In our first lecture, what I'm going to do is describe for you the discipline of macroeconomics.

At this stage I should depict the body devised by the negotiating parties to conduct the first democratic elections in South Africa.

Now, I have some rather bad news, which is that I had a piece of video that I was about to show you, which unfortunately the sound doesn't work in this room, so I'm going to describe to you, in true Monty Python fashion, what happens in the video. And in the video, a group of researchers go to MIT on graduation day.