[MUSIC] If I asked you, or if I give you a word. If I give you the word entrepreneur. A word I'm sure you've encountered many, many times. Entrerpreneur. Who do you think of, when I say the word entrepreneur? Who jumps into your head? Richard Branson, basically a brand with legs. Who else? >> Elon Musk. >> Elon Musk, yes. Who else? >> Jobs. >> Steve Jobs. Moe Ibrahim. Right, so in other words, sort of spectacularly successful people When we see the word entrepreneur in a kind of a statistical sense, so for example when we read that entrepreneurial activity is responsible for x percent of new jobs every year, what the, what does that word entrepreneur actually refer to? Is it referring to the Steve Jobs, Mark Zuckerberg's, Richard Branson's of the world? >> Small businesses. >> Small businesses, like? >> [INAUDIBLE] >> Mom and pop shops, plumbers, electricians, contractors, right? That's what entrepreneur means, in that sense. Why is, and that's the vast majority of entrepreneurial activity, right? It's guys who are setting up their own shop as a plumber, as a contractor, as an electrician. When we talk then about entrepreneurial activity in terms of the economy. That's 99% of the people that are being referred to. Why is it then that when we think of the word, entrepreneur, we don't immediately think of a plumber crawling underneath our cabinets to fix our sink? But instead we think of, some guy in a cool office in Silicon Valley waiting to become a billionaire. Where does that come from? It comes from, a culturally driven narrative about what the entrepreneur is. Many of you might say. I want to be an entrepreneur. By which you do not mean, I want to be a plumber. >> [LAUGH] >> Not that there's anything wrong with that. But I suspect most of you don't mean that. And that's because you're essentially mapping that kind of narrative defined idea of entrepreneurship onto the, onto the notion. [BLANK_AUDIO] [BLANK_AUDIO] Another example, when I ask you the question Who is the largest holder of US debt? >> China. >> China, Right? China. So who is the largest holder of US debt, it's unambiguous, the room always answers China. Who knows the actual answer? Who's sitting in this room right now, smug, >> [LAUGH] >> Quietly confident, thinking, I'm just better than these people? Who, who is the largest holder of US debt? >> The Federal Reserve. >> The Federal Reserve is the largest holder of US debt. Right. Since 2008, the Federal Reserve They, they wrap it up in this nice language, they call it quantitative easing. What that means is you go in on Sunday and you activate the printing presses and you print up a whole bunch of money. And then on Monday, you take that money and you use it to buy up treasury bonds. So it's essentially a way for the government to print money to lend to itself at a moderate interest rate. And as a result of this particular project the Federal Reserve is now owns about a quarter of all U.S. debt. Who's the second largest holder of U.S. debt? >> China >> China, right? Wrong! Second largest holder of U.S. debt? Social Security, The U.S. pension scheme, right? U.S. social security buys up T bills, essentially. The government collects tax dollars, collects pension dollars on, on, of U.S. citizens. Uses that to then finances its own operations through debt. And number three is China. Depending on the day because sometimes Japan sneaks ahead but China, Japan come in at both at about ten percent. [COUGH] China is the largest foreign debt holder of the United States not the largest debt holder of the United States but this idea that somehow the United States is indebted to China as opposed to itself, I think, is a commonly held view. Why? Where does that come from? Why do we all think that China is the largest U.S. debt holder? Not only is it wrong, but it's quite significantly wrong. Where does that idea come from? It's a media driven narrative, right? This is something that we hear in the media. It's been out there, it's part of the story that is told and so, as a result we acquire this general belief. China is the largest debt holder of the United States. To the point where, in fact, you can see that a political discourse can be constructed around that fallacy to gain political capital. [BLANK_AUDIO]. Okay, so I think those are pretty straight forward ideas of narrative. So we have a kind of culture narrative. The idea of the entrepreneur divorced from reality. And put into this kind of rarefied category, the idea of fallacies about basic, basic things like who's the largest debt holder in the United States. Media driven narrative, those are pretty straight forward, I have another example of narrative. [MUSIC] >> In one week, Paul and Karen are getting married. >> Woah. Okay, in one week, Paul and Karen are getting married. [LAUGH] >> I know you're all thinking like really [LAUGH]? What kind of a movie is this? >> [CROSSTALK] >> Romantic, are you sure it's a romantic comedy? How can you you tell, it's only four seconds in? >> [CROSSTALK] >> Are you confident it's a romantic comedy? How do you know its not an American remake of some French existential drama, called like, âLa Chose de Mecâ. >> [LAUGH]. >> [INAUDIBLE]. >> In which, you know, these two people are going to go off and stand on a bridge for a long time and watch a boat go by. [LAUGH]. And then someones going to say, well there you go. And that's the end of the movie. How do you know its not that kind of a, soul-searching drama. >> The guy. [INAUDIBLE]. >> The guy. >> The music. >> The music. Okay, so the whole set up, even in the first few seconds, cued to tell you this is going to be a romantic comedy. There's Paul and Karen. That's Paul on the right. >> [LAUGH] >> Who are these people? What can we say about them based on this shot, Paul and Karen? Let's start with Karen. Who is Karen? What does she do? What might she do? As a job. >> Lawyer. >> Lawyer. >> Lawyer? >> Housewife. >> Housewife. She's not married yet. Okay, but we agree, she's probably some kind of a professional, right? Lawyer, business woman, something like that. What about her, what about that image says professional? >> Neat looking. >> Neat. So professional, neat, unprofessional? >> [UNKNOWN] well kept well dressed >> Okay, well kept well dressed. What else? >> She looks confident. >> Confidence, she is exuding confidence. What else? How else is that shot set up for us to say professional lawyer? >> She's dominating him. >> [LAUGH] >> She's dominating him? >> [LAUGH] >> okay, sure, why not? What about hair length? >> Short. >> Short, right? Short, dark hair. It suggests a kind of sensible, professional approach. So this idea, well, well presented, neat, well dressed, short hair, and so on, right? Everything about that shot says, she's a professional. What about Paul? What might he do in life? >> Writer. >> Writer. Yeah, okay, writer, what else might he do? >> Graphic designer. >> Graphic designer, >> [NOISE] >> cartoonist. >> Real estate. >> Real estate. >> Car salesman. >> Car salesman? Do we see Paul as a car salesman? >> No. >> No. >> Professor >> Professor, thank you for that. >> [LAUGH] >> Is he as professional as she is? >> No. >> No. Does he make as much as she does? >> No. >> Are you sure? Really? Okay. So who has the power in this relationship? >> She, >> Are we con, really she has the power in the relationship? We're clear about that. >> [INAUDIBLE] she's dominating him. >> How is she dominating him? >> [INAUDIBLE]. >> She's literally sitting on top of him with her hand around him. As if to say, you're not going anywhere. And he's got an expression on his face as if to say I'm not going anywhere. >> [LAUGH] >> So there's an uneven dynamic in this relationship right? Just in this one shot and they're supposed to get married. So are they going to get married in this film? >> No. >> Should they get married? >> No. >> What is going to be the mechanism that prevents them from getting married. >> [INAUDIBLE] Another girl >> Another girl. Another woman, the other woman. Okay, if there is another woman, what would we expect her to look like? >> She'll have long hair. >> She'll have what? >> Long hair. >> Long hair. >> Blonde. >> Blonde. >> [LAUGH] >> Okay, so what you're saying is that long, blonde hair means the other woman, is that right? What might the other woman do in life? Will she be another lawyer? An MBA? >> [CROSSTALK] >> Teacher? >> [CROSSTALK] >> Secretary. >> Secretary. >> [CROSSTALK] >> Hair dresser. >> [LAUGH] >> Hair dresser. >> [LAUGH] >> Is she going to be as, is she going to be as, more, or less professional than this one? >> Less. >> Less. We're guar, okey, there is tremendous consensus in the room. >> [LAUGH] >> So what we're looking for is A long blonde haired unprofessional women is that right? >> Yeah. >> Is that the agreement? Is that what we're looking for? Okay, four seconds in you're feeling pretty confortable? Feeling good about this one? Do you think you got it? >> [LAUGH] >> Let's see how you do Paul and Karen are getting married. >> Make me yours. >> But first they'll have to survive the in-laws. >> You nervous? >> I, I, it's, it's, totally, it's. Not really. >> The rehearsals. >> I am your lady. >> We're flying Paul, can you feel it? >> Hm. >> We got tiki girls. >> And the guy thing. >> Bachelor party! >> Wow, you really suck at this! >> Yeah, it's my first day. Would you buy me a beer? >> Yeah. >> Let's see how we did. >> [LAUGH] >> Hair color? >> Blonde. >> Hair length? >> Long. >> Occupation? >> [CROSSTALK] >> Stripper [LAUGH]. >> [LAUGH] [CROSSTALK] >> So, that's about as unprofessional, I'm guessing, as it gets. So, I think we did pretty well, right? So, we should give ourselves a big round of applause. We got it right. Yay. Good. Well done for us. Good. Yay. Okay, so the question is, how did we know, how do we know so much about this movie? We watched about 19 seconds of it. We've essentially predicted the dynamic, the way the movie's going to move forward, the mechanism of generating the plot, and so on. Do you expect them to get married at the end, that first two, or not? >> No. >> It's not, are you sure? It's not going to be about how they sort of overcome travails and manage to find true love? No. Right, because when a woman is that, that kind of power dynamic indicates there's not true love here. So how do we know so much about this film? >> because [INAUDIBLE]. >> We've seen it before, right? The film is, the way it works is, it simply is throwing out cues that refer to archetypes that we're already familiar with. When Hollywood shows us a woman who is sensibly dressed with short Black hair, we read that as professional lawyer. When we see the long blonde haired tiki girl, we see somebody who's full of life and willing to live on the edge or break the rules and so on. And so the fact that we've seen this story before, that all of these cues from the very music that it starts with to the voice, to the tone of voice of the voiceover and so on Simply allows us, based on what we know, to fill in the gaps. And the result is that we can take a one minute and 40, one hour and 40 minute movie, and based on 19 seconds, more or less construct out the plot, to the point where, do we need to see it? No. [BLANK_AUDIO] [BLANK_AUDIO] That I think, is a concept of narrative that's also fairly familiar to us. The idea of the universal story. Star Wars, just another version of the Arthurian Legend or whatever. The idea of these kind of larger archetypes, tropes that are out there that we're all familiar with. They are part of our common cultural currency and we have access to them. And so, we can use it in order to fill in the gaps and thereby construct, as it were, the narrative that's being referenced. [BLANK_AUDIO]