Rick Perry schools the US on economics: Supply it, then demand will follow

[Jomama]

Supply side economics simply means that we got from the Stone Age to here by the supply of new inventions and that if we want to make further economic progress it will come From the further supply of new inventions. Now do you understand?thus any government policy should be designed to encourage the Republican supply of new inventions

Oh Ed, you make it seem so easy to play an entrepreneur on the internet.

 

[EdwardBaiamonte]

Supply side economics simply means that we got from the Stone Age to here by the supply of new inventions and that if we want to make further economic progress it will come From the further supply of new inventions. Now do you understand?thus any government policy should be designed to encourage the Republican supply of new inventions

Oh Ed, you make it seem so easy to play an entrepreneur on the internet.

defining supply side economics makes it seem easy to play an entrep???? Care to try again in logical English??

 

[Jomama]

Eddie, supply side is an economic theory not a business model. Ask ANY lender.

 

[EdwardBaiamonte]

Eddie, supply side is an economic theory not a business model. Ask ANY lender.

If I disagreed I'll pay you $10,000. Bet?do you know what a strawman is? Do you have any idea at all what your subject is?

 

[Jomama]

SpEd, I don't understand your email. It sounds like there is a bet, which I'm happy to entertain, but usually these involve coherent statements and well defined terms.

My subject is simple, you (and others) conflate Reagan/Laffer supply side macro economic theory with business. While (no doubt) there have been moments of correlation between supply side monetary and fiscal policy and economic expansion, causation has never been scientifically proven. The problem with macro policy and economic cycles is that the duration between data points is so long it's hard to string together more than a handful of events per century.

Business, on the other hand, provides perhaps millions of data points and is much more of a science. Enough that we have bank underwriting standards, bond ratings, stock trading, and hundreds of thousands of private businesses to observe. I make my living as an entrepreneur in businesses under $200M in revenue. You are an employee and have never employed a soul or taken an entrepreneurial risk. While I have funded millions of paychecks over the years, you have merely cashed paychecks. Despite this stunning contrast of experience you pretend to be an expert in entrepreneurship on the internet. I just occasionally shut you down in an embarrassing and public way. So here we are again, carry on as you desire please.

 

[EdwardBaiamonte]

you pretend to be an expert in entrepreneurship.

if you have evidence I will pay you $10,000. Bet?
what I did was provide a standard definition of supply side economics.
are you embarrassed now?

 

[EdwardBaiamonte]

there have been moments of correlation between supply side monetary and fiscal policy and economic expansion, causation has never been scientifically proven.

you lack the brains to speak logical English. We got from the stone age to here thanks to the supply of new inventions. The USA has had the most supply side economics and the most inventions. There is your scientific correlation. I pride myself on being intelligent enough to explain things to even a fool like you .

 

[Econ4Every1]

The disconnect here seems to be the belief that entrepreneurs are simply supplying products or services. This really isn't why people buy iPhones or 80" LED TV's. People have problems and desires and products aim to satisfy those desires and/ or solve problems.

The demand for these products exists before the products are created.

The brilliance of the entrepreneur isn't making a great product, the brilliance of the entrepreneur is identifying peoples problems and desires and creating a product that fulfills desires or solves problems at a price that consumers will buy and businesses can make a profit.

My desire to carry a handheld computer didn't suddenly happen the day I learned about the iPhone. I wanted a bigger cheaper TV LONG before huge LED's came out.

Demand proceeds supply. Anyone trying to acquire venture capital or a loan has to convince someone that the product they wish to create solves a problem or meets a desire that people have and that it can be done in a way that makes a profit.

 

[Jomama]

Demand proceeds supply. Anyone trying to acquire venture capital or a loan has to convince someone that the product they wish to create solves a problem or meets a desire that people have and that it can be done in a way that makes a profit.

Oops, you brought business reality back into the conversation. Ed works on political talking points - but he has two or three weakly correlated data points over the last 50 years to prove his point.

.

 

[EdwardBaiamonte]

Demand proceeds supply.

totally mistaken of course. Demand for food clothing shelter etc was there for 1000's of years but nothing changed in all of human history until capitalists supplied new inventions that got us from the stone age to here. If we want to progress further we need to support Republican supply side economics to encourage the supply of more new inventions.

Imagine if liberals had had their way in the stone age. They would have given everyone welfare so they could buy or demand what didn't exist and we'd all still be back in the Stone age!!

 

[Econ4Every1]

Demand proceeds supply.

totally mistaken of course. Demand for food clothing shelter etc was there for 1000's of years but nothing changed in all of human history until capitalists supplied new inventions that got us from the stone age to here. If we want to progress further we need to support Republican supply side economics to encourage the supply of more new inventions.

Imagine if liberals had had their way in the stone age. They would have given everyone welfare so they could buy or demand what didn't exist and we'd all still be back in the Stone age!!

The problems and desires that products address exist before the products are created.

The cordless phone was invented because people hated cords.

Power windows were invented because if you're alone in your car and driving, you can't roll down the other windows.

Superglue was invented because people break stuff.

Successful inventors identify problems and desires and create products to fulfill them.

Velcro didn't create the desire to easily fasten things together, the inventor simply found a way to meet that desire with an innovative product.

 

[EdwardBaiamonte]

The cordless phone was invented because people hated cords.

ok but why does that matter?

 

[Jomama]

Demand proceeds supply.

Demand for food clothing shelter etc was there for 1000's of years but nothing changed in all of human history until capitalists supplied new inventions that got us from the stone age to here. QUOTE]

Thank you! According to Ed, Demand exceeded Supply by "1,000's of years". Point made.

 

[OnePercenter]

Yeah the sharks on The Shark Tank always tell people "here's a million dollars, go ahead and build your product and let's see if there is a demand". If not, well we just lost a million dollars and shit happens.

This has happened never. Rick Perry is an idiot even to idiots.

So Inventions should no longer be tried on the market. LOL

All you Scientists just pack your shit in......................It will never work. LMAO

What new inventions do you write of?

 

[Econ4Every1]

The cordless phone was invented because people hated cords.

ok but why does that matter?

It doesn't "matter", it simply demonstrates that the desire to go cordless existed before the cordless phone. It's the desire that creates the demand.

 

[EdwardBaiamonte]

The cordless phone was invented because people hated cords.

ok but why does that matter?

It doesn't "matter", it simply demonstrates that the desire to go cordless existed before the cordless phone. It's the desire that creates the demand.

I agree it doesn't matter and thus it serves no purpose here. So why did you bother?
Moreover it is BS anyway. Tim Cook of Apple said at last major meeting: "we are going to invent things people don't even know they need". If you get an MBA in marketing there is the camp that says you should ask people what they want, and another that says you must invent the future for them.

Jobs said the best way to control the future is to invent it. Anyone can ask people what they want but the most successful invent it before people know they want it.
Nobody wanted a copy machine or computer for example. Original estimates were for tiny tiny sales based on what people demanded. Make sense now???

 

[EdwardBaiamonte]

According to Ed, Demand exceeded Supply by "1,000's of years". Point made.

I suppose this is true since there was no supply of anything really until the industrial revolution. Population was tiny because people mostly lived at subsistence and died young.

 

[Jomama]

Ed, quit screwing around go ahead and publicly market something no one is looking for. You'll crush the forum. You can show us the product, show us how you got financing and then show us the orders. You'll be king of the forum and I'll send you a sincere note of apology and awe.

You're an entrepreneur Ed, you're a world shaker. You can invent the future just like Jobs did. Re-read your posts, it's really quite easy

 

[OnePercenter]

Yeah the sharks on The Shark Tank always tell people "here's a million dollars, go ahead and build your product and let's see if there is a demand". If not, well we just lost a million dollars and shit happens.

This has happened never. Rick Perry is an idiot even to idiots.

So Inventions should no longer be tried on the market. LOL

All you Scientists just pack your shit in......................It will never work. LMAO

What new inventions do you write of?

What's wrong eagle, can't think of anything?

 

[EdwardBaiamonte]

Ed, quit screwing around go ahead and publicly market something no one is looking for.

Xerox IBM Apple etc did invent things no one was looking for until Xerox IBM and Apple invented them and showed them to people. Is that too subtle for you? Think about it over and over until it sinks in.

Think about what Jobs meant when he said "the best way to own the future is to invent it."