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The markets for debt, both public and private far exceed the entire stock market in value and importance. The U.S. Treasury issues debt of various maturities through auctions, which are open only to authorized buyers. Corporations issue debt with investment banks as intermediaries. The interest rates are not set by the Treasury, the corporations or the investment bankers, but are determined by the market, reflecting economic forces about w...more
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Majority rule and democratic competition serve as the focus of this second lecture on the democratic tradition. What is it about majority rule that confers legitimacy on collective decisions? Is there any validity to a utilitarian justification, that catering to the wishes of the majority maximizes the happiness of the greatest number? Does majority rule reflect what Rousseau called the general will? What is the general will? Does Arrow's ...more
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The discussion on the origins of inequality in the Second Discourse continues. This lecture focuses on amour-propre, a faculty or a disposition that is related to a range of psychological characteristics such as pride, vanity, and conceit. The Social Contract is subsequently discussed with an emphasis on the concept of freedom and how one's desire to preserve one's freedom is often in conflict with that of others to protect and defend thei...more
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The concept of "general will" is considered Rousseau's most important contribution to political science. It is presented as the answer to the gravest problems of civilization, namely, the problems of inequality, amour-propre, and general discontent. The social contract is the foundation of the general will and the answer to the problem of natural freedom, because nature itself provides no guidelines for determining who should rule. The lec...more
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European populations grew only slowly during the period 1200-1700; factors include disease and wars. Human feces and rotting animal remains were not sequestered and often contaminated drinking water. Cities were so filthy that more people died in them than were born. About a third of children died in infancy, many from abandonment and lack of care during wet-nursing. Children that survived were subjected to harsh discipline to control thei...more
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The transparent tissues of the eye allow light to reach the retina. This highly metabolic tissue requires oxygen delivered by the blood vessels, which are damaged by disease. Diabetic retinopathy is the commonest cause of blindness in the working-age population and in later life hypertension adds to this toll. The eyes maybe the mirror of the soul, but they certainly are a window into our general health. This lecture traces the story f...more
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Dominic Orr, CEO of Aruba Networks, observes a significant difference between going public in the post dot-com boom era in comparison to the actual boom. Orr argues that in the post-bubble era investors are much more thoughtful and analytical.
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Komisar explains that there are different types of entrepreneurs for various stages in a company using an analogy from his book, The Monk and the Riddle. Early stage entrepreneurs, like a bloodhound, seek out resources to get the company off the ground. To grow the company, an operation leader is needed, like a husky that is willing to pull the sled and get the company to a public market liquidity. If the company ever faces difficult situa...more
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In this lecture, Professor Diamond moves in depth into the digestive system, discussing the tongue, salivary glands, layers of the digestive track, esophagus, stomach, and small intestine. She discusses the components of the tongue, including the taste buds, and describes the tongue's function in mixing food with saliva and amylase enzymes, swallowing, and talking. Professor Diamond goes on to describe how saliva is generated and transmi...more
