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Per Bylund Profile picture
@PerBylund
Sep 17, 2020 • 46 tweets • 13 min read • Read on X
Economics is primarily a way of thinking about the world that uncovers the true mechanisms and processes behind, and helps us understand, what we can all observe. This is a forever thread collecting my #econthread tweets. #PerBylundthreads
On #scarcity .
On the #sharingeconomy .
On economic theory vs. empirical analysis.
On economic thinking.
On economic growth.
On business cycles and business cycle theory.
On Mises and management.
On value.
On subjective value.
On critiques (and misunderstandings) of markets.
On planning.
On Mises and #uncertainty .
On economic cost.
On #profit .
On free market economics.
On the economy.
On automation not being the real threat - inflation is.
On #entrepreneurship .
On transaction costs.
On the division of labor.
On #monopoly .
On monopoly power.
On value creation vs. competition.
On what is an economic good.
On economists losing their way.
On how production drives the economy.
On how to correct economic injustices.
On wealth and poverty.
On tradeoffs--the seen, the unseen, and the unrealized.
On #deflation .
On the Whig theory.
On why free-market economics is no ideological.
On trade.
On entrepreneurship and markets.
On #regulations .
On why businesses fail. And who is to blame.
On empirical science.
On pausing the economy.
On the folly of employment policy.
On proper #economics .
On the economy as engineering (it is not).
On the role of demand.
On how entrepreneurs deal with uncertainty.
More on #regulations .
On why startups competing with universities fail.

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More from @PerBylund

Per Bylund Profile picture
Dec 8, 2023
Imagine a community that over time has come to adopt a medium of exchange, which allows them to trade much more easily for the goods they want.
Then imagine someone suggesting they create more of that medium (but not more goods), claiming it would make them all richer.
#inflation
Eager to become rich, they double the money supply. After heated discussion about who gets the 'cash', they decide that the poor should get more.
Upon getting the new cash, people rush to buy the goods they couldn't afford before. It results in a shortage of goods; prices soar.
With the higher prices fewer people who can afford the goods they previously could buy on their salaries. The additional cash? Many of them have already spent it. The frustration grows and people start demanding that they again increase the money supply to alleviate the problem.
Read 5 tweets
Per Bylund Profile picture
Sep 22, 2023
People's belief in data as a source of knowledge needs to be addressed. It is rarely more than faith backed up by scientism and fundamental misunderstandings of science/the scientific process. There are no data that can "speak" for themselves and data are rarely "objective."
The social sciences study a complex process emergent from actions based on actors' interpretations, understandings, and valuations. Much of the social world consists of unobservables, but even "objective" data that actors take into account are interpreted and thus subjective.
The natural sciences are generally much simpler than the social ditto because they study the world without human agency. This makes for a "cleaner" world that can (typically) be studied using experiments, tests of hypotheses, etc. and that produce largely reproducible results.
Read 13 tweets
Per Bylund Profile picture
Sep 2, 2023
There is deep confusion about money in the bitcoin camp. On the one hand, evangelists are right that a money is better if it is not controlled by a singular entity (with interests of its own) and exists in limited quantity or is difficult to create (resists arbitrary inflation).
OTOH, they often misunderstand the definition of money--the commonly used medium of exchange--and its implications, which is clear from how they refer to bitcoin as a "decentralized" money. That claim doesn't make sense. What they mean is decentralized control over the currency.
Money, and what makes something money, is its adoption as medium of exchange. It's necessarily a bottom-up process; you cannot conceivably force people to adopt a medium of exchange. It's ultimately based on people's choice to use it. Hyperinflation shows even governments cannot.
Read 17 tweets
Per Bylund Profile picture
Jul 18, 2023
Since I got my first faculty position in 2012, students' knowledge has plummeted (from a not-great level). Few nowadays have heard of Robinson Crusoe, know why there was a wall in Berlin, or can read or write well. This is not the students' failure. It's a failure of instruction.
But students also have a fair amount of false knowledge: they have learned (been taught) things that simply aren't true. This is strikingly obvious in my field #economics, but also in #history and other fields of study. This isn't a failure of instruction; it's outright sabotage.
To teach the students, I've no choice but to spend class time to help them 1) fill in the gaps in their knowledge and 2) reeducate them to clear out false beliefs. This necessarily lowers the level of their college education. They will graduate knowing less than previous cohorts.
Read 9 tweets
Per Bylund Profile picture
Jun 11, 2023
The nonsense of MMT
This thread intends to be a continuously expanding selection of claims that proponents of #MMT have made in supposed support of their dogma based in economic illiteracy. Paraphrased and quoted. twitter.com/i/web/status/1…
Money supply doesn't affect prices, because prices are in money but set by supply and demand. #nonsense
Entrepreneurs cannot make profits unless the government first spends the money they earn into existence. Thus, government spending is necessary for there to be an economy. #nonsense
Read 14 tweets
Per Bylund Profile picture
May 21, 2023
Funny how critics, always from the 'left', dismiss Austrian economics for supposedly being political or even "not economics." If you are to criticize (or dismiss) something you should at least be aware of the basics. Both of the aforementioned "points" are very wide of the mark.
(1) to be political (rather than positive) the theory must leave room for value judgments. Austrian economics doesn't: it's purely deductive logic with the theory derived from the action axiom. This means you have two options for critique: an axiomatic error or problematic logic.
(2) stating that Austrian economics is "not economics" is embarrassingly ignorant: not only was it one of the original marginalist schools of thought, it was also one of the main streams until the unfortunate formalization/mathematization of the economics discipline.
Read 4 tweets

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