economic risks
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1) Population in China: Until recently, Chinese families did not much alter their fertility depending on life events such as deaths of children. However, under government prodding and eventually coercion, fertility dropped drastically in China in the 1970s, but to counteract momentum, the One-Child Policy started in 1979-80. 2) Population Growth and Economic Development: In Asia, rapid fertility drops have preceded economic booms by approx...more
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Data shows, consistently, that poor people have more children than rich people; economically speaking, children are an inferior good. Children are production goods because they do work, consumption goods because they are enjoyable, and investment goods because they support parents in old age. Jobs in the modern sector require education and health. To pay for this, parents have to focus their resources on fewer children.
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Pedro Aspe, Former Secretary of Finance, Mexico and CEO of Protego, discusses two central conditions for an entrepreneurial society: 1) Education and 2) Reliable Institutions. Aspe emphasizes the importance of removing discretionary power, in matters of trade and finance, from the hands of public officials in order increase the reliability of an economic system. Aspe associates the remaining discretionary power on these matters with the ex...more
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Over time, economists' justifications for why free markets are a good thing have changed. In the first few classes, we saw how under some conditions, the competitive allocation maximizes the sum of agents' utilities. When it was found that this property didn't hold generally, the idea of Pareto efficiency was developed. This class reviews two proofs that equilibrium is Pareto efficient, looking at the arguments of economists Edgeworth and ...more
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Bronfman describes how Endeavor, an organization dedicated to high-impact entrepreneurship, provides entrepreneurs with the tools they need to succeed across the globe. Because of the market-based focus of Endeavor, many of the companies it supports can uphold their own growth. Using the principle of real market vitality, Endeavor entrepreneurs have built sustainable economic developments world-wide.
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Early Modern England: Politics, Religion, and Society under the Tudors and Stuarts (HIST 251)Professor Wrightson discusses the remarkable growth of the British economy in the late seventeenth and early eighteenth centuries. He examines the changed context of stable population and prices; regional agricultural specialization; urbanization; the expansion of overseas trade both with traditional European trading partners and with the Americas ...more
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England's economic success peaked in 1300 amidst a riot of architectural excess and was followed by a series of disasters which lasted much of the fourteenth century. Yet against a catastrophic background English architectural individualism flourished and out of radically changed social structures an architectural consensus emerged.
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Tim Draper, Partner at Draper Fisher Jurvetson, suggests that entrepreneurs are heroes because they are the real change agents in the world. Although politicians often recognize and propose programs to address problems, it is most often entrepreneurs who actually fix problems by taking big risks to achieve their vision.
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Carol Bartz, president and CEO of Autodesk, Inc., argues that entrepreneurship is more important in large companies. The companies that survive do so because they know how to innovate, take risks, and reward risk-taking organizational behavior and structure.
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Hoffman believes that out of three kinds of investment strategies, sure bets, low-risk management and high risk investments, entrepreneurship is the third kind. This style of investment is called accurate contrarian theories where raising sufficient money might help in mitigating risks, but does not ensure success.
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The economic concept of game theory can be readily applied to evolution and behavior. By analyzing encounters between organisms as a mathematical "game," important information such as fitness payoffs and the proportions of "strategies" played by each group within a population can be inferred. While oftentimes these games are too simplified to apply directly to actual examples in nature, they are still useful models that help convey importa...more
