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29 Oct, 5 tweets, 2 min read
Yuck. I'm not looking forward to teaching my #entrepreneurship students this nonsense. Cost-based pricing exists, but it is really stupid to use it in a startup with new product.
I wrote about this here (although the essay was given a strange title): mises.org/wire/how-gover…
As expected, this nutter feels compelled to flaunt his complete lack of theoretical understanding. In this case, of course, he wasn't even able to read the tweet he comments on. What does this Keynesian idiot think "in a startup with new product" mean?
And again. Apparently he thinks "70 to 80% of industrial prices" are charged by entrepreneurial startups with new products. You really can't make this up.
Keynesians do not understand entrepreneurship (they think it is the same as mature business) and have no conception of how the economy works. They're just politicized statistics-throwers intent on taking economic understanding down to their abysmal level.

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More from @PerBylund

Per Bylund Profile picture
19 Oct
What's a telltale sign of economic illiteracy? I'm starting to believe the worst is the claim that market leads to monopoly and the accumulation of wealth in a few hands. Why? Because it makes no sense at all on the face of it, and has no logical explanation, so it is indicative
of fundamental confusion and misunderstanding. Granted, many great thinkers have been deluded by this, including Joseph Schumpeter (the old pessimist, not the young optimist). It is nevertheless a fundamental error. This error lies not in the fact that some or even many business-
men strive for empire, that businesses and businessmen would like and may wish for monopoly, or that they seek as much profit as possible, but in mistaking the aim of individual actors for the mechanism that they collectively comprise. This is like figuring the function of money
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12 Oct
Much of the so-called theoretical advances in the social sciences appear to be limited to inventions of pithy terms for old (reinvented) ideas. Ignorance of the history of ideas drives this. I do not doubt many of these scholars believe they have discovered something new. In some
sense they have, because they are unaware of their ignorance that others have expressed similar, sometimes even the same, ideas before them. For example, Stinchcombe (1965) is credited with the "liability of newness" idea, which is very similar to Schumpeter's ([1911] 1934)
discussion (pp. 86-87) on people's "resistance" to the new and, thus, the necessity that the entrepreneur takes on a leadership role. The issue here is not the claim of novelty, but that scholars should in fact be knowledgeable about the history of the field and its theoretical
Read 14 tweets
Per Bylund Profile picture
11 Oct
“Lockdowns just have one consequence that you must never ever belittle, and that is making poor people an awful lot poorer.” Dr. Nabarro, WHO
amp.news.com.au/world/coronavi…
Meanwhile at @MotherJones: lockdown > poor people. motherjones.com/politics/2020/…
To little surprise, "liberals" again side with the Big(ger) State at the expense of the poor.
Read 5 tweets
Per Bylund Profile picture
17 Sep
Advanced #economics education is in a terrible, sorry state. What is taught is not actual economics, which used to be (and properly is) the economic way of thinking, but almost exclusively the practical how-to. The little economic reasoning there is, is usually taught only in
principles courses ("Econ101"), but starting from the intermediate level the economic way of thinking is swiftly replaced by pragmatic operationalizations of variables to facilitate statistical measurement and empirical testing. This becomes abundantly clear when discussing
economic matters with students (including here on Twitter). They typically cannot see a difference between the simplified operationalization of a concept and the actual concept. Why? Because they have never encountered the actual concept and what it represents. This is in fact
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Per Bylund Profile picture
17 Sep
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 .
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Per Bylund Profile picture
26 Aug
Like all heavily regulated (protected) industries, #highered is ripe for disruption. But #startups have failed to challenge #universities because #entrepreneurs are, simply put, doing it wrong. They have focused on the wrong problem, trying to beat universities at their best, not
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but disruption is not about tweaks or cost-cutting. Disruption is about rethinking how things are done. Universities, while perhaps lagging in adoption of online technologies and not doing enough to enthuse students in the classroom, do not have a delivery problem. Entrepreneurs
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