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Per Bylund

@PerBylund

10 Mar

If we realize the value problem, we also realize the real problem that #entrepreneurs face and must find a solution to. It's not to come up with The Idea, as is often assumed, nor the invention or the technology, but how to make something valuable to other people.

Value is the experience of satisfying a want, which means to find oneself in a better situation than before and compared to what one otherwise expected. This does not need specific inputs, but if it doesn't then there is nothing stopping us from simply satisfying it at whim.

The world's limited resources means we must try to get as valuable experiences as possible, to be as well off as we can, from what means are available to us. There is no end to how content we can imagine becoming, but the means are not enough to get us there. So we must choose.

Read 18 tweets

Per Bylund

@PerBylund

19 Feb

A short thread on critical thinking. To be critical is not to be contrarian, opposed, or anti--it's to be open for the possibility that you might have gotten it wrong. So, the more time/effort you've spend thinking critically about something, the more errors you'd have discarded.

That's where an 'expert' should be: they have, ideally, spent a lot of time studying some phenomenon and know a lot about it. So they would have already discarded plenty of false explanations. Unfortunately, getting an advanced degree doesn't automatically provide such expertise.

In other words: you should not accept someone's authority on a subject because of their titles/degrees. So, when I say something about the economy (my expertise), you should, if you disagree, push back, ask penetrating questions. It's likely that one of us got something wrong.

Read 9 tweets

Per Bylund

@PerBylund

25 Jan

The problem with #politics is that it exaggerates and makes (empty) slogans out of what we know. This applies to the #minimumwage too, where proponents of increasing it claim it will raise people's wages and opponents claim it will kill jobs. Neither is very accurate or finds

support in economic theory. Let's look at what a minimum wage law does, and then at what we can expect from it. Because the former is rarely admitted and the latter goes both ways. So, first, a minimum wage law is not an increase in anybody's wage, it is only a prohibition of

paying employees less than a stated amount. Raising the minimum wage law does not mean whoever is making less gets an automatic raise. What it does mean, especially after a transition period, is that there will be no jobs that create less value than is necessary for employers to

Read 21 tweets

Per Bylund

@PerBylund

10 Jan

The problem with (and for) #SiliconValley is their lack of #entrepreneurship. Yes, really: they're bad at being entrepreneurs, at providing the entrepreneurial function in the economy. To put it differently, they are technology driven in their profit-seeking but not consumer

driven. The difference is monumental both for the economy and the companies, and this is why they're failing. No, failing doesn't mean they are necessarily losing money, but that their profits are short-term and that they are undermining their own market positions. The business

they are in is not sustainable. This goes way beyond the selling of eyeballs, which is the focus of Facebook, Twitter, Google, and others. As it's often said, if you are not the paying for the product you *are* the product. Facebook is selling you, and your future purchases, to

Read 20 tweets

Per Bylund

@PerBylund

9 Jan

Twitter is obviously purging again...

-100 followers since last night. Keeps dropping.

https://twitter.com/ggreenwald/status/1347898774891491332?s=20

Glenn Greenwald:

https://twitter.com/ggreenwald/status/1347898774891491332?s=20

Read 6 tweets

Per Bylund

@PerBylund

30 Dec 20

@AOMConnect

Sadly, the @AOMConnect #AMR editors continue the all-too-common mistake of conflating Coase and Williamson and even cite Coase as source of TCE. But they're not the same, or even commensurable, as I show in my forthcoming SMR paper (linked in next tweet). journals.aom.org/doi/10.5465/am…

Bylund (2021). "The firm vs. the market: Dehomogenizing the transaction cost theories of Coase and Williamson." Strategic Management Review Vol. 2, No. 1. leeds-faculty.colorado.edu/jere1232/smr.h…

Here's the error. The #AMR editors even note opportunism alongside the citation of Coase (1937), a concept Coase vehemently opposed. 🤦‍♂️

Read 5 tweets

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