Wall Street Journal papers

1. Wall Street Journal papers How did we do??

3. John McPhee • Pioneer of narrative non-fiction

4. John McPhee • Pioneer of narrative non-fiction • One of the greatest living essay writers

5. John McPhee • Pioneer of narrative non-fiction • One of the greatest living essay writers • Pulitzer Prize, National Book Award winner

6. John McPhee • Pioneer of narrative non-fiction • One of the greatest living essay writers • Pulitzer Prize, National Book Award winner • Among his 29 books are Unc0mmon Carriers and Levels of the Game

7. John McPhee • Pioneer of narrative non-fiction • One of the greatest living essay writers • Pulitzer Prize, National Book Award winner • Among his 29 books are Unc0mmon Carriers and Levels of the Game • Wrote entire books about oranges and birch bark canoes

8. John McPhee • Pioneer of narrative non-fiction • One of the greatest living essay writers • Pulitzer Prize, National Book Award winner • Among his 29 books are Uncommon Carriers and Levels of the Game • Wrote entire books about oranges and birch bark canoes • There is some writing talent in this class!

9. Some TDIs (technical deadly nits)

10. Some TDIs (technical deadly nits) • Two adjectives before a noun get a hyphen... e.g., ‘double-digit profit’ and ‘triple-mint Mustang GT’

11. Some TDIs (technical deadly nits) • Two adjectives before a noun get a hyphen... e.g., ‘double-digit profit’ and ‘triple-mint Mustang GT’ • Companies are an impersonal “it” not a “they”... e.g., “Verizon is losing its customers,” not their customers

12. Some TDIs (technical deadly nits) • Two adjectives before a noun get a hyphen... e.g., ‘double-digit profit’ and ‘triple-mint Mustang GT’ • Companies are an impersonal “it” not a “they”... e.g., “Verizon is losing its customers,” not their customers • Insert punctuation inside quote marks... e.g., “President Obama said this,” he remarked, not “President Obama said this”, he remarked.

13. Some TDIs (technical deadly nits) • Two adjectives before a noun get a hyphen... e.g., ‘double-digit profit’ and ‘triple-mint Mustang GT’ • Companies are an impersonal “it” not a “they”... e.g., “Verizon is losing its customers,” not their customers • Insert punctuation inside quote marks... e.g., “President Obama said this,” he remarked, not “President Obama said this”, he remarked. • A “principal” is your pal or the first, not a guiding rule... that’s a “principle”

14. A few basic concepts

15. what is capitalism?

16. what is capitalism? first, what is capital?

18. capital • Cash or goods used to generate income either by investing in a business or a different income property

19. capital • Cash or goods used to generate income either by investing in a business or a different income property • The net worth of a business; that is, the amount by which its assets exceed its liabilities

20. capital • Cash or goods used to generate income either by investing in a business or a different income property • The net worth of a business; that is, the amount by which its assets exceed its liabilities • The money, property, and other valuables which collectively represent the wealth of an individual or business

21. capital • Cash or goods used to generate income either by investing in a business or a different income property • The net worth of a business; that is, the amount by which its assets exceed its liabilities • The money, property, and other valuables which collectively represent the wealth of an individual or business • Human resources considered in terms of their contributions to an economy

22. capitalism

23. capitalism • A broad economic system where competition in a free market determines the price, production and consumption of goods and services through the “invisible hand” of supply and demand

24. capitalism • A broad economic system where competition in a free market determines the price, production and consumption of goods and services through the “invisible hand” of supply and demand • Capital, property and enterprises are privately owned and managed for a profit

25. capitalism • A broad economic system where competition in a free market determines the price, production and consumption of goods and services through the “invisible hand” of supply and demand • Capital, property and enterprises are privately owned and managed for a profit • New enterprises may freely gain market entry without state restriction

26. capitalism • Employment and wages are determined by a market and there will be some unemployment

27. capitalism • Employment and wages are determined by a market and there will be some unemployment • Some government intervention is necessary to guard against price fixing and collusion by producers

28. capitalism • Employment and wages are determined by a market and there will be some unemployment • Some government intervention is necessary to guard against price fixing and collusion by producers • The capitalist economy will likely follow a cycle of growth and recession

29. capitalism • Several basic forms:

30. capitalism • Several basic forms: -- Mixed (state intervenes in market activity and provides some services)

31. capitalism • Several basic forms: -- Mixed (state intervenes in market activity and provides some services) -- Laissez-faire (state plays minimal role)

32. capitalism • Several basic forms: -- Mixed (state intervenes in market activity and provides some services) -- Laissez-faire (state plays minimal role) -- Anarcho (markets completely free from state)

33. What are the world’s freest economies?

34. What are the world’s freest economies? • Hong Kong, 16th consecutive year

35. What are the world’s freest economies? • Hong Kong, 16th consecutive year • Singapore, Australia, New Zealand, Ireland

36. What are the world’s freest economies? • Hong Kong, 16th consecutive year • Singapore, Australia, New Zealand, Ireland • Switzerland, Canada, U.S., Denmark, Chile

37. What are the world’s freest economies? • Hong Kong, 16th consecutive year • Singapore, Australia, New Zealand, Ireland • Switzerland, Canada, U.S., Denmark, Chile • "The U.S. government’s interventionist responses to the financial and economic crisis that began in 2008 have significantly undermined economic freedom and long-term prospects for economic growth.” Source: Heritage Foundation and Wall Street Journal

38. what are world’s most restricted economies?

39. what are world’s most restricted economies? • Cuba, Zimbabwe, North Korea

40. what are world’s most restricted economies? • Cuba, Zimbabwe, North Korea • Guess which are three of the poorest countries in the world?

42. Who was Adam Smith?

43. Who was Adam Smith? • Born in 1723 in Scotland

44. Who was Adam Smith? • Born in 1723 in Scotland • Considered the father of modern economics

45. Who was Adam Smith? • Born in 1723 in Scotland • Considered the father of modern economics • Authored “The Theory of Moral Sentiments” and “The Wealth of Nations”

46. Who was Adam Smith? • Born in 1723 in Scotland • Considered the father of modern economics • Authored “The Theory of Moral Sentiments” and “The Wealth of Nations” • Discussed the "invisible hand" to describe the apparent benefits to society of people behaving in their own interests

47. Who was Adam Smith? • Born in 1723 in Scotland • Considered the father of modern economics • Authored “The Theory of Moral Sentiments” and “The Wealth of Nations” • Discussed the "invisible hand" to describe the apparent benefits to society of people behaving in their own interests • First discussed importance of scarcity

48. Who was Adam Smith? • “Wealth of Nations” considered the most influential economics book ever

49. Who was Adam Smith? • “Wealth of Nations” considered the most influential economics book ever • Smith believed that while human motives were often driven by selfishness and greed, competition in the free market would tend to benefit society as a whole by keeping prices low, while still building in an incentive for a wide variety of goods and services

50. Who was Adam Smith? • “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self-love, and never talk to them of our own necessities but of their advantages.”