some might argue now women still looked upon as equal but I would argue that it's far better than what it was in Shakespeare's time and hopefully each generation gets better and better and better and more equal for not just all races but all genders so it's Shakespeare's sister if you go ahead and turn to the beginning of this particular story it's just a few pages ahead here on in our textbook it's on 1202 we will see a number of issues we've already spoken about her we will see the role of the feminist talking about historically how women were treated and in almost a complete vacuum how women would not be able to have you know the same opportunities even if they were as skilled as him just because of their gender and she argues that they should be well I think you can all agree I hope that women should have the same opportunities if they are equally skilled or superior to the men and not just held back because their uh their own gender so on this particular piece that we will see that this is one of those examples of that stream of consciousness where she starts off and if you look on this page and she starts off just curious I wonder what would have happened if if Shakespeare were alone well if you wonder what what we had a sister let's just make her a fan named Judith what if Judith we're as skilled as him and then as you look of a midway through this page a good chunk of this page is like well Shakespeare he had all of these opportunities and he had this skill set okay well if she were a woman what would that look like what would that for Judith what would that experience have been like notice in looking at the two pages it's just one big paragraph the stream-of-consciousness you will see at the very end with a finality that comes back and she says yeah I think probably would happen if Shakespeare had a sister that was equally a talented and so we start the thought and we end the thought and here it's just kind of a I want to say a daydream but it's kind of similar to that a well-organised a dream as it flows from beginning to end and it's all this one thought so it's a great example of that stream of consciousness that we talked about in how she revolutionize fiction we see the thematic you know of feminism in here the thematic elements and we also see that darkness that she had in her life where it's almost a surprise twist at the end it's just like oh wow that got dark really fast so go ahead and follow along we are on 1202 Shakespeare's sister you Shakespeare's sisters now we see right back at the beginning and says that it would have been impossible completely and entirely for any woman to have written a plays of Shakespeare in the age of Shakespeare she even says that the bishop is right so maybe even their preaching the fact that women are incapable of being the equal of men in that time but you know what I'm thinking about it and I think it would be not that she would be incapable of producing the same literature but that she wouldn't be given the opportunity is the key I think to show here I'm and again being on a modern feminist writer that she was she was really pushing the cause up and so if you looked on a that middle area there were talks about Shakespeare about how he used given all of these opportunities a little bit of his history of what looks like maybe a little bit of an embellishment here and there but this is what life was like back then for him okay a very famous and obviously very successful a playwright that still today he's the most produced playwright every single year around the world and this guy's been dead since 1616 so it's quite interesting come up on 400 years in a couple of years but he's still so so popular so but that last portion of this page it talks about that she would not have been sent to school of like him to learn if she were reading they would have told her to all go back into the kitchen work on the stew here try this you know handiwork this thing needs some sewing this is where the woman's place is and it's not that her family which was very loving and and well-off it's not like they were treating her like Cinderella with the wicked stepsisters they love her if said she was probably or would probably have been the apple of her father's eye they all loved her but that's just what the women would but if the women would be married off you know that they wouldn't have the opportunity to fall in love it was just pre arranged marriages and she wasn't gonna have that so what would Shakespeare's sister have done she would have snuck out of the house and run off and she would have shown up in London she would have shown up at the theatres because she loves the performance and the managers were men at all there's no way women are gonna be on stage ha ha ha silly and then if you looked at right around the middle it says that she had a taste for theater a couple lines down no woman he said could possibly be an actress he hinted well you can imagine what ok so she could get no training in her craft so so alluding to maybe he propositioned her because that's what women you know with no money you know would have done and so when she says I can't walk around at midnight I can't go to restaurants laid by myself probably because she would've been a constant he wouldn't have been protected so it wasn't a great age for women even skilled women and wanting to be passionate and effort and refine her craft she can't find the training so you can imagine the depression that would set in now she did eventually get married and she had the child or was pregnant and it looks like she just kind of stuck but but if you just settle and you never do what you really want to do you never have that true happiness and so then maybe it wasn't a ship free but it was a surprise to me the very end there which says that she killed herself one winter's night to me that kind of came out of nowhere but if we connect it back to what we know about Virginia Woolf from our discussion a little bit ago very dark bipolar supposedly killed herself now she didn't write this post killing herself but if she had those thoughts obviously wouldn't those show up into a very personal right and help you know really show how women didn't have the opportunities and some women maybe didn't do that and then I like really liked that last line yeah that's probably what would have happened if Shakespeare had a sister it starts with that idea and it ends with is if the finality of that's what would have happened interesting and so in between it's a stream of consciousness so it's a great example Shakespeare sisters a wonderful example of an introduction brief introduction to Virginia Woolf it showcases that feminism okay shows you the darkness connection of her life and how that shows up in here okay that that's huge and then that like said the stream of consciousness so that's big big to three things okay
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British_Literature_Lectures
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AngloSaxon_Middle_Ages_Era_Sir_Thomas_Malory_Morte_dArthur_Lecture.txt
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Mort darur or Morty darur however you want to say it probably if you want to be more correct you probably go with the first pronunciation um this is by Sir Thomas mallerie uh he's widely credited with being uh you know the main uh the main forefather of King Arthur Legend uh the little bit of background that we have in the book it's kind of interesting to to note that he wrote this uh probably wrote it from behind bars while he was arrested um and in prison and they were as it said you know they were given certain luxuries and books and so he could read about all of these tales and translate them and kind of put a a compilation together of kind of the the greatest hits um as we've talked a lot about chivalry and about Knights representing Arthur here is a story of Arthur and spoiler alert his death hopefully you could figure that out from the root of morte um and uh I was only in Spanish in that workday um so I would imagine the route for French is very similar as well um but uh interesting about malerie he was the one really credited with putting it down kind of in print and uh keeping it together uh fact about down at the very bottom of that talking about uh a printer press uh uh William with a kton uh you know after mallerie died he kind of put it together and put it out there and so that it it stayed what it was it was like a William Shak spe's works really weren't bound and compiled together until after he died when all of his friends and people who were around they wrote down what they remember the play being from their brilliant memories and any scraps of paper they had and put all of his sonets and everything together and they published the folio of Shakespeare and some of those folios that are still you know around are just very very very valuable obviously um but anyways this is our last uh foray into uh Camelot and Arthur um I think you'll enjoy it it's a it's a lot of action as opposed to some of our other stuff was more the moral of the tale like with the wife of bath and that night okay that we talked about um but here we have we see King Arthur we still focus a lot on the chivalry and being loyal to your king you do what he asks um they have a huge battle Arthur you know I'm not spoiling anything he's on his death bed and he requests his lone surviving night to do something I want you to be able to find out what that thing is that he asks and whether the Knight does it or not and what does that say about his character what does it say about his connection with the King and not just his connection with the King but you know how they've lived their life and their their schooling throughout life was for you know these moments and for their future was all about the king so when we see the very very end of this and the way that it wraps up for sir B who is the the remaining Knight you will hopefully see wow this is a great representation of what the code of knigh hood and chivalry really stands for which is the essence of our time in this piece so I think you'll enjoy it uh it's a lot it's pretty graphic uh especially once we get to the battle so I hope uh you are pretty uh comfortable with that it's a little bit different than what uh we have had up till now so very uh very graphic uh take a look at the very top before we start um it's it's important to understand especially when we have little paragraphs that are summarized a lot of stuff's happening and if you look here we are introduced to a character named Lance salot um we haven't had him actually mention in our different nights up until now but I think he's the most famous one I when I hear a Camelot I always think of Arthur and Lancelot um and so Lancelot the story is that he got a little chummy chummy little close with the queen well that probably isn't a good job security move okay and so actually Lancelot and his followers have fled Arthur is in Pursuit and as he leaves there's nobody there to take uh to keep control of England and so that's where we're introduced to another character and if you look down there it's called mrid who is the illegitimate son which means not from wedlock um of Arthur takes the throne so while Arthur's away he needs to come back and fight for his throne and uh get the usurper out of the way and ultimately reign and control okay so that's the backstory the premise that's why Arthur isn't in England right now and he's coming back and in his coming back we start right away he starts to have a dream that has a vision we are introduced not introduced reintroduced to Sir gain or Gowan um you know we find out that he is actually a relative of Arthur and he has died and so when Arthur actually sees him and talks to him uh there's a that kind of Supernatural element uh foreshadowing for both maybe of what could come uh in the future and he's very much warning Arthur um do not go into battle a bad thing will happen to you and based on the title of this and what I've already let you know LED you down that path I think we can figure out whether he follows it or not so some new characters are introduced as well as some old favorites and Classics so make sure we keep them keep them separate all right more there okay um as I said in the preface before we started the introduction I wanted you to look out for a uh a few things specifically the end with B and whether he stays loyal and honest to his King which I think we can quickly say uh well ultimately he does um but leading up to that it starts to make you question it um you know he flat out lies to him a couple times um and that probably it is vastly against the programming of a night to uh to deceive that one person that uh in essence is kind of their god um that they want to uh to please all the time um so go back to the beginning of this uh of this story please um and again just to quickly rehash he is out of the country he because he's off Arthur is chasing Lancelot um you know upset at his romances with with his wife which I think most people probably would have some anger but while he's gone his illegitimate son morid takes over the throne and so Arthur has to come back in order to fight um but as we see this first uh first part he starts to have this dream where he's uh he falls into the these snakes and they just grab on him and pull on him and then he wakes up from this from this nightmare and so knowing ultimately what causes the fighting and War um being one little Adder one little serpent one little snake comes out and bites somebody you can kind of see how his dream was a little bit prophetic you know pointing out what is going to happen um so on the next page you know he sees sir gain sir Gowan his nephew um which I think when we did start going in the green KN we weren't necessarily aware that that was their family connection um you know so this comes to light in this particular tale uh surrounded by a a lot of women come to him and and uh that's a little weird because I know that you're dead Gowan why are you talking to me and he says that God has sent me back with this message God is concerned about you that you will die this next day and uh if you seek out morid and fight um and so what you need to do is here get morid to have a ceasefire we we heard of ceasefires in the news lately uh pertaining to military conflicts and people they might cease fire for Christmas so they might cease fire for for 24 hours so that we can hopefully peacefully negotiate something and then game on again it's very similar to that here um and say you need to pause him a month you need to stall stall him a month so that Lancelot who you were chasing he's been told that he needs to come back and help you and he is because as a knight you are very loyal and you will put aside differences to do what is right and what you're supposed to do and so lelot could be back in a month and then you can battle him so I need you to send somebody to take care of so thank goodness for this prophecy but based on the title and how we saw it play out Arthur dies so he doesn't fully follow it kind of half does it he puts the ball in play to stall so good job way to follow these Omens in this uh this dream of yours um and if you look at the bottom of the page he has dispatched somebody to offer him lands in order to stall because Mor is like why should I oh you're going to give me these things with the promise of after your death I can have England all perfect okay yeah I will give you a month that's a pretty good deal so he uh is actually up on the situation um you know he is given Kent and Cornwall so these two areas of of England and with the promise of being come king after Arthur dies um but if you pay attention there at the bottom um actually the top of the next page it says that when Arthur was getting ready to depart because they were going to send Arthur and Moran they're going to have a small group at what was it 14 I think we're going to have this little meeting probably to seal the deal and just to make sure but before Arthur left he said make sure that keep an eye out if you see somebody draw their weapon for whatever reason it's on okay I don't want to be lulled into a trap a trick I want you to be on guard and conversely morard told his people the exact same thing um uh uh and likewise sir morid warned his host that and ye see any manner of Sword drawn look that he come on fiercely so imagine he's going to be coming at you so slay all that ever before you standeth so both sides are on pins and needles okay one fall false move on either side could tip the scales and we are at War and mrid had 100,000 I mean they're ready for war okay this is huge this isn't some little 14 verse4 battle this is big okay and so things play out where we have uh that that Adder that presence of the serpent that we alluded to earlier comes out and just bites somebody so stupid snake oops what did I draw what did I fling around what caught the light and everybody saw it and even everybody doesn't need to see it just one person because they all have their orders from their king or person in charge so all of a sudden that one draw on sword all of a sudden it's game on and there is a huge battle and a huge fight and huge War um it's similar if you if you saw the Lord of the Rings Two Towers the middle one they're having this big battle at Helms Deep all of the Orcs are coming up to this impenetrable Fortress and all of the elves and people are behind the wall and they just stop and they're looking and it starts to rain and it's night time it's just a really cool thing and so then they draw their bows and they're just waiting to start and this old man can't hold it anymore and he lets go and it goes and kills an orc and game on it starts it's just I mean they were going to fight anyways they weren't offering peace so it's not quite the same but the visual should be very similar um and so the battle plays out and scroll down the rest of that page there um they talk about that there was never a more doleful battle on no Christian land all the rushing and riding and lunging around Arthur being the king and the bravest he was flying through the battle left and right and then he bust through the other side and he turned around and go right back in and he kept fighting even mrid his illegitimate son wasn't a coward about it they weren't hiding in the back hoping that the battle doesn't come to them and so they were fighting and fighting eventually long story short everybody's dead we have Arthur okay who F who fights uh in a little bit but Arthur and his two knights okay we have a Lucan and uh and his brother B okay in Ence that's their name you don't need their title The Butcher and all that so we have Luc and B uh both uh hurt in battle okay and Arthur is really upset look at all of my night everybody that followed me is dead because of that crater my illegitimate son and they look and they see him standing over a pile of dead bodies leaning on his sword now is he leaning there mockingly like I doubt it just his presence that he is The Last One Alive Arthur wants to go get him but all of a sudden we got to remember this prophecy don't fight him the battle's already happened you miraculously have survived but don't fight him today and you'll survive so just wait but of course he's so impassioned about it he gets his Spear and he starts running at them look uh the next page there uh for us uh 189 uh where are we then the king got his spear halfway through the page in both his hands and ran towards mrid crying and saying traditor now is thy death day come so as Arthur spoke morid turns around okay and Arthur takes his Spear and jams it underneath the shield into the body good that's a moral wound and I think we've seen this if you've seen war movies action movies of big hulking people that blade that spear goes into him and Arthur is still too far away from morid to do anything so mrid throws himself onto that spear even further so you can see it coming out the back and he pushes himself along the spear so he's put you know remember Olaf and Frozen oh I'm impaled right and pulls himself through you know what I'm talking about it's a great movie by the way um so he pulls himself in essence pulls himself onto the spear until he gets to the hilt the handle and then he takes his sword crack right down on on Arthur it goes through the the the the helmet into the skull and pokes the brain which is a just a wonderful image if you can imagine so the writing it's wonderful um a lot more trffic than some of those other pieces we've had um I don't know how Arthur based on what we know of warfare how he doesn't die at that moment but once the sword comes down morid Falls limp to the you know he died but a very kind of heroic I'm going to go you know I'm not just going to see blood and fall down dead pulls and pales himself even further and then you know comes cracking down um good so they're whisked away uh the two knights come up grab the mortally wounded Arthur and take him off the the field and while they're away they hear this noise out on the field okay and hopefully that I mean that the whole war is disturbing but to think about these people these robbers and pillagers are walking around the corpses and taking off you know Rings not watches but you know rings and and metals and all of these things they're they're scavengers okay and you hear screaming well that's not the the pillagers who was making all those noises what were they doing to people that were still alive out there I start to pull off my ring I'm going to fight you if I'm still alive if I'm still alive so I'm in no mood to fight and so they probably can easily just do what yeah hav't you seen this before in movies in TV and War people walk around the field just to check and make sure people are dead and so you hear the dying anguish groans out there as they're being finished off so a real horrible vision and he sent Lucan out there to see it and Lucan is more Al wounded as we see in just a little bit and so he comes back and says we need to move we need to get you out of here because imagine if those people found the king over there I'm sure he has some things especially a sword things of worth then his life would be in Jeopardy even more so than it is with a sword out of the head I'm sure they've taken it out but still we can imagine the visual um and so they take him away and in lifting up Arthur Arthur swoons and Lucan pretty much falls down because all of his guts come out which is just a if you've seen like Jurassic Park stuff when a philosopher Raptor rips somebody or Luke Skywalker takes the you know or actually ton takes Luke's Lifesaver to the tonon and it guts come flying out really gross but kind of neat because we haven't had any of this up till now everything is so moral to the story now we have a little Gore if that's if that interests you if not just ignore it I like it um and so anyways uh they uh the guts fall out Lucan Falls dead and Arthur in essence says you know what I really deserve this man deserves my emotions and I should feel bad for him which I do because I know you guys are brothers but I'm on death's door as it is and I'm going to die soon so uh here's what I need you to do take my sword excaliber and throw it into the lake B takes the sword gets ready and this is a really nice sword he doesn't throw it he hides it now does he hide it because he wants to sell it and pawn it and get a lot of money or does he want want it because he can be king and all I don't think that's necessarily the thing if we looked at the lines it just talk about there is such a this is such a wonderful sword why would we throw it away that no one can view it anymore and so that's a problem so he hides it he goes back you're going to die soon King yes I threw it for you you lie to me how does he know well AR thean Legend says that he got the sword from the Lady of the Lake okay I was doing some research on this before and there are different stories that says Excalibur is also the name of the sword out of the stone others say that was a different sword that only a true king can pull it out and so he pulled it out he's the king and then the lady of lake gives him Excalibur later and so there's all these controversies about the the true origin of it but I think the especially with mallerie is being kind of the forefather the the big like the Shakespeare of of King Arthur a lot of people believe that it is a separate sword and so Excalibur came from the lady of lake so he knows that something magical happens when that sword's by the water and so he calls better a liar and says you go and do that again you've Dishonored me once go and do it one more time take it and so he hides it a second time it comes back Arthur says you know what I cannot believe that you are doing this to me I'm on death door and you are taunting me by lying to me and if I ever see you again this life or the next in essence I'm going to kill you because you have Dishonored me and you're traitor to me because you want some pretty stones for yourself go back and do it and so he finally goes tosses it and here's where something magically cool happens because B just thinks I'm going to toss it like you toss a rock out into the water and then all right well there it is now I'm going to go a hand shoots up out of the water grabs it that's weird that normally doesn't happen you don't see any head you know where you can catch like a baseball foul ball you need to look for it this arm just shoots up grabs it brandishes it shakes it what was it three times three times and then goes under the water that's weird and that's so weird and so Supernatural and so exactly what Arthur expects so when better comes back says you won't believe this an arm shout out good you've done what I've asked you've done what I asked and that the the life cycle of that sword has come full circle okay full circle and it's back to where it's came from and so Arthur can die in peace okay now uh jump to bottom of 192 the last couple paragraphs here B and Arthur after they've gotten through the the lying and dishonesty uh he helps him up and out and a boat shows up with a bunch of women on it very similar to the image from his dream with sir go he gets on the boat okay he gets on the boat and if you look at the top of the next page uh he says to B Because B is what should I do now you're leaving me I what should I do where are you going what's going on and Arthur says to him I must into the veil of ailan to heal me of my Grievous wounds so the footnote says that a villian is a legendary Island where Arthur is said to dwell until his return so they're going to take me to this magical place that will heal me from this stabbing of my brain and then he goes on to say and if thou never hear from me again pray for my soul so I'm probably going to die but this is where we're going to go they're going to take me and try to fix me and all of that stuff okay and so that's the end of his King and he's crushed by it probably even more crushed because of his dishonesty and The Parting thoughts you know you let down the man that you were supposed to lay your life on the line for and you did lay your life on the line but you let him down have your folks ever said to you not only are they angry but they're what with you and that's the worst I'm so disappointed in you I'm just I'm really just you have let me down and I don't know how long it take freed that's worse than than somebody being angry with you and if you haven't experienced it yet lucky you keep going with that I doubt you'll keep it up but everybody does something at some point that disappoints um so anyways they leave they leave um the last little thing that is of note is that we have um a scene with a Herman a Herman is somebody Liv lives by themselves benir recognizes him as a former Archbishop of Canterbury well that kind of sounds familiar okay not the one who was martyred but somebody else okay and uh so it wasn't Thomas aeka and so uh he shows up the hermit's on all fours and there's a newly dug grave well that's weird who's buried there he ask the hermit the hermit says I don't know a bunch of women showed up with a dead body they gave me a bunch of tapers a bunch of candles and some money to bury them well gee who does that sound like well that sounds like the guy just left my king you have King Arthur down there really that's King Arthur and I would like to stay with you if you don't mind hermit because I know hermit's like to be alone but can I stay with you and I I'll take care of you and I'll fast and we can pray and I never want to leave my King's side all right yeah you can stay so we see the Loyalty the dedication maybe we could say the idiocy your King's debt move on but you live your life for that person and now this is a way to honor maybe this is his Penance for being dishonest to his King maybe he feels that he has to protect him even in death I don't know but can we see that driving force how he's you know really going for his uh his his loyalty and honesty and dedication to the king now look at the very bottom of 194 the second paragraph from the bottom and it says thus of Arthur I find no more written in books all of a sudden we're done with the story now these words are is the author Thomas Sir Thomas uh uh mallerie is that us no okay good we see the words of Sir Thomas mallerie where he says I I can't find anymore I've taken all of the information I've gotten all the books and if he truly was in jail every account that I can find and that's it I put together the best work that I could even the Archbishop couldn't really verify that it was a Arthur maybe the head wound did it maybe he didn't know what Arthur actually looked like I don't know but as you see on the top of next page um sir B A KN of the Round Table made it to be written so he's the one that that kind of pushed for it to actually be Arthur so not be Arthur like gold okay that's a Golden Girls joke does anybody know Golden Girls no there was a show in the 80s anyways pretty funny her name was B Arthur so uh anyways um they didn't know that this actual corpse was Arthur the the The Hermit couldn't really vouch for it he's just going strictly on you know what what the Knight said and so mallerie's even saying that you know we're not quite sure because some people think that Arthur isn't even dead some people think that he's still on that island waiting to come back that Excalibur was magical that Arthur was almost Godlike and couldn't be killed oh he's coming back he's coming back the second coming of Arthur he'll come at some point and so some people believe that so if you look at the incantation at the bottom uh is set Urus Rex quum Rex qu futurist here lies Arthur who was once King and King will be again well you don't see that King will be again hopeful for future on a lot of corpse you know tombs and stuff it's usually dead here lies the King dead and so a lot of people think that maybe this isn't Arthur maybe it's just the night thinks and projecting that it is arer I think we can all assume based on the way the story was played out it's probably not a women a lot women walking around with a dead body and so that probably was Arthur based on the the structure of this story but in the overall scope of AR thean Legend people still hold out hope and how can they hold out hope well the guy buried him and we're not digging them up the guy buried him he didn't know who it was maybe it's not him maybe he's out there those women took him maybe it's a different set of women so there's um while it might not be realistic to think that there are several groups of women with dead bodies floating around it probably was Arthur uh to this piece and what's interesting is uh um the women on the boat were actually identified by mallerie not So Much by B the queen his sister uh Queen Morgan Lefay which is another famous like Lancelot a famous name uh and Merlin the magician you know wizard that type of thing uh the other two I hadn't heard of the other was the queen of North Gallas and the queen of the wastelands and so he was like surrounded by royalty as they went off okay I almost have this Viking image you know like bolf or somebody on a raft you know as you slowly go off to die kind of just into the Mist into the Gloom just have that visual like he really knew he wasn't going to come back but you know if I don't come back pray for me otherwise I'm going to go try to get better you almost wonder you kind of knew you were going to die from that head wound so there's a lot of um a lot of uh uh myth myths rolled into one and mallerie really did his best to kind of give the biggest comprehensive summited piece of Aran Legend uh and uh I thought he did pretty well so hopefully you guys enjoyed that um it should uh should have read a lot different than some of the pieces we had earlier
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British_Literature_Lectures
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Romantic_Era_William_Wordsworth_Lines_Composed_a_Few_Miles_above_Tintern_Abbey_Lecture.txt
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William Wordsworth um very very famous individual along with the next person we talked about Samuel Samuel Taylor Coleridge probably the two of the most influential of this particular era you know William Blake from earlier is very important as well these names that I've been telling you are people that show up on Jeopardy from time to time especially if there's a Romantic era or British literature type thing it's usually a good stab in the dark if you don't know to kind of throw out one of these names very interesting individual you know we read backgrounds of a lot of our writers because a lot of their the things that happen in their life influence what they write about or there's a deeper understanding if you recall back when we talked about Thomas Wyatt with ambolyn and his history and then he wrote that poem whoso list to Hunts you know I will not go after her any more and she had the necklace around her neck for Caesars I am you know we understood that it was more than just an allusion to Caesar and his pets because we knew a little bit about him here is something else about another person that we have a lot of that in same information about and that's William Wordsworth just reading about some of this past you know upbringing and how that influences writing and the piece that we'll read today it's heavily influenced by his past you know they say that he was a true literary pioneer he defied the conventions of his time by insisting that poetry should be should express deep feelings about everyday experiences and that's important because if you can recall back to the introduction of this unit and the big ideas and such you know it's about that emotional feelings and that powerful feelings and he was one that really was pushing pushing and pushing for those to be in his writings and that why he stands out that's why you've such a visionary of the time and the building background on the next page gives a little bit more insight into that same premise so that's something to remember about this era and about Wordsworth to help out growing up his past to talk having two tragedies the loss of his parents which would be a tragedy for anybody but also the division of his family after the death of his parents his brothers and himself were kept you know closer to school but his sister was taking away from him and that was a big problem from he whether it was a protection type thing or a bond with his sister I've never lost a parent um I don't know if anyone has but I would imagine that's a big gap in your life and you may be bond a little bit more with your siblings maybe she being the only female he has a sense of protection for and so being separated you can imagine the struggle that one might have in dealing with it with the loss and so he you know he longed to be with her and such and it wasn't until it said the mid-20 so for you know half of his life up till he's like 12 13 14 when the dad died and so if mid-20s Oh another decade or so until he could be with her again you know regularly and make that choice about how they live their life and such and so up until that point you see that the you know his passion he developed for poetry for simple country living and for the natural world was to influence him for the rest of his life so throughout his upbringing even though he was away from his sister at the school he developed this passion for poetry and this observation of nature and such and we will see that played out in the piece today it's kind of interesting just a little paragraph it has about rebellion in France remember the very first pages of our introduction to this unit was dealing with revolutions it had Industrial Revolution but also the American Revolution French there's one down in you know the Caribbean that type of thing and the Napoleonic Wars so there were all these things going on and you know out of principle out of the ideals that he lives by him and understands and worships to some degree not like spiritually but worships these ideas he goes and and helps um you know he falls in love with a woman but he becomes broken so he has to take off and go back home and so for years it talks about there that he's feeling a sense of abandonment and loss for leaving the woman that he loved back in France that I can't stay and you keep the cause going any longer because I have to run back home because I'm broke so he has some of that guilt and some of that that pressure and you can see how he teetered that last line there he cheated on you know a nervous breakdown and a collapse so a very emotional guy very emotional individual very passionate um the literary acclaim you know hey working along with his buddy Coolridge who you don't know yet but we'll talk about with the The Rime of the Ancient Mariner next you know a very famous partnership you know work collaboration where they you know might sit around and brainstorm and come up with ideas the next piece we read is called The Rime of the Ancient Mariner for Coleridge that was as we'll read here and for the intro for that you know Wordsworth worked with him on that it was going to be a dual credit both of them were going to get credit for it um but you know Wordsworth had to drop out of that but some of the ideas that he brought to the table some of the most famous elements of the piece still are in there and they're still a focal point so we still see his kind of finger prints on that masterpiece áwillá will take care of in the next couple days but just a very famous individual very uh you know emotional a pioneer a visionary at that time and so you know understanding all this stuff about him will help us in our in our you know undertaking via tintern abbey here in a little bit okay you see the literary term enjambment for Wordsworth is key that's a term you probably haven't heard of before this class it's very easy it's more about identifying by looking and you'll see it throughout his piece today but you know it's when the the punctuation gets wrapped around to another line and it doesn't end nice and crystal clear the continuation of a sentence in a poem from one line to the next we're kind of you know grep grammatically just kind of wraps around a couple lines okay as we go through it you'll hear that it's kind of different than the typical every line it's kind of its own little thing and so when it's read in a different way it's it might see a little Jill at times button jamming is something very easy to visually identify a once you understand oh that's in JAMA it's a piece of cake okay but something you haven't done before something you never heard of before it might give you a little bit of reservation here and there but it shouldn't okay what I want to talk about first is a 786 lines composed a few miles above Tintern Abbey on Abbey you know a religious building you know if you there's a PowerPoint on our PDF on Moodle that as as you have some time go through it will kind of go through here in a little bit you'll see illustrations sprinkled throughout of Tintern Abbey a lot like the Canterbury Tales where you could go and visit the Canterbury Cathedral like you seriously could go there now tintern abbey still stands okay it is not a practicing monastery any longer it was closed down during the time of Henry the eighth if you recall he had that big religion issue with his you know with Anne Boleyn and so he shut down monasteries and we're you know because my Church of England is this and not Catholics and you know all of these different things but you can see more information about it on the PowerPoint slide but then there are you know several pictures that you can look at that are really kind of neat um sprinkled throughout now in England you know a lot of times it looks kind of hazy and foggy and you know overcast but we'll see a couple pretty pictures here in a little bit you know there's one look at you know a grass I think there's no roof on it but imagine what it'd have been like to you know to walk through this when it was a practicing monastery and such what was the like with that big roof on there with the stained glass windows all still in there I mean we don't have much of this here in Fort Wayne you know there might be a couple bigger churches sprinkled throughout that are kind of still Gothic influence but you know things like this it's pretty pretty amazing the light coming in the sides they're real nice on the outside it doesn't quite look as a grand as the inside did maybe it's the cows really close together but they are fenced off so it's not they're gonna go roaming around and you know making a home within the Abbey but it's still some place that you can go in and view and see and I don't know maybe people can still get married there maybe they can have ceremonies I have absolutely no idea but someplace that's so historically relevant and famous Wordsworth's Tintern Abbey very famous and you can go in and to the area that was the motivation for this particular piece it's kind of neat so I like if you can go to one of the globes and watch a Shakespeare play I mean that's that's time travel guys I really like this picture here um you know where they are above you know looking down at it the title for this piece is lines composed a few miles above tintern abbey so we could say you know line if we wrote something lines composed a few miles above yoyo above dupont library you know something like that where we are in the vicinity we are in the ballpark area he's not saying I'm sitting there staring at Tintern Abbey right now but you know this could be probably you know this picture is probably not miles away but this might be some place close and since we know that he was very fond of nature and he you will see that spoken several times in this piece you know this might be some sort of view notice the river winding through he referenced his cottage and the smoke coming out of their chimneys you know this might be a view that he had or something very similar and so there's that there's that moment of wow this you could technically time travel to some degree here so just some pictures and stuff that I think it's kind of neat to to to look at from time to time so let's go ahead and read it on a 786 follow along with it if the rhythm gets choppy and you start to get lost refocus this is only about eight minutes so it's not a long one but focus on what he is saying about nature from time to time and it's it's understandable guy this is probably one of the most difficult readings that we have throughout the semester I don't think it's impossible but you're going to have to you're gonna have to work a little bit ok so just kind of grab onto those moments those moments of nature and such but also as this is kind of like a monologue where he's going on all of a sudden we find out at the end that he's not alone that he's actually talking to somebody and based on his history can we guess who that might be and why this moment is interesting ok lines composed a few miles above tintern abbey hopefully you found that I know is probably a little bit of a struggle to get through you found some of those those elements of nature and we're going to go through those but who is the individual that surprisingly is he speaking with his sister okay and it's not just oh it's a brother-sister thing fine but we know about his feelings for his sister based on their absence for a decade a decade plus and so for those last words those last you know couple stanzas there hopefully that helped bring you back to you know the the passion that he was talking about the emotions yet he he feels about sharing this particular moment with this individual and when he goes on to say you know you know some places if I die think back to this time think back to the love that I have for you but think back to the love I have for nature and all of these these feelings and these memories you know and we will be able to you know be together again kind of what you know in thought and such so the beginning if you look back on the first two pages I'm just going to point out a couple key things um you know hopefully you understand enjambment and you can see that now you know the wrapping from one line to the next and such you know how it isn't uh you know there isn't some punctuation form and little phrases here and there you know five years have passed since he's been there okay five years have passed and it's really interesting because he talks a lot I mean just describing you know leaning against the tree and looking out amongst the field on looking at the orchard with the you know it talks about the all of the which at this season with the unripe fruits are clad in one green hue so looking at the Apple which is not all red it's just all the same you know shade of green here and there and so he's just acknowledging all the different things that he notices okay leaning back and looking at the smoke coming out of chimneys coming out of the forest out of the woods and wondering who that could be you know some people would some Hermits and some cave I'm just enjoying this situation this scenery I know if any of you have ever gone on a vacation at some place where it's just visually beautiful you just maybe mountains maybe a lake you know just something that's just very calming okay very calming and he almost has kind of a teleportation back to some degree of when he was a child okay he goes into great details about when I found through around the river like a like a row like a deer and I would play and when I was little I was having a great time but when you're a kid playing outside you really appreciate how beautiful it is everything are you just like play play play run run run okay and so he talks about how all these memories come back to him about how he enjoyed nature how he you know as a kid really embraced it but he was too young to really understand nature now being older being wiser I can appreciate this a little bit more for what it was okay and I love nature now and I love nature then but they're a little bit different he says that the memory of the woods and colleges offered tranquil restoration to his mind and even affected him when he was not aware of the memory so while he was away thinking back to this it helped calm him and help restore him if he mentioned that when I was off in a city whether I was alone or far away or with some people you know I would think back to this place I would think back to this this setting this these visuals that now I am seeing again and it brought me a lot of peace it brought me a lot of comfort ok do you remember a certain trip that you took at some point in your life maybe five to ten years ago and you distinctly remember a visual image have you ever gone back to that same place and like oh yeah this is the place one of my earliest memories was I was like two or three and I went to Disneyland on California I remembered nothing throughout my life except I remember look you know right and the entrance usually there's a big train that goes across and you have to walk underneath it you know well not like under a train but like a tunnel but I distinctly remember a train cut was coming in to meet this one coming across this way and I just remember that I don't remember sights and sounds and smells but I remember visually what it looked like and so I took some journalism students to a convention there four or five years ago and I remember standing there in the front of Disneyland in California and watch the train go across and was like this is the same spot I stood when I was three you know and so it's kind of a nice little Wow think about how I've changed in my life think about how I've grown up things that I've experienced you know stresses and things and you can think back to this this for me I didn't look back to Disneyland and think hey that was awesome but you look back at certain things in life and that brings you some calm those are you looking forward to spring break or summer are you going to some place you've gone to before you probably know what to what to expect what that's going to be like soaking in the Sun go and ski in whatever and so you have that to look forward to and that gives you some calm and then when you go there it's enjoyable I like line 61 right around in there it says that the pictures of the mind revives again while here I stand not only with the sense of present pleasure but with pleasing thoughts that in the moment in this moment there is life and food for future years and so you go back to experience that memory and you're there and maybe it's identical to what you thought maybe it's a little different but it's almost like you're now you're hitting the record button not only are you standing here enjoying what's happening but you're recording all of this so that wow I'm enjoying this so much right now but also you're recording it so that in the future you can go someplace and hit play and you have this newer fresher appreciation for this particular place and it's all steeped you know in nature and such okay he mentions the river you know meandering through the the trees and through the fourth that's why looking at that picture before we started you know that river is the same river that he was looking upon and quoting and talking about here that's why to go to that place and visually see that nature that appreciation maybe you could hunt down I don't know if that orchard is still there I want to be kind of cool if through the little you know the little hints here an orchard there's some cottages of smoke the near the river and if you could pinpoint maybe a couple acres where you think it might be that might be kind of neat I wonder if somebody's ever done that but we see these elements of nature we see remember we talked about in the introduction the child and the common man the innocence of children and such this isn't a story about or poem about children but yet through his childhood memories we are able to make that connection to those passion emotion feelings about nature and and his sister and such and so we get to see little elements sprinkle in four motivations you know just lines sprinkled throughout you know therefore am I still a lover of the meadows and the woods and the mounts so he just he keeps going on and I think that if you were to read this through a second time these would pop out a little bit more and you might be able to keep your your focus a little bit but really being eight minutes it should have been too difficult but yet maybe the enjambment maybe the the rhythm of it messed you up a little maybe some of the footnotes you know that's why a second exposure as always is always beneficial yeah we don't know that there's anybody with him okay anybody with them until he says my dear dear sister they're at the bottom of 790 and such let me see here you know even if he did not feel this way about the nature or understand all the things he would still be in good spirits for this day I would still be happy for what's going on today even if I didn't have those previous four pages you know the previous hundred lines of thoughts about nature because why because I'm with you dear sister and then I'm like oh okay sister connection oh well he really is an emotional individual at this particular time and think about all of that record button that he was going to be hitting it wasn't now we know it's not just because he wants to record all the beautiful panoramic surround it's recording my time with my sister as well okay and so to see that they can appreciate that you know a few lines in your nature never did betray the heart that loved her nature's power over the mind that seeks her out is such that it renders that mind impaired impervious to evil tongues rash judgments and the sneers of selfish men and instilling instead a cheerful faith that the world is full of blessings and so this nature you know he even asks nature the wind blow upon my sister the moon shine down on her let her see this nature and let her appreciate nature and nature will take care of her and you know she will have these moments to think of as well and then like I said we first started this particular piece talking about it you know that memory if I am dead if I'm gone think back to this time sister if you can't hear my any longer just remember what my feelings are for you but my feelings are for this place and nature and everything else around here so that you can come back here and and really my voice and my spirit will continue because you'll be experiencing all of these things and thinking in the same mind frame that I was thinking okay now that's a lot for me to expect you to get out of this because this is one I probably say the top three or four most difficult pieces not that it's crazy hard but it's just it's a lot more difficult than reading those pulp
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British_Literature_Lectures
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AngloSaxon_Era_AngloSaxon_to_Middle_Ages_Introduction.txt
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okay the introduction to the anglosaxon period um you can see that uh you know you don't necessarily need it's started in 449 and two whatever don't don't worry about those more focus on the time era like the fifth century and so on if you look on this page it lasts a thousand years because we connect it with um the Medieval Times um you may have heard the phrase uh with dark ages um you know this is all a a lot of years pass during this time um um uh we have uh you know Rome when they are in control they provide a stable economy they provide protection they have all of these um you know all of the positives that Rome and Italy have is spread up into the English Countryside now up in this area um but when they decide to leave all of that goes with them and it opens up all of the um all of the borders to the other countries to come in and try take control um if you think about a map of Europe okay that big map of Europe Rome pretty much controls most if not all of that didn't you take uh when do you take your world history class freshman year okay you remember this did you ever see maps and such um they started I mean it spread into Africa Western Asia and then people started to invade them the Moors and other people started to influ influence the the the realm of Rome and so Rome if you look back up back the previous page um England and Scotland I mean it's just a little country a little island they need their forces their Legions elsewhere and so that's why they pulled out of the northwest of the territory of the of the continent and help you know protect their their civilization um down uh on the other side of the you know the straight and so on um Vikings the Normans we see on this page so we have all these Germanic tribes the Scandinavian countries prettyy much every every like hey Rome's gone we're going to infiltrate and we're going to uh take over so One Tribe takes over then there's a war and another one takes so it's a lot of Bloodshed a lot of War okay um we see uh and we'll talk more about it later but uh religion um these these Pagan cultures these cultures start influencing and taking things from this um culture to this culture and religion uh the Pagan Society has multiple gods it isn't mon theistic like Christianity is where you have one God they have several Gods you may remember back with uh if you ever S taught or not taught but studied mythology uh you know the the God of War the god of harvest and they have gods for everything they did not the pagans believe did not have a heaven and a hell they did not live their lives uh well I must follow these Commandments in order to blah blah blah their afterlife no there was no afterlife it was darkness by box they didn't have the beliefs of afterlife um but when they died they believed that it was fate if they were to die in battle it was because it's fate it's going to happen so since there is no Heaven or Hell the only way that they could achieve immortality and have an afterlife is if they produce such a wonderful story while they were alive they are so heroic their Feats were just tremendous that um people talk about them later whether nowadays we have athletes that did man that shot there are certain people athletes who human beings in high school they hit the game winning shot the rest of their life is just downhill but they always have that one thing to talk about and people always talk about there was a TV show in the 90s called Married with Children I don't know if you ever saw it Al Bundy is the main character you some chuckling do you know what his high school moment is that he always holds on to this guy's pushing 50 and he keeps pushing the holding out to the hope that you know I can be a football star because I had one game at P Kai where I scored how many touchdowns five touchdowns in one game Al Bundy the legend he still remembers that okay in his own mind he's Immortal now imagine if you know you know there was a you know a onesome state championship or something and it influences other people people are going to remember that person when that person dies people will still remember them and have that story man remember in high school when they did that or later in life when they invented whatever whatever whatever so here we have and you see it later in the pages they have wyrd weird that's fate it's meant to be if it happens it happens um you know if they are to die like well God of whatever thinks that you know we will die um so the Vikings and the Normans instilled a lot of their cultures uh cultural beliefs um and as the next group took over and the next one took over you know they could borrow from different cultures and create uh what they have but the Pagan Society ran rampant throughout this era um we see Christianity start to seep in seep in seep in and then you know ultimately take over uh through this time period but predominantly it was a pagan Society early on and we'll talk more about Christianity later on um feudal England page 11 there when I think in the Middle Ages I think of feudalism if you recall you know the Surfs and the FES and the Lords and all of those things and you I you know I'll I'll give you some land but you've got to give me half of your crops oh and if I ever go to war you will go and fight for me it's kind of a a I don't want to say it's bartering like you at a you know a little aair Street Fair something but yet there's an exchange of goods for services or services for services and so on um uh war and plague we already mentioned that there's a lot of Bloodshed um there is a a PowerPoint that I have online that you can take a look at that talks about you know during this time period you know a third of the population to half of the population died for war for plague you've all heard you know the Bubonic plague and there were several Black Death they have all of these different plagues that just you know hygiene wasn't great people have to empty their toilets in a city where does it go the street the pot goes out the window into the street imagine a nice hot summer day walking down the street things floating by in the gutters or worse just sitting there you got to watch where you're going if people are chucking things out a second floor window that could ruin your day real fast I mean just think obviously the hygiene is horrible maybe it wouldn't be such a good idea to be so close to other people and maybe you just you go live out by the woods but you go live out by the woods you cease to be or cease to fall under the protection of that group so you can kind of trade the off um so the war and plague you know uh it's rough there you uh read about King John there the Magna Carta um have you heard of King John before this particular one what legendary contoversial mythical individuals associated with King johnin Robin Hood very good um you know in you all remember the cartoon Robin Hood or the movies Robin Hood prince John just raises taxes and does whatever he wants well we see in real life the magnetar was created and it started to take some of that power uh away from the King to just randomly do whatever he wants the king is still ultimately the most powerful person but yet there is you know he can't go and do certain things um and so we see the first kind of uh uh um legal system is wrong word but the first type of government or self-government um being instituted on an individual who had pretty much absolute power at the time um so we start to see some sort of um early on when the Rome when Rome leaves it's chaos and now we're starting to see some order so that's important that we start to see civilization take hold during this middle age time uh big idea one the Epic Warrior we'll talk more about him when uh or this when we get into bolf more um the warrior Society I talked about the the foms and the serfdoms and the Lords you know you protect me and I'll protect you that type of thing um you know the Kings weren't prevalent during this time period and so the people who won and won the wars and fought the wars they were the Warlords okay they were the most powerful people um this is still going on in in certain places in Africa nowadays if you seen those you know the the stories with the little kids with machine guns and stuff they're they're not a government army they are with Warlords okay whether it's blood diamonds or drugs or whatever going around um you know it's rough and they have an undying loyalty okay it was embarrassing if your leader died but you survived wouldn't you consider that a score yay I'm still alive but here it's wow they died and I survived I am horrible how could I let him you know that type of thing just total guilt and embarrassment and conversely it's for the warlord if if they lose I let down all of these people do you see how it's can't really be a win-win somebody's going to be upset every time but it's just that Fierce loyalty that undying uh loyalty unwavering loyalty that uh is evident of an epic warrior in this time period oral literature um you know the when Rome took off they took the whole society they took the whole education system whether it was great or not it's gone um all these tribes coming in the literacy isn't there people don't speak same languages things like that there isn't uh people writing things down it's all oral you sit around a campfire you talk your dad tells you a story you tell your kids your kids tell that kids you ever played a telephone game I bet if we did a test in here it would change just within this class imagine changing over gener ations you see what I'm saying then generations and then generations and that's what bolf is ultimately somebody decided hey I'm going to write this down okay I'm going to write this story that's been told for hundreds and hundreds and hundreds of years um from the Pagan Society I'm going to we're going to pass it along but as you'll see in bolf there's a the bolf version we have there is a heavy Christianity theme sprinkled throughout but wait a minute I thought you said it was the Pagan Society it was a pagan culture but whoever chose to write it down believed in Christianity and so they could do whatever they want and so they start putting in little Christian Christianity Illusions throughout and you'll see those instantaneously when we start the piece later um the people who were the most educated the people who knew how to read and write were of what profession monks and we can't go Xerox a copy of something if a parchment is falling apart and whittling away and oh my God that's 200 years old that's the history of blah blah blah blah whatever open it up and I'm going to sit here for however long and I'm going to copy it takes a long time okay that's your copy then this thing can whatever and I have a new copy so the story of baywolf a monk would sit down and what's that story oh yes and they could put in whatever they want and so you can see how Christianity starts to grow and develop and and pass along through literature and throughout this whole semester we don't study uh or or promote religion in this class but through the literature you can see how it was very prevalent in the development of all of these different time periods and all these famous works okay the writers whatever they believed was influenced in this writing and so you'll be able to to uh see those and it's kind of neat to go from the the multiple God aspect to oh look at the sprinkling of Christianity here to ultimately in in the 18th 19th 20th century some of the real uh heavy Believers of of uh Christianity and see what they produce um I've already spoke about the right-and column there the Germanic and Christian Traditions um you know Christianity and so on is developed more and more throughout this time period um and that weird the the Fate the destiny that's a word weird is a word that I never heard before until this textbook it was always just fate destiny that type of thing but that's one of those terms that you really need to know um and that will be on your uh your lit terms list a big idea too power of Faith we'll talk more about this down the road um and I've already talked about how important the religion is um but it's going to develop and develop um you know the pilgrimage when we get talking about Jeffrey Cher's Canterbury Tales um that is a story of a religious pilgrimage these people group of eclectic people get together and they travel to a religious location nowadays uh what Mecca people can go to Mecca people have these I got to go to Jerusalem at some point in my life you know things like that they have these religious trips that they must go on okay um I don't necessarily think Mormons have I'm ignorant on this but I know that they usually take two years and go and do some sort of service work for their faith that's kind of their religious Soul search and pilgrimage um uh good so we talked about monasteries Christianity pilgrimage and we'll talk much more about that that when we get to uh canterburry tales and then lastly the big idea three world of romance um so we had the the Epic Warrior we have the religion and now we have romance um this is where as you see in the picture you know night courtly love chivalry um you know I doubt to ladies you talk about your boyfriend opening up a door you go oh my how chivalrous but people do consider um you know nightly qualities being a upstanding uh man as being sh and that's a word that is still thrown around today and we'll Define exactly what that is the role of the knights um I took a course in college called medieval civilization I was excited I'm like Knights and jousting and this will be awesome it was horrible okay because it studed it was a whole semester over these thousand years but we focused on like one of the tests was we had this outline of Europe okay and on the test there were like seven distinct years like 1116 1066 893 we had to know these and then on we had to map it out we had to shade where's the Roman Empire shade it we had to put X's where the more invasion is coming and then 40 years later how it's changed I mean it was just sick it's horrible but um I learned a lot which I forgot immediately after but it was the most challenging class I ever had with regards to just sheer memorization I remember afterwards I got on the bus um at IU to take me to my car at the stadium so I could because I lived off campus and I just remember sitting there and I felt I'm done good I felt good about it because I just worked so hard um but that's just one of those classes I'm like man we didn't get any of that night stuff that I really wanted but here in this class we will get Knights we'll talk about King Arthur we'll talk about Lancelot his wife Gwen the Knights of the Round Table um there's a big Fable story called Sir Gowan in the Green Knight so we'll talk about what it is to be a knight what that role is what the um the importance and Integrity of a knight should be and then when we come across somebody who doesn't uh exemplify those or have those traits how much of a wow an embarrassment that person is to the culture and so we'll talk about that down the road um you know the the rise of romance excuse me there is uh some Illusions throughout history um that Gwen Queen Gwen Arthur's GW had a thing for Lancelot um you know Knights you know with women that type of thing and so we'll talk a little bit about but we start to see romance starting to um come out in literature and which this comes up Piggy backs up to uh I guess Renaissance piggybacks on this but the Renaissance is sonnets and love poems but we see the emergence of that in this era okay so we get to see development and development as we go as we go on so uh any questions
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British_Literature_Lectures
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AngloSaxon_Middle_Ages_Era_Sir_Gawain_and_the_Green_Knight_Lecture.txt
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s gawan and the Green Knight um I believe this is the last piece where we don't know who the author is where it's unknown um I find the background interesting and that through textual Clues they're able to figure out who wrote it um excuse me not necessarily the the the name of the person but the type of person certain references the dialect they're able to place you know where to put the Northern Area Northwest area of England um you know that the the the writing techniques the the knowledge of French and Latin that wasn't a normal commoner it was somebody who was who was educated and well off and so they're able to kind of paint a picture as to who this individual uh more than likely was or a type of person um it's interesting when they talk about some writer character character character is whatever that word SAR Gowan as a ruthless bloodthirsty Warrior um we really don't see him in that regard um this is just an excerpt so the rest of the story maybe um but what we want to focus on here as you see the the lit term archetype archetypes um you know these certain types the of characters you know the Damsel in Distress the heroic KN you know that type of thing those are those are phrases and names and roles that go throughout history in literature and movies and books you know and all of that stuff um so as we go through this look at you know the the role of the hero I think straight off we can say that that's probably gow or sir GA however you want to say it okay then you have the villain or the dams and all as we come through the story try to put these titles with certain characters um ultimately when we get to the Green Knight people think obviously he's the villain he's the antagonist versus the protagonist but does he truly represent that role of villain that we expect a villain is there a moral is there a point um throughout the story of seral when we again come back to what a knight truly is what they believe their practices their nobility you know there there's the PowerPoint on Lut where it talks about their their pentagram their four or five things well must be five it's pentag the five things that you know that the way that they live their life you know being good to women and being chorous and all that stuff but being HonorBound having honor is huge you've seen that in movies you know Samurai and stuff people would rather die than be captured and so they fall on their sword right that's very you know uh you know Roman to some degree with regards to Brutus and and uh some of those other Emperors um you know from from the past um so anyways uh follow along uh we're going to uh go through this it'll take a little bit of time and uh we'll talk about it upon completion but it's a sir Gowan or G and the Green Knight back to the beginning we start to get those archetypes um page uh 175 or so we come right at the beginning with the Green Knight there the physical description does he come full out armor for B for battle no he simply comes with his ax on his horse and everything that he has is green and so on um and he approaches them if you look down at the bottom of uh uh uh well it's actually on 176 now he comes in and addresses everybody and everybody gets kind of kind of quiet uh because this is a huge monstrous man with a monstrous Axe and he saysi come to uh speak to the person in charge and off Arthur King Arthur says that would be I and he goes I've come to search you based on reputation remember how we talked about the the honor okay people don't do you know if the knights do something it's a reflection of Arthur and Arthur as we know from all of our you know illusions of movies and cartoons and stuff that you know he is a good guy um and so uh uh Arthur even welcomes him he goes uh line 74 or so sir Knight you are certainly welcome I am head of this house Arthur is my name come down come down and eat with us and we'll have a good time then line 79 but my intention was not to T in this tured Hall but my intention was not to T oh I just read that but as your reputation Royal sir is raised up so high and your castle and Cavaliers are accounted the best the mightiest of male clad men in mounting fighting the most warlike the worthiest the world has bred most Valiant to VI with in viral contest and as chivalry is shown here so I am ass assured at this time I tell you that has a track here so he goes on in great detail say I've come here because of the reputation did you notice some of those alliterations sprinkled throughout there hopefully it did I mean I stumbled on the most Valiant to VI in viral contest that's kind of nice line 71 get greet that gruesome guest so those are nice little things that hopefully they pop out like oh oh that's a literation you know just little fun things to say sometimes um and he says I am not here for trouble no armor down there at the bottom I I didn't bring anything there's no other weapons I left my halber and helmet I've left all of these other armor things back home I'm not looking for trouble I'm here for a challenge I'm here to and I so a game but to see if people here are as good as their word and so he says on page 177 that I am here not for war and I shall offer to him this fine axe freely that they strike a blow in return for another so I will let you use my axe you can take a shot at me but I want to get a shot at you and so when I survive the blow that you give me with this ax you will have to come and find me afterwards on your honor can you see how this is a game of honor and so on well Arthur says oh well surely you just this is ridiculous but I will do this if this is what you truly want I will do it and we all know that Arthur based on what we know of him from the past you know is true to his word and so on by Heaven what you ask is foolish but as you firmly seek Folly find it you shall so if you if you're looking for death getting hit in the head with an axe well surely do it and I will give it to you not out of punishment but that's that's what you're looking for um and no good man here so his other Knights is a ghast at your great words so we're not sitting in quiet out of fear you know I'll do this I'll do this hand me your axe now For Heaven's Sake and I shall bestow the Boon you bid us gave so I will take care of this business but we have sir g g Gowan I call him who jumps up and says no let me do this is that kind of a noble thing because think about it if Arthur for some reason fails their King has to willingly take a hit with an axe do you see GA getting in the way and say no you're too valuable you're too important you're the king let me take this for you let me deliver this shot and if for some reason I fail then I alone will take the shot so a very Noble thing yes compared to the Knight that we've been experiencing thus far the type of night from the wife of bath do we see a big difference uh Raper and this guy big difference okay and so he says I will do this and I will take the axe um where's the actual beheading there on line 182 or so uh they're kind of getting the groundwork going goes when I have taken the blow after you have duly dealt it I shall directly inform you about my my house and my home and my own name then you may keep your Covenant and call on me and if I waft you no words then well may you prosper stay long in your own land and look for no further trial so if after the deal I'll tell you where you can find me I will give you my name there are no tricks here and if for some reason I am unable to or I choose not to tell you my name then the agreement's done and you don't have to come and look for me okay it's kind of like those things where be careful what you wish for that type of thing make sure you understand exactly what agreement what contract you're getting into the night from the wife of bath he didn't know that he was going to have to marry that woman did he no would he have still done it well how much does he value his life you know probably um but here gow G is trying to figure out exactly what's going to happen and so they decide to uh to have the fight there at the bottom 176 and by fight I just mean contest um the the Green Knight graciously stood on the ground uh with his head slightly slanted he even got down exposed his neck the naked neck for the business now doe go gripped his ax gathered up and slashed down and what happened well line 203 the fairhead fell from the neck struck the floor and people spurned it as it rolled around blood spurted from the body body bright against the Green think about visually all that stuff's green but now we're just shooting red all over um yeah yet the fellow did not fall nor falter one wit but stoutly sprang forward on legs still sturdy roughly reached Out Among the ranks of nobles seized his Splendid head and straight away lifted it then he stroe to his Steed snatched the bridal stepped into the sturup and swung a loft holding his head in his hand by the hair he settled himself in the saddle as steadily as if nothing had happened to him though he had no head and then the head will obviously have to tell him his name and where you can find him are you envisioning this cut the head off the body walks over I mean you've seen it comically where a headless body is looking for a head on the ground right I mean that was in one of those um probably the middle one that was the worst one the the Pirates of the Caribbean one of those zombie guys gets his head cut off and so he's crawling around trying to find his head which was the shell and all that um but anyways here so he picks it up goes mounts his horse as if nothing's wrong and he's holding his head can you imagine the visual of everybody else if I'm going I'm thinking you should be dead and then he's thinking oh God there is no way that if he takes off my head that I will be able to pick it up and still live and survive and so oh crap this is not going to turn out well and that's where we uh where we uh um you know continue on here in a little bit and so the Knight tells him you have a year to find me you can find me I the Knight of the green Chapel green Chapel no kidding Everything Green um here's where you come to find me come or else be called coward accordingly line 232 233 come or be called a coward and it's not just sir GNE being called a coward we've got to understand that mindset who would that be calling a coward Arthur and everybody else the Knight came here specifically to challenge the best that Earth has ever bred is what he was saying and so this is the moment and now GNE has a year to think about his impending doom is he going to go do we think he's going to go and take the axe shot is this all a test is he going to trick something I mean these are all thoughts that should be going through your mind um in this you know kind of lengthy introduction just to set up the fact that this guy is having some supernatural abilities that the normal person like probably GNE does not have and so that will lead us into uh into the uh the coming up here with him looking for the night so at the bottom of 181 uh he's gone off on his journey had a year and a day to find it and throughout the book you I'm sure there are tons more Adventures probably more uh of those uh you know uh battles or actions that might have given him why Scholars think he was bloodthirsty or was a certain type of a warrior um even uh uh the green 01 points comments on you're the you're gain you're gain and you yet you Flinch you know that type of thing um and anyway so that that plays off in the other book and that's why it's condensed there but uh he stops at this house his castle um you know to a green Chapel nearby and when he he's allowed to stay there and hang out there but the rule is that whatever you receive the the hunter the owner of the house the husband says whatever you receive you must give to me that seems kind of weird what possibly could he receive while he's there well we find out that the wife really kind of starts to come on to him over time okay real flirty she's she's a temptress okay very seductive uh she gives him a kiss what does he do when the husband comes home that day cuz the husband's going to share his his food share his everything with him as long as GNE you share with me and so he gets kissed what does he do to the husband when the husband gets home kisses the husband I'm sharing honor this is what I said I would do so I'm going to do it she attempts to give him things you know jewels and everything and he he rejects that stuff she pretty much throws herself upon him and he rejects it because he is a good guy remember the whole night thing they they treat women well whether they're married or widowed okay and that would be wrong it would be in violation of his you know of his pact uh with King Arthur to be a to be a good uh nightly individual um she eventually does give him a green girdle um a green corset a a sash some sort of clothing that he can wear under his stuff and she gives that to him and he accepts it okay which isn't necessarily so bad because she says you wear this and no harm will fall upon you that's about the best thing you can say to somebody who's getting ready to go get hit in the head with an axe the husband comes home and GNE does not give up the girdle because why would I give this this is going to save my life I'm not going to so he breaks his word okay he becomes a coward it might not be the coward that we associate with coward you know people running away crying or fearful in B wolf uh you know he fights a dragon his whole people runaway cowards here he is selfish and coward about his life about hey you gave me a this is a wild card he doesn't know I'm going to have an ace up my sleeve come time to get that shot in the head um and so he does leave and he keeps that GLE for himself um and doesn't give that away page 185 he roamed looking for this man he roamed up to the roof of that rough dwelling then from that height he heard from a hard rock on the bank beyond the brook a barbarous noise what it clattered amid the cliffs fit to cleave them apart as if a great sight were being ground on a grindstone have you ever seen people sharpen in medial time sharpen knives sharpen swords they have that Big Stone wheel spinning you know they might be pushing something on their foot to keep it spinning and then they put their the blade on it it Sparks and everything or you might see somebody carving a you know to get something sharp and so he hears this noise that sounds like something's being sharpen well it turns out it's the green KN so what is he sharpening the axe which is he probably doesn't want it to be too sharp he being G okay he doesn't want to get hurt by this thing and so he hears it you know happening and um so he screams out and the and the um and the Green Knight comes he says by there said one on the bank above his head and you shall swiftly receive what I once swore to give you and so he comes and pretty much vaults over the the brook over the river um I'm what are you kind of envisioning this guy looking like I'm kind of like some kind of Paul bunan big big Lumberjack type guy are you kind of similar Thor like a Thor guy kind of minus the hair probably um the pretty hair on page 186 um the actual confrontation that has been building up and building up for a year um gain gets down the Knight addresses him they have a little back and forth and he gets ready to hit him and it's one of those kind of like you've had friends before probably have come up to you and go like that ah you flinched come on wuss you flinched and so he chastises him um he tells him take off your helmet uh and offer no more argument or action than I did when you whipped off my head with one stroke no s GNE by God who gave me a soul the Grievous gash to come I Grudge you not at all strike but the one stroke and I shall stand still and offer you no hindrance you may act freely I swear but uh page uh not page line 401 uh the dawnless man would have died from the blow but go glanced up at the Grim axe beside him as it came shooting through the shivered shivering air to shatter him and he his shoulders shrank a little Flinch shoulders shrank slightly from the sharp edge could you hear it when we went through this all of those alliterations I mean it's almost hard to say you almost have to slow down but that's those are great examples of alliteration um you are not gain said the Gallant whose greatness is such that by Hill or Hollow no army ever frightened him for now you Flinch for fear before you feel harm I never did know that Knight to be so coward I didn't know the Knights of Arthur were so cowardly that you flinched and that upsets him obviously it's calling into question his his loyalty his OES his his manhood um he says do it again I will not flinch go on game on 185 187 excuse me um I shall stand your stroke not starting at all till your axe has hit me um gaw waited unswerving with not a wavering limb but Stood Still as a stone or the stump of a tree gripping the rocky ground with a 100 grappling Roots then again the Green Knight began to GD so now you have a whole heart I must hit you May the high Knighthood which Arthur conferred preserve you and save your neck if so it Avail you then save GA storming oh excuse me then said g storming with sudden rage thres on you thrustful fellow you threaten too much so get on with it uh the blue text though it swung down savagely slight was the wound air Snick on the side so that the skin was broken it's hard for me to even read some of this literation and so he got hit but it barely hurt okay he really didn't even go all the way through and take his head off like he did with the like what happened to the Knight he just dinged them and so there was some blood and we find out all along that sir gain was never really intended to get any Nick at all if he stayed true to what his words were it comes out that the Knight knows about the girdle well how could the Knight know about the girl well who is the Knight he's the husband from the green Chapel the Hunter and so he knows all about the wife giving that to uh not Arthur giving it to GNE and so he knows that Go's not going to get hurt okay and so if he never violated his oath the most he was ever going to do was scare him and probably wasn't even going to hurt him and then congratulations you guys are honored okay you guys exude honor you are like what you say you are and not just you but King Arthur and the other night but since you lied that's why you got the Nick the Snick on the neck sir Gowan happy that he still alive relieved angry sad a little of all but ultimately the main one you need to get away from this is think about it you live your whole life a certain way and honor Cod and you were just proved to be a coward and you broke your oath to be night and you broke your oath to Arthur how do you think he's going to respond embarrassed have you ever had somebody say to your parents not necessarily I'm mad at you I'm angry at you but I'm disappointed in you Justin you just I'm just very disappointed in you wouldn't you rather have them say that they were angry at you they can get over the anger I'm sure they'll get over the disappointment but yet that they just thought so highly of that person then not So Much Anymore okay and that crushed him um page 188 the Green Knight explains along this uh this bottom portion about what he was doing and all of these things he goes for that braided belt you wear belongs to me I am well aware that my own wife gave it you your conduct and your kissingsweet it on so the wife was a culprit in this and the Green Knight pushed her along hey try to seduce him see what happens we're testing him to see what's uh if he's truly a good uh a good person or a coward as it turns out um 510 curses on both cowardice and Covetous uh their Vice and villainy are virtues undoing um uh where I you finally see that now I am faulty and false and found fear fearful always in the train of treachery and untruth go woe and shame I acknowledge night how ill I behaved and take the blame award what Penance you will henceforth I'll shun ill Fame do what you need to do you I violated this I am so he's horrible he's humbled his life is is a lie now he feels horrible about it and the KN pretty much says you know what I forgive you it looks looks like you have um had enough Penance in sou searching and you've learned your lesson he even gives him the girl take it with you take it with you go go and tell the story and in fact why don't you come back to the house and we will celebrate was it New Year's is that what it is we'll come back and celebrate this cold New Year I'm not mad at you so now we need to go back and look remember the archetypes we talked about we have the the protagonist the antagonist who is the real villain of this piece is there ailion what was the purpose of the Green Knight simply to challenge challenge King Arthurs and his crew and see if they truly are as honorable as they say as legendary as good sold people as Legend has as the stories have it and so that's the ultimate purpose and so can we really call him a villain probably not but yet isn't he that antagonist early on you know the antagonist is usually good versus bad because gain is well we should care about this guy and so then all of a sudden we find our hero has all these faults okay have these all of these flaws and we see the Knight you know really coming out better than anybody else and so he maybe is the protagonist in a weird way even though he's not because the story follows GA and so he's the protagonist but yet I don't think uh you know the whole good vers bad protagonist you know hero villain protagonist antagonist it's kind of a a mdl you know very murky we don't understand uh exactly who it is um and uh it's what's kind of interesting about it but we do have the Damsel in Distress we have that woman the temptress um the sexual being that's trying to corrupt the hero um and take him down the path maybe uh you know uh uh satanic in some degree with regards to trying to lure the good person away with the forbidden fruit you know something similar we could maybe connect uh down the road but it's very similar to to those so um so go and the green I hopefully you enjoyed it um really story-wise we're done with knights uh
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British_Literature_Lectures
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Renaissance_Era_Sir_Philip_Sidney_from_Astrophel_and_Stella_Sonnet_31_Sonnet_39_Lecture.txt
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sir Philip Sydney he was definitely an individual that the queen liked to have around um if you were at court was the term come to court um you want to you know you were just there for the for the pleasure of the of your company um for your intelligence maybe skills um maybe uh Affairs something um but she was intrigued by this individual because he had a lot of the same likes and abilities that that she liked um you know talk how he was a refined Aristocrat uh Behavior made him for the time a particular favor favorite of Queen Elizabeth you know he was a Statesman he was a brave Soldier um a gifted writer that term renaissance man that we talked about with regards to um what was that guy's name rally um you know one of her suspected lovers you know from the pastorals previously um we find out how he is such a great gentleman look at how he died you know wounded by a musket shot it shattered his thigh bone even in this de itting State Sydney was the picture of gent gentility excuse me I can't read just as he was about to take a drink he saw a soldier nearby who was dying and offered his drink to the man saying thy necessity is greater than mine so he's shot you know he's could survive unless probably did except for you know infection possibly but saw somebody dying and gave his water to that individual you know a last parched breath you know so you're not dehydrated when you die or I don't know but uh he was sharing and it just just a very nice uh individual um an upstanding citizen um the lit term apostrophe uh like I said if this is not on your lit term list it should be um you know it's when a writer addresses an absent person or in most of our situations an inanimate object maybe even an idea but it's something that cannot speak back to you it could be something you know I could just be lost in thought and oh pencil why did you make me fail that test the other day I was in love with you but not in I I don't know you don't expect a conversation back okay apostrophes are things that are very simple to identify however people miss them on final exams because they don't study okay you will be tested on this next week final exam so make sure you understand what an apostrophe is and I'm not talking about the little little Mark at the top okay um so as we go through these two poems here uh on the next couple Pages son it 31 and 39 um I'd like for you to be able to identify what the um you know what the uh apostrophe is but also those ideals of love and the the lover who isn't getting that uh that love reciprocated back um the building background of this is very interesting uh particularly on the heel particularly on the heels of what I was telling you about uh you know the Shakespeare and love reference uh from previous um discussions and uh he was in love H where is it at it's from a work called the the astell and Stella the speaker is called astell from the Greek for Star lover his beloved is called Stella from the Latin for star a star is a beautiful bright fascinating and astell is the admirer of that star now what's interesting is that the real Stella was somebody named Penelope Deo to whom Sydney was briefly engaged though the engagement was broken off and deo's family required her to marry somebody else his love for her was written out in these in these collected works and so while their life is fractured and never going to be in love with each other again maybe they hold on to some of that that love but it's that snapshot of immortality their love was immortalized in these particular poems so that's kind of neat kind of a a romantic um notion to to think about um so even though they didn't get to experience their love for the for generations and for well not gener but for the rest of their life um it will go on for forever here um so on sonnet 31 listen to The Selection sonnet 31 from astell and Stella by Sir Philip Sydney with how sad steps oh moon thou face what may it be that even in Heavenly place that busy Archer his sharp arrows tries sure if that long with love acquainted eyes can judge of love thou FST a Lover's case I read it in thy looks thy languished Grace to me that feel the like Thy State descries then even of Fellowship oh moon tell me is constant love deemed there but want of wit are beauties there as proud as here they be do they above love to be loved and yet those lovers scorn whom that love doth possess do they call virtue their ungratefulness son 31 from asell and Stella who is the apostrophe or what is the apostrophe to whom is the speaker addressing and he does not realistically expect to be spoken back to the Moon I think you will find out that a lot of times oh whatever when you address it oh something that is an apostrophe um we will see in the next example that it's not even a a you know it's not even a person or a thing it's more of a um you know an abstract thought or notion and we'll talk about that one in a little bit um but he's addressing the moon oh with how sad steps oh moon thou climb us the sky um if you've ever seen a time-lapse video of a sunrise or a moon rise I guess throughout its cycle you know it just slowly you know fast it just goes throughout the sky you know and then you see the clouds go flying by and the stars come out and go away you know that Moon if you're sitting there watching it for a long time it's barely noticeable that that thing is even moving so with how with how sad steps on moon that clim us the sky how silently and with a W of face so with a pale face what may be that even in a Heavenly place that busy Archer his sharp arrow tries so why are you so sad and such pale of a face and going so slow and oh did the little Cupid Archer hit you with an arrow up there are you so miserable about love up there in such a beautiful Heavenly place are you as miserable as I am down here um and you can almost imagine and see this individual just on a walk at night just stopping and looking and in a movie more than in real life probably and then addressing the moon and so it's something very similar here um uh you know tell me L A ly right up to the blue tell me oh moon is constant love deemed there but want of wit are beauties there as proud as here they be do they above love to be loved and yet those lovers scorn whom that love doth possess so do they want do women women up there and obviously women aren't up there but do women up there want to be loved more than anything else but then Scorn the people that actually love them do you see how miserable I am here oh moon and are you as miserable up there as slow as you're going and imagine you know the moon talking about a pale face is there a face on the moon ah it looks like there is they call it the man on the moon and so he actually has a face that he might be talking to not necessarily physically talk but looking at oh the oh why do you look so sad because it doesn't look like a a happy face up there it just kind of looks like a a void of emotion and so he adds or projects his laments about love and his horrible you know experiences and he thinks huh you must have that same issue up there look at you you're not even smiling you're slowly going about you're all pale and all are you miserable up there like I am here and so we see that that unrequitted love um especially from a woman who wants to be loved and so I'm loving her but she scorns me and rejects me that doesn't make sense to me and I get upset about it but yet I don't stop because I keep going nowadays we might consider that stalking in some degree I don't know I think uh I think that might have changed a bit sonnet 39 um this one is a uh more of an abstract notion you will understand I think right off the bat what or to whom or it or that notion that he is addressing but why is he addressing that what is he hoping to obtain is what I want you to look for and why listen to The Selection sonnet 39 from arrell and Stella by Sir Philip Sydney come sleep oh sleep the certain knot of Peace the baiting place of wit the balm of Woe the poor man's wealth the prisoner's release the indifferent judge between the high and low with Shield of proof shield me from out the PRI of those Fierce darts despare at me doth throw oh make in me those Civil Wars to cease I will good tribute pay if thou do so take thou of me smooth pillows sweetest bed a chamber deaf to noise and blind to light a Rosy Garland and a weary head and if these things as being thine by right move not thy heavy Grace thou shout in me livelier than elsewhere Stella's image see so he is addressing oh sleep and you've all had that night experience before where you just can't sleep for whatever reason um maybe Christmas is around the corner maybe there's that test first thing in the morning maybe you have to see your friend tomorrow and you had a falling out the night before and so you're not wanting to go to sleep okay this individual wants to go to sleep why think about that for a moment go away I'm in class who is it don't know don't care then they will come and get me um you guys are more important and Sonet 39 it's more important so oh sleep what does he hope to see Stella's image so this is an IND idual that wants to go to sleep so he can see Stella he can see her face and he's struggling to fall asleep okay um if you look up there and there are some great uh great descriptions about sleep up there talking about uh you know sleep is the balm of Woe the balm of Woe Is the balm is the you know what one would you know put on something to make it better so when you have woe sleep is the balm of Woe for example the poor man's wealth because when a poor man dreams they can be the richest person in the world so sleep is a is a savior for for those individuals what about the next one the prisoners release do you see how sleep could be the prisoners release because if you're serving life sentences back to back and there's no chance of parole you ain't getting out of that cell for the rest of your life maybe an hour a day for you know for for yard but you are there but when you're asleep you can go anywhere you want it's kind of like Reading Rainbow let your imagination take you wherever you want to go okay um and so I like these descriptions the poor man's wealth the prisoner's release um you know the indifferent judge between the high and the low um you know I will good pay if thou do so take thou of me smooth pillows sweetest bed a chamber deaf to noise and blind to light a Rosy Gar so all of these things that you would want to sleep he has them but he can't sleep he has a smooth pillow he has the sweetest bed he has a chamber deaf to noise and blind ti so pitch black quiet shouldn't have any problem falling asleep but yet he does and I will get I will sleep on the floor if I could sleep I'm struggling I can't now what's his motivation to see the image and we could look at this at a couple thing couple ways I guess one is maybe this woman steal is not giving him the time of day okay completely ignoring him has want nothing to do with them but in his dream she's a little bit more receptive isn't she maybe they're separated maybe they're they're just I took her home after dinner and now I'm back at home and I just miss her so much and I just I need to go to sleep so that I can I can see her pretty face again cuz we don't have you know pictures and and all of these things so you can look at the the end game to be whatever you want it to be um you know why does he want to well he wants to see your image for what reason it he's in love with this woman okay H oh that's all right got excited yeah um I do too son it 39 U but he's in love with this woman and sleep is is eluding him and he needs that sleep
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British_Literature_Lectures
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Enlightenment_Era_Ben_Jonson_On_My_First_Son_Lecture.txt
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i bet johnson reading the background of this guy you don't want to bump into this guy in an alley i mean not that he was a thug or anything it sounded like the people that he supposedly did kill that the other people were trying to kill him as well so he doesn't look like some sort of thug he looks like well he killed this other actor in a duel he fought this other person in single combat and won i probably don't want to mess with this guy um you know i they say a big brawler guy i mean that doesn't really equate to what i think of when i think of the other writers of the era don't you think of them kind of being more introverted and alone by themselves writing poetry about love and things or or maybe even shakespeare a frail guy a frail actor you just don't think of this big hulking guy who could be so in tune with his his emotions um the piece we're going to be reading is called on my first son which focuses on his seven-year-old son who died from the plague and so it's a very emotional one in a very short compact amount of lines which that was one of his things he was able to get so much emotion boom in concise only a handful of lines um he wrote uh like we had john dunn a little while ago uh where don dunn really wasn't um you know really focused on uh you know uh uh being worried after death uh he didn't uh he you know dunn's works argues that death does not matter because it leads to eternal life being a very religious soul that we talked about he doesn't fear death uh he's fine no this is just my body and my soul will go on forever and that's fine um but this is a different type of writing in that uh you know he focuses johnson really focuses on death and how it wounds people and grieves and really kind of like if anyone in here has had to deal with the loss of somebody it's a really it's a hard thing to stomach sometimes um and it takes a while to get over it and some might argue you never get over it um and so it's a stark contrast to dunn who wasn't fearful of it and here it's it really can hurt the people left behind and uh you know watching stories on the news there's usually nothing more tragic than when things happen to children okay um you know school shootings are always really horrible things you know and there isn't a school shooting that's worse than other school shootings but the one we had a couple years ago with that was it sandy hook is that some sandy i always want to say shady i think sadie okay sandy hook uh you know that was kindergarten first graders that visual to me is a lot different than high school kids do you know what i mean even though it still is horrible and parents are still wrecked and families are decimated maybe it was because my kids my youngest was of that age that i couldn't imagine what that carnage would look like it was rough you know and so uh i think johnson is more on board with how um you know a lot of people who have suffered loss might deal with it and with dunn who's more talking about his own death and not worrying about it i see them as two different things um and i think that uh you guys will agree in a little bit um johnson a last bit before we get moving on other things you know we talked about he was a big time dramatist uh some of his plays are still produced nowadays um it was interesting it talked about how he produced during his life a volume of his work and he titled it the works of benjamin johnson which is a style of title used largely largely with celebrated ancient authors and so he was one of the first ones to put his work out there like yeah look how good i am look this should be on the shelf with everybody else is a complete volume of my work now is that arrogant is that conceited uh maybe he's just really confident in his stuff you know and since people are still reading the stuff now and performing it maybe he had a right to be but he was one of the first ones to really kind of self-promote himself i think is a good way of saying it so this guy was here at present day he would have been all over social media right off the bat you know saying hey check out my stuff here's my link follow me he would have been all about promoting himself i believe um and still probably a cage fighter or something which could have been really interesting um especially if he showed up his character like wwe character could wearing the doublet and wearing the clothes how weird would that be normally they're in their little underwears whatever he walks out you know and a full regalia just thumps somebody that would be pretty cool we should write vince mcmahon and tell him just do that um good so go ahead and go to on my first son again as i set up for you his son seven died um you can almost envision this being red like he is standing above a grave uh to some degree um and we have what's called a uh an epigram here um he uses an ancient greek form called epigram which you'll see the rhythms kind of bounce it's not structured it's very short or long so it isn't uh structure like science um it seems like he uses certain parallel structures we've talked about we repeat certain grammatical phrases we talk about it back with elizabeth you know of my kingdom of my people of my god that type of thing and so here we will see it again when he references a few things um but also a paradox where things seem to contradict one another and so within these i was at 12 lines so not even a sonic length see if you can find some of these uh you know chromatic structures um that classifies this as that epigram um good so we are on on my first son by ben johnson on my first son by ben johnson farewell thou child of my right hand and joy my sin was too much hope of thee loved boy seven years thou art lent to me and i thee pay exacted by thy fate on the just day oh could i lose all father now for why will man lament the state he should envy to have so soon scaped worlds and flesh's rage and if no other misery yet age rest in soft peace and asked say hear the fly ben johnson his best piece of poetry for whose sake henceforth all his vows be such as what he loves may never like too much like that line line tent uh actually a little bit before it say hear doth live ben johnson his best piece of poetry is he referencing the poetry that he's writing right now does that poetry stand for something else do you think what his son his son the best thing i ever did was was my son that was that i create things the best thing was my son and here he lies and so you can see the pain and anguish that he had and even the last couple lives look at the last few lines where he talks about for whose sake henceforth will my son say all his vows be such as what he loves may never like too much and we can see that he ends by vowing never to like too much what he loves again because this pain is is too great um it's interesting if he talks about uh um have you guys seen gravestones with inspirational writing sometimes if you've ever been down to disney world and you're going to the haunted mansion you're waiting in a line how many of you have been to the haunted mansion a few there are all these gravestones and all of them have just silly little epitaphs on them okay where they they talk about oh here lies jane doe she ran so slow you know when they kind of rhyme it that she was slower than her friend flo and that's why the bear got her you know somebody they're all kind of comedy in nature that's the thing with bears you don't have to outrun the bear did you ever know that you'd have to be faster than the person you're with think about that thought of the day um and so here we have ben johnson who is lamenting obviously the loss of loss of his son seven years old that worked length to me and so he's even kind of saying that you know maybe the kid wasn't even uh he didn't own him it was just like the the faiths have lent it to him the gods have have lent him and now he's gone and now he's gone back my time with him has ended um he talks about how on line seven uh that he has soon escaped the world and fleshes rage so he's escaped all of the the problems of this world all of the scary things and if this was going on during the play which he ultimately died from you can imagine what that world would be like and what a scary place and this kid is now free of that the son's departure is is eternal it's not he's not coming back you know that that death is final and that's why this is a nice one to teach after done where duns was very much about not worrying about what's coming next but here it's we're focusing on the people that are left behind and it struggles and agrees while the sun yes has escaped everything he was still seven he still had a whole life to go and we are able to put the feelings that we have for maybe younger brothers sisters cousins at this age and within the next decade or so i'm sure you'll have kids of this age and so you will able to uh to have a little bit more of empathy for other people's loss you know until you truly have kids and are responsible for someone seeing those stories about children bad things happening oh well that stinks but until you can project your kids face on to them and their problems you know you haven't really experienced what you know fear of you know have you heard people go uh how's the kids well as long as they're healthy i don't care if it's boy or girls homes it's healthy you've heard that phrase before that is so true as long as you can have healthy kids and then the next is you want them to be you know smart and able to take care of themselves and those are always those wishes and so to have a child here die young before even hitting puberty and maturity and being able to go on and do their own thing you can see just the emotion pouring out of johnson here and he does it in 12 lines does it in 12 lines you're able to see his feelings about the sun and how strong they are um good yeah under 14 lines so it's not even that sonic structure not that it was following their rhyme scheme but just 12 quick lines if you notice they do end in couplets did you notice that as we went through we have been talking about sonnets and then we just went to metaphysical where rhyme schemes don't matter well here we jump back to back to the couplets that we've had you know prior all the way back to canterbury tales um and uh that to him that that's some structure he's not that rebellious metaphysical type poet that dunn was of i'm just going to do whatever i want here it's i'm going to do what i want i'm condensing it into 12 but i'm still having some sort of artistic you know poetic structure to it so i will write in couplets my rhythm and meter will be off a bit but i'm going to hit in even less lines than what you have signed people i'm going to hit the main the main thing
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British_Literature_Lectures
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Modern_Era_Modern_Introduction_Lecture.txt
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modern age the last unit that we are focusing on this is the 1900s this is uh a lot of stuff is post-world war ii stuff that we'll we'll get into greater detail um you know we had the emergence of sonnets and poetry and the renaissance really took form and uh we had we talked briefly about novels in the victorian era with dickens and and bronte's and oh well jane austen and so on now we will come into uh the own of uh um what do you call short stories okay the stuff that you typically have been exposed to throughout your literature experience in high school and previously i guess you know a lot of short stories here there and lumped together in some sort of uh some sort of unit sub-heading type thing um we set up the british empire as having the golden age in the last century you know in the 1800s and we really saw the you remember their big idea three was something about you know disillusionment and darkened vision about what the future was um going to have and we really see that the darkened vision you know it actually played out in that way um could they foresee what happened probably not i don't think their fortune tells us but yet they just knew things couldn't be great if we continued down this particular path and it it wasn't wonderful um they referred to what you know world war one as the great war um the stats were staggering um really most of the war you know for their influence their their participation i guess rather uh was along the northern you know section of france right across the water from england um well they say there was about 400 000 british people died during that you know the great war that's a lot okay i wish i could throw out numbers and but i mean i think vietnam weren't anybody have any idea what we were were we in the 70 thousands for some reason that's popping in my mind i hope i'm right not leading you down the wrong way i don't think we were four hundred thousand i don't think we were half a million people uh in vietnam so and you can see how we represent that war um what we think about it and the losses that we suffered but yet look at their numbers and the great war truly was a great war and a great and not a good sense um so we see the the world war one really ravaged them crushed them um that led us into the 1920s and what we have in america the depression that influences other people there's been a lot of economic issues in the u.s and the world in the last three or four years if there's a superpower or us that struggle our dollar weakens and our trade with other people that rely on us weekends and so we it's like a spider web we're connected to other places and other nations okay um you know greece in the last few months has had an issue um you know that impacts their their credit and their rating around you know with the other countries that does that does business with them um so they did have a great depression they did have unemployment all at one point they had what it say a quarter of the population were unemployed one of every four you and your table mates one of you is unemployed that's a lot okay that's a lot um and they struggle um just as they're coming out of the great depression you know and all that stuff uh hey look what's coming hitler and his friends okay and world war ii comes along um we'll have some literature and i will analyze uh winston churchill who's prime minister um i think it was in 1940ish 40-41 right when you know the threat of nazis coming across the water and invading england was very very real um if anyone has seen uh the movie return to neverland the peter pan sequel i guess um the beginning of that you see you know the kids in london in their bomb shelter and air raids and sirens going off and jeeps and trucks going through the city you know they're being bombed it's it's war um it's really kind of gruesome and grizzly to think about you know in a children's cartoon but they had to set the setting up for us it mentions churchill in there we'll read more about him and talk more about him later uh post-war britain okay remember they were huge in the 1800s people as we'll see in the next few pages started to succeed and get their own independence and you know we don't need you as a commonwealth anymore we don't need you for this we can do our own thing because britain really expanded their empire empire not just for you know through war that wasn't the main foe it was through um you know establishing more trade partners develop our market okay and it they had rivals coming up okay other countries in europe i think it's in germany at one point the united states starting to get our feet and traction going um and so we had uh we had to really kind of battle with them um and um you know we we survived but we didn't have the casualties of the war that they did um but they have new priorities and ultimately you can see that they they took a big hit their control of the world is way down and could they start and try to build it back up and make that their main focus i guess they could have but at what cost i mean their london and england was just ravaged by the war so they said you know what we're not going to play that we're going to kind of lick our wounds you heard that you know that turn the phrase before okay we're going to stay lick our wounds take care of ourselves and slowly build back up that way we're not going to just forget about our sick our poor and take off we're going to help ourselves okay help ourselves and take care one another it says that in 1946 the new government passed legislation providing government aid to help the unemployed the sick and the age the labor government also created a system of national health care that ensured medical services for everyone does that sound familiar canada now how's that remember that's what the whole thing about healthcare the last handful of years is kind of leaning towards that to help protect everybody but to defray the cost of the people who can't afford it who can who's paying for it well people who can't afford it okay so that's where the argument is but england uh really started that ball rolling and that's why you know canada mostly can i'm horrible it's been so long since my world geography i don't know if they are completely english because i know there's a french quebec so i don't think they're they all represent they're not all commonwealth of england i don't think but if i'm wrong forgive me i didn't think they were but they do have some um you know lake victoria there's a heavy influence um about um of uh english rule and so on and so canada you know adopts this and other countries as well um so we can see the stuff that's in our news playing back you know 70 years ago or so um big idea one class colonialism and the great war we kind of talked briefly last unit kind of setting this up when i referred to my fair lady and so on about class structure class order um in 1984 he was talking to the to the old pro and the pro was trying to remember before big brother and he remembered having to get off the sidewalk for the man in the top hat to go by and you had to hey governor you know talk to him and let him walk by and we will do a short story um by katherine mansfield which really showcases the differences in these classes and how each class views each other okay it's almost like what seniors would look on as freshmen okay there's that structure there's that societal hierarchy and so on and we have it here and it's very very prevalent and we'll see some representation of that i'm talking about women's rights women you know were fighting for suffrage just like americans women were and they eventually got the right to vote they said okay women will allow but you have to be 30. eventually they brought it down to 21. what is it now i don't know okay but you saw that people were getting their voices heard and there were changes it wasn't just somebody saying no this is the way we've always been we're going to keep it no we we're seeing development we're seeing changes and so on which really leads us into modernism kind of the main emphasis the artistic literary um point of this particular modern unit you know we had different thinkers beginning you know almost every unit but you know darwin let the the the the fueled the discussion for thought pertaining to religion and science and so on a couple other names you might have recognized sigmund freud um was very popular and relevant during this time period albert einstein each one had different thoughts about you know well one about science and the other about psychology um you know thinking and reanalyzing things in a way that people hadn't thought about before okay it's a modern take it's new um you go into modern art pablo picasso during his time but he may have heard of him you might have looked at his art and go is that art would we call that our just looks like a bunch of squares looks like a bunch of paint just thrown up here it's a different form of art okay and so the modern these different thinkers okay these different uh artists really kind of thrived in this time period because other people you know salvador dali anybody ever see some of his work very weird kind of trippy to some degree you might have seen one with some clocks and the clocks are melting kind of like an acidy weird trip type thing you know what i mean it's very strange but it's it's different and it fits in this time period very very well um modernist literature okay the the war gave a lot of um i don't want to say ammo okay um but it gave a lot of inspiration i guess um not necessarily positive but you know kind of fueled some of these writers and thinkers to kind of write about it uh stuff that might have been um you know frowned upon to write about earlier there just everybody's so used to this darkness now uh radio is during this time period so world war ii was really the first war to be kind of streamed to some degree not by our streaming online now but not real time but yet they could get reports back pretty quickly and people were paying attention to it um but you know virginia woolf james joyce were during this time period experimenting with different verses and meters um you know writers realizing i underline this at the bottom writers realize that they could and should write about anything they want they shouldn't just have to write about something to to push the cause against child labor you can write about anything you want and so they saw this freedom okay so this goes great with these other thinkers who didn't necessarily play by the rules they kind of did their own thing and allowed their minds to think outside the box okay which i just explained to my seven-year-old what outside the bun was referring to you know taco bell's motto outside the box so now my seven-year-old understands that illusion so uh big idea three really already spoke about this the world war ii and its aftermath um you know post-war britain there's that illustration there of them huddled they call them a tube stations we would call them subway tunnels and so on um sellers people would hang in there and you would hear bombs explode and sirens and really kind of think what the pearl district was like when winston was walking around and they started to have rockets and stuff start landing okay people run and take shelter but they wouldn't just shut the front door and hope it misses them they would head cellars bomb shelters and so on you know during uh you know the cuban missile crisis the 50s and 60s and 70s people were building bomb shelters you know in america in our you know in our neck of the woods because people were you know petrified that everybody was going to go nukes real quick and hit that red button and i hit the red button that's heading your way but you have time to go oh yeah well we're going to hit our red button and that's kind of the terminator aspect you know everything was going to go everybody's going to blow each other up and skynet was going to launch all their nukes and all that stuff so good
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British_Literature_Lectures
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Renaissance_Era_Sir_Francis_Bacon_Of_Studies_Lecture.txt
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of studies page 284 285 um the thing that is uh relatively uh significant about this as well as our um you know uh the next piece the King James Bible are their their place in history okay um you know the the writer of this one Sir Francis Bacon you may remember from your you know history course or something um but he's pretty significant um you know they give him the title the father of the English essay if they call you the father of anything that's pretty significant um it means that you were uh you know if you weren't there or you were out of history and wiped out that would have been a signif significant hole um it talks about during this time period that you know essays were starting to be uh developed okay essays differ obviously from short stories or novels or sonnets and such these are I'm going to compose an essay I'm going to compose a Blog in essence um you know about something um and it's usually something very prec prise um and talks about how you can uh what you have to do in order to obtain this Enlightenment or or whatever um just so I can get my argument across to you um we see this nowadays all the time sometimes essays are just called you know in a newspaper online it's just called a column or like I said some sort of a Blog um but this particular one um just really focuses on um the different um benefits of reading different kinds of books not just focusing on one uh discipline or one focal point of your studies um and this kind of goes hand inand with the renissance ERA with regards to wanting to be good at a lot of different things um and as you saw it was really short I mean it's just you know because of formatting it's two pages but in essence it's just one page um the literary element of parallelism uh this is one of the better examples of parallelism spread throughout this semester um and I'll point it out here in a moment on the right hand column there um but when we get through you know to final exams or even uh test time you know uh when we talk about characterization you know the the canterburry tales is a wonderful example when we talk about satire when we get to Jonathan Swift that's a great example here parallelism this is a great example if you ever need to write down in your lit list which you do um you know an example this would be a great place to come back to but like I said it they just want you to focus on you know several different kinds of writing um you know they talk about how study gives personal pleasure it hones one's skills and conversation and it imparts wisdom and knowledge that cannot be gained in other ways um and so it's just really um you want to the title of studies but you want to read various types of books you need to stimulate if you you've taken psychology maybe if not you will in Co College there are different parts of your brain and different things happen in different parts of that's why sometimes um you know you see people that they get shot in the head and they die but then you see TV shows where somebody get shot in the head with an arrow and they walk into the emergency room and they're totally fine with an arrow going through their head because it's going through certain areas and missing the vital ones but they might not be able to smell anymore because there's certain not that you can read to improve your smell but the point is that the brain has a lot of different functions and a lot of different uh um geographical important areas um and so reading could stimulate these different areas um that's why when um you know you were a baby they they didn't just read to you the whole time they wanted you to work with puzzles they wanted you to play with shapes and colors and try to put you know round things and round holes and block things and block they wanted to get these different cognitive developments fired up so that you could uh you know you could learn and be uh better um developed and prepared so anyways um that's the Prem of of studies um let's look at an example of parallel structure just to kind of get this implanted in your mind um I mentioned this with uh when we were in a speech to Tilbury with Elizabeth um when she talked about of my people of my God and of my country or whatever that order was you know it's that kind of repetition of structure okay repetition of structure um in order to prove a point um the last five lines of 285 it's talking about how some books can be read or digested so some books are to be tasted others to be swallowed and some few to be chewed and digested that is some books are to be read only in Parts others to be read but not curiously and some few to be read holy and with diligence and blah blah blah can you see the the kind of the repetition okay of that that structure over and over this is a wonderful example of parallelism um and in essence it's parallelism but it's talking about kind of in summation what the uh what the piece is um and you even have that now you know some books you just need to read a couple times if it's significant to whatever you're studying or whatever you want to learn about you just might have to go slower others probably just start skimming and I think we all have done that to some degree especially with uh you know textbook readings or maybe even literature okay um but there are some things just kind of be could be skimmed over and you kind of get the general purpose others you just need to really as I talks about chew on it and digest it um those of you who do any acting or memorizing you can't just skim through that you have to really digest it and figure out what they're saying and the motivation so that you can perform that um perform that later um so in ESS you know Francis um uh Francis Bacon uh you know it's pretty pretty important obviously to read and to uh to keep pushing yourselves um and you can kind of see it wrapping up there uh on the next page so parallelism and the import of this particular piece so uh make sure you get that if you did not read it um get back to that at a later later time
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British_Literature_Lectures
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Romantic_Era_William_Blake_The_Lamb_Lecture.txt
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liyan blake a little bit about him he's kind of out there some of his contemporaries thought he was insane you know nowadays maybe he would be heavily medicated you know an individual that says that he saw you know spirits or ghosts ascending when his brother died maybe he did okay but people think that he's out there and there was that who was William Wordsworth who will read and discuss in the next day or two he said that there is something in the madness of this man which interests me more than the sanity of Lord Byron and Walter Scott so something about this man is more interesting than these other people maybe there are some celebrities nowadays who are just so weird that they borderline genius in a way just because they're so out there and there's people that come about that are just so unlike anything else that we've seen before that it's almost like a new art form does that kind of make sense and you probably are thinking of one or two different people he was an individual who you know was into art and was into eventually you know religion and such became a big part of his life but his as an artist you know he was a very prolific poet but he was also big-time into painting we'll see some of his paintings later on but also a new type of art form kind of relief fetching where you kind of sketch out a negative of what you should have and what I mean by that if you have a photograph negative the black of the darks or the whites and whites of the box that type of thing and so he can kind of do that same thing but fetching into a metal which would be a long long time and so he fetches out these scenes he edges in his poems into it and so it takes a lot of time a very time-consuming as it says that's why on that page it talks about how it can be the most some of the most valuable pieces of literary history that that have survived and you'll see some pictures of some of those etchings later on but in essence you know some of your money is relief itched stamped you know they have plates that are the reflected image then they ink it and they stamp it and it looks normal okay so it's very similar to that but he was real and what did he call it called it illuminated printing is what he called it I'm so in art form that he kind of really pushes the boundaries on and really became the form the more bear of it and a front-runner so very interesting individual and just just out there mentally just that not that we with the stuff we read today isn't gonna be like man that guy was weird it's just his personality is so different from some of those just normal people that we read about that it's like everybody else this guy would probably be a rock star nowadays you know for whatever his profession would be he probably would just be out there and everybody just thinks it's funny okay and he's a very successful person so it was Williams like just very interesting guy these individuals Blake and will do Wordsworth later and Coolridge and all of these people these are answers on Jeopardy so when you're flipping through and you just stop because oh there's an English question and your parents don't know just throw out William Blake you might be right okay very very famous individual so we'll be covering in the next couple days the lamb by William Blake little lamb who made thee thus thou know who made thee gave the life and bid thee feed by the stream and o or the mead gave the clothing of delight softest clothing woolly bright gave these such a tender voice making all the vales rejoice little lamb who made thee does thou know who made thee little lamb I'll tell thee little lamb I'll tell thee he is call it by thy name for he calls himself a lamb he is meek and he is mild he became a little child I a child and thou a lamb we are call it by his name little lamb god bless thee little lamb god bless thee okay this is probably the sweetest of the poems that we have to some degree okay looking at it at face value one they have a little picture and these are the the etchings that he does okay you know with the picture that they give us to to help place things you know we have a shepherd talking to his flock okay he's out there alone he's probably has conversations with them I don't know they might be very lonely the little man little man little lamb who made thee thus thou know who made thee who gave thee life and vid' the feed by the stream and over the mead gave the clothing of the light softest clothing wooly bright gave thee such a tender voice making all the vales rejoice little lamb who made thee does do you know who made you let me tell you and it's ultimately about God made you little lamb God made you he gave you these things he gave you your clothes he gave you that little voice that you have he is called by thy name so he calls himself a lamb so Jesus God religion okay you are created by those things and you have been given those things he is meek in his mild he became a little child I a child and thou a lamb we are called by his name so even though I'm a man and you're a lamb we are we are the same okay now could the lamb be a symbol for something else could it I don't know about you but at my church they uh the little kids they caught they go off and they're called like little flocks their little rooms or flocks of sheep you know and and little thing little lambs and such I look at this as a little bit deeper or it could be a little bit deeper yes we have you know the nature the common man of the shepherd and such but I like to put in a little bit about the child as well could you see how this could be some instructor talking to little kids for every one of these lambs little lamb little child do you know who gave you your little voice who gave you your little clothes do you know let me tell you let me tell you about him he is of this name you and I are the same you and blah blah blah so I mean you could see this being told to a kid you know for Sunday School and you can see this being told to somebody you know or or something out in the field but somebody that is passionate about their religion and their faith you know the nature and the common man the shepherd person of the flock or even a child in a sense of children so it's a very short one and it's one that I believe is pretty easy to to comprehend and understand okay
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British_Literature_Lectures
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Modern_Era_William_Butler_Yeats_Sailing_to_Byzantium_Lecture.txt
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William Butler Yates interesting individual um I've been kind of helping you along the way and telling you you know if you get on Jeopardy and you forget names or you don't have any clue and you just have to throw one out if you're in the 20th century throw out his name okay he will probably be an answer within that category at some point very famous um reading in some about his bio info um kind of interesting early references and influences to William Blake if you remember him back in the Romantic Era um he was the one who did uh you know his uh the etchings okay and put his you know poetry in etchings um but kind of was seeing angels and we were kind of thinking he might be a little little crazy and so on um but this individual isn't necessarily crazy just you know influenced by that kind of writing that kind of thinking and outside the box uh interesting that you know the stubbornness of this individ you know the you know longing after this this woman and so on um but things just didn't play out right he calls it the a miserable love affair because there just was you know it wasn't a great one but he was just it just made him miserable over and over again um notice he is Irish romantic um Irish in nature very similar to Jonathan Swift um so some of the things that uh you know were relevant to Swift in the 1600s um you know the the uh um the struggles um proposal we talked about uh the struggles of religion and so on that place uh plays out continuously uh even up through the modern time um and we will see an example of um you know uh kind of the darkness about what is to come in the near future um his shift because in writing romantic and writing in the the era of Blake and so on um excuse me he didn't write in the era Blake but writes writings of kind of mirrored that era and then they slowly transitioned to the modern it said that he began to write in a less romantic style that more closely resembled natural speech I think you'll see that in some of the stuff today um his imagery became more economical and his tone more conversational um less kind of like what are you talking about oh we have to really think it's more about this is how we speak um so it's easier to understand more um by the typical uh lay person and so on um sailing to bizantium sailing to bizantium um the main uh I character the narrator is an old man okay they use a line in here there is no C or that is No Country for Old Men hopefully that sounds familiar to a movie that some people may or may not have seen No Country for Old Men was a Cohen brother movie it won best picture Oscar a couple years ago jaier BM was a serial killer and kind of had his hair chopped kind of bobbed and such um really good movie um but that title is an illusion to probably this um but he struggles he struggles to find some acceptance he struggles to find a purpose in a world that's just getting younger and younger and where can he go well I can go to banum and so on um and if you didn't read the building background make sure you take some time to read that so follow along please sailing to banum by William Butler Yates that is No Country for Old Men the young in one another's arms birds in the trees those dying Generations at their song the Salmon Falls the mackerel crowded seas fish flesh or foul commend All Summer Long whatever is begotten born and Di caught in that sensual music all neglect monuments of unaging intellect an aged man is but a poultry thing a tattered coat upon a stick unless Soul clap its hands and sing and louder sing for every tatter in its mortal dress nor is their singing school but studying monuments of its own magnificence and therefore I have sailed the sea and come to the holy city of Byzantium oh sages standing in God's holy fire as in the gold Mosaic of a wall come from the holy fire burn in a guy and be the singing masters of my soul consume my heart away sick with desire and fasten to a dying animal it knows not what it is and gather me into the artifice of Eternity once out of nature I shall never take my bodily form from any natural thing but such a form as Grecian goldsmiths make of hammered gold and gold enameling to keep a drowsy Emperor awake or set upon a golden bow to sing to Lords and Ladies of Byzantium of what is passed or passing or to come he refers to himself in that third line as a dying generation imagine the feeling and we when we talked about ulyses just the other day okay remember how he was feeling just kind of he's spinning his wheels he can't get any traction just spinning the mud he just doing nothing nothing just kind of wasting away and all the adventures happening out there here is an individual who feels you know his generation is dying he's dying not necessarily well I'm going to die in three days but you know this world this this land is not for the old individual it's for the younger people um excuse me um compar you know this place isn't for Old Men this country is not for Old Men the young in one another's arms you know Birds and the trees singing their songs and and the Salmon Falls the mael crowd sees so so life is going on things are spawning there's life renewed but yet with him there's nothing to look for forward to there's nothing to to get excited about and so on um the second stanza the second section I love how it's it's broken up the structure of this structure is kind of the main literary Point um of this particular section um but an aged man is but a poultry thing a tattered coat upon a stick so not much there he's just really just kind of hang keeping the coat from falling on the ground he's just but you know a stick there's really no point and no purpose and that's why I have sailed the Seas and come to the holy city of Byzantium okay cuz there's no place to to do these things that I want to do or be appreciated for what I am or what I contribute in my place in my home and as you saw in the building background the banum is this cultural and artistic kind of Mecca the place to go and and find acceptance and and be able to just oh you you know just it's wonderful and um and he struggles you know back home and so he comes to bizantium for that and so the last uh the right hand side um talks about what he hopes to achieve in coming here and so on you know calling out to the gods of sages those individuals that provide artistic inspiration you know please come from the Holy Fire Pur in ag guy and be the singing Masters come and inspire me be the singing masters of my soul consume my heart away and look what he says about his heart that it is sick with desire and fastened to a dying animal so come and take my soul and take my heart away inspire me because this heart is attached to a dying a dying animal his his body but yet take what I have to contribute please come and inspire me you can take me from my you know my natural body and take me and put me in anything whatever and that's what we see in the last part whatever the gold smith wish to make and put me in a you know a bird and I can sing and keep Emperors awake at night and and I can still be artistic and beautiful and appreciated there's still something to live for it's still positive here on the right hand side for the first left-and side it just really wasn't much um it was just you know depressing oh I'm not being appreciated I can't do this I can't grow and so on but now we have an opportunity to really build and be something even if it's not in the form you see now come take my soul come take my heart away and put it in something that can contribute um and so it's it's kind of a a positive uh there uh
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British_Literature_Lectures
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AngloSaxon_Era_Geoffrey_Chaucer_The_Canterbury_Tales_Modern_Tale_Project_Lecture.txt
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a modern tale to reiterate that one more time you are picking any profession any person and i don't want names if you're gonna go with michael jordan i don't want that make a pro ball player an all-star basketball player give them a generic title like that rock stars musicians reality stars astronauts accountants teachers lawyers whatever you want okay remember this is an activity about characterization you focus on describing this individual there is no plot there is no moral there's no story okay you're writing 25 to 40 lines it should look like the prologue the partner's tale we learned a lot about his looks and what people thought about him and what he thought about other people we learned about him being a hypocrite within just that short little lines wife of bath we learned a lot about her as well okay and so we need to be able to take this modern tale and plop that in to the prologue yes an astronaut is not going on the original canterbury tales i get that i'm suspending the disbelief okay you must write in couplets a a b b c c d d and so on put in your literary elements four or five different literary elements these literary elements need to be used correctly need to be bolded highlighted whatever you want and need to be identified at the end of the line you can do that just in brackets or parentheses okay look over your rubric your rubric is pretty easy okay 60 i think 70 percent of it is just 67 of it is just following your directions did you use your couplets all the way throughout did you do your lit elements correctly those type of things okay and then the bottom 30 40 percent was your characterization okay how did you do with that how did you picture this person what did you tell us about the profession what they look like how they acted what did people think about them what kind of an individual what was their history we learned a lot of history about the wife of bath about her travels about her well didn't go into great detail but about her five marriages okay so your thing is not going to be a tale a story you're just creating a character and focusing on characterization and chaucer's writing style mimicking that okay that could be placed and cut within the prologue look at those 20 pages don't read them don't read the prologue if you want to great but skim through and look at the structure of those look at how it talks about those individuals and how it describes them the partner with this hair it was yellow they didn't just move on they talked about what it was like wax it was curly it was like hey i mean all these things like rat tails whatever so there was a big description that's what you need to focus on on your modern tale okay so these people can be any profession you want have fun with it be creative with it uh we came up with some in the other class somebody goes can i do a jedi and i go yes okay we came up i mean think about i for me that would be awesome what about you know you don't want darth vader but a sith floor can you imagine could you just visually imagine darth vader on a horse for the canterbury tales along with you know the partner or the wife of bath what would people think about him how would he behave what would that be like could you imagine trying to describe that individual to somebody in chaucerian style i mean that to me that that got me a little excited to do one but i'm not going to um but think something that you like something that that you relate to that you'll have a good time doing okay 25 to 40 lines couplets four to five literary elements okay identified and highlighted if you want those points they need to be correctly used and correctly identified or you're not going to get them and i tell you so many people still just post it without any sort of highlighting or identi you know identifying them that's your call it's your choice okay
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British_Literature_Lectures
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Modern_Era_Graham_Greene_A_Shocking_Accident_Lecture.txt
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a shocking accident by Graham Greene the main thing to focus on with regards to this author is what he tried to accomplish in his writing if you look at the bottom paragraph on the left page there it says that it's fiction focused on the psychology of human character rather than on plot and I think it's nice that we talked about this in the same unit and really close with Virginia Woolf who got away from the plot structure as well this was not a main focus of him either this is a good this story's a good example of that fact as many of this protagonists are people without roots or beliefs people in pain they may be odd but they almost always excite the readers curiosity and pity and we'll get to that one in a little bit and almost always grief treats them with compassion as they strive to achieve salvation and so the main character in this story a shocking accident is a little kid and the little kid is told that your father has had an accident something he has heard something happened to him and so of course you want to your opinion for that little kid go about nathie for that is individual and now what is ironic about this and if you can kind of combine the accident with the big picture on that next page the father was walking around the street in Naples Italy when a pig fell off its balcony and landed on him and it killed him okay so that is the premise the beginning of this story is just like you've seen in movies where you know an administrator comes in and takes a kid away because they have to tell them something you know somebody had an accident somebody died whatever and so this kid who has a very glamorized view of what his father is in life a big traveler and he heard it and heard that his father died you know he almost puts all these stories like he'll see that I kid he was a spy or you know he would have he was out there you know like military man he was he was important that the death was noble I'm sure he got a whole bunch of people before they got is that right it's how it happened to him well no a pigmented honor he was killed by a bawling pig so not very heroic or glamorous and all these things and so what struggles this kid has going forward is every time he tells his story to people or people hear it what do you think the reaction is a lot of faith laughing and so you'll see that he struggles with this not understanding the humor in it because he's a kid but as he grows people start laughing and he struggles with that so he struggles with how can I tell this story without what we're taking the humor out of it and you'll see how he tries to accomplish that ultimately the the vile plot at the end it's not really much of a plot is then he finds this woman that he wants to marry and going forward he is going to be a father and so the story all this the feelings about his father come back he has to tell this story but he really is scared that if he tells this story to his girlfriend or fiancee that she is going to laugh and that would be crushing to him so we have a little kid finding out about his dad of shocking accidents by Graham Greene shocking accident by Gary and green so the story as we set up prior to this the kid is being told that your father died if you come back with me 21264 turn back in cultures for the second page of the story but mr. Wordsworth is talking to him the physical description that Grant Green is writing for Wordsworth face have you ever had the giggles when you shouldn't river and then it's harder than anything to stop and and usually the more Outlanders of the situation the funnier it is you know for me it's usually at feelings and funerals I start giggling about something I find that my defense mechanism is humor and so that's how I kind of deal with it and we've got some looks before by a group that I got laughing but then in a couple places it was like it my grandfather just like party we were ripping everybody up there like that's how we would have wanted it you know so whatever oh don't judge me but anyways down here at the bottom of this page when you know they said he died quite without pain and in interims mine it's you know they must have shot him in the heart and you know something he gave this this man some to some sort of job and profession that that was going to be real action filled surely as this is his manly dad and well no a pig fell on and if you look there it said that an inexplicable convulsion took place in the nerves that mr. Wordsworth faced it really looked for a moment as though he were going to laugh I'm sure we can all see what that looks like now big landed on them one of those typeface right really impassioned trying to hold it in and then it said that uh he closed his eyes composed his features and said rapidly as it were necessary to expel the story as rapidly as possible so like I gotta get through this I gotta get through this with a straight face I can't laugh I'm telling a kid his dad just died so taking a moment your father was walking along the street Naples when a pig fell again it's shocking shocking accident and then it says he turned around to the window and he notices his back was shaking with emotion right he probably thought that the guy was really tore up about but what was he doing over there trying to hold an interest and he just died that's it that's funny but a pig lining on him pretty funny okay and so this kid has to carry this story around forever and his aunt has who's clueless will tell the story to anybody and that's wouldn't pick bow on him and that's when people who already know the story to get start to get really exciting so that's when people's interest its genuine because they're like I don't want to hear how this ends they've heard things and so that's where it comes to the I guess the future or the president this rest is told in flashback he has his girlfriend a fiancee he wants to marry her and he's petrified about how she's going to react because his reaction at the very end of hearing about it the first time he was curious about what happened that's a kid response isn't it that's a kid response as to I'm trying to paint his picture as to what happened it's a pic okay well yes my dad died I just I'm trying to get all the variables lined up in the story is the pig fine and what was ironic about the very end and if you looked at the look at the last page again the moment she found out about the advanced editing she got all that tolerable so so far she's acting exactly like he wants which is good because knowing in the future I'm going to have a kid and then I'll be spilling my my dad came up and then all gosh like I cannot handle it if my soul mate is going to respond like everybody back at school used to respond I don't think I can handle that and so to see her be so emotional about it perfect but it's even more perfect than that if you look at the last line or last lines of this what was the one question that she asked to the pig oh the same thing that he wondered so there there's the sink right they're lined up they're perfect for each other because well he was a child and he thought it mounted so maybe she has the intellect of a child I don't think it's on that far but just that they are both connected with regards to that they were thinking about all of the components of the story instead of laughing or holding it in or or shaking holding it in like the headmaster mr. Wordsworth was doomed she responded in the same way that he wanted the same way that he did and so yes there was a tragic thing that happened but in the it's kind of a happy ending for for little Jerome and in the way that he practiced the story he took it he didn't a couple ways one was I'm gonna tell this long drawn-out boring story and just kind of drop it in then a pig fell on him at the end hoping that people were so poor but that they weren't really listening that's one way he figured out then the other way was just drop the bat yeah nice to meet you nice my dad died get by a falling pig um what yeah he was walking in April's and a pig farm that there's no setup the setup for Wordsworth because he was so funny was he has to call this kid down to his office he has to be Jen you know genuine to his feelings be very calm so there's a lot of buildup in his mind he's been thinking about a lot so of course it's hilarious to Wordsworth okay and so for Jerome he needs to take the humor out of it and so he grows up I have the tall story for a long time and then it's with the young lady he wants to get married to that he has to cook to convey that story and he's petrified Esther her reaction so kind of a happy ending here at the end but again I guess it is the story with death but completely different than the depression of a Virginia Woolf from earlier so I thought you might enjoy that just first um we don't get a lot of comedy in our British literature you know stereotypical British literature is very dry if anybody knows like Monty Python and some of the older PBS shows late at night type humor it's not it doesn't necessarily translate well all the time what I found out my wife is the later you watch something the funnier it is you know what I mean if you're like yeah that's pretty cool area sometimes but then you're like quite wait at wow this is not funny at all
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British_Literature_Lectures
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Renaissance_Era_Sonnet_Introduction_Lecture.txt
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all right the development of the sonnet pretty uh pretty relevant uh important literary contribution during this time period uh as we go throughout the semester you'll see like when we get to the victorian age theirs is more about the novel the modern era you know short stories kind of their contributions and such but here we have kind of the poet um you know the song at the um you know we will read some today that are love poems but they're not the happy flowery two lovers hopefully getting together um as we'll see a lot of the themes are about love and you know and struggle i'll use the term unrequited love you know non-reciprocated love somebody has a lot of love for somebody but they're not getting any love back and the pain that goes with that so that feeling um there is a power point on moodle that would be very helpful for you if you have not gone through it already it's the one uh it's about sonnets uh we'll kind of go through it a little bit here in in a moment but in essence it summarizes what's on these two pages as well you know the three distinct kinds of um of of sonnets you need to know them you need to know the characteristics uh the rhyme scheme for them it's not difficult you just have to make a a minor a minor effort the three different types are the italian the english and the spencerian that's the easy way to remember it the italian could go by another name and that could be petrarch you may have heard of him before the english sonic could be called shakespearean sonnet and spencerian is just being syrian so um it doesn't matter which which one you know them by but they're kind of interchangeable so there's three kinds even though i've just named five or six different ones um there are certain rules to riding saunas just like when we were with chaucer he had with him it was a set amount of syllables and you know it was couplets and he had all of these other these other uh rules and such and we have very similar ones here with regards to sonnets um there are 14 lines so if they're 20 it's not a sonnet okay if it's 80 it's not a sonnet science are 14 lines that's how we can get through so many of them today they're short they take a minute to go through they're not very complex um they're written in iambic pentameter you might have heard of that before it's not difficult to understand and when we listen to them and go over them you will hear it it's a rhythm it's a cadence um you can see the example there um you know my love is like to ice and i to fire now you don't read like this all the time you know that type of thing but you can see the emphasis okay on the syllables um my love is life to ice and i to fire ba boom boom boom boom boom boom boom important words not so important stressed not so uh not so stressed and so on um and we'll we'll break down iambic pentameter here in a moment you know what exactly is this you know kind of like your etymology figuring out what the words mean um you know what i am is another name for a foot it's two syllables and there are five so we have ten syllables per line okay so pretty simple all right so you will see all of the lines are in essence the same so they look like little squares little blocks the first one the italian sonic by petrarch this one is very uh different from the other two the other two are the ones that you might get them confused with each other this one is vastly different so hopefully you're able to go well is it italian or is it possibly one of the other ones well if it's not one of these it's it's a tine um it is eight lines and six lines octave six set um you know eight and six equals the 14 that we needed uh the first stanza presents a problem so the first chunk has a problem and then the bottom chunk has some sort of resolution some sort of answer to the problem and you'll see today that a lot of the science deal with love the problem of love why isn't somebody loving me blah blah blah blah whatever and then there's usually some sort of advice some sort of uh wrapping it up in the bottom okay the bottom of it and you can see what the rhyme scheme is for the octave abba abba abba abba and then the cested is either c d e c d or c d c d c d um very simple to remember and putting those all three of these side by side you will see drastic differences and very easy uh mnemonic devices to help keep them separate um but you have to make that uh effort here is an example of um of petrarch of a sonnet um you know you can tell right off obviously it's 14 lines um there is a nice little break in there to kind of help you with the octave and cestet the eight and the six um you know if that line wasn't there to show us it was just one big block of text hopefully you can figure out a rhyme scheme going to the very end of the line you see fight day to day light fight day those don't rhyme fight day to day day today does so a b b light is fight abba abba abb a so right off the bat you should be able to figure out when we get to the spencerian shakespearean you usually can go to the bottom because as you'll find out it's the bottom two three four lines that will differentiate uh which is which based on the rhyme scheme uh so you'll see an example of that in a bit um the english one or shakespearean um you know is one that's uh very popular is probably the most famous format of writing the sonnets they considered him a master you might know him from reading your you know several well not several anymore we changed that but the plays and such you know we'll do macbeth and you did romeo juliet but you know he has 120 songs something sonnets i think he has a lot okay um tons and his are broken up by three quad trains you can see quattro four and so four times three okay is obviously 12 and then it ends with a couplet and we remember couplets from chaucer so we have the 14 lines still you can see how the rhyme scheme is a b a b so already it's different so if you come up to uh between this and the previous one and one's abba abba or abab well you know you can figure it out between those two um but notice the focal point at the end that e f e f g e g he doesn't have repetition of rhymes each stanza has a new rhyme you will see the next one they start to repeat rhymes and so that might be a mnemonic device to help you okay if there are repetition of rhyming sounds then you know which one it is and which one it isn't again he develops a question or a problem in the quad trains in the big portion just like petrarch did but the bottom couplet the last two lines there is advice there is some meaning to things and we will see his today talking about love or whatever and it kind of has a different you kind of have a negative feeling you don't think he is in love with this woman but we actually find out in the bottom two lines that he is in love with her and he kind of wraps it up nicely so usually problem advice you know we see that in both kinds with shakespeare here's an example um the best way to figure it out is you know we do have some lines broken up in here that may not always be there for sonnets and so simply looking at the rhyme scheme should help you out now if i were to pop this one up next to the petrarch and said okay which one is which one hopefully you can figure out by the repetition of a b a b and that first stanza maybe even the couplet at the end because if you remember the pet truck rhyme scheme didn't have a couplet at the bottom and so that might help you differentiate um you know spending five minutes and hammering this stuff in your head you will you will be able to you know just boom tell me what kind that is boom but some people don't do that five minute study and then at the final exam they don't do it again and so they miss those which is foolish all right there's a couple of things oh 154 shakespearean sons so i knew it was quite a bit um often wrote about a lot of subjects shakespeare did oh go back a little bit a friend a dark-haired girl a rival poet and even some about himself there are some controversies surrounding um the sex of some of his intended recipients there is some you know question and theories out there that some of them were directed towards men others to women you know can't obviously prove those anymore so it's just kind of conspiracy theories to some degree the last one is edmund spencer or spencerian so you can see spencer spencerian shakespeare shakespearean so hopefully keep those separate these are very similar notice the first stanza rhyme scheme is identical it's the second stanza that helps differentiate between the two he repeats the b rhyme between the third and the second stanza he repeats the c run remember shakespeare doesn't repeat his rhymes he comes up with different rhymes uh rhyme scheme for each stanza spencer starts to repeat don't just go oh well he has a couple it's shakespeare oh it's a couple of specific remember shakespeare had a couple too the main difference the only difference really is the repetition of certain uh rhymes okay so however you have to remember that maybe you think shakespeare is a better writer so he doesn't have to rely on repeating i i don't it doesn't matter just just remember that it's a simple thing um and there was here's an ex so now come on there's an example of spencerian a quick glance it looks identical to shakespeare uh however the main difference is that jump to the second stanza and go oh we repeated the b sin win begin sin i mean we repeated them so that rhyme scheme is spencerian okay so remember that um basic themes and premises notice the the love is always always in there um love spencer likes to put in some things about art and nature not necessarily on the same level of the pastoral poems that we talked about um but you know it's it's prevalent and dripping throughout his uh uh his type of uh sonnets um shakespeare's love and human relationships you'll see today it's not just about love but it's the relationships between two people and the love that they have or that one person has for that individual and so this is definitely you know love sonnets and love poems just might not be completely what you might have grown up thinking you know roses are red violets are blue you smell like shoes you know whatever those those rhymes are um when we get to the romantic hair that's where you imagine those rhymes to be or you know those type of poems but when we get to the romantic era there's nothing at all romantic about the romantic era um so the most romance that we have in this in the semester shows up in in the renaissance um you know different uh aspects about this is more into uh conjunction with the the big ideas about you know humanism as a humanist ideas um you know not giving all credit and beliefs and you know everything uh up above but look at what wonderful things humans can do and we can rely on each other that type of thing and we see courtly love and the power of art and all of these things um you know coming out through the literary works of this particular time period um you know some basic uh lit terms things like that you should have already had in there um but you know the three different kinds understand the difference between those you know the quad train you can see that that means well how many lines well hopefully you can see the root of that as being four um iambic pentameter okay remember the im is two stress and unstressed syllables and there's five of those so two times five ten hopefully you're able to pick that up and keep if you have to think that i mean it seems stupid but if that helps you with remembering what that stressed and unstressed actually sounds like um you know that would be a good thing to keep to keep in your mind okay
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British_Literature_Lectures
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Renaissance_Era_Sir_Walter_Raleigh_The_Nymphs_Reply_to_the_Shepherd_Lecture.txt
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Sir Walter Raleigh the nymphs reply to the shepherd now Marlowe's writing of his pastoral sparked a lot of parodies a lot of responses because you might want to think well what did the what did the love say did she say yes or did she say no so Walter Raleigh comes up with huh why don't I give him a response so he comes up with the nymphs reply so in essence the love's reply to the shepherd and so we see her counter and tell him what she thinks and what she wants this is very similar to a parry like you would uh you've heard of Weird Al Yankovic he doesn't change the music he just changes the words and he might change the rhythm and the beat to make him more polka ish but those are always parodies and they're always loosely based on some original where if you listen you know exactly what song he's he's riffing on here you know exactly what poem rally is riffing on on 2:59 some information about him this gentleman you might remember him as you know unexplored Sir Walter Raleigh was one of the first explorers to come over to America he set up the tobacco fields in the spackle trades in North Carolina why do you think they named it Raleigh North Carolina North Carolina Tar Heel fans based on this guy okay Raleigh he was the epitome of a Renaissance man looking at all those things that he did he was rumored to be one of the lovers of Elizabeth remember she did not get married okay she didn't have kids but that doesn't mean she didn't have men have boyfriends and he was definitely one of them interesting about his life he went from a war hero favorite of the Queen and most loved man in England to a heretic accused of high treason and a prisoner of the court for more than a decade so after she died her cousin James of first from Scotland came down and there was some friction between Raleigh and James at first and and you can see more about that in reading about his imprisonment and so on but you know being an explorer or being a courtly love of Elizabeth okay being a poet that's that Renaissance man good and a lot of different things dates to 80 and to 81 the building background in the actual nymphs reply notice where it says a right the second paragraph there that rallies nymph rejects each worldly pleasure the shepherd offers the themes of the poem echo the themes that appeared in many of his works the swiftness of times pastures the vanity of youth the corruption of society through greed and power the inevitability of death and the lies of lovers we're going to see the nymphs reply here and it wasn't as positive and love she wasn't moved by all of those those nature things imagine some city girl would she be moved by that find some New Yorker and she comes out to a hundred town and they're trying to sell her on the the gloriousness of hundred and I'm not slamming hunter town just the the polar opposites do you see what I'm saying and so this is somewhat comical and was very popular in its day just because it was counterpoint to what Marlowe's was listen to the selection the nymphs reply to the shepherd by Sir Walter Raleigh if all the world and love were young and truth in every Shepherds tongue these pretty pleasures mic me move to live with thee and be thy love time drives the flocks from field to fold when rivers rage and rocks grow cold and fill amel becometh dumb the rest complains of cares to come the flowers do fade and wanton fields to wayward winter reckoning yields a honey tongue a heart of gall is fancy spring but sorrows fall thy gowns thy shoes thou beds of roses thy cap thy curdle and thy posies soon break soon wither soon forgotten in folly ripe in Reason rotten thy belt of straw and IV buds thy choral clasps and amber studs all these in me no means can move to come to thee and be thy love but could you / and love still breed have Joy's no date nor age no need then these delights my mind might move to live with thee and be thy love so in essence the title the nymphs reply to the shepherd you could think of the city girls you know she even says there at the end if all of these nature things would move me then yeah I would come with you and be thy love but it doesn't excite me that remember that painting that that picture setting that we pick you know with the birds singing that we set you know on the rock and everything look at what she says about that you know time line five time drives the flocks from field to fold when rivers rage and rocks grow cold and fill them L become a dumb the rest complains of cares to come so in essence in a beautiful summer day wouldn't you like to sit there on that stone a nice warm stone in the Sun and the beautiful breeze coming by would you want to sit there in January know that view of the field and the flock that flocks gone that rocks cold that river bubbles and rages and it's not that little bubbling brook anymore and those birds that are saying a bird singing now in January no they're gone and so that beautiful setting yeah that might be nice for a little while or every once in a while or seasonal but what you are offering me isn't what I want all the time because you can't provide that what you're saying all the time the flowers remember the bed of roses that she was going to get in the caps and on the flowers do fade and wonton feels too wayward winter reckoning yields a honey tongue a heart of gall as fancy spring but sorrows fall notice all of these things the rhythm the words is Raleigh coming up with new things to describe nature no that's right he's counter pointing everything that the previous poem mentioned everything Marlo uses to try to woo her rally throws it back into the Shepherd's face you know remember the gowns and thy shoes and thy bed of rose is the cap that curdle on the posies those will be nice but what happens eventually well they soon break or soon wither or soon forgotten in folly ripe and reason rotten thy belt of straw and ivory buds thy quarrel classmen amber studs all these in me wear all these in me no means can move to come to me so these things aren't interesting to me at all no means can move me to come to thee and be thy love none of these do but could you / and love still breed had Joy's no date no age no need then these delights my mind might move to live with the envy thy love so if yous could last forever if we could you know harness what we have now forever not grow old or wander in our Lovings for each other and all these things yeah maybe you could get persuade me but it's not gonna happen okay I'm not it's not I think what's really neat is that that parity aspect with regards to utilizing the same lines didn't you catch that as we were going through not just the same words here and there but some of these were identical lines and that just makes his use of his words that much more stronger and gets to the point a little bit better okay so these are two wonderful pastoral in that look at how they focus on the natural life the things you can get from nature but more importantly the appreciation of nature that natural enjoyable life even though that's what this one's about even though she the city girl doesn't necessarily enjoy that or think that it lasts forever it's still talking about the natural life and professing it okay
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British_Literature_Lectures
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AngloSaxon_Era_Geoffrey_Chaucer_The_Canterbury_Tales_Introduction_Prologue_Lecture.txt
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Canterbury Tales by Geoffrey Chaucer very very famous piece of literature very famous individual when you go to college when you look up a course selections in those big catalogues of classes you'll see Shakespeare you'll see you know other literary geniuses and you will see Chaucer where there's an entire class on Chaucer I never taken the class I would imagine you study category tales probably do some of those other stuff more about the man probably you may or may not be exposed to you know some of the allusions to Canterbury Tales in today's society this is an example of a frame story that is a litter mule need to know if you haven't had it already that's where there's a story within a story okay kind of like the movie Pulp Fiction is a movie but there are tons of stories within the movie and they all kind of relate to different premises and then they all kind of resolve themselves I'm so story within a story this particular story deals with a whole set of diverse a group of people just a bunch of individuals you know a Miller you know a preacher you know just all these different type of people on a pilgrimage we talked about in the introductory information I think it was one of our big idea number two maybe about religion and pilgrimages today people take pilgrimages to temeka others might go to Jerusalem Rebecca lehem if you're Christian to go to certain places cut Catholics maybe you got to go to Rome to Vatican you know who knows these individuals went to Canterbury Cathedral in England that place still stands nowadays they were going because of thomas a becket there's a link on Moodle you should read he was killed at this location and he was martyred and eventually became a saint and these people go to this location in order to pray see his tomb leave flowers do whatever you want to do and there's more information about that online there are some links to Canterbury website you can take virtual tours look around at some pictures and videos and stuff so take some time later on you may have time at the end of the period if not today the rest of the week but it's really interesting it's neat that you can go to a place now that you could have gone a thousand years ago give or take you know a hundred years but kind of neat significant um other illusions that you know if you saw the movie of the Knight's Tale with Heath Ledger not a great movie but a nice tale there's a tale a night that goes on this journey in he has a nice dough how many of you have seen the movie okay the whole premise is Heath Ledger's this poor person he's trying to pass off as a night to win bla bla bla bla bla okay so a rags to riches type story and along the way they stop and they I think he's naked they find a naked man on the side of the road and his name is Geoffrey Chaucer oh you mean like the author of Caravaggio yes exactly like the other camera tells you think I'll xanax no I don't think it was an accident okay it was no accident either that this individual was very very well-spoken he was the one who before the big job sting you would get up and he'd give him a big speech and get over I mean he was a literary genius and we see that character paul bettany one of his first big roles we see the real-life Chaucer embodied in that individual so tons of illusions on this journey when they go down down the street you know they're on horseback maybe in some sort of carriages or so on when it's time to stop for the night if there's not an inn they stay by a campfire if there's an inn and they can afford they'll go into the end they can't turn on the game take a shower relax go to bed I mean they can't go to bed I guess but they tell storage to pass the time and that's what the Cadbury tales is it's a collection of stories okay and they are not connected to one another each story is told by a main character from the piece that's on the journey we will focus on two people the Pardoner and the Wife of Bath those are two individuals that will focus on one today one not the next time I meet with you those individuals tell a story and as we will see their story focuses on really what they believe in real life kind of like a moral to a story that type of thing and we will see a lot of that that individual reflected in their particular piece and tale which I think you'll find a somewhat interesting on the bottom of 92 the you know why was or why is this piece so historically relevant so huge you know in the literary world and one of the reasons and one of the main reasons was it really was the first writ writing in English in a major literary work Chaucer's piece most of the other stuff was French and Latin that was the predominant established cultures um at this time because remember England was just a you know um you know people conquering on top of people you had the Vikings in the Norwegians you had the Germanic tribes coming up and people so I mean there were a lot of different cultures a lot of different language that type of thing and so the most established in the in Europe was the you know French and Latin which nowadays Latins you know considered a dead language but so those were the two languages typically so for one to be written in English and one of the first major ones it's kind of important to remember others it gives a lifelike and engaging picture of the various strata strata of English society during 13 hurts it shows these different people these different professions how these people act how they behave and it's really interesting because we read it now and we can see those characteristics and traits in the present day so it translates it's like if you see a movie if you look at an old movie that's 70 years old it's one of two things it doesn't translate well or translates well what not translating well means this is just the most boring thing I've ever seen if it translates well the story is still relevant it's still interesting people still watch it nowadays people just love gone the wind has a great story um Wizard of Oz I'm sure we've all seen what sort of Oz it's still popular nowadays you might not want to watch it when you hang out your friends over the weekends but you know it has a story has a plot people can relate to house caching music people like it and it translates well that's why they rereleased it on DVD or whatever the new media is every time okay those translate some of the older stuff not necessarily this does translate the thing that I find most interesting is that last couple lines there he writes in couplets okay if you remember from your rhyming days that's every couple lines every two lines rhyme and do you remember affixing letters - two lines a b c exactly what he does here it's it's a a b b CC DD and on and on and on okay he doesn't he doesn't ultra nee he doesn't skip he doesn't have different stanza type weird interlocking things it's just all couplets that's amazing if you told me always my sit down and write 30 lines it would take me forever if I want to make it good right what about you would you do real well with it I don't know you start putting parameters on how people write and it becomes tricky it becomes a challenge but what if I tell you well then do you know there's only ten or eleven syllables per line do you see how I just made that infinitely harder for you yeah twenty lines can I give you like two lines I could probably do that try 17,000 lines does that just blow your mind twenty or thirty just blew my line if I said 100 I'd be like no way what about thousand No ten thousand here crazy seventeen shoot me now it would be nuts okay we are not reading 17,000 line we're just focusing on two tails so we'll read a few hundred maybe a thousand lines a little bit more than that probably but considerably considerably less than what what he wrote but just the literary achievement of that is just astounding to me okay so that's just it I just finite utterly fascinating on page 93 the literary term characterization is huge this is the greatest representative repeat of literature that represents the characterization on there are two different ways direct and indirect when an author explicitly states that this person acts like this or this person looks like this or behaves like this that's direct characterization indirect is when you kind of learn it through another character okay we learned something about the main character based on what other people say in the story alright so direct and indirect that's important I stuffed the amino for your test and your final exam and people tend to forget it between now and five months from now for some reason even though I'm sure you've had characterization for years but just somehow figure it out to keep them separate direct and indirect explicit implicit okay so that's that's significant and relevant I mean the fact that we're in a frame story those are literary things to focus on page one zero five the Wife of Bath this these twenty pages it's called the prologue in essence it's an introduction to every character that is on the journey we're not going to read all of them because we're not doing all of them it might be relevant for you to - not necessarily read all 20 but skim through and look at the different people that go on this journey pretty much every indentation is a different person you have a cook you have the wife about the partner the night the Miller all of these different people and it wouldn't hurt you to just kind of skim through from time to time throughout this the next few days we're going to read about the Wife of Bath line 455 on page 105 a woman worthy from beside bath city we're going to read this what I want you to do is as we listen to it I want you to picture this woman in your head what does she look like what is her personality this is that characterization that description it is so important that you understand about her what does she believe in how does she behave how does she act in order to fully grasp the significance and the moral of her tale that will do while okay so paint a picture the physical descriptions talks about what she does or how she behaves or what she believes I'm trying to figure out what kind of woman this individual is a worthy woman from beside bath city was with us somewhat deaf which was a pity in making cloth she showed so great a bent she bettered those of II pray and of ghent in all the parish not a dame dared stir towards the altar steps in front of her and if indeed they did so wrath was she has to be quite put out of charity her kerchief swerve finely woven ground I dared have sworn they wait a good 10 pound the one she wore on Sunday on her head her hoes were of the finest scarlet red and guarded tight her shoes were soft and new bold was her face handsome and red in hue a worthy woman all her life what's more she'd had five husbands all at the church door apart from other company and youth no need just not a speak of that forsooth and she had thrice been to Jerusalem seen many strange rivers and passed over them she been to Rome and also to bolon st. James of Compostela and Cologne and she was skilled in wandering by the way she had gap teeth set widely truth to say easily on an ambling horse she sat well wimple DUP and on her head a hat as broad as is a buckler or a shield she had a flowing mantle that concealed large hips her heels purred sharply under that in company she liked to laugh and chat and knew the remedies for love's mischances an art in which she knew the oldest dances do you have a picture in your mind ok physically small or large decent size she's not small talks about having large hips ok so I guess she could be just bigger around the midsection but she's probably pretty pretty comfortable some of the other clues about her personality you know what she's experienced uh you know she's been married how many times five that's significant that's a lot I mean nowadays you know if somebody remarries okay you're divorced or married okay two marriages they go three then you start going well that's kind of a lot so you go up to four five it's quite a bit okay it's important that we understand what her feelings are about love what her feelings are about marriage and so on on the last few lines it says that you know in companies she liked to laugh and chat and there is important and new the remedies for loves mischances and art in which she knew the oldest dances so she likes to laugh and talk and chat and she also likes to remedy other people's love life and other people's problems do you know somebody like that usually likes to try to identify or preach to you about something that you're doing wrong or how you you know your love life is a mess and how it can be better and and all these different things okay so imagine this woman and we get other descriptions about her um you know with her uh you know her religious belief her travels it says she's been to Rome you know which is probably one of the places Catholics want to go with the Vatican a lot she's been to route to Jerusalem once nope twice three times because she's better than you she's more of a Christian because she's been there three times not necessarily but you think she probably feels that way you think she knows more about love than anybody else she thinks that doesn't she that little bit we know she likes to laugh and talk and tell about how she knows everything about loves mischances and our in which she knew the oldest dances cuz honey I've been around I've been married five times I have five husbands I know what love is about and I know religion a da da da da da that first page it talked about how the fourth or fifth line that we read in all the parish not a dame dared stir towards the altar steps in front of her so imagine if she's there kneeling or getting ready to kneel nobody dare get in her way why oh maybe she's big she'll crush him I don't know I don't know but maybe people are intimidated by her a large hip woman very boisterous she's had five husbands so she must have some sort of power she loves to laugh and and she's new to chat so she's probably very opinionated I mean some people who aren't as extroverted as that are more introverted and quiet and they will let that woman walk all over them and so we see her as a very domineering individual okay that's important to remember a very domineering individual that has her way with with with men or so she thinks okay so that's significant to remember so remember all of that the next gentleman the pardon on page 110 the partner is a religious individual okay - pardon somebody is - forgive if you're talking and I didn't understand you what what do I say I beg your beg your pardon please forgive me what did you repeat yourself please forgive me and so for a partner whose job is to pardon people they will confess their sins say these are the things I'm doing wrong and he will grant them a pardon and his pardons are blessed by the Pope and so that's pretty significant and important so once again as we listen to this paint a picture in your mind what does this guy look like and they spend a lot more time physically describing them ladies is this individual would you find attractive based on the physical features that they go into details now look at how descriptive they are okay it's not just he has yellow hair look how descriptive the look the feel the shape the curl you know they go into such great detail in comparing it to things um but also this man's job how do people perceive him is he a good individual or is he a bad individual well we all know that if you are in religious your religious figure you have to be good right the news shows us that that's not the case okay so is this individual good person does he do a good job do people like him is he a nice guy he and a gentle partner rode together a bird from Charing Cross of the same feather just back from visiting the court of Rome he loudly saying come hither love come home the Summoner sang deep seconds to this song no trumpet ever sounded half so strong this partner had hair as yellow as wax hanging down smoothly like a Hank of flex in driblets fell his locks behind his head down to his shoulders which they over spread thinly they fell like rat tails one by one he wore no hood upon his head for fun the hood inside his wallet had been stowed he aimed at riding in the latest mode but for a little cap his head was bare and he had bulging eyeballs like a hair he'd sewed a holy relic on his cap his wallet lay before him on his lap brim full of Pardons come from Rome all hot he had the same small voice a goat has got his chin no beard had harboured nor would harbour smoother than ever chin was left by barber a judge he was a gelding or a mare as to his trade from Berwick down to where there was no pardner of equal grace for in his trunk he had a pillowcase which he asserted was our ladies veil he said he had a goblet of the sail st. Peter had the time when he made bold to walk the waves till Jesu Christ took old he had a cross of metal set with stones and in a glass a rubble of pig's bones and with these relics any time he found some poor up country parson to astound in one short day and money down he drew more than the parson in a month or two and by his flatteries and prevarication made monkeys of the priest and congregation but still to do him justice first and last in church he was a noble ecclesia steer ed a lesson or told a story but best of all he sang an oratory for well he knew that when that song was sung he'd have to preach in tune his any tongue and well he could win silver from the crowd that's why he sang so merrily and loud so good guy or bad guy good guy why he talks about the church a lot so anybody talks about the church has to be good no he acts it well exactly the last 10 or so lines on page 111 I'm sure he has the appearance to most people that he is good but here's where we get to find kind of the the inner workings of this gentleman oh I'm 697 anytime he found some poor old country parson to astound in one short day and money down he drew more than the parson in a month or two and by his flatteries and prevarication made monkeys of the priest and congregation but still to do him justice first and last in church he was a noble Ecclesiastes a lesson or told a story so whenever he would travel around whenever he saw a poor country a person injured a parson he would stop and he would preach they would allow him to speak and in doing so he would earn more one day than what that parson could get from people in a month or two he was able to get a lot of money okay the last few lines talking about when people are singing you know he have to preach and to excuse me a line uh for best of all he sang an offer Tory for when he knew that when that song was sung he'd have to preach and tune his honey tongue and well he could win silver from the crowd that's why he's saying so merrily and so loud he was able to listen my so here's here's that song and he starts singing everybody thinks he's going all hallelujah they think he's just singing for God and everything but he's just singing thinking about that money and how I'm going to have an opportunity to talk and get the money from the people alright it mentions on the previous page how you know he has a yet some some pardons from the Pope okay if you've seen movies or if you are Catholic you go and confess your sins and they tell you to do whatever in order to be absolved of your sins but now if we go to a greedy individual like in this story and we say we've committed these sins we want to be forgiven we want to go haven't blah blah blah he might be okay but it's going to want it's going to cost you something it's going to cost you something and imagine this guy's thought of up there singing up there speaking he's like I'm gonna tell all you people about heaven and hell and how you are all going to hell and you're all sinners because you do this and you do this or you've had these thoughts and at the end if he really was a good did a good job can you imagine those people standing in line waiting to talk to him for pardons yeah that'll be $10 there you go yes $20 Oh $100 don't do that again but if you do come and talk to me kind of repeat business right this individual is what we call a hypocrite and we will see that exemplified through his story in a little while on the outside they say that he's a noble Ecclesiastes a noble noble follower everybody looks up to him he's had a conference with the Pope okay he's just come from Rome a very upstanding man but they don't know truly his motions and his his greed is there even though he's preaching to people about not being greedy so is he an attractive individual probably not you know the bulging eyes the the voice like a goat okay the the hair that reminds somebody of a rat tail hanging down over his shoulders you know she face you know it's had I don't know if he's bald I can't over he doesn't wear a cap on his hat instead of the big hood I'm something interesting I like here's his wallet laid before him on his lab brimful of Pardons come from Rome if you ever have you know guys if you're ever traveling in a city and you're worried about getting pickpocketed with your wallet do you leave it in your back pocket no where do you put it a pocket right front pocket you keep things near you where you can protect them instead of protect them okay I just find a niche or you know his wallet his bag where is it sitting at it's not hidden somewhere it's it's on his lap he knows what's important that might not be overflowing with money but it's overflowing with Pardons and that's as good as money it talked about how on the second page he has all these different relics that he says you know here's a here's a pillowcase that he says is Our Lady's veil our lady could be Mary some sort of actual historical relic he has something from st. Peter a goblet of the sail a piece of cloth that he can talk to people look how holy I am and look at these relics that I have it's just money in old TV shows and old movies if you sell people heading west you know you know old wild wild west people would stand on the back of their their big covered wagon like yeah I see you guys are all balding here drink this mineral water three times a day for a week for twenty dollars and your hair will come as full as you know as my hair and he takes it off and he has also long hair I was bald three weeks ago folks but you obviously know he's a shyster but they would buy it they would buy it they would buy it they go away try it wouldn't work they'd come back well guess who's not there anymore guess who can go and do all these things and he's gone but all he has to do he's not selling them goods that he has to back up he's just selling them mental right mental absolution you get them thinking a certain way you're set you're set and if you're really really good with the word you can get them to say and do whatever you want and pay whatever you want okay so not a really good guy not a really good human being all right really profiting on this and that's important to know because this story deals with greed and deals with absolution and you know you're really your payment for all a life of sin
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British_Literature_Lectures
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AngloSaxon_Middle_Ages_Era_A_Distant_Mirror_Lecture.txt
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distant mirror a distant mirror so hop back to that page 193. a distant mirror this is kind of a fun little read in that it tells kind of some stories of some real life uh nights what they went through what it takes to be a knight because we talked about to to you know a great length what a night truly is there's a Moodle PowerPoint showcasing what they believe in the the process they go through in order to become a knight um it's it's pretty laborious um it's your entire schooling just to become a knight what you do now for schooling from elementary through college the payoff isn't a diploma and a job it's you become a knight that's all you focus on and all you work towards um we can see the the struggle between um you know the Christianity and Page 193 and the role of uh the knights and being able to live and function and do what you're supposed to do but yet still you know function underneath the the proper uh actions of what a good uh you know Christian should be and so they had to come up with these different codes and stuff and chivalry kind of encompassed a lot of these uh things that you know if you live your life accordingly you're gonna be okay underneath the you know they got eyes of God and so on um we'll talk about courage and strength prowess skill um you know honor and loyalty these were ideals courtly love that was one of the big ideas of this particular unit um it was designed to make the knights more polite you know and to make Society uh more joyous if you have these individuals practicing these things um it talked about the prowess is something you couldn't really teach these individuals had to carry you know they're wearing a suit of armor that's not light you guys complain about carrying home books in a bag because they're so heavy imagine strapping three times the the weight of those books on giving you a sword and shield and go go fight for this King Go Fight for Your Life okay um if you read this they were talking about you know the hardships of some of these um Dom peronino was struck by an arrow that knit together his gorget and his neck so it took his armor and his neck and somehow the angle pinched it together but he kept on fighting uh he fought on against the enemy of the bridge a bolt so a little arrow from a crossbow pierced his nostrils most painfully where at he was days but his days lasted a little time he pressed forward and he received many blows and there's a lot of Lance points stuck in his shield and by the end on top of 195 you know his sword blade was was tooth like a saw and died with blood prowess was not easily bought so even though you have all these pain you keep fighting on you've seen these movies I'm sure you have any of those Gladiator or Warrior type movies did they get cut on something they don't go oh time out give me a minute let me go off and get the trainer to rub out my calf because I'm cramping and then come back into the game it's you fight and you fight her or you die um there's the the story of uh where's it John John Salisbury wrote about uh a king a blind King he seemed kind of crazy we'd probably look at his kind of stupid as a blind King he wanted to fight doesn't seem to make much sense but look at the Loyalty of the knights they tied their horses together and they had him lead and they went right into the heart of the battle and it was later on that they found all of them dead obviously and the horses were still tied together but there was the loyalty and there's the honor and even if you probably don't agree with what you know your king or leader wants you to do you still have that coat and you still have to fight and so this is from a longer work but these two examples are kind of neat just to kind of show you the the mindset of the individual of what these people what it takes to be a knight and what these people actually go through you know for these individuals so I think it's kind of a nice way to to wrap up our study of night before we transition into uh into the Renaissance period so hopefully you enjoyed enjoyed reading that and it wasn't too tedious or strenuous so good
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British_Literature_Lectures
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Victorian_Era_Victorian_Introduction_Lecture.txt
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for eh I consider this to be the golden age of England this is the the biggest the most powerful that they ever are okay that we see the world stage when it was talking about Victoria and her empire there on that page um you know it's not a coincidence that you know the Victorian age is named after her you know the lake Canada you know the realm of England and so on very very prominent woman ruler along with Elizabeth the first probably the most important was what was the stat that at one point how much of the population 1/4 I was going to say thirds I was off one quarter of the population of the world was underneath their control and it's not a military control it's not big brother okay as we see in here you know it was more through their business through their you know their economy and so on elsewhere as opposed to military conquest and they put their presence in in their area like India and so on and we'll talk about that later on so this is the golden age their power well when people have power they're afraid to lose the power with these guys now I don't necessarily sense that it's a fear however they take some huge hits and the hits don't come until the modern with World War one the great Wars what they refer to it and then ultimately World War two when you think of Britain now do you think of a superpower no not not even close okay but in the 1800's they were a superpower if not the superpower okay they were large and they were in charge okay they had a lot of growth industry population we talked about the Industrial Revolution in the romantic eras okay so now that we are in the 1800's early-to-mid this is the Charles Dickens era this is the England that you might have thought about when we talked about British literature this is the Sherlock Holmes okay Oliver you know all of those different things that you're envisioning in your mind this is this time okay it's a lot closer to us and you know the Renaissance it's hard to really them with those the lacy doilies you know and their clothes this is more like what we see this is Sweeney Todd this is all of these these elements that this is it the Golden Age so keep that in mind the technological advance is at the bottom of the page there up until this point anybody that travelled it was the horse-drawn carriage maybe a sailboat those don't you know those are uh you know a finite there's a there's a certain speed and you not everybody can afford it or maintain that speed then we get the steam engine steam power boats mass transit starts to pick up and we can move a lot of people around and mostly the most important part is cheaply there's a stat in the book here that talked about you know the population throughout the this period you don't doubles okay well when the the area here doesn't you know what if we doubled the amount of students in this school would you notice that yeah where well you would notice that in the hallways you probably notice that in the bathrooms you imagine what that would look like you'd notice it in the classrooms we're up food cafeteria what if our food rations don't change some people going to go hungry yeah okay so kind of think about how throwing in a double you know what about the jobs what about if you had to fight against it's hard to fight against you guys now for jobs but what about if there were extra you double a population what would that do for you and so you can see the struggle that they would have excuse me electricity you know made streets safer theatrical performances can be more thrilling at this point so we see this starting to really build up they talk about canned food you know help feed people and feed soldiers keep that going both alive puts photographs are starting to come about during this time period because remember we our civil war in America was in the 1860s you know we have some photographs from that time period and if you look at the years of the Vic for an aged 1837 to 1907 in the middle of this era and we had pictures and so now we have some really the first pictures this first error that we can have concrete document their own documentary just had little sketches in the past in the Renaissance maybe a painting here and there so we see a big difference a big change Marxism and Darwinism two of the bigger names of this era we were introduced to Marx when we were in 1984 we had some presentations about you know communists and so on he was a big a big radical and so on you can see that he wasn't Bart kicked out of a city for it and so on his he he said that on the next page there that all class warfare was inevitable according to Marx all property and the means of production should be held in common and all means of substance should be shared out equally what do we call this socialism okay so he was a big proponent of that we heard about him a lot in the news mainly with the Obama in his health care the debate surrounding that one a year ago and changing even nowadays okay so if you heard the term Marxism or Marxist okay not necessarily calling him a commie or anything but they're talking about the the allusion back here to what his belief is that everybody should share we should all work 40 hours a week and we should all be fed we should all share you know not necessarily hand-me-down clothes but we should all be equals does that have some sort of credibility that sounds okay doesn't it but then like well I work harder than him why should that you know that then you get in the debate well you know the the class structure and so on and that was his argument that's a radical viewpoint and that's why he was banned from certain places okay and that's why he's still controversial now and the last person Darwin we've all heard of him mainly because of his theories pertaining to of lucien okay we see the seeds of discontent towards religion excuse me in the earlier centuries when people are starting to remember remember the humanism movement taking you know praising humans not so much praising God look what great things humans can do they're not slamming God but yet they are keeping you know look how great we are what wonderful things we can do and those were the seeds of discontent within religion during a you know back a few hundred years there and now we come up to Darwin who through his uh his book the origins of species which was a hundred and fifty years a couple years ago is that everybody from pine trees and kitten was it and codfish to human beings they're governed by the same natural laws and then it came out with evolution and I doubt that when he printed it he thought he was going to create the huge debate that's going on now you know creationism versus evolution and so on but it's something that is uh definitely definitely applicable now nowadays and so very very famous individuals in this time period that are still referenced today Karl Marx and Darwin big idea one talking about the Victorian values and so on three of the most typical Victorian ideals were self-improvement moral earnestness and the value of work and you'll see how that is played out through you know their growth and development and the stuff we talked about I'm talking about the middle class public there at the bottom okay making something of oneself required guidance and effort we have a big struggle of classes in this time period and we'll read some things that really portray a class structure society in the novel nineteen eighty-four when Winston was talking to the old man remember the old parole now that wasn't into the 1800s but it was showing you that even in 1940s or where an avro was supposed to be probably forty it was the structured it was still we had to get off the streets so that the higher class guy with the hat can walk by and tip him and guvnah and all that stuff and so it's very uh it was relevant there but the seeds of that were planted in these other generations as well if you've seen the musical my fair lady okay the whole premise of that or Bernard Shaw's Pygmalion play you know upper echelon psychiatrist speech therapist makes a bet with his buddy that hey I can take any person and make them pass them off as a you know as a high-class woman okay we have that nowadays in your teen comedies right you take an ugly duckling and turn them into a homecoming queen right isn't that the premise this is you know this is the same thing and so we see the class structure so they take in the movie it's Audrey Hepburn famous famous actress and she can barely speak she has this real cockney accent and it's just really rough and raw and they have to teach you know the rain in Spain stays mainly in the plain you might have heard of that but it's one of those elements that really exemplifies the differences in class structure and in society and it's it's one that's definitely a must-see for those you who like musical theater democracy on page 914 the expansion of democracy as England expands their you know their their uh their control over various countries they expand their government and so on even nowadays there are still Commonwealth of you know Australia I don't know if New Zealand is still it mentions that in there I don't know if they succeeded or not but there was an article about you know with William's marriage to Katherine that this year this is it was eight broadly you know that it wasn't just England it was a worldwide affair we were interested in America just really for the reality TV aspect of it but there were other places around the world countries that are Commonwealth of Britain and it was huge huge news more so than here okay for different reasons and so they still are spread out they're just not nearly the power that they were at one point you can see what the role democracy the things changing you know with the the idea and beliefs of all of these different theories and cultures and you know social you know judgments being passed you know the democracy didn't necessarily change so much while the culture change democracy was still kind of doing the same thing and that caused some some some discomfort at times and it goes into greater detail there but I don't need to read that to you on the next big idea to the emergence of realism the belief sprouted in this time period that a nation of individuals free to pursue their own economic self-interest without government interference it would ultimately produce a stronger wealthier nation so a lot of people who believe in free trade and free markets you know doing your government just stop regulating me stop you leave me alone and I will be fine and the belief here is that without government control and individuals being able to do and pursue what they want that they're able to produce stronger product stronger nation ultimately and as you see this was a belief that was you know widely thought of during this particular time period voices of reform on the right side there you know people starting to speak up for what they want you know people you know in the past you speak up and things could happen to you you see one of the things that sprouted up was the YMCA was founded during this time period you know some other you know people being able to petition and and you know get their their beliefs and get their ideas and get their voices heard and they were it was really starting to sprout and you know take flight during this time period the novel the very bottom here I'm just like in the Renaissance period we had the sonnets those were kind of the main contribution of that time period in poetry here this time period it's the novel I took a course in college called the history of the English novel Oh semester-long every novel is 5 or 600 pages it was rough I was working third shift at the time I don't think I'm gonna sure this is I don't think I finished a single book I started him I probably read 400 of the 600 pages I paid attention all the tests were you know essay tests so I was able to do well and I could participate in discussions but there was just too much reading and I just I had to sleep because I had to go to work and so on but it was a really dry class dry boring hard to follow I probably have a better appreciation of it now so that taught English literature for so long but the novel okay and Dickens you know this was a man who really wrote in serials who wrote but he got paid per page and so they write these long books because then they take a chapter and then they put it in a journal or publication so then the next month if you want to continue the story you got to buy that magazine again there's chapter 2 of Oliver Twist or whatever you kind of see how that plays out and so then ultimately when the novel's you know our printer they can take all of those chapters all those serials that they had and put them together and you know printing press has been out for a while now and you know the population was mostly literate at this time and so reading and the novels was a way to help educate if you look there at the bottom that a lot of the plots they partially depended on romance but also they included riots among workers and meetings to discuss working conditions Victorian novels proved to be powerful instruments for instructing middle-class readers because of a novels laying around people can read them up and you know they can soak in all of this you know angst and and be educated on the situation even if they're fictional they can take some of that stuff and apply it to their life okay so the novel was huge 9:18 a big idea 3 the disillusionment and darker visions as we'll see with some of our content towards the end it starts to get a darker tone you know you have a pessimist and optimist on the pessimism is you know kind of negative and so on and we see it change in some of the last literature that we've cover in this unit darker the horizon is darkening and and who knows what's what's coming and it's not really positive in life like you would think with it being the golden age and everything some people we can make this argument that you know the challenge to religion okay that's a big blow that evolution and creationism that's that's a big blow to it and that those individuals that live their life believing this one thing or preaching it and all of a sudden people are publicly questioning your beliefs is I mean that Wow where is the society going you can see that that would probably paint a dark picture for for the upcoming years and we will definitely see some representations of that not spending too much time talking about the naturalism authors naturalistic novels things that it's not necessarily that significant to what we talk about in this class but just the presence of mine to see that the authors are changing what influences them and how they produce writing as opposed to just throwing something out there remember they you know we got two sonnets and metaphysical poetry metaphysical they remember they were the ones who were you know kind of the radicals here we have different things motivating these particular writers in this time period I'm so pay particular attention to to what pushes those naturalistic novels as well as the decadent literature and so on okay so just a lot of information in this particular I spend more time talking about this and I have a couple the recent ones just because this is I call it their Golden Age this is the height okay and just like any movie or any book you want to see where they are at their peak at their apex because when they fall we know nowadays where England is but wait a minute all is Mario you're saying that they were up here well what happened well that's it that's the tragedy Macbeth if we just found out what happened at the end it's not very tragic but seeing how great he was and how everybody thought so highly of him we saw the fall and that's the story and that's why it's memorable um so we needed to make sure we understand that okay
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British_Literature_Lectures
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Romantic_Era_William_Blake_The_Chimney_Sweeper_Songs_of_Innocence_Lecture.txt
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the chimney sweeper from songs of innocence um we have the presence of children obviously in this we have the presence of the common man the job the chimney stripper but more importantly it's the nightmares that this kid has but how that trans uh transitions into uh the religion and god which we knew from talking about william blake earlier was a big deal to him was a big part of his life okay um so we have the chimney sweeper um you know as a narrator but he's talking about this other individual their their little tom dacker who cried with his head that curled like a lamb's back was shaved so i said hush tom never mind it for when your head's bare you know that the soot cannot spoil our hair so this kid you know was shaved so that his hairs you know can't spoil your hair anymore it's not dirty anymore uh so calm down and so he was quiet and that was very night as tom was asleeping he had such a sight that thousands of sweepers dick joe ned and jack were all of them locked in coffins of black so he had a dream that all of them were dead in coffins of black and of course that would upset most people i would think to think that hey i'm dead um but here's where it really changes so if there's a turn here it comes and by came an angel who had a bright key and he opened the coffins and set them all free it's not just a key it's a what key a bright key remember coffin of black and darkness but then you have this almost illuminating key the brightness of a key so it uh he opened the coffin and set them all free then down a green plane leaping laughing they run and wash in a river and shine in the sun so stuff kids could should do right go outside and play do your parents ever say that just put the games away and go outside and just be kids play around laughing jumping around playing do you think they do that in their everyday life they're being forced to work in chimneys probably not but yet they are released by an angel and they're able to go and run and do all that stuff so the naked and white all their bags left behind they rise upon clouds and sport in the wind and the angel told tom if he'd be a good boy he'd have god for his father and never want joy so this what happened was yes okay guys you had a nightmare you died you died but who comes for you who lets you out me i'm an angel god and look you can run around and play and as you rose upon clouds what did you leave behind your bags that you're carrying around all your brushes and stuff in and so if you die if you have god for your father you know you're fine you're fine so don't be worried don't be scared about death go and live your life you know live your life well because when you do die it will be dark but guess who's there to make it bright and guess who's there to to take you up to heaven if you're a good boy um so that's why he says that he'd have got it as father and never won joy if he'd be a good boy the last stanza and so tom awoke and we rose in the dark and got with our bags and our brushes to work though the morning was cold tom was happy and warm so if all do their duty they need not fear harm so yes something could happen to them okay but they're not worried about it okay they're comfortable with their beliefs and what happens that they're gonna be taken care of there's a part in um an indiana jones and the last crusade has anyone seen this okay there's a big scene in a boat okay where they're in they're in uh venice and they're getting ready to be chopped up by a big propeller and indiana jones is holding the guy there goes you better tell me we're gonna you know we're gonna get chopped up that guy goes my soul is prepared how about yours so he was willing to die just i mean he's so confident in what's going to happen that i don't fear death indy does so he pulls him and they jump off the boat into i think into the other boat and then speed away but it's very similar here but tom where we see him all you know sad and whiny and fearful i hate to say whiny because we don't hear him whine but you can imagine a kid he's a kid um and so at the beginning there he's struggling but then he has that dream and he has that illumination of the angel and of i should live my life according that that he's fine and the next morning i mean it's cold and it's dark you say we rise in the dark maybe we get up and the sun's not up yet or we raise up and go up into the dark chimneys and stuff i mean it sucks regardless but i'm not fearful anymore and they say so if all do their duty they need not fear harm and so it kind of puts a nice little positive there at the very end so we have the nightmares we have the presence of god okay we have that blake thing in there we have the children all right so each thing we go through try to find those little elements and that will help ingrain those in your mind that you know what were some of the things that motivated the riders of the romantic era you know come final exam time you'll know because oh yeah we got you know these things so however you need to remember that um go ahead and do so
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British_Literature_Lectures
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Modern_Era_William_Butler_Yeats_The_Second_Coming_Lecture.txt
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the second coming by Yates um as you saw or read in the the building background information you know he's writing this underneath the theory and notion that every civilization needs to be refreshed every 2000 years it's refreshed okay um and the the second coming the the reemergence the resurrection not necessar Resurrection but the coming back of of Jesus and so on and it is rumored that he will be come after great chaos and pretty much you know hell on Earth and then he will come and take everybody away every person that's done what they're supposed to and and um keep them and and protect them and take them off to heaven and so on um so what he decided to take kind of a darker turn on it the second coming people might be looking towards salvation oh the second coming things are so horrible remember World War II World War I the Great War all that stuff it's really bad timing depression impoverished people um and so we have uh you know Yates writing some that everybody holding out hope for the second coming you might want to be careful because something might come the year 2000's coming up the Jesus birth right around what the year what year zero that was kind of a refreshing of culture and that's really kind of dominated the last 2,000 years so coming up close to 2,000 maybe the second coming is coming maybe there's going to be a a a reshuffling of the deck refreshing of the browser that changes what the next civilization the next culture next world is going to be like but it might not be that salvation you hope for and that's where the darkness plays out the second the second coming by William Butler Yates turning and turning in the widening gy the Falcon cannot hear the falconer Things Fall Apart the center cannot hold mere Anarchy is loosed upon the world the blood dim tide is loosed and everywhere the ceremony of innocence is drowned the best lack all conviction while the worst are full of passionate intensity surely some Revelation is at hand surely the second coming is at hand the second coming hardly are those words out when a vast image out of spiritus Mundi troubles my sight somewhere in Sands of the desert a shape with Lion body and the head of a man a gaze blank and Pious as the sun is moving its slow thighs while all about it reel Shadows of the indignant desert Birds the darkness drops again but now I know that 20 centuries of Stony sleep were vexed to nightmare by a rocking cradle and what rough Beast its hour come round at last slouches towards Bethlehem to be born so the first stanza talking about pretty much the chaos and how all this bad stuff is happening uh Anarchy is loosed upon the world just there's no structure everything's been going nuts you know the ceremony of innocence is drowned the best lack all conviction while the worst are full of passionate intensity think about that the ceremony of innocence is drowned those individuals that that that have the Innocence that they're drowned out the sheer numbers of the other people the sheer volume of the other people and the other people are that the worst those La that you know don't have that conviction those those bad Souls they're the ones who are the loudest and we hear them more so all the innocence is drowned away and while the worst are full of passionate intensity surely some Revelation is surely this is the end of the world the the hell on Earth that that Jesus is supposed to come and pull us away from surely this is it it's horrible hor surely the second coming is at hand the second coming but here's where it turns hardly are those words out of out when a vast image a spirit is Mundy troubles my sight somewhere in the Sands of the desert a shape with Lion body in the head of a man the Sphinx okay some sort of monstrous type thing uh is Imagine just on the horizon just moving a gaze blank and pitiless as the sun is moving its slow thighs while all about it real Shadows of the indignant desert Birds just kind of circling overhead remember we talked in the past circling Birds overhead is that usually a good sign not necessarily means something's probably dying or death is coming near soon um so the darkness drops again and all these you know this Vision comes to mind and as that Beast that rough Beast its hour come round at last slouches toward Bethlehem to be born so there might be a refreshing as I said there might be a reshuffling of the deck but this Vision came to me that this monstrous Beast the pitiless eyes kind of like the sun if you're dying of heat stroke in the desert is the Sun going to go oh I'm my bad I will be less intense no it doesn't have pity on you it's going to keep being its son okay and and Fry you and kill you um and so here we have the pitiless eyes like the Sun so this thing is just moving and it's not like being gracious towards people it's not looking for you know to take people and protect them it's just a stare a focus heading towards Bethlehem so some new savior could be born something could be coming but based on what little we see there do we think that that infant baby whatever might come is going to be a positive thing no and that's it's not necessarily be careful what you wish for but listen I mean Jesus is supposed to come and save them is what he's saying when it's hell on Earth it's horrible you're your your the society stinks the war stinks everything's horrible the Anarchy is great horrible it's it's horrible but you don't know what's considered bad by their standards they could be sitting up there and looking down Ah that's not bad yet I'm not coming down yet I'm only going to come back once I'm going to make sure it's good because what might be bad to you might not be that horrible to the individuals who make the decision about the second coming so yes there could be that theory could still play true that the civilization is going to be reshuffled the deck is going to be reshuffled everything's going to be changed but it might not be what you expect it to be so don't stop living don't stop contributing don't go okay I'm just going to wait until they come and let everything deteriorate further do something about it okay do something about it uh
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British_Literature_Lectures
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Enlightenment_Era_John_Bunyan_Pilgrims_Progress_Lecture.txt
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so the pilgrims progress by john bunyan uh we see right off the bat that he saw himself in a dream in that first little paragraph um and this place is the setting is the slough of despond which if you look at the footnote of hopelessness of despair so imagine a bog you're on this journey he's trying to get to this celestial city he this christian is trying to get to the celestial city and he gets stuck in this i'm kind of envisioning quicksand or you've probably been out in a muddy yard or field where have you ever walked and your shoe comes off because it's so that's a mess you know and so imagine getting stuck in there and this is just an area that has accumulated this over time and think about this as a symbol of things because we talk about it being very symbolic yes you can look at it as a journey some guy gets stuck somebody pulls him out and he goes on his way and can't find steps and that type but symbolically it has a lot stronger meaning and i think it's a story much easier to follow because this person is going on a journey his soul needs to go there and i think everybody no matter what faith you have uh feel like your life is a journey to some other reward um again i'm not a theologian so i don't know all of the other you know religions and what's in the the goal but i think from what i've seen in movies a lot of people want to drive for something and their choices here dictate what happens and sometimes people struggle sometimes people struggle with faith temptation a lot of different things whether i should or should should i do this it'd make me happy but it'd be bad you know that type of thing the golden rule all of that stuff should i follow it or not um and so this particular person gets stuck and this individual name pliable shows up to christian he asked why are you here why are you stuck and christian goes i don't know i don't know and that really upsets pliable who that term means being very flexible being able to bend being very um you know i i can change and do what i need to do to survive that you know that type of being pliable and flexible and so we see this play out here where he's really upset because if you think about this as more of a sermon or preachy as to how you live your life when you're stuck when you're just spinning your tires you're not getting any traction that's a problem and you're never going to be able to go forward if you can't identify your problem have you ever heard that uh you know um uh acceptance or acknowledgement of a problem is the first sign in order to fix it okay in movies i'm sure you've all seen people go to aaa or alcoholics anonymous or some drug treatment thing and their first step towards recovery is admitting that they have a what a problem right and so here why are you stuck why aren't you moving i don't know well that's a problem because how are you going to get back on the road how are you going to figure out what needs to happen in order to get to the end zone okay get to this celestial city that they were talking about um and so pliable gets out he's stuck he gets out and goes away and leaves the man there alone if he had a better answer maybe pliable would have helped him out who knows but it isn't until as we see a character named help show up and help helps the man out he gets him pushed forward why are you here why you know you need to look for the steps it talked about it says that christian couldn't get out um he couldn't get out because of the burden that was upon his back does that mean he's carrying a whole big knapsack of stuff and he's just weighted down like a big military guy on a 20-yard run uh maybe if you're looking at this as one of those just a journey but if you're looking at this symbolically somebody's despair despondent stuck not moving not happy they're burdened more emotionally right they're burdened on their back they're carrying have you ever heard weight on the shoulder okay they're just pushed down and hunched down so whoo boy if things are better boy that was a big weight off my back very similar here and so look at it symbolically for that um so help promises uh you know down there towards the bottom he says but why did you not look for the steps the steps to the city the steps to avoid this the steps of your faith is what they're saying because there's a certain book pertaining to the christian faith that if you follow certain parameters certain roles certain commandments says this is of that christian faith appeared in faith that it is helping you to that point well why didn't you follow it he doesn't say but maybe i lost my way maybe i was never brought up in this particular religion you know there are all these excuses so there's a book there's a belief system i think most religions have books or at least a belief system that you follow the path you do what you're supposed to do and you find enlightenment you find the celestial city whichever it is um and so look for the steps look for the steps so help draws him out helps him out and they have this conversation about a king well who's the king do we think who's his majesty can we figure out if this is all symbolic it's his kingdom god god um and that's what they're talking about there what makes the slough of despond so what why doesn't this why don't they fix this land why doesn't the king fix this land why doesn't this bog ever dry up why do people keep getting stuck why do people keep having despair why are people always despondent and this place just accumulates all of this misery of individuals millions millions of wholesome instructions have been at seasons been brought from all places of the king's dominions and yet despond still is here um and so it's one of those things that it just there's just too much of it not enough people are finding the light finding their way too many people are getting stuck too many people are going the opposite direction to the closest gates which is probably not the gate to the celestial city to heaven but the gate two i think we can figure out where um and so really this is a from a large bigger work um so if you're ever interested in it like it's you know it's been parodied there have been movies um there was it talked about the evangelist that him on the way the you know evangelist the the religious individual said this is where you need to go and so i'm going you know there was a movie in the 70s where liam neeson was actually the evangelist there was a family guy parody that i researched and found out where it's called peter's progress so you can almost imagine what that would have been like and i'm kind of interested to go back and check that out and see what uh the similarities because i'm sure if it's a parody like their star wars parodies are right on so i imagine that their parody of pilgrim's progress peter's progress was pretty interesting as well um the very last thing we want to talk about says that the promises of forgiveness and acceptance to life by faith in christ he talks about there being substantial steps um placed even through the very midst of the slal so there are steps and as it says in the next couple lines it talks says that these steps are hardly seen they may be hard to find because you are so lost you are so stuck figuratively and maybe even literally okay and so they are hard to find but look for them find the steps and that will get you on your journey ultimately so just in these two short pages and again this is just a snippet of a larger story we see the the allegory okay the the lessons to be learned you know learn from mistakes learn how to get your life on track alright and look for look for help when help is offered and be flexible and all that
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British_Literature_Lectures
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AngloSaxon_Era_Beowulf_pt2_Battle_with_Grendels_Mother_Dragon_to_Funeral_Fire_Lecture.txt
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all right Beowulf battle with Grendel's mother we've already seen his superhero strength his ability you know as the epic warrior to you know rip somebody's arm out of its socket not just another person but you know this big monster with a big claw on everything but as we establish that doesn't necessarily mean that Grendel is defeated dead you know he disarmed him and pun intended but he's not dead so what do we need to do we need his head and so that's where he goes off you know to kind of confirm that he truly is deceased we see some more of these super L super superhero epic warrior traits on the supernatural abilities he descends into the lake into the marsh and he descends for hours hours you know some of us can barely hold our breath you know 30 seconds maybe a minute if we're lucky maybe a little bit more if you're you know a big-time athlete and so on we're prepared but that's another one of those moments where we kind of you know suspend disbelief you know like that can happen just forget about that you know this is a story a legend and so on because if you couldn't suspend it at this point the by the time we get to the fire-breathing dragon you might you know hopefully you'd be able to suspend it at that point but we have Grendel's mother as he's going down he's fighting off monsters then he fights off Grendel's mother you know she bites at him lashes at him he uses the the sword forged by giants and no man can lift but yet he picks it up and can wield it and you know does what he needs to do with it so these elements that we've talked about the super ability you know it's pretty important and pretty evident in this time period if you look at middle of page 36 after he killed the mom he was able to locate Grendel in this lair the body was dead and he said that Beowulf repaid him for those visits found him lying dead in his corner and then he ultimately struck off his head with a single swift blow the body jerked for the last time then laid still you've seen that in movies and TV shows you know somebody sometimes you see it after they fall from a long way and their body kind of just twitches a little bit you know just little convulsions so he has one here as well while this is going on down below the water okay up above the water her Asghar and some of his men have come Beowulf's crew is hanging out but during the fighting and after the killing everything the blood starts - what's it what there's a boil with blood it like spurts blood surging and blood there we go line 5:20 the wise old warriors who surrounded Hrothgar like him staring into the monsters lake saw the waves surging and blood spurting through so it's not like they've been hanging out for two minutes these people have been standing there hours watching this man well I can't see him but the man went in the water he hasn't come out in hours he's down there fighting something and then the water starts to spurt and ooze and stream blood out bubbled up blood that a good sign probably not and her off turn all his men they leave dejected but what does Beowulf screw do they stay okay think back to what we talked about at the beginning with loyalty and allegiance we talked about that in the introduction and stuff and we have a here these people they've seen him do amazing things now I'm not saying that they're not up there worried because a lake bubbling with blood is not a good omen or a sign but yet they are they they stay they hang out okay and that's their loyalty we talked about how you know warlords you know they're you know if if they you know I'm sorry if the Warriors you know outlive their warlord they feel ashamed and all that and there's that undying unwavering sense of loyalty even in looking at a lake bubbling and so on one could even say that his dissension you know through the water it was like he was descending into hell and fighting all of these things and then he comes back with you know with a head everything's great another one of those traits you know the epic warrior traits that that sheer brawn that he has this he cut off a head and he swam up it took him hours to descend and now it knows how long it took him to go up and he's carrying that this big head and the head how many people does it take to carry that head humans know less than four and that's just a couple words one line but yet that shows you again how strong and amazing an individual Beowulf was and that he was able to cut it off carry it swim it up there and then he could carry but everybody else would you know it would take a whole row of people in order to transport such a thing and so we see those uh those those traits exemplified throughout this particular time the battle with the dragon but and turn to that we've jumped into the future he's been King for 50 years okay 50 years it's been a peaceful time because if you were outside of that country would you ever want to wage war against Beowulf probably not would you want to lead an army against Achilles you know these these supernatural immortal individuals to some degree probably not this is a story about in essence an old king who's getting one last shot old hero who's getting one last shot to to reclaim some glory and so on a story takes place where we have a slave who runs away from his master and you imagine you if you were say we just run away and fight necessary like that's not a good idea I should probably go back but I can't go back empty-handed because he's gonna really beat me now so I need to go and give him a gift okay and so in doing so he stumbles upon this or find some treasure and steal okay he didn't set out to be a thief he set out to have his freedom and then he set out to find something - please don't hit me too hard I got you this okay but ultimately that treasure belonged to a dragon okay how many of you have read The Hobbit that required reading well great Wow sixth grade really interesting III taught the novel's course here a few years ago and we did two Hobbit how many people had read it or they forgot it or something but we were having juniors and seniors reading that book with sixth graders Wow do you know they're making movie of it it's coming out and next Christmas they're taking the book and breaking it up into two movies okay for the main premise if you recall is these these Dwarfs they want their gold back they want their mountains the Misty Mountains where dragon named Smaug has taken it and so they're getting not Frodo but Bilbo because it's a prequel to the Rings they're going to go on this journey to the mountain do hopefully slay the dragon so that they or at least get their gold back because that was their their strong suits and then they had a lot of pickups and many journeys along the way which is how I think they're gonna break up to two movies but in that the Smaug you know somebody is able to do Frodo is able to go and steal some dough ball goes in steal something and leaves the next time he goes back in to get more smog who can smell him he goes oh you're back for more did you really enjoy whatever you took but he knew what what he took because these things are immortal and they are so greedy and they know what they have how much they have they could tell if one coin was missing or one goblet or or whatever okay and so he knew exactly what was missing he just couldn't tell what that person looked like but I think he smelled him because the tunnel had an updraft and sort of so he was able to to know that this person would come back again anyway so the dragon is upset about this in this in this piece farewells dragons upset and so he just wreaks havoc he goes out and kills and smashes and burns strictly for vengeance and revenge okay his motivation for killing is much different from Grendel right Grendel was hungry this is what he does okay he's not out there with the same motivation and desire and hatred that this individual has and that's dragon and so Beowulf actually feels a little bit guilty about it just like that warlord would feel upset if something happened to his crew he's upset he's like what have I done to cause this but we know he's done nothing but yet he has to go and be the one to take care of business if you look on page 42 he said that no one else could do what I mean to hear no man but me could hope to defeat this monster no could try remember that element of boasting and so on can you see this as something else or in addition to boasting can you look at this as maybe being protective of his people because they haven't had war or they haven't been challenged for 50 years no one I know one can take care of this except me I know that and no one is going to try and hurt themselves so I will go and do it so you could you might be able to look at it is that way but ultimately it is him acknowledging his skills and his abilities we may have spoken previously about you know a really good athlete a really good singer actor they have to be a little bit arrogant they don't have to be a jerk they don't have to be cocky but they have to be trusting in their abilities they must fully want the ball in the last moments okay Tebow wants the ball on the fourth quarter and overtime first three quarters not so much but he's working on it these individuals need to know that they can step up and do what they need to do and Beowulf knows that he can step up and do it okay but he is going to be protective as well because he's in charge of these people now so he fights these next couple of pages he even remember how he went unarmed verse Grendel because Grendel doesn't use anything I won't reasoning well I need something for the dragon because his flames will kill me so he uses a shield and his sword now the battles not going too well he's hiding behind his shield and just the fire is starting to melt it imagine there's an inferno in your shields the only thing protecting but you see it start to melt don't you think oh great my times up and he he said like this is it and for that line 7th 796 right around there is there's a flames beat at the iron shield and for a time it held protected Beowulf as he planned then it began to melt and for the first time in his life that famous Prince fought with fate against him with glory denied him he knew it but he raised his sword and struck at the Dragons scaly hide and the ancient blade broke and so he's knew that you know it he's playing against the stacked deck that's me fate weird is against him but yet does he power does he just move the shield and let him get burned no he stabs at the thing he still fights on but his blade breaks so now he's really stuck and the second half really the most important part of this is the presence of this other individual named woodlot we ruff is a relative of his he is the only one that comes to aid him he's the only one that comes and helped and with his help they're able to defeat the dragon ok but it's important to realize bail won't get his bitten and he dies as a result so who's going to take over he bestows out upon Whig life will go up as the new ruler is we're off different from Beowulf I think everybody's different from available wouldn't you agree ok but we'll go off in his addressing of the rest of the people because the whole army could have come out no one came everybody was a our world off was the only one but yet he doesn't go yeah I took the ball from him and I hit the game-winning shot I did it even if he did do it even if he helped out he set the screen to do whatever he did he denied helping out at all he didn't I did everything I could which was nothing Beowulf is still the man Beowulf did it is Wiglaf boastful no so we see a transition from that epic warrior and we see the role of a hero and even within one story we see what it is to be a leader to be a hero evolve a little bit it Avoyelles from what bailiff was then he still retains it to some degree 50 years in the future but then to wig off it changes look at the way he's drilling everybody page 49 these people that have sworn their legions to Beowulf did nothing Beowulf has fed them he's on them he's trained them he's provided for them the fact that you live underneath the land named you know and that's a name for Beowulf but everybody knows that I am in charge I provided the safety for you for 50 years and that's what Goff says when war came you ran like cowards dropped your swords as soon as the danger was real so instead of just talking about in Padua I won't be there for him we'll be there for him yeah but when it actually came it's not a drill anymore they dropped the sores and ran the other way should Beowulf have boasted of your help rejoiced in your royal strength with God's good grace he helped himself swung his sword alone won his own revenge hee hee hee all right then look at this next line the help I gave him was nothing but fair I was able to give so I gave everything that I could for him which in essence was nothing because bailiff still did it but we know that Beowulf would have died without wigwam right without wig off he would have died but yet he's not saying I'm the P I'm the wonderful person he goes I am in charge now I'm in charge and he goes on to say that my sword was lucky if you watch a game you know sones or so-and-so a quarterback gets the most valuable player or running that it's the most valuable player they don't jump up and say it's because I'm the best running back it's big they say my offensive line this is an award for our whole offensive line because without those holes I wouldn't be able to run through when Peyton Manning goes to pro blow every year he takes his family you know who else he takes his entire offensive line it's family free family trips to Hawaii for the Pro Bowl because he knows without those guys he would be on his butt more times than not do you see how the mindset is different as opposed to you know there have been arrogant people who have won MVPs and they go on and on about how great they are and I'm going to hold out for a bigger contract and all these things so we see real world applications of this stuff but um we definitely see the difference between wig left and belt which is important good in the last page dealing with the funeral fire on a tower was built for Beowulf and so that people can see it for far and wide and use it for navigation and and anytime somebody sees it people are going to think of they well whether we establish they don't believe in heaven and hell a pagan society don't have the afterlife to look forward to and that's their weird their faith their destiny that they are going to the only way they can be immortal their heaven is to have people remember them and so all these great things that they did must be sung about and stories told and so some kid says dad who's that tower Bell Bell whose bailiff oh let me tell you about that wolf there was once a dragon or there was once a Gretel and then all of these other stories and myths that they could talk about and do you see how it could go on and go on forever and so on and so he ultimately becomes some degree immortal or he ascends into what they're having the important thing is of these particular pieces did you find those epic warrior traits without me having to tell you maybe some of them hopefully and how do you think back oh yeah yeah that makes more sense you would do better the next time what about the illusions the biblical allusions really any reference to the Christianity and a god almighty's candle and all of these other things Cain and Abel all that stuff they expect you to know that they don't necessarily expect you to know everything about the Bible but you see the presence of Christianity in this piece this is written from a Christianity standpoint the Christian propaganda piece by some monk who wrote it up but it's the pagan society so don't forget that during this era it's the pagans aside and then we start to see Christianity start to come on one more and then it'll stay for up to you know modern times okay
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British_Literature_Lectures
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Renaissance_Era_William_Shakespeare_Sonnet_116_Sonnet_130_Lecture.txt
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Sonet 116 William Shakespeare um we'll spend more time talking about the man William Shakespeare uh next week when we begin and then throughout when we get into MC Beth and such um so we'll deal with that down the road I mean there's really not much to say now that you haven't heard before um it just might be remembering that you have heard it previously 116 um you know these are once again about love um you know the second one is going to be more about a relationship and such but this first one is is more about you know just that fact love because we saw all three of the types dealt with that um this one is is interesting in that uh I I would like for you to try to figure out that problem that situation that struggle that happens in the first 12 lines in the three quatrains and then how the couple the couplet excuse me resolves it gives an answer or gives advice okay and you will see uh I think uh some of shake shp's wit in such play out here listen to The Selection sonnet 116 by William Shakespeare let me not to the marriage of true minds admit impediments love is not love which alters when it alteration finds or bends with the remover to remove oh no it is an ever fixed Mark that looks on Tempest and is never shaken it is the star to every wandering bark whose Worth's unkknown although his height be taken loves not times fool though Rosy lips and cheeks within his bending sickles Compass come love Alters not with his brief hours and weeks but Bears it out even to the edge of Doom if this be eror and upon me proved I never writ nor no man ever loved that guy got a little excited I think in his reading of this particular sonnet um when I read it in my mind I don't have that same Vigor I guess about it um but anyways you know um you know the the main Essence that we see is love is not love which Alters or bends okay it's an ever fixed Mark it's something that stays and you can't break it whether it's over time um they use the line uh the compass the footnote on line 10 you know um maybe even distance or range love cannot break if if love exists between two people you know it it won't it won't suffer throughout these uh you know it's an ever fixed Mark it doesn't move um line 11 love Alters not with his brief hours and weeks but Bears it out even to the edge of Doom the end of the world uh love will not break death can't take it away it will survive and keep going um so he's combating the notion that love is breakable that love is you know not Immortal and all these things so that's the problem that's the situation um now his advice at the end I mean this is him just putting his reputation online he goes if this be air if I'm wrong if this be air and you can prove it to me and upon me proved I never writ nor no man ever love so if you can prove me wrong then i' then I William Shakespeare I've I've never written a true word in my life I'm I'm nobody you know he's putting his reputation out there he no man has ever truly been in love if you can prove me wrong then man truly has never been in love before okay um so it's kind of a quick one a brief one not too much uh you know analysis you know um breaking in there um you know how Love's never shaken even with a tempest even with the big storm you know it's like the star to every wandering bark um you know astral navigation you know on uh you know before they had you know GPS and stuff you you follow that star you you know where you're going based on the stars um and that's what love is it's the thing that drags not drags but guides people throughout their life um and so a big proponent of love and a particular love poem now this next one Sonet 130 um ladies would you like this particular sonnet to be written about you think about that and then the rest of us we can look at it and you know is this a love poem is he truly in love with the individual that this is written about you know kind of ask yourself those questions listen to The Selection Sonnet 130 by William Shakespeare my mistress's eyes are nothing like the sun Coral is far more red than her lips red if snow be white why then her breasts are done if hair be wires black wires grow on her head I have seen roses demasked red and white but no such roses see I in her cheeks and in some perfumes is there more Delight than in the breath that from my mistress reeks I love to hear her speak yet well I know that music hath a far more pleasing sound I grant I never saw a goddess go my mistress when she walks treads on the ground and yet by Heaven I think my love as rare as any she Bel lied with false compare ladies is he in love with this individual does he think very much of this person usually women are like ah what a jerk he's saying all those things about me that's ridiculous but is he really saying bad things because remember the first 12 lines are the situation the problem the story whatever but the last two lines are of um would you grab that please the the last two lines um are the essence of his particular piece he goes and yet by Heaven I think my love as rare as any she bellied with false compare it wasn't weird okay thank you um and so what he's saying is that all of these other people who do their writing all these other people who who make these same comparisons that my woman is a goddess he's realistic they're not a goddess okay they're false comparing but my woman you know she walks on the ground okay but then I think a lot of it was talking about the word wreaking her breath you know people were like oh well this isn't a very good love Palm but you know my mistress's eyes are nothing like the sun Coral is far more red than her lips red because some people say oh her lips are coral her eyes are like you know are the sun oh my they're not the sun he's being honest and legit he's not saying her eyes aren't beautiful he's just saying her eyes are not the sun I've seen Coral redder than what her lips are he's not saying her lips aren't red he's not saying her skin is not white but he goes um oh if snow is white if snow be white why then her breast are done if hairs be wires black wires grow on her head I have seen roses damask red and white but no such roses have I seen in her cheeks I've seen what roses the color of roses and I've seen her cheek her cheeks aren't the color of that again it's not that she's ugly it's just he's saying that color is is not there her cheeks are red and and flushed and beautiful but they're not that particular color and he's going to compare them as such he's not going to false compare them is what he's saying here and in some perfumes is there more Delight than in the breath that from my mistress reeks okay not not saying that her breath you know that her breath stinks okay is that us no no okay um it's not that her breath stinks but I've smelled perfume that smells better than than her breath I think everybody could probably agree with that um you know I love to hear her speak yet well I know that music hath a far more pleasing sound I know music is more pleasant to listen to than hearing her talk he's not saying that she doesn't have a great voice or that I don't like to talk to I love to hear her speak but music is better and so his point is all of these other sonnets and we saw some of them okay that people love their woman in some regard and compare her to something it's false comparisons and so he kind of goes about in a little tongue and cheek way um by saying you know my this woman is all of these things but I'm not going to compare her to all of the other false comparisons so that's William Shakespeare's two sonnets
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British_Literature_Lectures
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AngloSaxon_Era_Geoffrey_Chaucer_The_Canterbury_Tales_The_Wife_of_Baths_Tale_Lecture.txt
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the Wife of Bath in The Canterbury Tales if you look at some of the building background on 124 it mentions here and there about you know women at times we're considered inferior and so on now remember and hopefully when you went through this you remembered how the Wife of Bath what her personality was like that we learned from the prologue okay how she had a history with men okay how she well 5 times married right how she was married five different times how she liked to laugh and chat and she knew all of Love's mischance she knew the remedies she knew how to fix your love life kind of a who do we say Oprah I like that I'd wrote that down that's good you know somebody that likes to uh likes to help out I'm really more to hear herself talk probably and for people to say thank you you're right you're right you're right that type of thing and so now we have on one twenty-five excuse me when it has italics and bolded what that is doing is it was much larger in the original works but they decide we don't need all that so we're just kind of condensing it Cliff Notes version again for you but it really explains a lot Hearst tale doesn't start until the next page okay and in fact we learn a very important thing here about line three or four up there in the italics apparently the object of marriage for her is to have mastery over her husband okay if you could write in your book you should completely highlight that crazily okay her purpose is to prove that women want mastery over their husband want to be in control not equals because remember like I said women were considered inferior okay we don't just want to be equals women we want to be masters we want to control them okay and that's her ultimate goal and just like the partner he had an ultimate goal an ultimate ultimate moral to his story to his tale and we saw that play out the way it did and so here we're going to see us similar story as well at the bottom of 125 we see a lot of discussions back where this isn't the tale this is almost like between the scenes if we are watching this as a big production where the partners play is put on and then there's some in-between stuff that goes on and then the wife of a vast tale goes on it's kinda like the in-between the setting up and you can see the partner sitting there talking to the wife about the Wife of Bath's talking to so-and-so and there are all of these other people and on the top of one 26 if you look at where the partner says madam I put it to you as a prayer the partner said go on as you began tell us your tale and spare not for any man instruct us younger men and your technique so please go ahead enlighten me show me how women should or how women truly want to have mastery over their husband I don't think it's going so far as to say I dare you or i double-dog dare you I don't think it's going that far but yeah it's like alright prove it we're not going anywhere we got nothing better to do tell us your story so she goes on to talk about before she even gets into her parable her story that middle section there in bold it goes into detail about her life her husband's so in order to have her argument resonate in her moral resonate they need to know where she's coming from and so she instructs them about my marriages and how I mastered over them and how my husband's tried to break my will but they couldn't you know that these type of things they didn't want me reading they didn't want me to do these different things but ultimately I I dominated and I want in my life but the story takes place King Arthur's knights of the round table when you think of King Arthur you probably think of his sword Excalibur you may have heard of you know the musical Camelot you know the the Monty Python search for the Holy Grail if the Disney fans in here sword in the stone that was young Arthur and you saw him pulling the sword out there I mean Merlin magician and you know all of that stuff this isn't about Arthur and his sword this is more about his wife Guinevere okay we have a knight on 127 a knight that did something inappropriately there's a PowerPoint on Moodle right around this era on Moodle or the Sir Gawain and the Green Knight which is the next thing that deals with what the Knights responsibilities are Knights are an extension of the King if they do something inappropriately people look at them and just they don't go oh Sir Lancelot did something appropriately it is oh look at the representative of Arthur and look what Arthur's crew is doing right you know if you read a you know any of the Star Wars books or comics you know when the stormtroopers do something bad it's not just structures look at what the Empire's doing it's what they represent and so four nights it is a life long their school and their education is to be a night their graduation from college is a knighthood you know where they bend down they sword on each shoulder like sir Shrek has happened to him that type of thing and so we have these Knights who live their life a certain way you know they must be chased they must treat women appropriately the term chivalrous or chivalry is from the Knights so if you see a gentleman open up a door for a lady or pull out a chair people might say all how chivalrous oh how Knightly they are you know they're treating women the way that they should be okay so that's important to remember because this Knight does something inappropriately on the next page he takes the woman's Maidenhead what does that mean doesn't mean he cuts off her head no he takes her virginity he rapes her we all understand that rapes pretty horrible thing but now imagine a knight who is supposed to treat women well and be kind to be an extension of the king do you see how raping a young lady down by the river by the lake is not very good okay you know the you Arthur and everybody you know that's condemning him to death okay if you look on the bottom of 127 the act of violence made such a stir so much petitioning to the king for her that he condemned the night to lose his head of course by course of law he was as good as dead but line 70 here's an important thing but that the Queen and other ladies too implored the King to exercise his grace so ceaselessly he gave the Queen the case and granted her his life and she could choose whether to show him mercy or refuse so he went and raped a female a woman probably a lot of women would be able to you know feel for that woman and probably want to be in charge of taking care of you know the not necessarily execution but a say in what happens and so the Queen who who ultimately had the power Arthur who did he give it to the woman can we already start to see the Wife of Bath's you know her influence in this story who's getting the ultimate choice on whether this male lives or dies a woman and was given to that that power was given to her by her husband a man and so we start to see women having the power and so on line 80 she gives him a proposition yet you shall live if you can answer me what is the thing that women most desire be worthy X and say as I require she gives him an opportunity to redeem his life I want you to tell me what women desire more than anything else if you find out the answer you will not be beheaded you will survive and live if you don't you will die you have one year from today you have one year go figure it out and come back would you take that year or do you say now I just kill me now probably you would want to live I would think now think about it would this be a stressful year for you guys knowing that that hourglass is running out and you can't find that answer because it's what women desire it's what all women desire that one thing but the problem is I could ask each woman in here what do they desire most I doubt any of you will be even remotely close to agreeing but I have to figure out what the one thing is so do I take a little bit of what each one of you says combined it and roll it up into one and then that's my answer because everybody had some influence in it probably not and his life I mean this is this is life or death he has one shot and so there would be a lot of pressure yeah line 90 91 and in the end he chose to go away and to return after a year and a day so a year in a day armed with such answer as there might be sent to him by God he took his leave and went as you look down some of the things he started asking women during his travels and he kept getting different answers different answers some said that women wanted wealth and treasure honor said some some jollity and pleasure some gorgeous clothes and others fun in bed to be offed widowed and remarried said others again and some that what most mattered matters was that we should be cosseted and flattered okay that's pretty much five or six different things some of them just want to have you know great relations in bed with the man some want to be you know widowed and remarried several several times meaning they want you know as they get older they want to keep younger men around some of them just want to be taken care of and flattered you know others just want you know pretty close others want you know a high standing and honor to be respected so we have differences can you imagine the stress that this is going under now I don't think we should feel sorry for this rapist but yet I think we put that to the side and look at what his objective is and the struggles that must be going on in his mind to find that that elicit answer and so on and then lastly you know down at the bottom some say the things we most desire are these freedom to do exactly as we please with no one to reprove our vaults and lies rather to have one call as good and wide so there's still some more things some more things any struggles and struggles to find out exactly what that what that is now I'm 120 we'd like to be thought wise and void of sin others assert we women find it sweet when we are thought dependable discreet and secret firm a purpose and control never returning things so we want to be trustworthy we want people to think that their secrets are safe Allah these are all different things these are all wonderful things women you should a lot be able to have whatever you want but for a man who has to come up with one answer this is very difficult and there's a story about the man with the ears the deformity he whispers to his or he tells his wife you know don't tell anybody about my my deformity and she just in this story she's just bursting so she has to tell somebody so she goes down to the water but the wind picks it up and it gets louder and carries away and she was unable to keep that secret so women want to be not remembered for this example in the story that the Ovid story we want to be remembered that we can keep a secret and be trustworthy to with our mates and so on so if you are getting lost about wait a minute what's this deformity thing it's not a big premise of the whole piece is just to reiterate the woman's desire to be trustworthy and so on and that's where it 130 kind of wraps that up 131 we get a little supernatural he's out walking he's starting to run out and he saw a dance upon the leafy floor of four-and-twenty mill ADEs nae and more eagerly he approached in hope to learn some words of wisdom ere he should return so he's like oh this is rough oh wow there's twenty four women dancing over there let's go talk to him maybe I can find my answer normally I have to talk to one at a time but there's a whole score of ladies over here let's go talk to him but low before he came to where they were dancers and dance all vanished into the air there wasn't a living creature to be seen save one old woman crouched upon the green a Fowler looking creature I suppose could scarcely be imagined she arose and said sir Knight there's no way on from here tell me what you're looking for my dear for a peradventure that's were best for you we old old women know a thing or two tell me what troubles you why did you come here I'm being an old old woman and she attractive he said you couldn't hardly imagine somebody more ugly Fowler I've been around the block a little bit tell me what problems do you have what can i how can I help you how can I help you dear madam I am as good as dead if I can't say what thing is it that women most desire if you could tell me I would pay your higher give me your hand she said and swear to do whatever I shall next require of you so she knows the answer he's pleased by this but she says I will help you you don't have to pay me like you offered but you must give me a favor when I ask of it you must do what I say when I asked it think about from the knight's point of view do this open-ended promise or die open-ended promise okay but we all know from movies and books and TV shows that that's usually not going to turn out well is it don't you always need to know exactly what it is that you're agreeing to I would hope so so page 150 130 is that 30 to 132 he takes her back to the court time is up shows up with Guinevere he walks out if you look my liege and lady in general said he and here's what he found out a woman wants the self same sovereignty over her husband's as over her lover and master him he must not be above her that is your greatest wish whether you kill or spare me please yourself I wait you also that's my answer that's my answer in all the court not one that shook her head or contradicted what the knight had said maid wife widow cried he saved his life good answer he probably already talked to each of these ladies throughout the year and they all told him something different these might be the women that we quoted a couple pages ago but now when they hear that this is the ultimate like yeah I like that answer better we'll go with that answer I like that one he saved his life good answer good answer because all women want that you don't want to be treated less than a man don't you want to be at minimum me equal but wouldn't you really like to have that power would you like to have that mastery and that control take out the trash I don't want take it out okay you know don't you want that I would think so I would think so it comes out that the old lady comes out the the fowler creature line 2 to 6 twas I who taught this answer to the night for which he swore and pledged his honor to it that the first thing I asked of him he'd do it so far as it should lie within his might so before this court I ask you then sir Knights to keep your word ah and take me for your wife for well you know that I have saved your life if this be false deny it on your sword so she comes out in front of everybody and says he swore honor as a knight you swear your honor you're you're used to wear everything to the to the king to your sword I mean back then guys they named their okay I know middle-earth and Lord of the Rings wasn't exactly in this era but they named all weapons back then in the anglo-saxons and the Vikings and Bale was up they named their weapons Beowulf they named their weapons okay those things were passed down from generation here it is an honorable thing to have and hold and so she says swear it on your sword if I lie and so that would be like a double condemning him so he can't do that and so for the honour of Arthur and the knight and his promise he decides to marry her happily know what does he think about her yes you saved my life is he attracted to her no she's so old a foul or creature he couldn't imagine so whatever you have a vision of ugly in your mind for the opposite sex compound that compound and keep going I mean I think that's what we got to think of to get in the mind of this night it's horrible and so they get married in a big beautiful wedding lavish ceremony no 133 I say there was no joy or feast at all nothing but heaviness of heart and sorrow at a wedding heaviness of heart and sorrow he married her in private on the morrow and all day long stayed hidden like an owl it was such torture that his wife looked foul so torture that his wife looked so ugly that he was married to her that he was not attracted to her well we saw what happened to the last lady that he was attracted to so I don't think we really feel sorry for him right I think if you would keep this in perspective but yet it's I find this a kind of a comical scenario because typically you've seen in movies you know the you know you get married you go to the honeymoon or you have the night of the wedding where there's certain practices that usually are undertaken or perform and so we have this gentleman who's married and you think he's excited about all of that question mark probably not and so it's kind of funny here these lines great was the anguish churning in his head when he and she were piloted to bed so they were going to be husband and wife for the first time but the anguish was churning in his head migraines just it was horrible he wallowed back and forth and desperate style his ancient wife lay smiling all the while at last she said bless us is this my dear how Knights and wives get on together here are these the laws of good King Arthur's house or Knights of his also contemptuous I am your own beloved and your wife and I am she and II that saved your life and certainly I never did you wrong he wasn't excited about it she's sitting there smile and ready to have a good time and he's just not having a good time and she's like dude I'm your wife are all Knights I I expected a merry Oh tonight I thought this was gonna be like hey hey big deal this was gonna you know be awesome but no it's pretty horrible why what have I done to you I've done the one thing that no other woman can do I saved your life and how are you behaving why are you treating me this way and it goes on for a couple pages they go back and forth where he's just unhappy and we know why but yet we see her struggling with it because I don't understand how can you despise me so much how can you not love me for the person I am you know the whole thing inner beauty right you know love the person inside not outside I mean all that stuff and so that's discussed up and down these after these two pages page 137 she gives them an opportunity or an option here to uh to rectify this situation she's gonna give him the choice the woman is going to give the man the choice she says listen here's the thing I want this to work out I want our marriage to work out so here's the deal I stay exactly like I am and I will be the most loyal wife you will ever have I will be the best wife in the world or I could be a knockout I could be the hottest thing that you know you've ever seen but I can't guarantee that I'll be loyal I can't guarantee I'll be a good wife your friends will come to see me and you won't even be around more than likely okay so ugly and good wife or hot and a horrible life you choose so the woman gave the man the choice and that's there on 1:37 but on line three ninety five and so on down at 4:05 at last he said with all the care in life my lady and my love my dearest wife I leave the matter to your wise decision you make the choice yourself for the provision of what may be agreeable and rich in honor to us both I don't care which whatever pleases you suffice as me so she gives him the power and what does he do with it gives it right back you make the choice you make whatever you feel is right you feel you make whatever you feel is right for both of us and I will be content with that so he's been broken down over these two pages that we you know whether it was back and forth back and forth you know she at one point was like you know you were born into your greatness you know don't think you're any better than me you were born your family conceived you you were privileged you didn't have to do anything okay so I mean he was knocked down a peg or two and so we have here at the bottom 137 here's where it comes out ah and have I won the mastery said she since I'm to choose and rule as I think fit certainly wife he answered that's it kiss me she cried no quarrels on my oath and word of honor you shall find me both that is both fair and faithful as a wife so amen that's ultimately what she wanted was mastery over her husband as we saw the very first lines of this tale as we know from what the Wife of Bath her personality and what the moral ultimately was going to be and so this woman says you won excuse me she says I won so I will be both I will be as faithful to you and the best wife possible but for you I will be beautiful and she transforms herself into the most beautiful goddess and then that's ultimately how it is if you look at the bottom at last last stanza there so they lived ever after to the end in perfect bliss and may Christ Jesus send us husbands meek and young and fresh in bed and grace to overbid them when we Wed and Jesu hear my prayer cut short the lives of those who won't be governed by their wives and all old angry of their Pence God send them soon a very pestilence so these husbands that don't allow us to be too to dominate them go ahead and cut their lives short and we want to marry young good men in bed and all these things so we see the moral kind of come out here in the end where it's really kind of a woman's power women's lib type thing here a lot of times we talk after this piece was justice served when you make a mistake at home maybe you were expecting punishment but maybe your parents wanted to teach you a lesson and so you had to learn something or learn from your mistake and hopefully your lies are at the end right did this guy learn it looks like he learned the ultimate goal in the lesson and he truly believed and truly gave that mastery to the woman over him do you think it's fair that he lives happily ever after with a knockout wife the best wife in the world who is that not fair for you remember the little girl who got raped kind of forget about her don't you you know I mean I mean that it I don't it's not meant to be a story about her it's supposed to be a moral of the tale and women mastery and of course I guess you got the casualty of war there with the with the young lady but it's just one of those things that every once in a while somebody goes wait a minute he kind of made out like a bandit at the end yeah he had a year thinking he was gonna die and he had I mean so he learned from his mistakes he was reformed so it's like he served his prison sentence on death row but then he was released and he is a better person he has been rehabilitated so if you want to think about that yes he's been rehabilitated but I guess the victims never truly get saved or recovered to some degree so it's a that's just some some little side thing that we usually talk about that it's a it's kind of interesting and so on
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British_Literature_Lectures
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Victorian_Era_Alfred_Lord_Tennyson_Crossing_the_Bar_Lecture.txt
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Alfred Lord Tennison book on 922 very famous individual um his peace in memorium was very very famous as we read in our introductory material um and uh you know uh he liked it but as well as all of these other uh um you know queens and so on they they enjoyed it his work as well um an interesting thing about him is uh I like the right-hand column when it talks about that um you know when when an acquaintance of his had died you know of a stroke he fell into a deep and long depression nearly a decade past before he published any poetry however he wrote some of his most significant poems during this period perfecting his craft during which he later called his 10 years of Silence just because he's not publishing to the outside world doesn't mean that he's not writing he's not working on his Craft um I don't know if you've ever noticed some of the like most popular um you know uh uh musicians and so on they kind of have a troubled past you know what I mean I just watched uh there's a Pearl Jam documentary um the Cameron Crow the guy did Almost Famous and different movies like that um and just listening to the pain that you know uh the lead singer Eddie veter went through as a kid um you know some of his most famous works were based on some real hardships like he found out when he was 12 or 13 that the person that he thought was his dad wasn't his dad it was somebody else by the time he went to find that other guy he had died and so he missed out on really knowing his father and that really influenced one of his first songs alive uh on their first album as a band and I mean it's just wow such a powerful song and it's so famous for it and yet he had to suffer in order in order to get it and so um artists tend to kind of really take what's you know their feelings in life and this individual more so um than some of the others that we've uh We've dealt with so far um your Queen Victoria appointed Tennison to succeed William woodsworth as poet laurat so like her Chief poet so that means pretty famous and if you remember Wordsworth was uh the tin turn Abbey that we read in the in the last unit um so some bigname people this is one of those guys that in a Jeopardy question you know for the you know the 19th century he would be a good one just to throw out there if you have no idea okay so Alfred Lord Tennison pretty pretty famous um the first poem that we're going to go over is really short it's called crossing the bar um as you see it says that at 81 Tennyson wrote this poem and just a few days before his death he asked that it be placed at the end of every edition of his work so any publication of his from here on out if they followed his wishes I don't know if legally they had to or not but uh they put this particular poem at the very end no matter if it was being repeated over and over um you know if they just took different poems and threw them in a binding they would have to put this one in there as well um and him being 81 him being close to probably the end of his life and then looking at the the message in this particular poem I think we can all see why um this is probably one of the easiest poems to understand and comprehend that I think we have um in this uh in this class um so see if you can follow along what he's talking about look at what the metaphor is what's the symbolism that he's trying to make a connection uh to okay now that we know a little bit about him and about his feelings about death and the feelings and um the background of him being old and wanting this put at the very end of his books you know what does that kind of say so uh follow along please crossing the bar by Alfred Lord Tennyson Sunset An Evening Star and one clear call for me and may there be no moaning of the bar when I put out to see but such a tide as moving seems asleep too full for sound and foam when that which Drew from out the boundless deep turns again home Twilight an evening Bell and after that the dark and may there be no sadness of a farewell when I embark for though from out our born of time and place the blood May bear me far I hope to see my pilot face to face when I have crossed the bar right from the beginning of the first stanza hopefully and may there be no moaning of the bar when I put out to see when we say bar a sandbar everybody know what a sandbar is when I was growing up we went up to a lake a few times and we take the Pontoon out and go swim in the Middle where there was for some reason a sandbar you it looks like you should sink but yet you're you know up to your knees or your waist or so on um a lot of times you see sand bars especially down off beaches and so on um you know because of Tides um you know there's a place in Florida where we go you might go out we call it shelling out looking for shells um and you walk out 50 yards you might have to swim a little bit but there's a sand bar out there and so you look out and it's half a football field and it looks like people are walking on the water because there's a sand bar is that kind of well it is an optical illusion but yeah it's truly happening um and it's pretty cool um but anyways so we talk about him uh him him pretty much you know leaving the beach and going out um but such a tide as moving seems asleep too full for sound and foam when that which Drew from out the boundless deep turns again home so remember Tides go in they crash against the shore and then what do they do they pull back out don't they okay and so in in reference to this and the foam and and the Sea the you know we lived our life you know we're on land but then it it's pulling us back okay it's pulling us back Twilight an evening Bell and after that the dark and may there be no sadness of farewell when I embark and so we were saying how you know he's eldy he wants this as the last piece of any of his um you know uh Works in any addition and so we can see this talking about death right okay um for though from out our born of time and pl place the flood May bear me far I hope to see my pilot face to face when I have crossed the bar so as the tide is pulling him out and he goes out past the bar there's no weeping no sadness while I go and I hope to see my pilot as I cross that bar you cross that step you see in movies and such when people have a near-death experience they talk about seeing the light that would probably be crossing the bar another metaphor for that okay so here it's I'm going out to see once I cross that bar I I cease to cease to live anymore and they say the pilot look at that it's a proper noun what's he talking about hope to see my pilot who do we think he means Satan boy I hope I see Satan there when I die no God and I think it's a little bit of a hint the fact that it is capitalized it is that proper noun that it should pop out okay so a really short poem uh pretty basic you can see how this would be a good last poem of his to to have and if he had such a strong connection to it it's understandable why he would want this as the very last piece in any of his additions uh from here on out um yeah I like that line nine and 10 Twilight and evening Bell and after that dark so it's like your day your day is running out of time the sun goes down but there's still some light isn't there but then it's slowly going away and you know eventually what's going to happen Darkness your life starts to run out sometimes you sense it sometimes you don't but after that it's it's Darkness it's done so hopefully there's no crying when I you know Embark when I leave and I hope to see my pilot there nice peaceful way to go okay um so very famous very famous poem there
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On_Cooking_Lecture_Videos
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On_Cooking_Chapter_25_Salads_and_Salad_Dressings_Part_2.txt
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in part two of salads and salad dressings we're going to be discussing the salad dressing whether this is a creamy style mayonnaise-based salad dressing or vinaigrette salad dressings can add a power punch of flavor to a salad the objectives for this part of the module are explain the chemistry of cold emulsions prepare a successful mayonnaise and vinaigrette by hand repair a failed or broken emulsion prepare cold sauces based on dairy products and based on fruits and vegetables and store and use vinaigrettes mayonnaises and other cold sauces based on food safety guidelines salad dressings are essentially sauces for salads choosing to complement not mask flavors of a salad ingredients that's a key factor because if you're masking the flavors of the salad ingredients you might as well just be drinking the salad dressing there are two basic types of salad dressings vinaigrette dressings and emulsified vinaigrette dressings and mayonnaise and mayonnaise base dressings we'll discuss each one of those in detail vinaigrette is a temporary emulsion or an unstable emulsion a properly made vinaigrette stays emulsified for some time but eventually the oil and water will separate at their most basic level vinaigrettes are simply mixtures of vegetable oil salt and vinegar since ancient times these vinegar these ingredients have been used to enhance salad greens we have evidence of vinaigrettes being used as far back as 2500 years in modern commercial food service we rely on prepared mixtures of oil and vinegar combined in specific ratios this ensures our presentations and preparations are consistent from day to day if you are using a recipe this also ensures consistency however there may be fluctuations from even the smallest amount can make a big difference in the fluctuation of a recipe sometimes also in commercial food service operations we tend to use these pre-made mixtures that typically will have an additional ingredient or two added to it to provide stability to the emulsification this could be as simple as a natural ingredient such as [Music] mustard mustard powder or egg yolk that would help in the binding of it or it may be a thickener like agar agar or guar gum or something along those lines to add a thickening body to it to keep it suspended vinaigrette dressing is a temporary emulsion a temporary emulsion is one that is going to return to its natural state so as you can see from the picture this is vinegar and oil this is most clearly vinegar and oil but when mixed together it becomes a vinegar and oil suspension or emulsion a temporary suspension of oil and water that will separate over time is the definition of an emulsion it's also known as a basic french dressing so unlike what we think of when we think of french dressing we think of that sickly sweet red dressing which is typically not a french dressing it's actually what's known as catalina dressing it's a wholly different kind of product standard ratio as three parts of oil to one part vinegar however you can see in this particular picture they go with a different ratio so it can be different depending on what you're trying to get with the outcome of it but a standard ratio is three to one or three parts oil one part vinegar this ratio can be adjusted depending on the types of oil and even the vinegar is used so some vinaigrettes are going to be stronger if you're using a vinegar that has a more acidic punch a higher ph balance on the acidic scale then you're going to want to use less of that for instance the balsamic vinegar you see in the picture here is lower in acidity so you can use more of it and get more of a power punch of flavor to it there's different types of and combinations of oils and vinegars they can create many different flavor combinations substituting the vinegar with other acidic ingredients can also add flavor combinations such as adding orange juice or adding lemon juice to it as opposed to adding just vinegar to it also internal garnishes and various other different components such as herbs spices garlic or sugar can be added to enhance flavors i never understand people buying dressing for salad if you look at it most dressing of at least 25 percent sugar that's considered dessert if you have more than 20 25 percent sugar it is a dessert and people eat way too much sugar so there is nothing easier to do a classic vinaigrette that i'm going to show you here and i'm putting shallots in it sometimes i put garlic sometimes i don't put anything at all in fact if you leave it a long time if you're going to keep it a long time then don't put anything at all i mean no shallot or or or garlic but for me here shallot salt pepper mustard french mustard vinegar about that amount maybe a tablespoon of water to tone down the vinegar a little bit and then that said the rest is oil olive oil or the type of oil but usually i would put olive oil i would put at least four times the oil for the vinegar so you know i do a jar of dressing in one minute and i have that in my refrigerator for a week we can have each time i need a salad dressing here is i put it put it on the salad now you see this is holding together pretty nice still kind of separated i'm saying that people get berserk when the sauce is not homogenized together but a vinegar should be separated so that you can toss the salad and the whole thing is glossy if it's all together like a light mayonnaise then it glue to the leaves and you have big lump of it there when in fact you want the whole thing to be glossy and nice like this salad would be a little bit in there and then i can toss it with this and then just to make it glossy vinegar at the last moment the right amount of vinaigrette that's it nice salad like that with the raw chicken perfect meal [Music] absolutely so we've shown you how to make homemade mayonnaise now you've got a cup two cups of mayonnaise sitting in the refrigerator and you're wondering what to do with it i'm gonna make six really simple easy mayonnaise-based sauces or marinades or dips let's just start out with my favorite homemade russian dressing you can use it for an iceberg wedge salad you can use it as a smear on roast beef sandwiches a dollop of chili paste in there a little onion a little dill a little bit of lemon juice there's number one let's say you wanted to make a lemon herb dip for carrot sticks and celery sticks for the kids let's get a little bit of chive maybe a little bit of mustard equal parts mayonnaise and sour cream there's that tablespoon of dried kale chili lemon great all-purpose seasoning those are some of the vadiyah seasonings that we use here in our kitchen a little bit of lemon juice a little bit of sour cream because it's a dip and you can marinate chicken in that and when it goes underneath the broiler it actually glazes up let's put some lime juice in one colonel pabst worcestershire which we sell in our online store at easy cooks let's just make some avocado puree a little cumin a little dried oregano some habanero equal part of avocado and there you have an avocado and lime mayonnaise seasoned with all of those flavors of mexico let's do mayonnaise lemon herb sauce for fish a healthy dose of chive a healthy dose of dill a little more lemon juice than the others have and you can put this on fish after it comes off the grill you can glaze fish with this while it's underneath the broiler let's say you're getting all fancy and you're doing bouillabaisse and you want to make a traditional sauce for that bowie base in goes your saffron in goes your lemon little fresh red chili a little bit of grated garlic half a teaspoon of smoked paprika our saffron and lemon and here you have a wonderful mayonnaise and it can be your rui that you stir into your bouillabaisse if you love to cook you've got these other ingredients on hand the possibilities are endless you
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On_Cooking_Lecture_Videos
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On_Cooking_Chapter_27_Sandwiches.txt
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in this module we're going to be discussing everyone's favorite food sandwiches the objectives for this module consists of identify and describe the key sandwich components list and describe the six basic sandwich construction types explain the principles of sandwich construction choose and maintain high quality sandwich ingredients identify different types and styles of sandwiches and prepare a variety of hot and cold sandwiches to order virtually all sandwiches are constructed from the following basic elements bread spread filling and optionally internal garnishes most modern sandwiches include all four basic elements with the bread and filling acting as the essential elements however without a spread most sandwiches have a dry mouth feel without internal garnishes they lack textural contrast the majority of sandwiches are made with leavened bread which are made with yeast because unleavened bread do not contain yeast to make them rise they have a flat shape and are also called flatbreads some leavened breads are fabricated to give them a flat appearance as well these are called yeasted flatbreads the bread product you choose for sandwich making must fulfill five requirements must be firm and sturdy enough to hold the filling without falling apart tender and moist enough to avoid making the sandwich tough or dry fresh not stale or dried out priced to fit your budget and shaped and sized to ensure proper portion control and minimal waste sandwich spreads are intended to fulfill several functions number one form a liquid resistant barrier that prevents a moist filling from seeping into the bread and making it soggy two add moisture and a rich smooth mouthfeel to sandwiches having less moist fillings three help the sandwich hold together by acting as a kind of glue binding the bread filling and internal garnishes into one another four add a particular flavor or combinational flavors to the sandwich five add a particular color to the sandwiches visual effect six in the a la carte service the choice of spread is often left to the customer who specifies it when they order there are some classic sandwiches in which a particular spread such as mayonnaise on a blt or russian dressing on corned beef special is dictated by tradition some of the various types of spread the good moisture barrier spreads include things such as butter and mayonnaise prepared mustard and cheese spreads some of the bad moisture barriers because they contain a lot of water are vegetable purees and fresh salsas ketchups and relishes and processed salsas flavored oils and vinaigrettes these will cause your bread many cases to get soggy and defeat the purpose of being a spread although they do bring flavor to the game the filling is the heart of the sandwich and is considered its main ingredient a sandwich filling may consist of a single ingredient or combination of different ingredients for deli meats the most widely used sandwich filling in north america are industrially processed deli mates while there are quite a lot of the industrially processed deli meats out there there is something to be said about house making or house cooking your own meats and poultry there are several advantages to preparing sandwich meats from scratch by choosing the full range of raw products you can offer unusual fillings such as roast lamb or grilled duck bacon makes three important contributions to a cold sandwich if it's cooked crisp it adds textural interest if it's high in fat it adds richness and if it's salty in flavor it helps season the sandwich smoked and cured seafood is featured in some sandwiches particularly in small sandwiches such as canapes fried and grilled fish fillets and our sandwich standards and the fried oyster shrimp and crawfish po-boys of new orleans have evolved from working men's lunch to gourmet entrees canned fish products particularly tuna and salmon are also widely used as is smoked fish often fish and shellfish especially tuna shrimp lobster or crab serve as the foundation of mayonnaise-based bound salads sardines anchovies and pickled herrings are sometimes mixed into bound salads or range artistically on open-faced sandwiches types of filling for vegetables and vegetarian fillings today most deli sandwich shops and restaurants offer a respectable selection of meatless sandwich fillings vegetables add texture moisture flavor and nutrition to sandwiches lettuce onion and tomato are commonly used in combination with meat cheese and other fillings celery or bell pepper add a nice crunchy texture or to cheese or mayonnaise-based bound salads vegetables can also stand on their own as a sandwich filling marinated grilled or roasted vegetables can be featured in hot or cold sandwiches and a combination of sliced fresh vegetables and a flavorful dressing wrapped in soft pita bread lavish or tortilla becomes a portable salad eggs and egg fillings hard cooked eggs often appear as an ingredient in mayonnaise-based salads they are whether chopped up and combined with seasonings hard cooked eggs can also be sliced in and used as an attractive garnish on open face sandwiches fried or scrambled eggs can be layered between pieces of bread or rolled into a tortilla for a breakfast sandwich or burrito fried eggs also top hamburgers or other meats and cheese sandwiches and regional specialties this is becoming more and more popular these days cheeses everyone's favorite food group any of the semi-soft and firm cheeses may be sliced and used as sandwich fillings either alone or in combination with other ingredients deli cheeses are specifically fabricated for use on an electronic slicing machine cheese is available in such a variety of textures flavors colors and styles that is a welcome addition to nearly any sandwich sliced cheese can fill hot or cold sandwiches and melted cheese or cheese sauce make an excellent topping for hot open face sandwiches flavored cream cheese is a popular filling particularly with bagels and fruit or nut spreads semi-soft and firm cheeses can be sliced while rind ripened cheeses such as brie can be incorporated like a spread remembering back when we talked about the bound protein salads when we discussed the chapter in salads salads made from meat poultry or seafood bound with a thick mayonnaise dressing are among the most popular sandwich fillings in north america protein salads such as chicken tuna egg and ham salads bound with a mayonnaise or salad dressing work well alone in sandwiches as well as in combination with other ingredients thin slices of fruit pair well with curry chicken or tuna salads smoked fish complements egg salad and thin sliced pickled vegetables are always a welcome addition to bound salad sandwiches bound bean and grain salads are often the main element in a vegetarian sandwich external garnish is a piece of food served outside the sandwich rather than included inside it so for example the pickle on the side or maybe it comes with a ramekin of ketchup or packets of mayo or mustard to go on that internal garnishes are part of the sandwich that is enclosed within the bread except open face sandwiches which are made with a single bread slice although these are typically still considered internal garnishes as well in north america the most common internal sandwich garnishes are lettuce leaves and tomato slices although there are many many others as you can see from the picture on the right hand side of the screen there is bacon well i don't really consider baking a garnish i consider it a necessity but there are pickles and onions and even the spread in that when examining the types of sandwiches it's important to understand that sandwiches are categorized in one of two ways either by construction type or by temperature we'll start by examining construction type sandwiches can be categorized into six basic construction types simple sandwiches double decker and multi decker sandwiches open face sandwiches long roll sandwiches pocket sandwiches and wrap sandwiches a simple sandwich that consists of two slices of bread with the spread filling and internal garnish has been between them here's an example of a simple ham and cheese sandwich also a hamburger double decker of multi-decor sandwiches our sandwiches have one deck then another layer of filling on top of the sealing slice and then finally a third slice of bread on top the center portion or the center piece of bread is often referred to as a club or club piece of bread which is where the sandwiched club sandwich gets its name from the two outer parts are referred to as the heel or the outer piece of bread another example of that would be something like a dagwood sandwich which is pretty much everything that's in the refrigerator and then put in multiple layers of the sandwiches hello and welcome to crouton cracker jacks today i'm going to show you how to make the classic club sandwich this double decker sandwich is out of this world these are the units you need so let's get started the first thing you're going to want to do is cook up some bacon i've got some pieces of thick cut bacon here and you're going to need three slices of bacon for each club sandwich and once your bacon is cooked the way that you like it go ahead and remove it from your pan set it off on some paper towels drain completely and that's really all the cooking that you're going to need to do for the sandwich next i'm going to take a tomato and i'm just going to cut the core out of this and get rid of it i'm gonna slice this into kind of thinnish slices maybe just about a quarter of an inch or so you don't want them too thick because this is gonna be quite a thick sandwich anyway next i took three pieces of bread and i went ahead and toasted those off camera because you don't need to watch me toast bread and i'm gonna take my bottom slice of bread here or toast and i'm going to cover it with some mayonnaise there now i do my club sandwiches a little bit different where i live we order them and get them a specific way and that's the way i like to make them so i'm going to start off with a layer of ham and this is just regular smoked ham lunch meat i'm going to top that with some smoked turkey breast lunch meat and then a slice of mild cheddar cheese i'm going to take my second slice of bread put a nice layer of mayonnaise on that and put it mayonnaise side down [Music] and again take some more mayonnaise and smear that across that toast and now basically what you're going to do is make yourself a blt right on top of that ham turkey and cheddar sandwich [Music] so layer up your bacon there and then on top of that bacon put yourself a nice piece of lettuce and then i'm to put two slices of tomato right on top of that and again smear some mayonnaise on the bottom side of that top pizza toast and set it right up there on top kind of press your sandwich down a little bit then i'm going to take some of these frilly toothpicks because this sandwich is such a high stacked sandwich you're going to want something to keep these pieces together when you cut it so i'm going to use the classic what they use at all the restaurants around here use the philly toothpicks and put one on each side [Music] and then using a very sharp knife i'm going to cut my sandwich right in half turn it and then cut it into quarters now to serve this up i'm going to do it just like they do in the restaurants i've made up some french fries here these are just you know frozen store-bought french fries that i made in the oven and i seasoned those i'm just going to put those onto my plate and around the fries i'm going to arrange the four quarters of my club sandwich and there you go how to make a club sandwich the crouton cracker jack's way i hope you guys enjoy and thanks so much for watching [Music] open face sandwiches are a sandwich with a single slice of bread topped with the spread filling ingredients and garnishes in other words an open face sandwich is a sandwich with no lid here are just a few examples of open space sandwiches these are very ornate open-faced sandwiches often referred to as canapes but you can also have open-faced roast beef sandwich smothered in gravy long roll sandwiches are sandwiches made with long narrow french and italian breads that can be constructed in two different ways simply long roll sandwiches the rolls are split completely in half horizontally and then filled hollowed long roll sandwiches the roll is split along one side opened out and flattened into a canoe shape a good example of this is a french po boy or a new orleans style seafood po boy the italian sandwich is probably the best known long roll sandwich but also sandwiches such as bon me in vietnamese culture is also considered a long roll sandwich rocket sandwiches are sandwiches made with yeasted flatbreads that are fabricated and baked in a way that gives them a hollow center such as this pita or this chicken salad pita a wrap is a thin pliable flatbread and it can be rolled in in around any filling in internal garnishes to make wrapped sandwiches there are two types of wrap rolls pinwheel and burrito style there is some thoughts in the culinary world there is some debate in the culinary world whether a burrito is technically a sandwich according to this if it's a wrap it is a sandwich now let's look at temperature sandwiches can be categorized in two basic temperature types hot sandwiches and cold sandwiches hot sandwiches include those in which the filling ingredients are served hot such as hamburger or hot dog and those were the entire sandwiches heated for service such as grilled cheese or monte cristo the cuban sandwich which is located on your left is a mixture of pork and pickles and mustard and cheese and it's grilled and pressed whereas sandwiches such as the kentucky hot brown which is a turkey sandwich open-faced smothered with cheese and usually has some kind of bechamel or mornay sauce on top of it and it is uh while it doesn't look like it it's very good trust me it's very very delicious cold sandwiches are made with raw ingredients that are not intended to be cooked such as vegetables and cheese or with meat poultry fish or shellfish that is pre-cooked and chilled before using as a filling cold sandwiches may be closed or open-faced some examples of cold sandwiches this is a new orleans muffilata which has ham and salami and usually provolone cheese and olive salad usually served on a nice crusty bread or simple deli sandwich such as you might find at some local deli style restaurants turkey and alfalfa sprouts and different vegetables on a nice wheat hoagie [Music] okay so today we're talking about muffle lettuce sandwiches the muffaletta dude for one i just want to say that this recipe has the babish seal of approval so babish love you kissy so this sandwich is sort of like an italian louisiana thing supposedly italian immigrants brought this to new orleans and this is like a really popular sandwich it's got all sorts of different things and it's supposed to be humongous so with all that said let's make this shall we okay so despite preemptively drinking at an hour that i'd rather not describe i'm gonna start with three quarters of a cup plus one tablespoon or 195 milliliters of water at around 95 degrees fahrenheit to that you're gonna add two teaspoons or six grams of instant yeast mix that together and just let that sit for about 10 minutes in a medium sized bowl mix together two and three quarters of a cup or 415 grams of bread flour one and a half teaspoons or seven grams of fine sea salt and one tablespoon or 14 grams of granulated sugar give that some whiskey business toss it in a big old stand mixer make sure to have the spiral hook thingy now to the floor make sure go ahead and add two tablespoons or 23 grams of lard or shortening you can add it at this point it's fine let it mix just a little bit to get incorporated let it get a little crumbly then add in your yeasty water mixture that sounds nice and let that mix on medium-low speed for about five to six minutes or until you get a nice smooth dough like this [Applause] shake that brother into a ball pop them into a greased bowl cover with plastic wrap and let that rise at room temperature for about an hour or until nice and doubled and thicky like this and as usual give it some love some kisses whatever feels nice and then beat it down slap it around degas that bit dump it out onto a lightly floured work surface shape it into a rough ball but be careful here we don't want to get it in too tight because then you're going to end up with a giant burger bun and let's just say that i might have shaped it a little too tight so the idea is you sort of want a thick disc then just place your forbidden disc onto a parchment-lined baking sheet cover it with a damp towel and let it proof for 30 minutes at room temperature then remove your towel to reveal a grown-up forbidden disk now from here it's very simple give it a light brushing of egg wash consisting of one egg plus one tablespoon of water sprinkle it with some sesame seeds then you're going to place it into an oven that's set to 450 degrees fahrenheit for 10 minutes but for the first five minutes you're gonna place an oven safe pan with a small layer of simmering water in it that's the steam you need then after that five minutes remove the pan let it bake another five minutes at 450 then drop the temperature to 375 for an additional 20 minutes or until you get a beautiful golden brown now look this one looks a little bit like a giant hamburger bun because it wasn't quite shaped thin enough so just make sure to push it down a little bit let it cool to room temperature before we go all crazy making our sandwich we need to start with an easy jardinero essentially italian pickles don't be skewed it's really easy so in a medium sized pot go ahead and add one quart or 950 milliliters of white vinegar one cup or 240 milliliters of water i also added a little splash of yuzu vinegar but you have to be fancy like me if you don't want to one tablespoon or 10 grams of kosher salt two bay leaves one tablespoon or nine grams of coriander seeds and one teaspoon or two grams of grains of paradise both of which were toasted then just bring that up to a light simmer and to that you're gonna add five ribs of sliced celery half a head of cauliflower florets six coarsely chopped carrots and two thinly sliced red fresno chilies let that simmer for six to eight minutes or just until the vegetable begins to soften a little bit okay we still want this ultra al dente scoop the veggies into an appropriately sized jar add one tablespoon or five grams of finely chopped fresh oregano and cover with the pickling liquid make sure that there's enough vinegar to cover if there's not you can always splash a little in there to cover it right nobody's gonna know then just let that sit until it comes to room temperature this makes a lot of pickles so you can have this recipe if you want to so you might be thinking josh brov i've got the bread i've got the john's nero how do i make this proper my apologies to the english now you can't have a great muffaletta without a great olive salad mix together three quarters of a cup or 165 grams of rough chopped black olives 1 cup 190 grams of rough chop 1 cup 190 grams of rough treat 1 cup 190 grams of rough chopped pitted castle veterano olives jesus that is a tongue twister half a cup are 60 grams of rough chopped dry cured olives the really chewy salty boys one tablespoon or five grams of fine chopped fresh oregano one finely diced shallot three cloves of garlic grated we're almost there two large handfuls of jardinira rough chop that too by the way three finely diced thai chilies and finally two tablespoons or 30 milliliters of sherry vinegar a quarter cup or 60 mls of extra virgin olive oil and salt and pepper to taste give that a little mixy mix until you've got a beautiful olive salad now look you can let this marinate overnight but you could also use it right away okay it's time for all your hard work to pay off obviously slice your muffled bread in half i like to toast it in a 50 50 mix of olive oil and butter then i just give it a nice generous brushing of garlic oil which is just three tablespoons of olive oil and two garlic cloves grated into that that's literally it the layering order is very important begin with a generous layer of olive salad then a few slices of nice ham here i have some prague smoked ham a few good slices of nice swiss cheese and make sure you're covering the total surface area for the most part a generous amount of sliced genoa salami a few slices of smoked provolone and by the way the number of slices is up to you just be aware that i did build this sandwich a bit tall so and finally top it with a few slices of excellent mortadella the best you can find then top with another layer of olive salad restructure your sandwich because you got a little too wild on that they're meat slices and finally crown your king drawn quarter or eighth year sandwich let us begin our extraordinary sandwich feast it's muff a lot of time ultra thicky this sandwich is the definition of thickness okay not one not two not three not even four seasons i'm talking 43.5 c's if it's not difficult to put in your mouth it ain't a muffle without further ado i'm in the sandwich zone hang on this sandwich is easily the king of all italian style sandwiches in my opinion i mean okay well there's a couple other ones but all the time spent collectively bringing it together to bring this perfectly balanced sandwich you've got the saltiness from all the cured meats you've got some richness and some creaminess from the cheese funky salami fatty mortadella salty smoky ham and then you've got the acidic sort of a little bit spicy olive salad and that olive oil is like drenched in there this is a freaking that's gross sandwich this is like a third date sandwich it's very balanced button's a little fatty but you wonder what else is a little bit fatty b-roll [Music] tea sandwiches are small fancy constructions they're made with light soft trimmed bread typically a nice light white bread or rye bread or pumpernickel they have delicate fillings or spreads that are used to fill them they're usually cut or rolled into different shapes and this goes back to tradition of having finger sandwiches or small one to two bite sandwiches and to keep things interesting shapes make things a little less monotonous on the plate they're also served as finger food at parties typically you would see these as past hors d'oeuvres or you might see them at tea time in some of the more fancy locations for instance the peabody has a tea time similar to this you have the canapes unlike the tea sandwiches canapes are usually open faced these are small one to two bite appetizers modern canopies may use a cracker or a small pancake called a bellini or even a pastry shell as the base as opposed to just simply bread some cannabis i've actually seen done with a roasted potato as a base a flavorful spread such as butter or flavored cream cheese or mayonnaise is added to it and this is used to typically prevent the moisture of the ingredients that are used on the canopy from making the bread soggy because sometimes they're going to be sitting for a little bit of time until they're passed around the toppings of meat seafood vegetable fruit or other toppings the more luxurious the better you really want these to be an expression of a wow factor because these are going to be one to two bites and you really don't have much of an opportunity to change someone's mind by developing flavors too fast a garnish usually something small like tiny minced onions or herbs or caviar poppy seeds things along those lines will give it just a little bit more of a character a little bit more of a definition to it than just putting a little spread on a plate some key takeaways from this module sandwiches are made with breads breads fillings and internal garnishes ideal breads for sandwiches should be soft and somewhat chewy but depending on the sandwich you can also have a crusty bread spreads are designed to prevent soggy bread providing a barrier between the filling and the bread if the spread has a high water content it is for flavor not as a barrier fillings can be spreads meats vegetables eggs or bacon did i mention bacon sandwiches can be classified by either construction type or by temperature from burgers to club sandwiches hoagies to po boys sandwiches are one of the most versatile and love dishes
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On_Cooking_Lecture_Videos
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On_Cooking_Chapter_5_Tools_and_Equipment_Part_1_Intro_and_Hand_Tools.txt
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in this module we're going to begin our discussion of tools and equipment we're going to talk about an introduction to tools and equipment and specific hand tools including knives whisks spoons and other items the objectives for this section are list nsf safety standard requirements and explain safe and sanitary equipment design select and care for knives and identify a variety of professional kitchen tools and equipment known as the most trusted name in food safety nsf international has been helping businesses in agriculture processing food equipment restaurant and retail industries to navigate the food safety and regulatory environment for more than 70 years their extensive suite of food safety and quality service spans every link from farm to fork including certification testing training consulting auditing and regulatory compliance nsf offers the most accepted and trusted certification and registration programs for commercial food service equipment specified by health departments restaurant buyers and specifiers worldwide nsf means market access products with the nsf mark received guaranteed regulatory acceptance in north america and improved acceptance worldwide registration programs such as hassep compliant verification eu demonstrator and the eu demonstrate hygienic quality independently verified by a trusted source they receive test certify and register food equipment products for acceptance across the united states europe and other global markets based on design standards construction standards and installation standards food contact surfaces such as bowls and other equipment have to be easy to clean tables have to be non-toxic non-absorbent non-reactive corrosion resistant smooth and pit free no ledges rounded edges for safety sealed seams to prevent any bacteria growth and no rivets or bolts any equipment with a coating material such as polycarbonate or enamel has to be non-toxic and easily cleaned and resist chipping and cracking before purchasing or releasing any piece of equipment big or small always ask yourself four questions is it necessary is this piece of equipment necessary to be able to perform the function of the restaurant or operation will it perform in the space available oftentimes restaurants and kitchens have limited space and that space is taken up by vital equipment always keep in mind that not only does the equipment have to fit in the space if it's on casters you have to make allotment for the base of that equipment as well is it the most economical for the operations and needs perhaps you don't need the 400 blender if you're only doing regular blended items a simple bar blender will work is it easy to clean maintain and repair if it follows the nsf international guidelines this should be a yes on those occasions i'm will griffin i'm a knife maker the knife is the most important tool that a chef uses a chef knife is the most versatile knife in the kitchen if you have to buy one knife make it a chef's knife first let's talk about steel this knife here is japanese made in a western style you can see it has a lot of similarities to the wusthof here which is german made the big difference between these two is that this knife is made of a carbon steel a high carbon steel not a stainless steel this knife will react with the environment so it will patina and darken over time and potentially rust as well the patina on this steel right here is from six or seven years of use in a professional kitchen whereas the stainless steel knife it won't patina or rust over time in most normal circumstances the reason you might choose a carbon steel knife carbon steel is easier to resharpen and many people myself included prefer the aesthetics of a knife that adapts to its environment over time the next thing to talk about is the hardness of the steel you can control the hardness of the steel based on how you heat treat the steel as part of the knife making process here's a japanese made knife with a very high level of hardness in the steel the benefits of it are that it maintains its edge for a longer so you don't need to sharpen the edge as frequently the downside of that is the edge is more brittle i have an example of a very hard knife here that i dropped on my kitchen floor and the tip just broke right off the wish toff's a good example of a knife that's a little bit softer there's pros and cons of that as well so the softer knives they won't retain an edge as long but the edge won't chip as easily and the whole knife in general will be more resistant to shock and abuse if you were to drop it on your kitchen floor the tip would kind of bend over and you could probably bend it back straight so the next thing to talk about is the blade shape so this type of a profile or blade shape that's very flat along the edge it's really well designed for slicing and for cutting things on a cutting board this way the german style profile with the very rounded belly is much more designed to cut this way on the cutting board so to rock along that curved belly if we're now just talking about european style blade shapes you've got the german guy here and then here is this french chef knife and you can see the difference in these profiles so the french chef knife is a little bit more similar to the japanese one in that it's pretty flat and tends to be a little bit more narrow it's still rounded here so it can still do that but the fact that it's so straight on the back says to me that it's designed also for a lot of slicing and sort of push cutting techniques as well next let's talk about blade thickness here's an example of a japanese-made knife that's very thin the thinner a knife is the better it is for most cutting tasks the only downside of a thin knife is that it can be more delicate when you start to talk about more robust foods anything where i might run into a bone or something you know this knife isn't the knife for that job one element of the thinness is that it doesn't have a lot of weight behind it that can be a pro or a con it's nice to have something that's light if you're chopping all day but also sometimes you feel like a little bit more weight can help you get through things and then the other example is the wusthof here much thicker in cross-section thicker at the spine but also thicker down at the edge as well the thicker knife is just going to do better in situations where there's more stress put on the blade one isn't necessarily better than the other but i will say in general if you can cook in a delicate way then you should choose the thinnest knife that works for you because the thinner the knife the better it's going to move through the food let's talk about double bevel versus single bevel knives this is a japanese made single bevel knife the bevel refers to the part of the knife that's ground on a grinder down to the cutting edge and you can see there's a line that's the transition between the bevel and the upper part of the knife so this has a bevel on the right hand side but it does not have a bevel on the back side essentially it's flat although it's actually concave there are a lot of benefits of knives like this they cut extremely well these knives are ideal for cutting raw fish that's why sushi chefs use those sashimi knives there's nothing like those in the world but there are a number of downsides with these types of knives the edges tend to be very very delicate because of how thin they are and it requires some learning and some experience to know how to sharpen these kind of knives because it's a completely different sharpening technique than your double bevel another tricky part of these single bevel knives is that when you cut the cut tends to want to wander away from the bevel the knife just wants to pull over to the left a little bit you can adapt to it and sort of adjust your technique and you can do it but a double bevel knife will cut straight down there's a small bevel here and a small one here and it's ground equally on both sides the benefits of that there's a little bit more meat right at the edge of the knife so it's a little bit more robust they're also easier to sharpen another feature of these single bevel knives is that there's a handedness to them so this is a right-handed knife the handle is shaped to accommodate a right-handed grip and the blade is actually a right-handed blade as well so the bevel's on the right-hand side and the hollow is on the left-hand side so it's designed for a right-handed person to cut this way a left-handed knife would have the bevel on the left and the hollow over here and the person would cut this way if you're left-handed be careful before you buy one of these so let's talk about blade length 240 millimeter or let's say 9 inches up to around 10 inches is a very common size for professional cooks a larger knife can be good for processing a lot of ingredients quickly you can line up more stuff on your cutting board and kind of get through it quicker a larger knife has some downsides they tend to be heavier because there's just more steel there they can also just be overkill if you have a small space if you use a small cutting board i would say the most common size of chef knife out there is probably around an eight inch chef knife so this is the eight inch wusthoff here's another eight inch knife the japanese made knife that's a great all-around size for most things and many people in restaurants use this size as well but i also think there's something to be said for a knife that's smaller than eight inches so here's the wusthof six inch chef knife and i think this is a great size for people who have limited space you feel like you have more control over a knife this size especially like out towards the tip of the knife i feel like i have more pinpoint control over that area than when i'm holding a knife like this and the tip is just so far away from where i'm holding it so if you're doing mincing shallots doing finer work a small knife is great and this is also big enough to chop carrots do whatever so if you don't do hours upon hours of prep work at home the savings that come along with a smaller knife might be something to think about moving on to handles first we're going to talk about the tang design so here's a japanese-made chef knife features a hidden tang style construction in the handle it means that the steel of the blade extends part of the way into the handle and then is usually glued in there and then there's a handle material that's shaped on top of that here's an example of a hidden tang knife with no handle on it so it gives you a good sense of what's going on inside the handle of a hidden tang knife and then if you compare the hidden tank to the full tang knife here's the wusthof again the steel extends all the way through the handle and then there's just two flat handle scales that are glued and riveted onto that steel so there's a lot more mass and material back here in the handle and that tends to move the weight of the knife back towards the handle one difference to maybe think about is the hidden tank knife design is a little bit less suited to very heavy applications i would say it's not meant to be really hammered into the cutting board a full tang design is much more robust in that area you could be a little rougher on the knife and not worry about the handle coming apart with the tang for most cooking applications i wouldn't say there's a big difference in quality or strength between these two types of handle designs knife makers use a lot of different materials for their handles again it's a matter of preference this particular knife this is a victorinox their handles are made of this fibrox material a very food service kind of oriented knife it's easy to wash it's certified to not harbor bacteria and things like that which is important in sort of institutional kitchens so the material needs to suit the environment that it's being used in there's also the wushtof they use just a black plastic material it's a man-made material that's basically indestructible very easy to maintain it doesn't warp or change and dimension a great material for ease of maintenance i would say here's a handle that's very similar in design to the wuss top but this is the vintage french chef knife and this is when they were still using wood on their handles so that requires a little bit more maintenance than the man-made material a wood handle might be appropriate for somebody who appreciates the beauty of the natural material and the uniqueness of it as well no two pieces of wood are exactly alike so there's some element of nature finding its way into the knife which i appreciate there are a really wide variety of handle shapes out there the most important thing when it comes to choosing the shape of the handle of your knife is putting it in your hand and seeing how it feels one thing that's characteristic of these is this flared out end of the handle here that tends to hold your hand in place and then it's got a little swell here that kind of fits your palm if you look at the sabatie the french version you can see how there's similarities but little differences they both have the swell here at the end but this one's just a little more narrow a little straighter you can even bring in a western style chef knife but made in japan they've adopted a similar handle profile just a little bit more angular i would say but it has that same swell there so that that's a common feature and then you can go to something like this this is a chroma chef knife and they've designed sort of an interesting thing here where the handle and this blade is one integral piece of steel a knife like this i would certainly want to hold on to before i bought one just to make sure that that feels comfortable to me in cooking there's two main ways you hold a chef knife you hold it this way for doing heavy duty chopping and then you hold it this way with your fingers up pinching the blade and that's for more fine work so this leads us into a discussion about the balance of a chef knife i would say balance is very much a matter of personal preference and when we talk about balance generally we mean where does the knife balance from this end to this end if a knife is more blade heavy it tends to balance out here if a knife is more handle heavy it tends to balance somewhere along the handle this knife is very blade heavy some people prefer a more handle heavy knife some people prefer a more blade heavy knife a knife that balances in the front of your hand where that first finger kind of is tends to be a knife that feels balanced if the balance point were to be way out here and i'm holding the knife here that's going to be a knife that feels very top heavy if the balance is way back here it's going to feel like it takes a lot of extra work to get it to go this way so in general you want to look for a balance close to where you're holding it with this first finger and both of these knives are close to that this one happens to be a little bit in front of it this one happens to be a little bit behind where that first finger is but they're still generally balanced in that way another part of the handle to consider is the bolster if you look at this wusthof you can see that this knife has a bolster the bolster is this steel that's around the heel of the blade that sort of transitions into the handle here if you take a look at one of the knives i made there's no bolster here so it's just the blade steel that's the difference now it's sort of a safety feature the bolster it prevents your finger from slipping up here and getting nicked on the very heel of the blade that seems to be the main function of what the bolster is there to do but that also comes with a very serious drawback it becomes very very difficult to sharpen this blade all the way down to the very corner no bolster you can get your fingers closer into where the blade is whereas this knife there's no sharp edge in the corner so i can't use that for anything whereas this knife i can use this sharp corner to do things those are the main differences so as we've seen there's a lot of variety in the materials and design and construction of chef knives so when it comes to picking one it's important to find a knife that you connect with because you're going to be the one using it and the more you like using it the more you're going to be in the kitchen and the more fun you're going to have let's take a look at the anatomy of a chef knife first part is the tip this is the working end of the chef's knife and is probably one of the most fragile parts on the knife whenever the knife is dropped this is usually the point that's going to break first the cutting edge is the literal bleeding edge of the knife the spine of the knife is the back the bolster is the point where the handle meets the knife itself this is a heavy part that's used for counterbalance in many cases the heel of the knife is underneath the bolster and this is where your fingers rest along the inside of the knife blade the tang is the extended piece of metal that goes into the handle and this is used for strength rigidity and counterbalance and then the handle with the rivets the rivets have to be smooth and flush so you don't have any irritation on the skin boning knives and fillet knives come in two different styles the boning knife is a rigid knife and is used for boning things like chicken and beef for getting around heavy bones and cutting through sinews whenever fabricating a fillet or fillet knife is used for filleting fish one of the more essential knives in the kitchen is the paring knife the paring knife is a smaller version of a chef's knife that can be used either on small cutting small chopping or used when you choke up on it to get more intricate and detailed cuts the cleaver is often used in conjunction with a boning knife whereas the bony knife is designed to get up next to the bones the cleaver is designed to cut through the bones slicers come in various different styles and lengths as you can see here we've got a serrated slicer which is used for cutting through breads a long slicer which is used for cutting meats and roasts and things along those lines and then a slicer that's similar to that but which has a scalloped edge or a graton edge which prevents any starches or anything from sticking to the blade while you're cutting through it a butcher's knife known as a scimitar is a long bladed knife that has a kerf to it this is designed for cutting stakes and meats and chops oyster and clam knives are specialty knives used for being able to shuck oysters or getting inside of a clam shell the majority of knives we've looked at so far including our traditional chef's knife has been a french style or german style knife japanese style knives are unique in the fact that many of them are only edged on one side as opposed to a two-sided blade on the french or german style this means that instead of having a 13 to 30 degree angle of a point or edge on the knife on the cutting surface japanese knives typically only are ground on one side and flat on the other side of the cutting edge which gives them a very very thin blade and a small angle about seven degrees which allows for extremely sharp cutting this is by no means inclusive of knives there are many many many more varieties of knives out there and if you're interested i would encourage you to visit en.wikipedia.org wiki kitchen underscore knife for more information sharpening stones are used to sharpen a knife once the edge is no longer viable as you can see here there are several different styles and several different grits from a japanese stone on the left which has a multiple grit 400 grit and 1500 grit obviously the 400 is a heavier dutier grit used for cutting metal and the 1500 is used for polishing the metal at the end you can also see on the right various different wet stones this is w-h-e-t stones used to grind and grate down an edge from the lower end the really coarse grain on the bottom to a more fine grain as you go up despite its reputation as a sharpening implement a honing steel is actually designed to realign the barbs the microscopic little shavings of metal on the edge of the blade that keeps the blade sharp this is not intended to resharpen a knife once it gets to the point of being dull with the exception of the one in the center which is a diamond steel which will actually cut metal and help in aiding re-sharpening it's far harder working in the kitchen with a blunt knife than it is with a sharp knife the secret behind keeping a sharp knife sharpen it before and every time you use it first grip the steel feel really comfortable about holding the still imagine you're holding a tennis racquet or you're playing squash you've got to be really comfortable with it now 45 degrees confident grip confident grip with the knife this is the butt of the steel really important to keep your fingers behind there you never grip a steel with your fingers over that because the knife comes back in you've just lost a finger always grip behind nice long strokes so we get the whole of the blade over still stroke and we start from the bottom to the top so there across there across slow strokes over the top of the steel and then come back underneath then back underneath it is so dangerous working in the kitchen with a blunt knife you can cause so much damage working with a sharp knife is 10 times quicker more efficient now that's ready to start chopping now the first thing that you're going to need is a wet stone if you don't have one already please get this one the double-sided king 1000 6000 whetstone you can see there's two sizes this is the fine side which is the 6000 and then this is the core side which is the 1000 so one is for sharpening and then the other is for polishing it's the perfect combo it also even comes with its own base which is pretty awesome just so you guys know i'm not sponsored by them they don't know that i'm doing this i just really love this stone it is hands down the very best budget wet stone you can buy it's only 25 on amazon and if you got prime it's free shipping something come on i put a link below go grab it now when you're ready to sharpen take your stone and submerge it in water and let it soak for 5-10 minutes that may be slightly unnecessary for this kind of stone but i personally like to do it now obviously you're going to need some sort of knife to sharpen so whichever that is you can literally use any knife there's no special knife you have to have i obviously appear to be a knife hoarder which is a little bit true but you don't have to be in order to sharpen a knife so the only thing that i would mention is that whatever steel type you have will determine how long it takes for you to sharpen now this white number two steel knife here sharpens very quickly but if you have a german steel knife which is a very common steel for most house knives then it will take you a little longer say 10-15 minutes now i'm gonna explain how to sharpen this in a very simplistic way this can either be really confusing or just really straightforward so i'm going to keep it straight forward now you're going to take your silk stone and we're going to start sharpening on the coarse side which would be the 1000 side you're more than welcome to use a different stone but i would try to keep the coarseness similar to the one that i'm using right now now listen carefully there are two main factors that determine the sharpening of your knife okay and that is which hand is doing what now the hand that's holding the handle is going to determine what angle the knife is going to be sharpening at where is the angle of your edge going to be i'm not going to confuse you with which degree it needs to be i'm just going to use simple terminologies and then the remaining hand that's not holding the handle is going to apply pressure to the blade so you can actually sharpen it now remember when you're applying pressure you're not applying pressure in the forward stroke you're actually applying pressure when you're dragging the knife back towards you now as for what angle you should use the the method that i personally like to use instead of determining oh it's going to be 45 50 70 whatever it's never that accurate so at the end of the day just pretend that there's two or three quarters on the spine of your knife that's holding your knife up and use that as a guide for your angle as if there were for some reason two coins underneath the back of your knife now this is going to take some practice so don't expect to get it absolutely perfect the first time now before you sharpen make sure that you wet the top of the stone to make sure that the stone stays wet the entirety of your sharpening if it starts to dry out just reapply water to the top now set up your sharpening so get that two or three coin angle depending on whatever feels most comfortable to you and then apply pressure in the area where you're ready to sharpen i would recommend you start doing the knife in segments so let's start with the very back of the knife now while first applying very little pressure begin the movement by pushing the knife forward and then while applying pressure pull back so you're gonna push forward again and then apply pressure with your fingers and pull back you're not applying pressure with the hand that's holding the handle remember you're only applying pressure with the fingers that are on the blade the hand that's on the handle only determines the angle and moves the knife back and forth and you're going to repeat that back and forth movement process 15 total times or more depending on how much your knife needs to be sharpened now you're going to do the exact same thing on the other side with the exact same angle and do it for the same amount of strokes as you did as the first one and you're going to continue this process until that segment of the blade feels relatively sharp and then repeat that process along the entirety of the blade you're only going to be doing it in segments piece by piece it'll probably be anywhere from three to four segments of the knife now once you reach the segment of the knife where it starts to curve a little bit do not use the same exact method it's gonna be similar but going back and forth is just not going to work instead you're going to be turning your knife just a little bit while you're doing that movement through the edge of the blade so it's essentially the same thing but instead of pulling it straight back and forth you're just giving it a little bit of a turn at the same time as you can see what i'm doing here so it's not exactly back and forth it's more of like a sliding back and forth and guys i really can't emphasize enough but the most important thing here is trying to maintain the same angle all the way through the knife that is going to take some practice but i promise you that is what is going to make your knife super duper sharp now once you've completed sharpening the entire length of your knife on obviously both sides to make a bevel you're going to use the fine polishing side of your stone now we're just going to polish the edge up and this is going to take it from sharp to razor sharp and just do the exact same thing that you did before maintaining that same angle as you started with make sure that you wet the stone first and then run along all the same spots that you ran over before but this time with the polishing stone and just to reiterate make sure that you're getting the entire length of the blade the entire length of the edge on both sides with the same angle and that's pretty much it you should have a relatively sharp knife by now now it's going to get better over time as you practice but you can literally see the edge of my knife in this video this is the dull knife and this is the freshly sharpened knife you might see a little bit of a difference here i don't know you know maybe it's just me but i feel like there's a i don't know i feel like there's a little bit of a difference that's just my personal opinion so instead of using a honing rod like most people think you should be using please use a whetstone and that is pretty much it it's very simple don't over complicate it it's really just a matter of making angles on two different sides the more simplistic you view it the easier it's going to be to do it there are a lot of various hand tools hand tools can be used for multiple different things our knife arguably is a hand tool but also things such as spatulas or turners as we call them microplanes these are used for grating and grinding things like nutmeg and zesting lemons vegetable peelers meat forks for holding meat steady while you're slicing it meat mallets for pounding pieces of meat flat offset spatulas are used for cake icing and for getting into things where you don't want your knuckles to touch the table box graters for grating cheese and various other things it box grader typically has multiple sides to accommodate for various different styles of grates a piano is so named because the wires resemble piano strings is what most likely comes to mind when most people picture a whisk and by far is the most common piano whips are also come sometimes called balloon whips or whisks because their shape is resemblant of a hot air balloon if you could have just one type of whisk at your disposal the piano whip would also probably be the best choice it's a good all-around tool for blending whipping and beating all types of thin to medium textured products it can be used to whip cream and beat egg whites or blend many types of batter the balloons whips round shape allows for users to get good food coverage around the bowls and cooking vessels the drawback to the piano whisk is that dry ingredients and denser mixtures can lump up behind the and inside the wires making it a poor choice for blending thick batters and doughs the french whip is the second most common type of whisk it looks similar to the balloon whisk but it is a little narrower and longer in france this tool is called a foyer sauce or a sauce whip that name sheds light into its most common application blending sauces it's more elongated shape it makes the french whisk suitable for use in straight-sided pans and deeper vessels that balloon whips can't always reach into a french whip closely resembles wires that are unsuitable for blending denser ingredients kettle whips are built with longer handles than the tools we've discussed so far their more compact heads are often round but sometimes resemble that of a balloon whisk many round kettle whip heads are made from a single coiled wired shape like a beehive others are built with heads that look like wire cages the kettle whip is designed to reach deep into kettles and stock pots to effectively blend ingredients into smooth soups and sauces smaller kettle whips are sometimes called twirl whisks a flat whisk or roux whisk is designed to blend pan sauces and similar concoctions in shallow vessel vessels its nearly flat shape resembles a flattened balloon whisk and is optimized to cover the wide surface of a pan bottom the flat whisks long concent concentric loops blend flour and other sauce ingredients to a smooth texture another tool for blending sauce pan sauces is the spiral whisk which features a slightly angled head wrapped in a coil of wire this coil makes the whisk an effective choice for beating up clumps of flour and other dry ingredients in a thicker sauce and gravies the dough whisk sometimes called a danish dough whisk has one of the most unique shapes out of all the tools in this category it's made with two concentric loops of wire the outer one is nearly perfectly round and the inner one is formed into an oval shape with a small twist this unique design is intended to enable cooks to blend doughs and denser batters into a uniform texture without beating them to the point of toughness or thickening cream there are many different kinds of spatulas that can be used in a kitchen wooden spoons metal spoons and heat resistant spatulas are all various different types as you can see from the wooden spoons they come in various different sizes and shapes for different utilizations from the far left side which is more of a salad style for tossing salads a slotted spoon a solid spoon a pasta spoon or a sauce spoon in the middle with a hole that hole is typically used to measure pasta or for making sure that nothing sticks to the inside it also has an edge to where it can use as a scraper for getting sauces around the edge of a pan and various different other ones wooden spoons are unique in the fact that they will not mar or damage the surface of a lot of pots particularly those that are teflon coated metal spoons are the traditional spoons that you'll see in many many kitchens they come slotted they come whole or they come with perforations in them various different techniques use them for different reasons and the heated resistant spatula or the heat resistant spatula often referred to as the red handled spatula although they do come in different colors is essential for dealing with products that do not want to damage your pans in particular you want to use those whenever you're making omelets or eggs anything that has to do with teflon coating the workhorse of the kitchen is the tongs the standard tong are the spring loaded tongs which are used for pretty much everything in the kitchen they can be used to move ingredients around on the grill they can be used to help hold a pan while it's in transit the spring-loaded tones come in various different sizes from 9 inches all the way up to 18 inches along with that you have the coated handle tongs these are used for applications where hot environments are a factor and you want something to be able to protect your hand color coding them also allows you to be able to sort them based on their utilization maybe you have a special kit that's designed for allergens typically allergens are resembled by the color purple not everything that's done in the kitchen is done by using a chef's knife sometimes we cut using other implements as well to be able to speed up the process tomato slicers spiral slicers french fry cutters and lettuce cutters are just a few of the various different kinds of cutting implements and dicing implements that we can use this is a brief introduction into the equipment used for weights and measures this topic will be discussed in greater detail in further lessons spring scale is used for measuring dry ingredients that are lightweight the problem with the spring scale over time is that the metal will fatigue in the spring and it will become less accurate digital scales today are the preferred method of different scales to be able to use they're very accurate and in many cases they're easily disposed of and replaced the balance scale is a traditional scale used in bake shops where the flour or large quantity of ingredients can be measured readily easily and then the receiving scale is useful whenever you're receiving product particularly heavy boxes that have to be weighed to maintain or make sure that they are accurate for your ordering purposes there's various volume measuring devices as well beginning with measuring cups which are usually either clear glass lexan or plastic measuring spoons ladles and something called a spoodle which is a combination between a spoon and a ladle portion scoops also known as dishes come in various different sizes and various different colors the colors actually indicate the size of the disher this is a tool used for being able to dish up soft items such as mashed potatoes and have it put on the plate in a portion controlled manner these are not ice cream scoops despite their common usage as such these are ice cream scoops the problem with using the disher as an ice cream scoop is that the release mechanism is not designed to handle anything that will stick in the bowl ice cream is notorious for being cold and hard and sticking in the bowl and it will break the mechanism many times happens more than not that's why the ice cream scoop on the right actually has a paddle that releases from the bottom pushing it out as opposed to scooping the edge of the bowl as noted before coloring coats allow us to be able to easily identify the scoop and its quantity along with that it's also given a number so for instance a number four scoop is orange handle and it contains one scoop per cup the number four also refers to the number of scoops it takes to make a quart container so it takes four scoops to make a quart there's one cup or four cups in every quart so you can see that one scoop the number four scoop has one cup takes four of those to make a quart same thing with the gray scoop the number eight scoop it takes eight scoops to make a quart each one of the eight scoop each one of the scoops is one half of a cup portion control bags are designed to be able to portion out products such as vegetables or pastas or anything along those lines and also have them readily available for the usage in the kitchen you can also buy these plain or with day dots attached to them they dots will allow you to be able to see at a quick glance because of their color coding when that product was made and backed up let's summarize and discuss some takeaways for today takeaway number one nsf provides standards for equipment tools and surfaces in the kitchen to promote safety and sanitation takeaway number two knives are unique to the user and the task being completed takeaway number three honing and sharpening a knife is not the same honing is done more often to keep a knife sharp whereas sharpening is only done when the knife becomes dull and will no longer cut despite honing takeaway number four piano whips and french whisks are the most common whisk however there are several job specific whisks available takeaway number five portion scoops or dishes are not ice cream scoops takeaway number six portion scoops are color-coded and numbered in a way to easily identify them this presentation will attempt to give an overview of the different small wares and pieces of equipment that you'll experience in a restaurant environment however it's not an exhaustive list for more information i suggest ktom.com which can be accessed at the link on the screen
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