Thursday, May 14, 2015

Stiglitz on Improved Standards of Living

Below is a rather long video of Stiglitz discussing the importance of creating a "learning society". In the first few minutes of his talk (beginning around 15:00), he explains three explanations for increases in the standard of living over the past 200 years.

The three explanations include:
  1. capital accumulation (savings that are utilized for productivity increases)
  2. improvements in allocative efficiency of resources
  3. learning (more outputs from a given amount of inputs) which accounts for 70-80% over the last 80 years (as researched by Robert Solow - Nobel Prize winner)
One really useful trick I've been using the last few weeks to watch more videos in less time or longer videos in less time is to adjust the video speed using the settings feature on the bottom right of YouTube videos. I usually adjust the speed from "Normal" to "1.5". This lets you watch an hour's worth of video in 40 minutes or 10 minutes worth of video in 6 minutes, but takes a little getting used to at first.

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