After reading my peers' essay, they have a pretty good understanding of the chapters we recently read from professor Bylund's book, "The Seen, The Unseen, and The Unrealized. They started their writing with professor Bylund economics chapter and described how he gave a better understanding of how it works and is also changing. They went in-depth on what professor Bylund had to say and analyzed the reading to their knowledge, along with getting to know the economy on another level.
Based on what we understand of laws, they are to be understood and followed, this means that an economy needs the human touch in order to work. This chapter of Byland's book offers a better understanding of how our relationship with our economy allows us to create value. Byland gives us an explanation of how human wants to lead to us coming up with a form of trade in order for us to try and better attain our wants. To me, this explanation makes a lot of sense because we normally are not given a way to understand what the economy is we only ever hear phrases like "in this economy", or "that's just the economy". But for me, this is the first time I have heard the economy explained in a way that I agree with.
I found it noteworthy that they understand that the economy will never be the same. Why is that? Simply because everyone's wants and needs are constantly changing and never staying the same. This led to the conversation of how entrepreneurs came into the picture and how they made such a product that would remain relevant or meet the consumer's needs in the future rather than the now. Professor Bylund gave this piece of information that not only opened my eyes but also seemed to grab the attention of others as well.
I really like this quote from Byland's works, because it really shows that we should all be reaching to really understand what economics is. I think he makes a point to discuss the theory of economics because it will allow people to look at theoretical scenarios so that they can better understand how it would act.
I couldn't agree more with this statement because there are so many different opinions on the market and how it works. Economics is happening in everyday society, and it allows the very things we have in today's world. Without the economy, there is no medium of exchange or trade worth value. Everyone should look into and find themselves getting familiar with the theory of economics, as it controls a significant part of life.
This is an excellent example because it does a wonderful job of explaining that in any product we consume, it takes thousands of people to make sure that it is made in completion.
My peer's example comes from professor Bylund's candy example. Some many steps and obstacles go into making whatever product you are trying to produce. However, this could go for any product out in the market. The market is such a huge thing that it comes with many providers. Think of items such as candy, bread, drinks, etc. those things have all different kinds of ingredients in them. That allows all the individual producers of those certain ingredients to push their product through the market and essentially be a part of the market.
In inclusion, I enjoyed how my peers chose specific examples of professor Bylunds and described them in their understanding. I did the same in my essay and got a better experience from what I thought I already knew. However, you can always take in more by reading and trying to reflect on someone's opinion or ideas about something.