I think the figure is very similar in Germany or even higher in a country like Sweden, the vast majority of money in circulation doesn’t take the form of notes and coins, it takes the form of claims made through the banking system and often mediated by plastic cards of one form or another.

So once you start thinking of money in more abstract terms and you start thinking its not just notes and coins its actually just a series of claims then you begin to understand that money has a kind of dynamic quality and its more like a verb than a noun actually, that money is actually just a series of claims that move between people. 

People usually associate money with coins and notes whereas 98% of money in circulation in countries such as Britain and Germany is in other forms. Money is actually a series of claims that move between people and these claims are usually facilitated by plastic cards of one form or other. 

Even at night time all my electricity at home is solar. My lights haven’t gone off in last two years that l have been having my supply from them.

PV provides power when we need it most. It peaks as we all know about midday when the sun is highest in the sky and that’s actually when the demand for electricity is at its most when we are cooking lunch and in Germany they have shown that it not ony peaks at the right time but the PV power follows the shape of demand. At the moment in Germany around noon at time of peak demand when electricity is actually most expensive the PV that they get has reduced the price, the wholesale price of electricity on the grid considerably. 

Solar is much more than just PV as it also includes energy produced by wind and the biogas. However, PV provides power when it is needed most such as when cooking lunch because at that time the sun is at the highest in sky. PV Power has been responsible for bringing down the price of electricity in countries such as Germany. 

This is where the students of The Courtauld Institute of Arts come and on the other side of course visitors to the Courtauld gallery will go in there and l am guessing they don’t look up to see this interesting bust, you probably can’t recognise who is it is supposed to be. No idea actually. Well it is the great English scientist Isaac Newton.

The reason that he is here is because this part of Somerset house which is called the strand block when it was built from the 1770s through to the 1790s it was purpose built to be the home of three learned societies. They were the Royal society, the society of antiquaries so they were essentially historians and the Royal academy of arts which was just a very new organisation just a few years old at the time which looked after architecture, sculpture and painting. The Royal society were housed on this side and that’s why they chose lsaac Newton who had been dead for about 50 years by then. 

The courtauld institute of arts has a bust of English scientist Isaac Netwton above the entrance doorway. This part of the institute was once the home of three societies – Royal society, society of antiquaries and Royal academy of arts. Since the Royal society was on this side of the premises they chose to erect a bust of lsaac Newton. 

So, for example, if you have a joint project that you’re working on, perhaps it’s a homework assignment, or perhaps it’s a video project like these guys, that can turn into a Prisoners’ Dilemma. Why? Because each individual might have an incentive to shirk. Price competition two firms competing with one another in prices can have a Prisoners’ Dilemma aspect about it. Why? Because no matter how the other firm, your competitor, prices you might have an incentive to undercut them. If both firms behave that way prices will get driven down towards marginal cost and industry profits will suffer. In first case, everyone shirks you end up with a bad product. In the second case, if both the good consumers but firms undercut each other, you end up with low prices, that’s actually for Let me mention a third example. Suppose there’s a common resource out there bad for firms. maybe it’s a fish stock or maybe it’s the atmosphere. There’s a Prisoners’ Dilemma aspect to this too. 

The lecture is about the game called prisoner’s dilemma, essentially it is about how in a joint project such as a group homework assignment people can share individual responsibility. This happens because individuals might have an incentive to actually not to departs. This happens in other areas such as price competition between firms where one firm can feel it has incentive to price lower than competative. Eventually it can result in both firms making less profits. This is also seen with other common resouces such as fish stock and atmosphere. 

And if the word “flapper,” if that doesn’t ring a bell right away, this is an image of the very famous flappers of the 1920s, people who bobbed their hair and wear short skirts, show their legs, and so on. The flappers. You guys know that the story is really about someone who’s becoming a flapper. Bernice is she has, in fact, cut off all her beautiful hair, tons and tons of hair, has it cut off. But it turns out that that’s exactly the wrong hairdo for her. She’s “ugly as sin” after that, and her beaus stop her beaus lose all interest in her. And she has one person to thank, her cousin. 

The lecture is about one of its child stories called “Bernice Bobs Her Hair”. It is the story that the lecturer likes a lot and thinks his kids like it too. As is featured on the cover of the one of the short story collections. The story is about the girl named Bernice, who cuts off her hair and makes changes, essentially becoming as a flapper – a term used for the people who were short hair and wear short skirts in the 1920s. What bernice does is turns out to be wrong hair stuff for her and because of that her love interest go away from her.

That is to say, before the Persian Wars were over, Sparta had been unquestionably the leader of the Greeks, when challenged by an outside force. After the war, Themistocles, you recall, and obviously with the Athenians at his back asserted at the very least equality with the Spartans, and certainly independence of any position following the Spartans or any grant of leadership to the Spartans. As think l mentioned last time, the next fifty years or so are the story of the competition between these two great powers within the Greek world for who would be the leader and there would be many a clash in the course of that time. 

The lecturer talks about the Greece in the power struggle between Athens and Spartans. Before the Persian wars, Spartans have been the leader of Greece, but after the wars, Athens became the contender for Themistocles, symmetrically who were the leader of Athenian people wanted equality with Spartans. In the next fifty years, the two powers clashed and competed for power in the Greek world. 

If you go outside and you shoot up a rocket ship or something like that, how fast do you have to shoot it that it doesn’t fall back to the Earth? And so, you can define an escape velocity for the Earth, or for any other object for that matter, which is just how fast you have to go to escape its gravitational field. 

The lecture is about black holes and escape velocity which is a very important concept related to black holes. Lecturer defines escape velocity as the speed with which something will have to go to escape the gravitational field of an object, such as Earth, escaping here means going out and not falling back on the surface. 

I have two Indian coauthors who are vaguely my age, maybe a little older, but anyway they sort of grew up in India and they had to learn the Merchant of Venice, and actually, they learned it a lot better than l did. They both have memorized the Merchant of Venice. They can recite almost the entire thing by heart. But anyway, when I was in high school it was completely typical to study the Merchant of Venice. wonder how many of you have actually read it. Who’s read the Merchant of Venice? Who this is Yale, m shocked. So a quarter of you have read it. Well, I recommend to the other three-quarters that you do read it. But the way the play is read now that’s the whole story, and I don’t think it’s the whole story. In fact, I think it’s quite an unimportant part of the story. I think the heart of the story is Shakespeare’s commentary on economics. And so I’m going to try and argue in the next ten minutes that Shakespeare was not only a great writer, a great psychologist, but a great economist. 

The lecturer speaks about interest and he begins with the definition that Irving Fisher gave which is that the interest is crystallized impatience. The view is different from that of Marx and the lecturer says that this is discovered by Shakespeare in his work. The merchant of Venice, according to authors this book was a lot about economics in topics such as interest because of this the lecturer even thinks that Shakespeare is not only an author but also a great economist.