I was thoroughly engaged reading your essay. It was really entertaining and informative. I appreciate the way you stayed on topic and covered all of Bylund’s points. I wish I could keep my writing as short as yours.
The first point that stuck out the most to me was when you mentioned Bylund’s economizing statement. You said,
I really like what Bylund is saying here, because in our everyday lives we use economics all the time without even thinking about it. If we are saving up for a certain item and then something else comes up, we must prioritize what we need and make decisions based on what we feel is best for us. For us in society, we must make sacrifices all the time, to give up one thing in order to purchase another, and we use economics without even knowing it.
I found this point really nice to read. It gave us a look at what economizing is in a practical sense. Describing the process of budgeting helps to not only simplify what it means to "economize," but also illustrate what that is. In particular, when you mention saving for something as a prioritization of needs and wants, I really like how this predisposes us to Bylund’s explanation of value ranking within human behavior when it comes to voluntary exchange. This makes your explanation really synergize with those breakdowns.
I agree that when we start to rank things we want and need, then plan, save, and budget accordingly, that is us economizing. Economizing really is a simpler thing than most probably think. This goes to show that anyone is a part of the economy and can have a hand in shaping it. You go on to highlight humans’ ability to do so. That was the second point that stood out to me.
Humans are the biggest factors in the change of the economy, the more active we are as a society, the more that the economy will produce.
I agree that humans are the most important factor in economic change. Humans are the market potential, the golden goose, and the money printing machine; we just forget that in our pursuit of monetary gains. We are the driving cogs behind the machine that is the economy.
The reality of humans feeding the economy also speaks to our ability. The fact that we can change the economy is a driving factor in our abilities as entrepreneurs. If we can harness this power, we can become even more successful as entrepreneurs. That is to say, an entrepreneur should try their hardest to keep their entrepreneurial sense in tune with our ability to change or influence the economy by actively staying in touch with society and what its current wants and needs are.
We may not know how it works, but knowing we can influence it can lead to a more productive society. It was nice to read your essay. Good job, and I hope you have a good day.