This week’s lecture was called “Did Stanford Create Silicon Valley? Research Universities and Economic Development” by Alex Whalley. This lecture’s central focus was economics. One thing that Whalley talked about was how you need to know how to use your resources; for example, if you want to use money to fund education, you won’t be able to use it to fund health care. Another thing he talked about was how it will take time for the full impact of UC Merced, there would not be a huge impact in just two years, it takes time.
From a social prospective, the people who value a resource more will pay more for that resource compared to someone who values it less. When there are negative externalities, the government can step in to regular businesses. An example of negative externalities is air pollution from factory. An example of positive externalities would be a university, it positively impacts the community.
A question that came up was “Does college lead to higher wages?” College does lead to higher wages because people who go to college are usually more hardworking and motivated. What is your opinion on more funding for higher education?
Overall, this lecture was very information. This lecture was not interesting to me because I had already learned all this information in high school. Whalley basically crammed a bunch of economic facts in an hour. I felt like I was just in an Economics lecture rather than a core lecture.