Peer review -Jadyn Hanson
I enjoyed hearing your takeaways from the concepts brought up in this chapter of Bylunds book. More specifically when you talk about the downfall of having people who do not contribute but expect rewards. This, I believe, is a common issue in today's economy. The effects are very negative and leave an imbalance. Byland's separation of production and consumption ultimately drew me to understand the importance of competition and its role in the economy. I agree that in order for an economy to operate correctly, specialization is needed. Bylund drew out the significance of the division of labor in economies and its relation to production. (Bylund, 2016, pp. 68)

My takeaways on Schumpeter's idea of creative destruction were very similar to yours. What I believe he was stating was that capitalism is ever changing and improving. His focus through his writing seemed aimed towards innovation and its relation to growth. Large innovations usually come at some expense to the economy. Sometimes a loss of jobs, or sometimes a whole new area of employment. They also usually lead to growth in the economy. He also brings up the significance of entrepreneurs to this process. Entrepreneurs are a very essential part of the economy and they pave the path to new areas of growth. They ultimately allow production to come to a point of exchange.

This idea of creative destruction caused me to think about apples and its contribution to the economy. Many of the consequences and benefits are still continuing to expand. With the innovation of technology we have seen many jobs that can now be replaced with robots or simple computer programs. All of these innovations have effects on how the economy operates and levels production. The technology also allows for specialization through machinery which must also leave large changes to production and exchange.

Bylunds writing on opportunity cost helped me to see how value is exchanged. It is ultimately up to the consumer how much a product will cost. The exchange of value is a reflection of how much people are willing to exchange for the product. I enjoyed hearing your takeaways from Bylund and Schumpeters writing and gained similar insights.