Alex Tabarrok on how ideas trump crises

66,152 views ใƒป 2009-04-27

TED


ืื ื ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ืœืžื˜ื” ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ.

ืžืชืจื’ื: Yifat Adler ืžื‘ืงืจ: Gad Amit
00:12
The first half of the 20th century
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ื”ืžื—ืฆื™ืช ื”ืจืืฉื•ื ื” ืฉืœ ื”ืžืื” ื”ืขืฉืจื™ื
00:16
was an absolute disaster in human affairs,
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ื”ื™ืชื” ืืกื•ืŸ ืžื•ื—ืœื˜ ืœื—ื‘ืจื” ื”ืื ื•ืฉื™ืช,
00:19
a cataclysm.
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ืฉื•ืื” ืขื•ืœืžื™ืช.
00:21
We had the First World War,
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ื”ืชืจื—ืฉื• ื‘ื” ืžืœื—ืžืช ื”ืขื•ืœื ื”ืจืืฉื•ื ื”,
00:24
the Great Depression,
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ื”ืฉืคืœ ื”ื’ื“ื•ืœ,
00:26
the Second World War
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ืžืœื—ืžืช ื”ืขื•ืœื ื”ืฉื ื™ื™ื”,
00:28
and the rise of the communist nations.
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ื•ืขืœื™ื™ืช ื”ืื•ืžื•ืช ื”ืงื•ืžื•ื ื™ืกื˜ื™ื•ืช.
00:31
And each one of these forces
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ื•ื›ืœ ืื—ื“ ืžื”ื›ื•ื—ื•ืช ื”ืืœื”
00:33
split the world, tore the world apart,
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ืคื™ืœื’ ืืช ื”ืขื•ืœื, ืงืจืข ืืช ื”ืขื•ืœื,
00:35
divided the world.
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ื—ื™ืœืง ืืช ื”ืขื•ืœื.
00:38
And they threw up walls --
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ื”ื›ื•ื—ื•ืช ื”ืืœื” ื”ื•ืฆื™ืื• ืžืงืจื‘ื ื—ื•ืžื•ืช,
00:40
political walls, trade walls,
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ื—ื•ืžื•ืช ืคื•ืœื™ื˜ื™ื•ืช, ื—ื•ืžื•ืช ืžืกื—ืจ,
00:42
transportation walls,
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ื—ื•ืžื•ืช ืชื—ื‘ื•ืจื”,
00:44
communication walls, iron curtains --
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ื—ื•ืžื•ืช ืชืงืฉื•ืจืช, ืžืกื›ื™ ื‘ืจื–ืœ,
00:47
which divided peoples and nations.
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ืฉื”ืคืจื™ื“ื• ื‘ื™ืŸ ืื ืฉื™ื ื•ืื•ืžื•ืช.
00:51
It was only in the second half of the 20th century
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ืจืง ื‘ืžื—ืฆื™ืช ื”ืฉื ื™ื” ืฉืœ ื”ืžืื” ื”ืขืฉืจื™ื
00:55
that we slowly began to pull ourselves
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ื”ืชื—ืœื ื• ืœืื˜ ืœืื˜ ืœืžืฉื•ืš ืืช ืขืฆืžื ื•
00:58
out of this abyss.
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ื•ืœื”ื—ืœืฅ ืžื”ืชื”ื•ื ื”ื–ืืช.
01:01
Trade walls began to come tumbling down.
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ื—ื•ืžื•ืช ื”ืžืกื—ืจ ื”ืชื—ื™ืœื• ืœื”ืชืžื•ื˜ื˜.
01:04
Here are some data on tariffs:
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ื”ื ื” ื›ืžื” ื ืชื•ื ื™ื ืขืœ ืžื›ืกื™ื:
01:06
starting at 40 percent, coming down to less than 5 percent.
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ื”ื ื”ืชื—ื™ืœื• ื‘-40 ืื—ื•ื–, ื•ื™ืจื“ื• ืœืคื—ื•ืช ืž-5 ืื—ื•ื–ื™ื.
01:09
We globalized the world. And what does that mean?
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ื”ืคื›ื ื• ืืช ื”ืขื•ืœื ืœื’ืœื•ื‘ืœื™. ื•ืžื” ืžืฉืžืขื•ืช ื”ื“ื‘ืจ?
01:12
It means that we extended cooperation
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ืžืฉืžืขื•ืช ื”ื“ื‘ืจ ื”ื™ื ืฉื”ืจื—ื‘ื ื• ืืช ืฉื™ืชื•ืฃ ื”ืคืขื•ืœื”
01:15
across national boundaries;
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ืขืœ ืคื ื™ ื’ื‘ื•ืœื•ืช ืœืื•ืžื™ื™ื.
01:17
we made the world more cooperative.
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ื”ื‘ืื ื• ืœืขื•ืœื ื™ื•ืชืจ ืฉื™ืชื•ืฃ ืคืขื•ืœื”.
01:20
Transportation walls came tumbling down.
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ื—ื•ืžื•ืช ื”ืชื—ื‘ื•ืจื” ื”ืชืžื•ื˜ื˜ื•.
01:24
You know in 1950 the typical ship carried
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ื‘-1950 ืกืคื™ื ื” ืื•ืคื™ื™ื ื™ืช ื ืฉืื”
01:27
5,000 to 10,000 tons worth of goods.
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ื‘ื™ืŸ 5,000 ืœ-10,000 ื˜ื•ืŸ ืกื—ื•ืจื”.
01:31
Today a container ship can carry 150,000 tons;
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ื”ื™ื•ื, ืกืคื™ื ืช ืžื›ื•ืœื•ืช ื™ื›ื•ืœื” ืœืฉืืช 150,000 ื˜ื•ืŸ.
01:35
it can be manned with a smaller crew;
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ื ื™ืชืŸ ืœืื™ื™ืฉ ืื•ืชื” ืขื ืฆื•ื•ืช ืงื˜ืŸ ื™ื•ืชืจ,
01:37
and unloaded faster than ever before.
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ื•ืœืคืจื•ืง ืื•ืชื” ืžื”ืจ ื™ื•ืชืจ ืžืื™ ืคืขื ื‘ืขื‘ืจ.
01:40
Communication walls, I don't have to tell you -- the Internet --
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ื—ื•ืžื•ืช ื”ืชืงืฉื•ืจืช - ืื™ืŸ ืฆื•ืจืš ืœืกืคืจ ืœื›ื - ื”ืื™ื ื˜ืจื ื˜ -
01:43
have come tumbling down.
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ื”ืชืžื•ื˜ื˜ื•.
01:45
And of course the iron curtains,
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ื•ื›ืžื•ื‘ืŸ, ืžืกื›ื™ ื”ื‘ืจื–ืœ,
01:47
political walls have come tumbling down.
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ื—ื•ืžื•ืช ืคื•ืœื™ื˜ื™ื•ืช - ื”ืชืžื•ื˜ื˜ื•.
01:51
Now all of this has been tremendous for the world.
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ื›ืœ ื”ื”ืชืจื—ืฉื•ื™ื•ืช ื”ืืœื” ื”ื™ื˜ื™ื‘ื• ืžืื•ื“ ืœืขื•ืœื.
01:55
Trade has increased.
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ื”ืžืกื—ืจ ื’ื“ืœ.
01:57
Here is just a little bit of data.
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ื”ื ื” ื›ืžื” ื ืชื•ื ื™ื.
01:59
In 1990, exports from China to the United States:
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ื‘-1990 ื”ื™ืฆื•ื ืžืกื™ืŸ ืœืืจื”"ื‘
02:01
15 billion dollars.
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ื”ื™ื” 15 ืžื™ืœื™ืืจื“ ื“ื•ืœืจ.
02:03
By 2007: over 300 billion dollars.
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ื‘-2007 - ื™ื•ืชืจ ืž-300 ืžื™ืœื™ืืจื“ ื“ื•ืœืจ.
02:07
And perhaps most remarkably,
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ื•ื”ื“ื‘ืจ ืฉื›ื ืจืื” ื”ื›ื™ ืžืฉืžืขื•ืชื™,
02:10
at the beginning of the 21st century,
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ื‘ืชื—ื™ืœืช ื”ืžืื” ื”-21,
02:12
really for the first time in modern history,
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ื‘ืคืขื ื”ืจืืฉื•ื ื” ื‘ื”ื™ืกื˜ื•ืจื™ื” ื”ืžื•ื“ืจื ื™ืช,
02:16
growth extended to almost all parts of the world.
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ื”ืฆืžื™ื—ื” ื”ืชืคืฉื˜ื” ื›ืžืขื˜ ืืœ ื›ืœ ื—ืœืงื™ ื”ืขื•ืœื.
02:20
So China, I've already mentioned,
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ื›ืš ื‘ืกื™ืŸ, ืฉื›ื‘ืจ ื”ื–ื›ืจืชื™,
02:22
beginning around 1978, around the time of the death of Mao,
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ื”ื—ืœ ืž-1978, ื‘ืกื‘ื™ื‘ื•ืช ื–ืžืŸ ืžื•ืชื• ืฉืœ ืžืื•,
02:25
growth -- ten percent a year.
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ื”ืฆืžื™ื—ื” ื”ื™ื 10 ืื—ื•ื–ื™ื ืœืฉื ื”.
02:27
Year after year after year,
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ืฉื ื” ืื—ืจื™ ืฉื ื” ืื—ืจื™ ืฉื ื”.
02:29
absolutely incredible.
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ืคืฉื•ื˜ ืžื“ื”ื™ื.
02:31
Never before in human history
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ืžืขื•ืœื ืœื ืงืจื” ื‘ืžื”ืœืš ื‘ื”ื™ืกื˜ื•ืจื™ื” ื”ืื ื•ืฉื™ืช
02:35
have so many people been raised out of
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ืžืงืจื” ื‘ื• ืื ืฉื™ื ื›ื” ืจื‘ื™ื ื ื—ืœืฆื•
02:37
such great poverty as happened in China.
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ืžืขื•ื ื™ ื›ื” ื’ื“ื•ืœ, ื›ืคื™ ืฉืงืจื” ื‘ืกื™ืŸ.
02:40
China is the world's greatest anti-poverty program
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ืกื™ืŸ ื”ื™ื ื”ืชื•ื›ื ื™ืช ื”ืขื•ืœืžื™ืช ื”ื’ื“ื•ืœื” ื‘ื™ื•ืชืจ ืœืžืœื—ืžื” ื‘ืขื•ื ื™
02:43
over the last three decades.
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ื‘ืžืฉืš ืฉืœื•ืฉื” ื”ืขืฉื•ืจื™ื ื”ืื—ืจื•ื ื™ื.
02:45
India, starting a little bit later,
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ื”ื•ื“ื•, ื”ืชื—ื™ืœื” ืงืฆืช ื™ื•ืชืจ ืžืื•ื—ืจ.
02:47
but in 1990, begetting tremendous growth.
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ืื‘ืœ ื‘-1990, ื”ืชื—ื™ืœื” ืฆืžื™ื—ื” ืขืฆื•ืžื”.
02:50
Incomes at that time
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ื”ื”ื›ื ืกื•ืช ื‘ืื•ืชื• ื”ื–ืžืŸ
02:52
less than $1,000 per year.
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ื”ื™ื• ืคื—ื•ืช ืž-1,000 ื“ื•ืœืจ ืœืฉื ื”.
02:54
And over the next 18 years
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ื‘ืžืฉืš 18 ื”ืฉื ื™ื ื”ื‘ืื•ืช
02:56
have almost tripled.
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ื”ืŸ ื›ืžืขื˜ ื’ื“ืœื• ืคื™ ืฉืœื•ืฉ.
02:58
Growth of six percent a year. Absolutely incredible.
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ืฆืžื™ื—ื” ืฉืœ 6 ืื—ื•ื–ื™ื ืœืฉื ื”. ืคืฉื•ื˜ ืžื“ื”ื™ื.
03:01
Now Africa, Sub-Saharan Africa --
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ื ืขื‘ื•ืจ ืœืืคืจื™ืงื”, ืืคืจื™ืงื” ืฉืžื“ืจื•ื ืœืกื”ืจื”.
03:04
Sub-Saharan Africa
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ืืคืจื™ืงื” ืฉืžื“ืจื•ื ืœืกื”ืจื”
03:06
has been the area of the world
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ื”ื™ืชื” ื”ืื™ื–ื•ืจ
03:08
most resistant to growth.
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ื”ื—ืกื™ืŸ ื‘ื™ื•ืชืจ ื ื’ื“ ืฆืžื™ื—ื” ื‘ืขื•ืœื.
03:11
And we can see the tragedy of Africa
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ืื ื• ื™ื›ื•ืœื™ื ืœืจืื•ืช ืืช ื”ื˜ืจื’ื“ื™ื” ืฉืœ ืืคืจื™ืงื”
03:14
in the first few bars here.
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ื›ืืŸ ื‘ืขืžื•ื“ื•ืช ื”ืจืืฉื•ื ื•ืช.
03:16
Growth was negative.
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ื”ืฆืžื™ื—ื” ื”ื™ืชื” ืฉืœื™ืœื™ืช.
03:18
People were actually getting poorer than their parents,
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ืื ืฉื™ื ื”ื™ื•, ืœืžืขืฉื”, ืขื ื™ื™ื ื™ื•ืชืจ ืžื”ื”ื•ืจื™ื ืฉืœื”ื.
03:21
and sometimes even poorer than their grandparents had been.
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ื•ืœืคืขืžื™ื ืืคื™ืœื• ื™ื•ืชืจ ืขื ื™ื™ื ืžื”ืกื‘ื™ื ืฉืœื”ื.
03:24
But at the end of the 20th century,
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ืื‘ืœ ื‘ืกื•ืฃ ื”ืžืื” ื”-20,
03:26
the beginning of the 21st century,
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ื‘ืชื—ื™ืœืช ื”ืžืื” ื”-21,
03:28
we saw growth in Africa.
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ื”ืชื—ืœื ื• ืœืจืื•ืช ืฆืžื™ื—ื” ื‘ืืคืจื™ืงื”.
03:31
And I think, as you'll see, there's reasons for optimism,
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ื•ืื ื™ ื—ื•ืฉื‘, ื›ืคื™ ืฉืืฆื™ื’ ื‘ืคื ื™ื›ื, ืฉื™ืฉ ืกื™ื‘ื” ืœืื•ืคื˜ื™ืžื™ื•ืช.
03:33
because I believe that the best is yet to come.
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ืื ื™ ืžืืžื™ืŸ ืฉื”ื˜ื•ื‘ ื‘ื™ื•ืชืจ ืขื“ื™ื™ืŸ ืœืคื ื™ื ื•.
03:36
Now why.
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ืืกื‘ื™ืจ ืืช ื”ืกื™ื‘ื•ืช ืœื›ืš.
03:38
On the cutting edge today
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ื‘ื—ื–ื™ืช ื”ื˜ื›ื ื•ืœื•ื’ื™ืช ืฉืœ ื™ืžื™ื ื•
03:40
it's new ideas which are driving growth.
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ืจืขื™ื•ื ื•ืช ื—ื“ืฉื™ื ื”ื ืืœื• ืฉืžื•ื‘ื™ืœื™ื ืœืฆืžื™ื—ื”.
03:42
And by that I mean it's
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ืื ื™ ืžื“ื‘ืจ ืขืœ ืžื•ืฆืจื™ื ืขื‘ื•ืจื
03:44
products for which the research and development costs
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ื”ื•ืฆืื•ืช ื”ืžื—ืงืจ ื•ื”ืคื™ืชื•ื—
03:47
are really high, and the manufacturing costs are low.
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ื’ื‘ื•ื”ื•ืช ื‘ื™ื•ืชืจ, ื•ื”ื•ืฆืื•ืช ื”ื™ื™ืฆื•ืจ ื ืžื•ื›ื•ืช.
03:50
More than ever before it is these types of ideas
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ื™ื•ืชืจ ืžืืฉืจ ืื™ ืคืขื ื‘ืขื‘ืจ, ืกื•ื’ื™ ื”ืจืขื™ื•ื ื•ืช ื”ืืœื”
03:52
which are driving growth on the cutting edge.
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ื”ื ืืœื• ืฉืžื•ื‘ื™ืœื™ื ืืช ื”ืฆืžื™ื—ื” ื‘ื—ื–ื™ืช ื”ื˜ื›ื ื•ืœื•ื’ื™ืช.
03:55
Now ideas have this amazing property.
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ืœืจืขื™ื•ื ื•ืช ื™ืฉื ื” ืชื›ื•ื ื” ืžื•ืคืœืื”.
03:57
Thomas Jefferson, I think, really expressed this quite well.
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ืชื•ืžืก ื’'ืคืจืกื•ืŸ, ื›ืžื“ื•ืžื ื™, ื”ื‘ื™ืข ื–ืืช ื”ื™ื˜ื‘.
04:00
He said, "He who receives an idea from me
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ื”ื•ื ืืžืจ, "ืื“ื ืฉืžืงื‘ืœ ืžืžื ื™ ืจืขื™ื•ืŸ,
04:04
receives instruction himself, without lessening mine.
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ื ื”ื ื” ืžื”ื“ืจื›ื”, ื•ืจืขื™ื•ื ื•ืชื™ ืื™ื ื ื—ืกืจื™ื.
04:08
As he who lights his candle at mine
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ื‘ื“ื•ืžื” ืœืื“ื ื”ืžื“ืœื™ืง ืืช ื ืจื• ื‘ื ืจ ืฉืœื™.
04:11
receives light without darkening me."
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ื”ื•ื ื ื”ื ื” ืžืื•ืจ, ื•ืื•ืจื™ ืื™ื ื• ื—ืกืจ."
04:14
Or to put it slightly differently:
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ื•ืื ืืฆื™ื’ ื–ืืช ื‘ืฆื•ืจื” ืงืฆืช ืฉื•ื ื”,
04:16
one apple feeds one man,
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ืชืคื•ื— ืื—ื“ ืžื–ื™ืŸ ืื“ื ืื—ื“,
04:18
but an idea can feed the world.
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ืื‘ืœ ืจืขื™ื•ืŸ ืื—ื“ ื™ื›ื•ืœ ืœื”ื–ื™ืŸ ืืช ื›ืœ ื”ืขื•ืœื.
04:21
Now this is not new. This is practically not new to TEDsters.
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ื–ื”ื• ืื™ื ื• ื“ื‘ืจ ื—ื“ืฉ, ื•ื•ื“ืื™ ืฉื–ื” ืื™ื ื• ื—ื™ื“ื•ืฉ ืขื‘ื•ืจ ืื ืฉื™ TED.
04:24
This is practically the model of TED.
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ื–ื”ื• ืœืžืขืฉื” ื”ืžื•ื“ืœ ืฉืœ TED.
04:26
But what is new is that the greater function of ideas
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ื”ื—ื™ื“ื•ืฉ ื”ื•ื ืฉื”ื™ื™ืฉื•ื ื”ื ืจื—ื‘ ื™ื•ืชืจ ืฉืœ ื”ืจืขื™ื•ื ื•ืช
04:30
is going to drive growth even more than ever before.
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ืขืชื™ื“ ืœื”ื•ื‘ื™ืœ ืœืฆืžื™ื—ื” ื™ื•ืชืจ ืžืืฉืจ ืื™ ืคืขื ื‘ืขื‘ืจ.
04:35
This provides a reason why
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ื“ื‘ืจ ื–ื” ืžืกื‘ื™ืจ ืœืžื”
04:37
trade and globalization
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ื”ืžืกื—ืจ ื•ื”ื’ืœื•ื‘ืœื™ื–ืฆื™ื”
04:39
are even more important, more powerful than ever before,
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ื—ืฉื•ื‘ื™ื ื™ื•ืชืจ ื•ื‘ืขืœื™ ืขื•ืฆืžื” ื’ื“ื•ืœื” ื™ื•ืชืจ ืžืืฉืจ ืื™ ืคืขื ื‘ืขื‘ืจ,
04:42
and are going to increase growth more than ever before.
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ื•ืขื•ืžื“ื™ื ืœื”ื’ื“ื™ืœ ืืช ื”ืฆืžื™ื—ื” ื™ื•ืชืจ ืžืื™ ืคืขื ื‘ืขื‘ืจ.
04:45
And to explain why this is so, I have a question.
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ื•ื›ื“ื™ ืœื”ืกื‘ื™ืจ ืืช ื”ืกื™ื‘ื” ืœื›ืš, ืืฆื™ื’ ื‘ืคื ื™ื›ื ืฉืืœื”.
04:48
Suppose that there are two diseases:
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ื ื ื™ื— ืฉืงื™ื™ืžื•ืช ืฉืชื™ ืžื—ืœื•ืช.
04:51
one of them is rare, the other one is common,
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ืื—ืช ืžื”ืŸ ื ื“ื™ืจื”, ื•ื”ืฉื ื™ื™ื” ืฉื›ื™ื—ื”.
04:53
but if they are not treated they are equally severe.
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ืื‘ืœ ืื ืœื ืžื˜ืคืœื™ื ื‘ื”ืŸ - ืœืฉืชื™ื”ืŸ ืื•ืชื” ืจืžืช ื—ื•ืžืจื”.
04:56
If you had to choose, which would you rather have:
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ืื ื”ื™ื™ืชื ืฆืจื™ื›ื™ื ืœื‘ื—ื•ืจ - ื‘ืื™ื–ื” ืžื”ืŸ ื”ื™ื™ืชื ืžืขื“ื™ืคื™ื ืœื—ืœื•ืช?
04:59
the common disease or the rare disease?
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ื‘ืฉื›ื™ื—ื” ืื• ื‘ื ื“ื™ืจื”?
05:03
Common, the common -- I think that's absolutely right,
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ื‘ืฉื›ื™ื—ื”. ื‘ืฉื›ื™ื—ื”. ืื ื™ ื—ื•ืฉื‘ ืฉืืชื ืฆื•ื“ืงื™ื ืœื’ืžืจื™.
05:05
and why? Because there are more drugs to treat common diseases
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ืœืžื”? ืžื›ื™ื•ื•ืŸ ืฉื™ืฉ ื™ื•ืชืจ ืชืจื•ืคื•ืช ืœื˜ื™ืคื•ืœ ื‘ืžื—ืœื•ืช ืฉื›ื™ื—ื•ืช
05:09
than there are to treat rare diseases.
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ืžืืฉืจ ืœื˜ื™ืคื•ืœ ื‘ืžื—ืœื•ืช ื ื“ื™ืจื•ืช.
05:12
The reason for this is incentives.
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ื”ืกื™ื‘ื” ืœื›ืš ื”ื™ื ืชืžืจื™ืฆื™ื.
05:14
It costs about the same to produce a new drug
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ื”ืžื—ื™ืจ ืœืคื™ืชื•ื— ืชืจื•ืคื” ื—ื“ืฉื” ื”ื•ื ื“ื™ ืื—ื™ื“,
05:17
whether that drug treats 1,000 people,
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ื‘ื™ืŸ ืื ื”ืชืจื•ืคื” ืชื˜ืคืœ ื‘ืืœืฃ ืื™ืฉ,
05:20
100,000 people, or a million people.
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ืžืื” ืืœืฃ ืื™ืฉ, ืื• ืžื™ืœื™ื•ืŸ ืื™ืฉ.
05:23
But the revenues are much greater if the drug treats a million people.
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ืื‘ืœ ื”ื”ื›ื ืกื•ืช ื”ืจื‘ื” ื™ื•ืชืจ ื’ื“ื•ืœื•ืช ืื ื”ืชืจื•ืคื” ืžื˜ืคืœืช ื‘ืžื™ืœื™ื•ืŸ ืื™ืฉ.
05:26
So the incentives are much larger
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ื•ืœื›ืŸ, ื”ืชืžืจื™ืฆื™ื ื”ืจื‘ื” ื™ื•ืชืจ ื’ื“ื•ืœื™ื
05:29
to produce drugs which treat more people.
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ื›ืืฉืจ ืžื™ื™ืฆืจื™ื ืชืจื•ืคื•ืช ืฉืžื˜ืคืœื•ืช ื‘ื™ื•ืชืจ ืื ืฉื™ื.
05:33
To put this differently: larger markets save lives.
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ื•ื‘ื ื™ืกื•ื— ืื—ืจ, ืฉื•ื•ืงื™ื ื’ื“ื•ืœื™ื ื™ื•ืชืจ ืžืฆื™ืœื™ื ื—ื™ื™ื.
05:37
In this case misery truly does love company.
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ื‘ืžืงืจื” ื”ื–ื” - ืฆืจืช ืจื‘ื™ื ื”ื™ื ืื›ืŸ ื—ืฆื™ ื ื—ืžื”.
05:41
Now think about the following:
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ื›ืขืช, ื—ื™ืฉื‘ื• ืขืœ ื›ืš:
05:43
if China and India were as rich as the United States is today,
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ืื ืกื™ืŸ ื•ื”ื•ื“ื• ื”ื™ื• ืขืฉื™ืจื•ืช ื›ืžื• ืฉืืจื”"ื‘ ืขืฉื™ืจื” ื”ื™ื•ื,
05:47
the market for cancer drugs would be eight times larger than it is now.
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ืฉื•ืง ื”ืชืจื•ืคื•ืช ืœืกืจื˜ืŸ ื”ื™ื” ื’ื“ื•ืœ ืคื™ ืฉืžื•ื ื” ืžืืฉืจ ื’ื•ื“ืœื• ื”ื™ื•ื.
05:53
Now we are not there yet, but it is happening.
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ืขื•ื“ ืœื ื”ื’ืขื ื• ืœืฉื, ืื‘ืœ ื–ื” ืงื•ืจื”.
05:55
As other countries become richer
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ื›ื›ืœ ืฉืžื“ื™ื ื•ืช ืื—ืจื•ืช ื ืขืฉื•ืช ืขืฉื™ืจื•ืช ื™ื•ืชืจ,
05:58
the demand for these pharmaceuticals
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ื ื•ืฆืจ ื’ื™ื“ื•ืœ ืขืฆื•ื
06:00
is going to increase tremendously.
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ื‘ื“ืจื™ืฉื” ืœืชืจื•ืคื•ืช ื”ืืœื”.
06:02
And that means an increase incentive to do research and development,
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ื›ืœื•ืžืจ, ื ื•ืฆืจ ื’ื™ื“ื•ืœ ื‘ืชืžืจื™ืฅ ืœื‘ื™ืฆื•ืข ืžื—ืงืจ ื•ืคื™ืชื•ื—,
06:05
which benefits everyone in the world.
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ืฉื™ื‘ื™ื ืชื•ืขืœืช ืœื›ืœ ืื“ื ื‘ืขื•ืœื.
06:08
Larger markets increase the incentive
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ืฉื•ื•ืงื™ื ื’ื“ื•ืœื™ื ื™ื•ืชืจ ืžื’ื“ื™ืœื™ื ืืช ื”ืชืžืจื™ืฆื™ื
06:10
to produce all kinds of ideas,
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ืœื™ืฆื™ืจืช ืžื’ื•ื•ืŸ ืกื•ื’ื™ ืจืขื™ื•ื ื•ืช.
06:12
whether it's software, whether it's a computer chip,
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ื‘ื™ืŸ ืื ื–ืืช ืชื•ื›ื ื”, ื‘ื™ืŸ ืื ื–ื”ื• ืฉื‘ื‘ ืžื—ืฉื‘,
06:14
whether it's a new design.
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ื‘ื™ืŸ ืื ื–ื”ื• ืชื›ื ื•ืŸ ื—ื“ืฉ.
06:16
For the Hollywood people in the audience,
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ื“ื‘ืจ ื–ื” ื ื•ืชืŸ ืœืื ืฉื™ ื”ื•ืœื™ื•ื•ื“ ื”ื™ื•ืฉื‘ื™ื ื‘ืงื”ืœ
06:18
this even explains why action movies
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ื”ืกื‘ืจ ืžื“ื•ืข ืกืจื˜ื™ ืคืขื•ืœื” ืžืงื‘ืœื™ื
06:20
have larger budgets than comedies:
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ืชืงืฆื™ื‘ื™ื ื’ื“ื•ืœื™ื ื™ื•ืชืจ ืžืืฉืจ ืงื•ืžื“ื™ื•ืช.
06:22
it's because action movies translate easier
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ื”ืจื‘ื” ื™ื•ืชืจ ืงืœ ืœืชืจื’ื ืกืจื˜ื™ ืคืขื•ืœื”
06:25
into other languages and other cultures,
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ืœืฉืคื•ืช ืื—ืจื•ืช ื•ืœืชืจื‘ื•ื™ื•ืช ืื—ืจื•ืช.
06:27
so the market for those movies is larger.
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ื•ืœื›ืŸ, ื”ืฉื•ืง ืœืกืจื˜ื™ื ื”ืืœื” ื’ื“ื•ืœ ื™ื•ืชืจ.
06:29
People are willing to invest more,
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ืื ืฉื™ื ืžื•ื›ื ื™ื ืœื”ืฉืงื™ืข ื™ื•ืชืจ,
06:31
and the budgets are larger.
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ื•ื”ืชืงืฆื™ื‘ื™ื ื’ื“ื•ืœื™ื ื™ื•ืชืจ.
06:33
Alright. Well if larger markets increase the incentive
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ื•ื‘ื›ืŸ, ืื ืฉื•ื•ืงื™ื ื’ื“ื•ืœื™ื ื™ื•ืชืจ ืžื’ื“ื™ืœื™ื ืืช ื”ืชืžืจื™ืฆื™ื
06:36
to produce new ideas,
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ืœื™ืฆื™ืจืช ืจืขื™ื•ื ื•ืช ื—ื“ืฉื™ื,
06:38
how do we maximize that incentive?
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ืื™ืš ืื ื• ื™ื›ื•ืœื™ื ืœื”ื’ื“ื™ืœ ืืช ื”ืชืžืจื™ืฅ ื‘ืื•ืคืŸ ืžืงืกื™ืžืœื™?
06:41
It's by having one world market, by globalizing the world.
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ื‘ืืžืฆืขื•ืช ื”ืคื™ื›ืช ื”ืขื•ืœื ืœืฉื•ืง ืื—ื“, ื‘ืืžืฆืขื•ืช ื’ืœื•ื‘ืœื™ื–ืฆื™ื” ืฉืœ ื”ืขื•ืœื.
06:46
The way I like to put this is:
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ืื ื™ ืื•ื”ื‘ ืœื”ืฆื™ื’ ื–ืืช ื›ืš,
06:48
one idea. Ideas are meant to be shared,
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ืจืขื™ื•ืŸ ืื—ื“ - ืื ื• ืืžื•ืจื™ื ืœื—ืœื•ืง ืืช ืจืขื™ื•ื ื•ืชื™ื ื•,
06:51
so one idea can serve one world, one market.
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ื•ืœื›ืŸ, ืจืขื™ื•ืŸ ืื—ื“ ื™ื›ื•ืœ ืœืฉืจืช ืขื•ืœื ืื—ื“, ืฉื•ืง ืื—ื“.
06:56
One idea, one world, one market.
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ืจืขื™ื•ืŸ ืื—ื“, ืขื•ืœื ืื—ื“, ืฉื•ืง ืื—ื“.
06:59
Well how else can we create new ideas?
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ื‘ืื™ื–ื• ื“ืจืš ืื—ืจืช ืื ื• ื™ื›ื•ืœื™ื ืœื™ืฆื•ืจ ืจืขื™ื•ื ื•ืช ื—ื“ืฉื™ื?
07:02
That's one reason.
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ื–ื•ื”ื™ ืกื™ื‘ื” ืื—ืช.
07:04
Globalize trade.
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ื’ืœื•ื‘ืœื•ื–ืฆื™ื”, ืžืกื—ืจ.
07:06
How else can we create new ideas?
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ื‘ืื™ื–ื• ื“ืจืš ื ื•ืกืคืช ืื ื• ื™ื›ื•ืœื™ื ืœื™ืฆื•ืจ ืจืขื™ื•ื ื•ืช ื—ื“ืฉื™ื?
07:08
Well, more idea creators.
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ืื ื ื’ื“ื™ืœ ืืช ืžืกืคืจ ื”ื•ื’ื™ ื”ืจืขื™ื•ื ื•ืช.
07:10
Now idea creators, they come from all walks of life.
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ื”ื•ื’ื™ ืจืขื™ื•ื ื•ืช ืžื’ื™ืขื™ื ืžื›ืœ ืชื—ื•ืžื™ ื”ื—ื™ื™ื.
07:13
Artists and innovators -- many of the people you've seen on this stage.
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ืื•ืžื ื™ื ื•ืžืžืฆื™ืื™ื - ืจื‘ื™ื ืžื”ืื ืฉื™ื ืฉืจืื™ืชื ืขืœ ื”ื‘ืžื” ื”ื–ืืช.
07:16
I'm going to focus on scientists and engineers
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ืื ื™ ืืชืžืงื“ ื‘ืžื“ืขื ื™ื ื•ื‘ืžื”ื ื“ืกื™ื,
07:19
because I have some data on that, and I'm a data person.
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ืžื›ื™ื•ื•ืŸ ืฉื™ืฉ ืœื™ ื ืชื•ื ื™ื ืœื’ื‘ื™ื”ื, ื•ืื ื™ ืื™ืฉ ืฉืœ ื ืชื•ื ื™ื.
07:22
Now, today, less than one-tenth of one percent
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ื”ื™ื•ื ืคื—ื•ืช ืžืขืฉื™ืจื™ืช ื”ืื—ื•ื–
07:27
of the world's population are scientists and engineers.
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ืฉืœ ืื•ื›ืœื•ืกื™ืช ื”ืขื•ืœื ื”ื™ื ืžื“ืขื ื™ื ื•ืžื”ื ื“ืกื™ื.
07:30
(Laughter)
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[ืฆื—ื•ืง]
07:32
The United States has been an idea leader.
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ืืจื”"ื‘ ื”ื™ืชื” ืžื•ื‘ื™ืœื” ืจืขื™ื•ื ื™ืช.
07:35
A large fraction of those people are in the United States.
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ื—ืœืง ื’ื“ื•ืœ ืžื”ืื ืฉื™ื ื”ืืœื” ื”ื ื‘ืืจื”"ื‘.
07:38
But the U.S. is losing its idea leadership.
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ืื‘ืœ ืืจื”"ื‘ ืžืื‘ื“ืช ืืช ื”ื”ื•ื‘ืœื” ืฉืœื”.
07:43
And for that I am very grateful.
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ื•ืื ื™ ืืกื™ืจ ืชื•ื“ื” ืขืœ ื›ืš.
07:45
That is a good thing.
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ื–ื”ื• ื“ื‘ืจ ื—ื™ื•ื‘ื™.
07:48
It is fortunate that we are becoming less of an idea leader
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ืื ื• ื‘ืจื™ ืžื–ืœ ืฉืื ื• ื ืขืฉื™ื ืคื—ื•ืช ืžื•ื‘ื™ืœื™ื ืจืขื™ื•ื ื™ื™ื
07:51
because for too long the United States,
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ืžื›ื™ื•ื•ืŸ ืฉื‘ืžืฉืš ืชืงื•ืคื” ืืจื•ื›ื” ืžื“ื™,
07:53
and a handful of other developed countries,
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ืืจื”"ื‘ ื•ืžืกืคืจ ืžืฆื•ืžืฆื ืฉืœ ืžื“ื™ื ื•ืช ืžืชืคืชื—ื•ืช ืื—ืจื•ืช
07:55
have shouldered the entire burden
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ื ืฉืื• ืืช ืžืœื•ื ื”ืžืฉื
07:57
of research and development.
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ืฉืœ ืžื—ืงืจ ื•ืคื™ืชื•ื—.
07:59
But consider the following:
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ืฉื™ืžื• ืœื‘ ืœื“ื‘ืจ ื”ื‘ื:
08:02
if the world as a whole were as wealthy as the United States is now
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ืื ื”ืขื•ืœื ื›ื•ืœื• ื”ื™ื” ืขืฉื™ืจ ื‘ืžื™ื“ื” ื‘ื” ืืจื”"ื‘ ืขืฉื™ืจื” ืขื›ืฉื™ื•,
08:05
there would be more than five times as many scientists and engineers
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ื™ื•ืชืจ ืžืคื™ ื—ืžื™ืฉื” ืžื“ืขื ื™ื ื•ืžื”ื ื“ืกื™ื ื”ื™ื•
08:09
contributing to ideas which benefit everyone,
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ืชื•ืจืžื™ื ืจืขื™ื•ื ื•ืช ืœืชื•ืขืœืช ื”ื›ืœืœ
08:13
which are shared by everyone.
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ื•ื—ื•ืœืงื™ื ืืช ืจืขื™ื•ื ื•ืชื™ื”ื ืขื ื”ื›ืœืœ.
08:15
I think of the great Indian mathematician, Ramanujan.
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ืื ื™ ื—ื•ืฉื‘ ืขืœ ื”ืžืชืžื˜ื™ืงืื™ ื”ื”ื•ื“ื™ ื”ื’ื“ื•ืœ, ืจืžื ื•ื’'ืืŸ.
08:19
How many Ramanujans are there in India today
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ื›ืžื” ืจืžื ื•ื’'ืื ื™ื ื™ืฉ ื”ื™ื•ื ื‘ื”ื•ื“ื•,
08:23
toiling in the fields, barely able to feed themselves,
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ืฉืขืžืœื™ื ื‘ืฉื“ื•ืช ื•ืžืกื•ื’ืœื™ื ื‘ืงื•ืฉื™ ืœืกืคืง ืืช ืžื–ื•ื ื,
08:26
when they could be feeding the world?
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ื›ืืฉืจ ื”ื™ื• ื™ื›ื•ืœื™ื ืœืกืคืง ืžื–ื•ืŸ ืœื›ืœ ื”ืขื•ืœื?
08:29
Now we're not there yet.
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ืขื“ื™ื™ืŸ ืœื ื”ื’ืขื ื• ืœืฉื.
08:31
But it is going to happen in this century.
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ืื‘ืœ ื–ื” ื™ืงืจื” ื‘ืžืื” ื”ื ื•ื›ื—ื™ืช.
08:34
The real tragedy of the last century is this:
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ื”ื˜ืจื’ื“ื™ื” ื”ืืžื™ืชื™ืช ืฉืœ ื”ืžืื” ื”ืงื•ื“ืžืช ื”ื™ื ื–ืืช:
08:40
if you think about the world's population
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ืื ื—ื•ืฉื‘ื™ื ืขืœ ืื•ื›ืœื•ืกื™ืช ื”ืขื•ืœื
08:44
as a giant computer, a massively parallel processor,
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ื›ืขืœ ืžื—ืฉื‘ ืขื ืง, ืžืขื‘ื“ ืžืงื‘ื™ืœื™ ืžืืกื™ื‘ื™,
08:47
then the great tragedy has been
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ืื– ื”ื˜ืจื’ื“ื™ื” ื”ื’ื“ื•ืœื” ื”ื™ื
08:49
that billions of our processors have been off line.
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ืฉืžื™ืœื™ืืจื“ื™ื ืžื”ืžืขื‘ื“ื™ื ืฉืœื ื• ืœื ื”ื™ื• ืžืงื•ื•ื ื™ื.
08:54
But in this century China is coming on line.
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ืื‘ืœ ื‘ืžืื” ื”ื–ืืช - ืกื™ืŸ ื ืขืฉื™ืช ืžืงื•ื•ื ืช.
08:57
India is coming on line.
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ื”ื•ื“ื• ื ืขืฉื™ืช ืžืงื•ื•ื ืช.
08:59
Africa is coming on line.
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ืืคืจื™ืงื” ื ืขืฉื™ืช ืžืงื•ื•ื ืช.
09:01
We will see an Einstein in Africa in this century.
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ื‘ืžืื” ื”ื–ืืช - ืื ื• ื ื–ื›ื” ืœืจืื•ืช ืื™ื™ื ืฉื˜ื™ื™ืŸ ื‘ืืคืจื™ืงื”.
09:06
Here is just some data. This is China.
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ืืฆื™ื’ ื‘ืคื ื™ื›ื ื›ืžื” ื ืชื•ื ื™ื. ื–ื•ื”ื™ ืกื™ืŸ.
09:08
1996: less than one million
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1966 - ืคื—ื•ืช ืžืžื™ืœื™ื•ืŸ
09:10
new university students in China per year;
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ืกื˜ื•ื“ื ื˜ื™ื ื—ื“ืฉื™ื ื‘ืื•ื ื™ื‘ืจืกื™ื˜ืื•ืช ืฉืœ ืกื™ืŸ ื‘ืฉื ื”.
09:13
2006: over five million.
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2006 - ื™ื•ืชืจ ืžื—ืžื™ืฉื” ืžื™ืœื™ื•ืŸ.
09:17
Now think what this means.
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ื—ื™ืฉื‘ื• ืขืœ ืžืฉืžืขื•ืช ื”ื“ื‘ืจ.
09:19
This means we all benefit when another country gets rich.
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ื›ื•ืœื ื• ืžืคื™ืงื™ื ืชื•ืขืœืช ืžื›ืš ืฉืžื“ื™ื ื” ืื—ืจืช ื ืขืฉื™ืช ืขืฉื™ืจื”.
09:23
We should not fear other countries becoming wealthy.
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ืื™ื ื ื• ืฆืจื™ื›ื™ื ืœื—ืฉื•ืฉ ืžื›ืš ืฉืžื“ื™ื ื•ืช ืื—ืจื•ืช ื ืขืฉื•ืช ืขืฉื™ืจื•ืช.
09:27
That is something that we should embrace --
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ื–ื”ื• ื“ื‘ืจ ืฉืื ื• ืฆืจื™ื›ื™ื ืœืงื‘ืœื• ื‘ื‘ืจื›ื” -
09:30
a wealthy China, a wealthy India, a wealthy Africa.
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ืกื™ืŸ ืขืฉื™ืจื”, ื”ื•ื“ื• ืขืฉื™ืจื”, ืืคืจื™ืงื” ืขืฉื™ืจื”.
09:33
We need a greater demand for ideas --
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ืื ื• ื–ืงื•ืงื™ื ืœื“ืจื™ืฉื” ื’ื“ื•ืœื” ื™ื•ืชืจ ืœืจืขื™ื•ื ื•ืช -
09:35
those larger markets I was talking about earlier --
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ื”ืฉื•ื•ืงื™ื ื”ื’ื“ื•ืœื™ื ื™ื•ืชืจ ืฉื“ื™ื‘ืจืชื™ ืขืœื™ื”ื ืงื•ื“ื,
09:38
and a greater supply of ideas for the world.
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ื•ืื ื• ื–ืงื•ืงื™ื ืœืืกืคืงื” ื’ื“ื•ืœื” ื™ื•ืชืจ ืฉืœ ืจืขื™ื•ื ื•ืช ืœืขื•ืœื.
09:42
Now you can see some of the reasons why I'm optimistic.
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ืขื›ืฉื™ื• ืืชื ื™ื›ื•ืœื™ื ืœื”ื‘ื™ืŸ ื—ืœืง ืžื”ืกื™ื‘ื•ืช ืœืื•ืคื˜ื™ืžื™ื•ืช ืฉืœื™.
09:46
Globalization is increasing the demand
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ื”ื’ืœื•ื‘ืœื™ื–ืฆื™ื” ืžื’ื“ื™ืœื” ืืช ื”ื“ืจื™ืฉื” ืœืจืขื™ื•ื ื•ืช,
09:48
for ideas, the incentive to create new ideas.
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ืืช ื”ืชืžืจื™ืฅ ืœื™ืฆื™ืจืช ืจืขื™ื•ื ื•ืช ื—ื“ืฉื™ื.
09:51
Investments in education are increasing the supply of new ideas.
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ื”ืฉืงืขื•ืช ื‘ื—ื™ื ื•ืš ืžื’ื“ื™ืœื•ืช ืืช ืืกืคืงืช ื”ืจืขื™ื•ื ื•ืช ื”ื—ื“ืฉื™ื.
09:57
In fact if you look at world history
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ืœืžืขืฉื”, ืื ืžืชื‘ื•ื ื ื™ื ื‘ื”ื™ืกื˜ื•ืจื™ื” ื”ืขื•ืœืžื™ืช
09:59
you can see some reasons for optimism.
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ื ื™ืชืŸ ืœืžืฆื•ื ื›ืžื” ืกื™ื‘ื•ืช ืœืื•ืคื˜ื™ืžื™ื•ืช.
10:01
From about the beginnings of humanity
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ื”ื—ืœ ืžื‘ืขืจืš ืจืืฉื™ืช ื”ืื ื•ืฉื•ืช
10:03
to 1500: zero economic growth, nothing.
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ื•ืขื“ 1500 ื”ื™ืชื” ืฆืžื™ื—ื” ื›ืœื›ืœื™ืช ืืคืกื™ืช. ืฉื•ื ื“ื‘ืจ.
10:06
1500 to 1800: maybe a little bit of economic growth,
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ืž-1500 ืขื“ 1800 - ื”ื™ืชื” ืฆืžื™ื—ื” ื›ืœื›ืœื™ืช ืžื–ืขืจื™ืช.
10:10
but less in a century
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ืื‘ืœ, ื”ืฆืžื™ื—ื” ืฉืœ ืžืื” ืฉืœืžื” ื”ื™ืชื” ืคื—ื•ืชื”
10:12
than you expect to see in a year today.
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ืžื”ืฆืžื™ื—ื” ืฉืื ื• ืžืฆืคื™ื ืœื” ื‘ืฉื ื” ืื—ืช ื‘ื™ืžื™ื ื•.
10:16
1900s: maybe one percent.
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ื‘-1900 - ืื•ืœื™ ืฆืžื™ื—ื” ืฉืœ ืื—ื•ื– ืื—ื“.
10:18
Twentieth century: a little bit over two percent.
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ื‘ืžืื” ื”-20 - ืงืฆืช ื™ื•ืชืจ ืž-2 ืื—ื•ื–ื™ื.
10:20
Twenty-first century could easily be 3.3, even higher percent.
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ื‘ืžืื” ื”-21 - ื‘ืงืœื•ืช ืชื•ื›ืœ ืœื”ื™ื•ืช ืฆืžื™ื—ื” ืฉืœ 3.3 ืื—ื•ื–ื™ื ื•ืืคื™ืœื• ื™ื•ืชืจ.
10:24
Even at that rate,
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ื•ื’ื ื‘ืงืฆื‘ ื”ื–ื”
10:26
by 2100 average GDP per capita
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ืขื“ 2100 - ื”ืชืž"ื’ ื”ืžืžื•ืฆืข ืœื ืคืฉ ื‘ืขื•ืœื
10:29
in the world will be $200,000.
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ื™ื”ื™ื” 200,000 ื“ื•ืœืจ.
10:32
That's not U.S. GDP per capita, which will be over a million,
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ืื ื™ ืœื ืžื“ื‘ืจ ืขืœ ื”ืชืž"ื’ ื”ืžืžื•ืฆืข ืœื ืคืฉ ื‘ืืจื”"ื‘, ืฉื™ื’ื™ืข ืœื™ื•ืชืจ ืžืžื™ืœื™ื•ืŸ.
10:35
but world GDP per capita -- $200,000.
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ืืœื, ื”ืชืž"ื’ ื”ืขื•ืœืžื™ ื”ืžืžื•ืฆืข ืœื ืคืฉ ื™ื”ื™ื” 200,000 ื“ื•ืœืจ.
10:38
That's not that far.
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ื–ื” ืœื ื›ืœ ื›ืš ืจื—ื•ืง.
10:40
We won't make it.
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ืื ื—ื ื• ืœื ื ื–ื›ื” ืœื›ืš,
10:42
But some of our grandchildren probably will.
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ืื‘ืœ ืกื‘ื™ืจ ืœื”ื ื™ื— ืฉื—ืœืง ืžื”ื ื›ื“ื™ื ืฉืœื ื• ื™ื–ื›ื•.
10:44
And I should say,
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ื•ืขืœื™ ืœืฆื™ื™ืŸ
10:46
I think this is a rather modest prediction.
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ืฉืื ื™ ื—ื•ืฉื‘ ืฉื–ื•ื”ื™ ื”ืขืจื›ื” ื“ื™ ืฆื ื•ืขื”.
10:49
In Kurzweilian terms this is gloomy.
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ื‘ืžื•ื ื—ื™ื ืฉืœ ืงื•ืจืฆื•ื•ื™ืœ - ื–ื• ื”ืขืจื›ื” ืขื’ื•ืžื” ื•ืงื•ื“ืจืช.
10:54
In Kurzweilian terms I'm like the Eeyore of economic growth.
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ื‘ืžื•ื ื—ื™ื ืฉืœ ืงื•ืจืฆื•ื•ื™ืœ - ืื ื™ ื“ื•ืžื” ืœื—ืžื•ืจื•ืŸ ืื™ื™ื” ืฉืœ ื”ืฆืžื™ื—ื” ื”ื›ืœื›ืœื™ืช.
10:58
(Laughter)
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[ืฆื—ื•ืง]
11:01
Alright what about problems?
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ืžื” ื‘ื ื•ื’ืข ืœื‘ืขื™ื•ืช?
11:03
What about a great depression?
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ืžื” ื‘ื ื•ื’ืข ืœืฉืคืœ ื”ื’ื“ื•ืœ?
11:06
Well let's take a look. Let's take a look at the Great Depression.
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ื”ื‘ื” ื ืขื™ืฃ ืžื‘ื˜. ื”ื‘ื” ื ืชื‘ื•ื ืŸ ื‘ืฉืคืœ ื”ื’ื“ื•ืœ.
11:10
Here is GDP per capita
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ื–ื”ื• ื”ืชืž"ื’ ืœื ืคืฉ
11:12
from 1900 to 1929.
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ื‘ื™ืŸ 1900 ืœ-1929.
11:15
Now let's imagine that you were an economist in 1929,
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ื”ื‘ื” ื ื“ืžื™ื™ืŸ ืฉื”ื™ื™ืชื ื›ืœื›ืœื ื™ื ื‘-1929,
11:19
trying to forecast future growth for the United States,
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ื•ื ื™ืกื™ืชื ืœื—ื–ื•ืช ืืช ื”ืฆืžื™ื—ื” ื”ืขืชื™ื“ื™ืช ืฉืœ ืืจื”"ื‘,
11:22
not knowing that the economy was about to go off a cliff,
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ื‘ืœื™ ืœื“ืขืช ืฉื”ื›ืœื›ืœื” ืขื•ืžื“ืช ืœืฆื ื•ื— ืœืชื”ื•ื.
11:26
not knowing that we were about to enter
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ื‘ืœื™ ืœื“ืขืช ืฉืื ื• ืขื•ืžื“ื™ื ืœื”ื›ื ืก
11:29
the greatest economic disaster certainly in the 20th century.
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ืœืืกื•ืŸ ื”ื›ืœื›ืœื™ ื”ื’ื“ื•ืœ ื‘ื™ื•ืชืจ ื‘ืžืื” ื”-20.
11:33
What would you have predicted, not knowing this?
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ืžื” ื”ื™ืชื” ื”ืชื—ื–ื™ืช ืฉืœื›ื ื‘ืœื™ ื”ื™ื“ืข ื”ื–ื”?
11:35
If you had based your prediction, your forecast
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ืื ื”ื™ื™ืชื ืžื‘ืกืกื™ื ืืช ื”ืชื—ื–ื™ืช ืฉืœื›ื
11:37
on 1900 to 1929
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ืขืœ 1900 ืขื“ 1929
11:39
you'd have predicted something like this.
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ื”ื™ื ื”ื™ืชื” ื ืจืื™ืช ื‘ืขืจืš ื›ืš.
11:41
If you'd been a little more optimistic --
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ืื ื”ื™ื™ืชื ืงืฆืช ื™ื•ืชืจ ืื•ืคื˜ื™ืžื™ื™ื,
11:43
say, based upon the Roaring Twenties -- you'd have said this.
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ื ื ื™ื— ื‘ื”ืชื‘ืกืก ืขืœ ื”ื’ืื•ืช ืฉืœ ืฉื ื•ืช ื”-20, ื”ื™ื™ืชื ืื•ืžืจื™ื ื›ืš.
11:46
So what actually happened?
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ืžื” ืงืจื” ืœืžืขืฉื”?
11:48
We went off a cliff but we recovered.
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ืฆื ื—ื ื• ืœืชื”ื•ื ืื‘ืœ ื”ืชืื•ืฉืฉื ื•.
11:52
In fact in the second half of the 20th century
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ืœืžืขืฉื”, ื‘ืžื—ืฆื™ืช ื”ืฉื ื™ื” ืฉืœ ื”ืžืื” ื”-20,
11:55
growth was even higher than anything you would have predicted
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ื”ืฆืžื™ื—ื” ื”ื™ืชื” ื’ื“ื•ืœื” ื™ื•ืชืจ ืžื›ืœ ืชื—ื–ื™ืช ืฉื”ื™ื” ื ื™ืชืŸ ืœื‘ื ื•ืช
11:59
based upon the first half of the 20th century.
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ืขืœ ืกืžืš ื”ืžื—ืฆื™ืช ื”ืจืืฉื•ื ื” ืฉืœ ื”ืžืื” ื”-20.
12:02
So growth can wash away
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ืื ื›ืš, ื”ืฆืžื™ื—ื” ื™ื›ื•ืœื” ืœืฉื˜ื•ืฃ ื”ืœืื”
12:04
even what appears to be a great depression.
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ื’ื ืืช ืžื” ืฉื ืจืื” ื›ืฉืคืœ ื’ื“ื•ืœ.
12:07
Alright. What else?
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ืžื” ืขื•ื“?
12:09
Oil. Oil. This was a big topic.
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ื ืคื˜. ื ืคื˜. ื–ื”ื• ื ื•ืฉื ื’ื“ื•ืœ.
12:12
When I was writing up my notes oil was $140 per barrel.
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ื›ืฉื”ื›ื ืชื™ ืืช ื”ืจืฉื™ืžื•ืช ืฉืœื™ - ื”ืžื—ื™ืจ ืฉืœ ื ืคื˜ ื”ื™ื” 140 ื“ื•ืœืจ ืœื—ื‘ื™ืช.
12:19
So people were asking a question. They were saying,
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ืื ืฉื™ื ืฉืืœื• ืฉืืœื”. ื”ื ืฉืืœื•,
12:22
"Is China drinking our milkshake?"
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"ื”ืื ืกื™ืŸ ืฉื•ืชื” ืืช ื”ืžื™ืœืงืฉื™ื™ืง ืฉืœื ื•?"
12:26
(Laughter)
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[ืฆื—ื•ืง]
12:27
And there is some truth to this,
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ื•ื™ืฉ ื‘ื›ืš ื’ืจืขื™ืŸ ืฉืœ ืืžืช -
12:30
in the sense that we have something of a finite resource,
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ื‘ืžื•ื‘ืŸ ืฉื™ืฉ ืœื ื• ืžืฉืื‘ ืžื•ื’ื‘ืœ.
12:34
and increased growth is going to push up demand for that.
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ืฆืžื™ื—ื” ืžื•ื’ื‘ืจืช ืžื’ื“ื™ืœื” ืืช ื”ื“ืจื™ืฉื” ืœื•.
12:37
But I think I don't have to tell this audience
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ืื‘ืœ, ืื ื™ ื—ื•ืฉื‘ ืฉืื ื™ ืœื ืฆืจื™ืš ืœืกืคืจ ืœืงื”ืœ ื›ืืŸ
12:39
that a higher price of oil is not necessarily a bad thing.
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ืฉืžื—ื™ืจ ื’ื‘ื•ื” ื™ื•ืชืจ ืฉืœ ื ืคื˜ ื”ื•ื ืœื ื‘ื”ื›ืจื— ื’ืจื•ืข.
12:44
Moreover, as everyone knows,
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ื•ื™ื•ืชืจ ืžื›ืš, ื›ืคื™ ืฉื›ื•ืœื ื™ื•ื“ืขื™ื,
12:47
look -- it's energy, not oil, which counts.
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ื”ืื ืจื’ื™ื”, ื•ืœื ื”ื ืคื˜ - ื”ื™ื ื–ืืช ืฉื—ืฉื•ื‘ื”.
12:50
And higher oil prices mean
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ืžื—ื™ืจื™ ื ืคื˜ ื’ื‘ื•ื”ื™ื ื™ื•ืชืจ
12:52
a greater incentive to invest in energy R&D.
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ื”ื ืชืžืจื™ืฅ ื’ื“ื•ืœ ื™ื•ืชืจ ืœื”ืฉืงืขื” ื‘ืžื•"ืค ืฉืœ ืื ืจื’ื™ื”.
12:55
You can see this in the data.
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ื ื™ืชืŸ ืœืจืื•ืช ื–ืืช ื‘ื ืชื•ื ื™ื ื”ื‘ืื™ื.
12:57
As oil prices go up, energy patents go up.
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ื›ื›ืœ ืฉืžื—ื™ืจื™ ื”ื ืคื˜ ืขื•ืœื™ื, ืžืกืคืจ ื”ืคื˜ื ื˜ื™ื ืฉืœ ื”ืื ืจื’ื™ื” ื’ื“ืœื™ื.
13:00
The world is much better equipped
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ื”ื™ื•ื, ืœืขื•ืœื ื™ืฉ ื›ืœื™ื ื”ืจื‘ื” ื™ื•ืชืจ ื˜ื•ื‘ื™ื
13:02
to overcome an increase in the price of oil
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ืœื”ืชื’ื‘ืจื•ืช ืขืœ ืขืœื™ื” ื‘ืžื—ื™ืจื™ ื”ื ืคื˜
13:04
today, than ever in the past,
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ืžืืฉืจ ืื™ ืคืขื ื‘ืขื‘ืจ.
13:06
because of what I'm talking about.
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ื•ื–ืืช, ืžื”ืกื™ื‘ื•ืช ืฉืื ื™ ืžื“ื‘ืจ ืขืœื™ื”ืŸ ื›ืขืช.
13:08
One idea, one world, one market.
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ืจืขื™ื•ืŸ ืื—ื“, ืขื•ืœื ืื—ื“, ืฉื•ืง ืื—ื“.
13:12
So I'm optimistic
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ืื– ืื ื™ ืื•ืคื˜ื™ืžื™
13:15
so long as we hew to these two ideas:
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ื›ืœ ืขื•ื“ ืื ื• ื“ื‘ืงื™ื ื‘ืฉื ื™ ื”ืจืขื™ื•ื ื•ืช ื”ื‘ืื™ื:
13:17
to keep globalizing world markets,
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ืœื”ืžืฉื™ืš ื‘ื’ืœื•ื‘ืœื™ื–ืฆื™ื” ืฉืœ ื”ืฉื•ื•ืงื™ื ื”ืขื•ืœืžื™ื™ื,
13:19
keep extending cooperation across national boundaries,
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ืœื”ืžืฉื™ืš ืœื”ื’ื“ื™ืœ ืืช ืฉื™ืชื•ืคื™ ื”ืคืขื•ืœื” ืžืขื‘ืจ ืœื’ื‘ื•ืœื•ืช ืœืื•ืžื™ื™ื,
13:23
and keep investing in education.
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ื•ืœื”ืžืฉื™ืš ืœื”ืฉืงื™ืข ื‘ื—ื™ื ื•ืš.
13:26
Now the United States has a particularly important role
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ืœืืจื”"ื‘ ื™ืฉ ืชืคืงื™ื“ ื—ืฉื•ื‘ ื‘ืžื™ื•ื—ื“
13:29
to play in this:
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ื‘ืขื ื™ื™ืŸ ื”ื–ื” -
13:32
to keep our education system globalized,
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ืœืฉืžื•ืจ ืขืœ ื’ืœื•ื‘ืœื™ื–ืฆื™ื” ืฉืœ ืžืขืจื›ืช ื”ื—ื™ื ื•ืš ืฉืœื ื•,
13:35
to keep our education system open to students from all over the world,
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ืœืฉืžื•ืจ ืฉืžืขืจื›ืช ื”ื—ื™ื ื•ืš ืฉืœื ื• ืชื”ื™ื” ืคืชื•ื—ื” ืœืกื˜ื•ื ื“ื ื˜ื™ื ืžื›ืœ ืจื—ื‘ื™ ื”ืขื•ืœื.
13:39
because our education system
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ืžืขืจื›ืช ื”ื—ื™ื ื•ืš ืฉืœื ื•
13:41
is the candle
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ื”ื™ื ื”ืื•ืจ
13:43
that other students come to light their own candles.
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ืฉืกื˜ื•ื“ื ื˜ื™ื ืื—ืจื™ื ืžื“ืœื™ืงื™ื ื‘ื• ืืช ื ืจื•ืชื™ื”ื.
13:48
Now remember here what Jefferson said.
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ื–ื›ืจื• ืืช ืžื” ืฉื’'ืคืจืกื•ืŸ ืืžืจ.
13:51
Jefferson said, "When they come
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ื’'ืคืจืกื•ืŸ ืืžืจ, "ื›ืืฉืจ ื”ื ื‘ืื™ื
13:54
and light their candles at ours,
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ื•ืžื“ืœื™ืงื™ื ืืช ื ืจื•ืชื™ื”ื ื‘ื ืจื•ืช ืฉืœื ื•,
13:57
they gain light, and we are not darkened."
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ื”ื ื ื”ื ื™ื ืžืื•ืจ, ื•ื”ืื•ืจ ืฉืœื ื• ืœื ื—ืกืจ."
14:02
But Jefferson wasn't quite right, was he?
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ืื‘ืœ ื’'ืคืจืกื•ืŸ ืœื ืฆื“ืง ืœื’ืžืจื™. ืœื?
14:05
Because the truth is,
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ื”ืืžืช ื”ื™ื
14:08
when they light their candles at ours,
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ืฉื›ืืฉืจ ื”ื ืžื“ืœื™ืงื™ื ืืช ื”ื ืจื•ืช ืฉืœื”ื ื‘ื ืจื•ืช ืฉืœื ื•,
14:12
there is twice as much light available for everyone.
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ื™ืฉ ื›ืคืœื™ื™ื ืื•ืจ ืœื›ื•ืœื.
14:16
So my view is: Be optimistic.
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ื•ืœื›ืŸ, ืื ื™ ืื•ืžืจ - ืชื”ื™ื• ืื•ืคื˜ื™ืžื™ื™ื.
14:20
Spread the ideas. Spread the light.
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ื”ืคื™ืฆื• ืืช ื”ืจืขื™ื•ื ื•ืช. ื”ืคื™ืฆื• ืืช ื”ืื•ืจ.
14:23
Thank you.
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ืชื•ื“ื”.
14:25
(Applause)
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[ืžื—ื™ืื•ืช ื›ืคื™ื™ื]
ืขืœ ืืชืจ ื–ื”

ืืชืจ ื–ื” ื™ืฆื™ื’ ื‘ืคื ื™ื›ื ืกืจื˜ื•ื ื™ YouTube ื”ืžื•ืขื™ืœื™ื ืœืœื™ืžื•ื“ ืื ื’ืœื™ืช. ืชื•ื›ืœื• ืœืจืื•ืช ืฉื™ืขื•ืจื™ ืื ื’ืœื™ืช ื”ืžื•ืขื‘ืจื™ื ืขืœ ื™ื“ื™ ืžื•ืจื™ื ืžื”ืฉื•ืจื” ื”ืจืืฉื•ื ื” ืžืจื—ื‘ื™ ื”ืขื•ืœื. ืœื—ืฅ ืคืขืžื™ื™ื ืขืœ ื”ื›ืชื•ื‘ื™ื•ืช ื‘ืื ื’ืœื™ืช ื”ืžื•ืฆื’ื•ืช ื‘ื›ืœ ื“ืฃ ื•ื™ื“ืื• ื›ื“ื™ ืœื”ืคืขื™ืœ ืืช ื”ืกืจื˜ื•ืŸ ืžืฉื. ื”ื›ืชื•ื‘ื™ื•ืช ื’ื•ืœืœื•ืช ื‘ืกื ื›ืจื•ืŸ ืขื ื”ืคืขืœืช ื”ื•ื•ื™ื“ืื•. ืื ื™ืฉ ืœืš ื”ืขืจื•ืช ืื• ื‘ืงืฉื•ืช, ืื ื ืฆื•ืจ ืื™ืชื ื• ืงืฉืจ ื‘ืืžืฆืขื•ืช ื˜ื•ืคืก ื™ืฆื™ืจืช ืงืฉืจ ื–ื”.

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