Hi @brieb , I enjoyed reading your essay and your interpretation of our weekly readings. You made some unquestionably strong points that I found very interesting. To start, you expressed the term “disruptive technology” and how the products we use continuously change and evolve into new products that consumers find more value in. In our society today, I see this happening all the time and I even find myself replacing products with different ones that I find provide higher value. For instance, the iPhone I’m currently using is the fifth version I’ve purchased because Apple keeps upgrading their technology with each new iteration of cell phones it releases. Going along with this idea in the secondary readings, you pointed out the fact that Bylund expresses how our economy is based on human interactions. You used the quote,
“Core to understanding the economy is recognizing that it is about human actions and interactions” (Bylund, 2022, p. 15).
I personally agree with Bylund and you on this idea of exchanges with human interaction. When we replace one thing with something we find more valuable, we are affecting the purchasing cycle and impacting what manufacturers produce, which then trickles down to the consumer because now they see new options. Our economy is completely affected by the constant changing of individuals' wants or needs and their buying power. It is also interesting that you pointed out how value is determined by individuals and that something may have more value to you than it would to me. I absolutely agree with you on this point because everyone lives differently and has different tastes in products. For instance, with music, some people really like country music, while others love rock, which means those people will be buying different albums. Lastly, you point out the term that Bylund uses “creative destruction”, and you relate it back to the idea of disruptive technology. Because by changing our buying needs based on the latest creation, we disrupt the old item and replace it with the latest and greatest, which is usually based on some new technology enhancement. Everything we purchase seems to have a downstream effect on others, our market, and our economy. Both Bylund and your words are exactly how I would describe our market/ economy and how it works. Society is a bunch of different processes connected to make our world work better and each one of us has a role in it.