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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...

  There's got to be somepart of our mind that came out our nature. I know that because I'm in a twin, an identical twin. And so when it came to writing my PhD dissertation. I thought to myself if there's any part of human behavior that has a biological origin. It must be our patterns of love and marriage. Because as Darwin would have said, if you have four  children and I have no  children, You live on  and I die out.  The game of love matters.  And so you would think there would have been selection for all kinds of behaviors that would enable you to fall in love with somebody, form a partnership and raise your babies as a team. And so that's why I started to study love, And you know people will often think,  "Well she studied love because had a bad relationship in high school" Well, nobody gets out of love alive. We all have problems with love. But that did not stimulate me to study romantic love. It was simply because I was an identical twin. And I w...

  Basically we write down the functions are invertible. And we use them both ways, it's the bottom line. It doesn't we're really writing down equilibrium in Q and P. It doesn't really matter what X and Y is. We're really just writing down an equilibrium relationship.  It's just the convention is to put Q on the X- axis. Even though the convention will sometimes write demand curves with P on the left hand side the graphic convention will never change but  How I write the curves might change How I write the equations might change You use opportunity cost to justify why demand sloping? Great question. Okay, let's go through it. That's exactly the kind of question I want to hear this semester. Is does someone want to take a crack at it? Anyone want to explain? and speak up  If the price is higher to in order to get that rose, you had to give up more because the price represents sort of like your opportunity. Right, for the opportunity cost of any good in the...

  Drunkards the word occurs, "He will forgive even the drunkards" .  What is it about that scene?  Why does cats think that's my favorite scene? besides knowing what the original title of the book is.. What's so important about that scene?  It's kind of it's about forgiveness and that's kind of what like the strong four throughout the book is like to forgive himself or to be forgiven.   To be forgiven ? not I think not so much to forgive himself but to be... to be forgiven (..) good other things?  other thoughts about this?  Well it also kind of  contrasts with Raskolnikov because he does believe that he's worth in some way and Marmeladov is saying like that he's not worthy. And that's why he'll like get forgiveness but Raskolnikov hasn't really realize that he's not worthy. That's good because I mean somebody said right raskolnikov's theories he's still very much wetted to his theory in fact he goes to Siberia, even wet...

  So let's say this mathematically.  At a point like A you  have your marginal utility for pizza is the derivative of the utility function with respect  to the number of slices of pizza. It's the marginal utility. It's derivative of the utility function. So it's dU/dp, which is equal to 0.5 times C over square root  of P times C.  MUp = dU/dp = 0.5 x c /  And at point A we had  two cookies and five pizzas. At point A,  P was five C was two  that's true of point A.  So we can evaluate the marginal utility.  dU/dp, which equals 0.5 times C over square root of P times C.  So that's 1 over the square root of 10.  That's the marginal utility of the next slice of pizza.  The next slice of pizza makes you 1 over square root of 10 happy.  Once again, that number is meaningless.  So we only care about it in ratios. So we need the ratio. So let's do the marginal utility of cookies.  That's dU/dc, which is 0...

  So if it's not survival of the fittest individual and it's not survival of the fittest group, then what is it? The Beginning Life Well, to explain that, I want to take you on a little journey, all the way back to the beginnings of the Earth.  Where we are now, there is nothing. Well, not really nothing, but nothing interesting. There are only simple things, like these blobs. This one might be a carbon dioxide molecule, or it might be cyanide. We don't know for sure what they are, but we do know that these compounds are very simple. So for now, they'll just be blobs floating around our void. In fact, much of what we'll encounter along our journey here are just hypotheses. A lot of Earth's early history is still a mystery, so keep that in mind.  Now, every so often, our blobs get a surplus of energy, maybe from a ray of UV light or a nearby hot source. This is the first major upgrade to our void, excess energy, as it allows our blobs to interact with each other....

  So if natural selection is all about selfish individuals, why do we observe so much altruism in nature?  The survival is of the species that can adapt.  I think generally the species.  For the survival of the species.  So it's the survival of the species.  Okay. Yeah, you're right. But survival of the fittest species or the fittest group also doesn't work.  I mean, think about what you need for natural selection to occur. You need something that replicates itself many times over, creating copies, and then you need a pruning process, whereby some of those copies get eliminated and some thrive to go on and create more copies. The problem with groups or species is that they don’t typically make copies of themselves.  So you almost never get copies of groups fighting other copies of groups to see which groups win out. So if it's not survival of the fittest individual and it's not survival of the fittest group, then what is it? The Beginning Life Wel...

  I saw an interesting ads last night. I t was just I was watching basketball game. I saw something for Taco Bells was saying that you can get  their plac the PlayStation a new Playstation system before it even comes out on the market but through a contest  so that's a way that people someone has it and now there's so much hypee on like your friend who has it based on  you and not the rest of the Market's not available to them so it's like a coveted thing. Right, Absolutely and it's interesting that they picked a gaming  console.  So I think that's very relevant to what we're talking about definitely. That's what their  target market is because whoever eats for that fast food is more like I guess teenagers and who plays games, Teen. Yeah  it could be,  Absolutely we need to understand all of that. We need to understand the consumer profile. W ho is our target market and we say who is our target market yes part of that is is what we're trying ...

  Do you agree in some categories it makes sense? Any of you guys Gamers?  What do you think?  If the game is not there, on the day they said it was gonna be released. Then you're gonna go back, right? If it's something that you're really enthusiastic about. Then that's going to be a high-involvement purchase for you, but other products not so much. And depends on the individual what  might be a high-involvement purchase for you may not for somebody  else. So it's definitely, it's personal.  And the level of price is usually associated with high- involvement  purchases. Although it's not the only indicator but then again keep in mind. What's considered to be expensive for  one person may not be expensive for another, but the idea is what we need to  understand is the consumer behavior that what behavior will we  anticipate if our product is considered to be a  high-involvement or a low-involvement purchase. That's why we need to do...

  So let me remind you,  This is "the official dogma",  Maximize welfare, by maximizing freedom Maximize individual freedom, by maximizing choice The one that we all take to be true,  and It's all false,  It is not true .  There's no question that some choice is better than none.  But it doesn't follow from that  that more choice is better than some choice.  There's some magical amount, I don't know what it is.  I'm pretty confident that we have long since passed the point  where options improve our welfare.  Now, as a policy matter, I'm almost done.   As a policy matter, the thing to think about is this,  what enables all of this choice in industrial societies  is material affluence.  There are lots of places in the world,  and we have heard about several of them,  where their problem is not that they have too much choice.  Their problem is they have too little.  So the stuff I'm ta...