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  But now, we come to the normative question which is more interesting and harder  "Should we be allowed to sell our bodily organs on eBay?"  Okay, you might think that this is a question you're in philosophy class but fundamentally it's an economics question. Okay, many folks die in America because the because we do not have enough organs to help those with organ failure. We we have a limited supply of organs. I hope you all are organ donors on your driver licenses. Doesn't cost you anything. You're gone anyway and it can save a life. Um but um many people don't do that. And even if they did, we're just we have a higher demand for organs than we can fit. Now if someone who wants an organ is wealthy and willing to pay a lot of money for it,  and there's someone else who says, "Look, I got two kidneys. You can function just fine with one. The odds of kidney failure is really low."  Someone says,  "Look, I am in desperate straits. I ca...

  99.9% of our lives are driven by the emotional brain. The emotional brain here does not refer to being angry or happy. It concerns how we interpret our surroundings and react quickly. When we are weighing an activity and thinking about its pros and cons, that is called the rational brain. if you’re at the office at night  and have a lot of work to do, should you stay or go home? that's a rational decision. But once you go home, the decision is driven by emotion. For example, picking up the key, and put them them in the pocket, take the elevator (without thinking). Even walking in the parking lot — the whole process happens without thinking. Starting the car engine, turning left and right — don’t even have to (think), and suddenly you find yourself at home. Our brain has mapped them thousands of times, which make actions easy, are driven by the emotional brain. That is not a reflex, it’s the work of our emotional brain....

  So from this law, he would confirm the idea that the force is toward the sun and from knowing how the periods of the different planets vary with the distance away from the sun, it's possible to determine how that force must weaken at different distances and he was able to determine that the force must vary inversely as the square of the distance. Now so far, he hasn't said anything because he only said the two things which Kepler said, in different language. one is exactly equivalent to the statement that the force is forward the sun,  the other exactly equivalent to the statement that the law is inversely as a square of the distance But people had seen in telescopes that Jupiter's satelites are going around Jupiter. It looked like a little solar system. So the satelites were attracted to Jupiter. And the moon is attraceted to the earth and goes around the earth. It's attracted in the same way. So it looks like everything's attracted to everything  else. The next ...

  This model (Supply and Demand) raises a very important distinction that we're gonna focus on this semester. It's gonna trip you up. I guarantee you a number of times. So, I want you very careful thinking about this, which is the distinction between positive economics and normative economics. Positive economics study the way things are.  Normative economics is a study of the way things should be.  Now to consider to understand this let's consider a great example of economics at work which is eBay. When eBay came along, I know it is older than all of you, but it's younger than me.  When eBay came along, economists were very excited because economists love auctions. Auctions are, if you will, the standard market that used to exist in, you know, 15th century England. It's literally people bidding against each other in a way that reveals who wants the good the most. And what's wonderful about that, and we'll come back to this throughout the semester, is it ha...

This fact hints at an important law that governs our void,  The law of stability . Unstable blobs fall apart and vanish. Stable ones endure.   Now, watch what happens if we speed this up dramatically, maybe a couple of years per second, maybe even a couple million . You can see our blobs keep getting random jolts of energy, so they combine with others to form more complex compounds. Most attempts fail and fall apart, but every so often, by pure chance, you get a compound that is more stable than the blobs it's made of.   This doesn't happen because the blobs want to build more complex structures. It's just because these new configurations happen to be more favorable in the environment. And now when these complicated compounds become abundant enough, they too get a chance to combine, making our void increasingly complex. And one day, by accident, this causes an extremely unique shape to form, one with a special property.  See, the blobs it's made of just happen ...

  Can anyone tell me what that means ?  Your marginal rate of substitution (MRS) is 2.5 That is a meaningful concept.  Utils are not, but that is . Yeah, say it loudly so we can hear.  AUDIENCE:  You're willing to trade two pizzas for one cookie.  JONATHAN GRUBER:  Exactly, you're willing to give up 2.5 slices of pizza for one cookie. That's what that number means. And that is a meaningful number.  That's not an ordinal. That's cardinal.  We can use that.  You are willing to give up 2.5 slices of pizza to get one cookie.  What is the market asking you to give up?  How much pizza do you have to give up to get one cookie?  Half a slice.  You are happy to give up 2 and 1/2 slices of pizza to get a cookie, but the market is saying we'll let you have a cookie for half a slice of pizza .  So what should you do?  JONATHAN GRUBER: Eat less pizza. Eat more cookies . That will unambiguously make you happier. And that'...

  And this is proportional to the mass, So that if we were to take two different objects, first swing one, and then swing another one at the same speed around the head and measure the force in the second one , that second one, the new force is bigger than the other force in the proportion that the masses are different.  This is a way of measuring the masses by how hard it is to change the speed.  Now then Newton saw from this, that for instance, to take a simple example, if a planet is going in a circle around the sun no force is needed to make it go sideways, tangentially if there were no force at all on it, it would have just keep coasting this way. But actually, the planet doesn't keep coasting this way, but finds itself later not out here, Where it would go if there were no force at all. But further down toward the sun. In other words, its velocity, its motion has been deflected toward the sun.  So what the angels have to do is to beat their wings in toward the s...