# The Economy through Bylund"s eyes
After reading excerpts from Bylund's views on the economy he sees it as the super complex system that has a mind of it's own almost. I like how he alluded to the Entrepreneur as the "residual claimants of uncertain business." (Bylund, 2016, pg.6) Also having the task of bearing the uncertainty of production is the task for entrepreneurs. That's the perfect generalization for an entrepreneur. He also breaks the economy down by starting at the product the entrepreneur wants to make then from there the entrepreneurs are bidding all the resources they need to make that product which goes more in depth than most understand. The economy is neither good or bad, but fueled by our wants so you can imagine that it can take on many faces with of course sometimes it being ugly which can be in our nature sometimes. It's amazing how far technology has come in the past fifty years and it's exciting to think what we will do in the next fifty years. I hope it doesn't get too out of hand with our leaders and I hope we can figure out the problems we will eventually have with overpopulation if we continue to grow at the same pace.
"In other words, the real market-- an economy engaged in numerous production undertakings-- cannot be anything like the mathematical models we learn in undergraduate and graduate economics courses." (Bylund, 2016, pg. 10)
While referring back to multiple times in his writing the main driving force of the economy is the consumer because without that it does not work. The value created by the economy is purely drove from our wants and needs. "The economy has something of a life it's own: it has a nature."(Bylund, 2022, pg.15) He made this simile to nature because he wanted to iterate that we can study it and try to understand it like we do with the nature outside. The main driving force being action in our economy. He made an example to a candy store owner on how they get the candy in their store and how many different working parts that goes into making that. To immediately go to the source sugar which was made from a farmer with large equipment who probably drank coffee that was sourced from many different places from another country. All of these moving parts make up the economy and make it work so that each person can focus on one aspect rather than just getting by like our ancestors did for so long.
"We never value things in themselves, but for the satisfaction we think they can provide us."(Bylund, 2022, pg. 25)
The quote above describes how Bylund says our actions are driven which I agree. The driving force of our economy is our wants and needs with our wants becoming more and more of a trend as we settle into our capitalistic society because our technology is getting better to where it's not as expensive as it used to be to start little side businesses and do creative twists on older ideas. Our actions is what drive entrepreneurs to create the products that we will want above all others because once we spend our time and energy on the product you can't get it back which is the give and take of the trading we do. With the economy having distinct lines like nature we know that the economy has a general basis for operating. Knowing that we can learn from it and try to better adapt to it to make it work more in our favor because if someone has a general basis then some things can be predicted for you to be successful if your smart or really just persistent.
"To help us understand what is going on in the economy, what is important is not the types and number of goods that sit on store shelves. It is why and how they got there."(Bylund, 2022, pg. 41)
To just go into a store would not tell us much about how everything got there because we are just seeing a snapshot of the process. Really just the end product from a very long entrepreneurial process. When making a product you have to think about the whole source of everything, for example, a box of cereal started by getting plowed in a field with a tractor which is made of steel and thousands of working parts that went into making the tractors and combines that harvest that wheat then it has to be turned to cereal, boxed, logistics of transportation, a sales representative had to sell the product which all started from an entrepreneur thinking he had the perfect niche idea for breakfast cereal. That is the economy, all these different working parts that work together so we can innovate the way we solve our day to day problems. We have really took off in that perspective in the past two hundred years with it continuing to pick up speed in the last couple decades with our developments in technology. I agree with Bylund's views on the economy and how the entrepreneur innovates it while the consumer drives it by their wants and needs with wants getting pushed higher and higher as time goes on.
Bylund, P. L. (2016). Chapter 1: The How of the Market. In Seen, the unseen, and the unrealized: How regulations affect our everyday lives (pp. 1–14). essay, Lexington Books.
Bylund, P. L. (2022). Chapter 1: What Economics Is. In How to Think About the Economy: A Primer (pp. 15–20). essay, Mises Institute.
Bylund, P. L. (2022). Chapter 2: Economic Theory. In How to Think About the Economy: A Primer (pp. 21–26). essay, Mises Institute.
Bylund, P. L. (2022). Chapter 4: A Process, Not a Factory. In How to Think About the Economy: A Primer (pp. 41–50). essay, Mises Institute.
Sources for pictures:
1)https://www.movimentolibertario.com/2020/04/intervista-a-per-bylund-questa-su-zoom-alle-18-00/
2)http://www.clipartpanda.com/categories/economic-clip-art-free pictures:
1)http://www.clipartpanda.com/categories/economic-clip-art-free
2)https://www.movimentolibertario.com/2020/04/intervista-a-per-bylund-questa-su-zoom-alle-18-00/