The essay argues that the market and economy are shaped by the individuals in society,
production capabilities, and the selling of goods and services. The author agrees with the central idea of the book, "The How of The Market" by Bylund, that entrepreneurs create their own market and influence the prices of production and the value of the products being sold. They also agree with the concept of voluntary exchange and the idea that the economy is about creating value, and not just money. However, they disagree with Bylund's assertion that individuals act independently in the economy. I concur with the author's agreement with Bylund's central idea that entrepreneurs create their own market and influence the value of the products being sold.
“His main point is that entrepreneurs can create their own marketplace because they participate in an exchange of products or services allowing them to create something quickly that will benefit individuals based on what is happening in society.”
Bylund's central idea that entrepreneurs create their own market is based on the notion that entrepreneurs are able to identify unmet needs and create new products and services that cater to those needs. This allows them to enter new markets or even create entirely new ones. Furthermore, entrepreneurs can influence the value of their products by the quality of the product, the marketing strategy used, and the demand from the market. In my opinion, this perspective aligns with the current understanding of entrepreneurship and the role of entrepreneurs in the economy. Entrepreneurs often bring new ideas to the market, which can lead to increased competition and innovation, as well as improved products and services. This, in turn, can benefit consumers and drive economic growth.
However, it is important to note that creating a market or entering an existing market does not guarantee success. There are a variety of factors that can influence the success or failure of a business, such as competition, market conditions, and the availability of resources. Therefore, while entrepreneurship is an important driver of economic growth and innovation, it is not a cure for all economic problems. One potential limitation of the essay is that it does not critique Bylund's work. While the author agrees with Bylund's ideas, there could be alternative perspectives that the author could explore to provide a more comprehensive understanding of the market and economy.