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

[EdwardBaiamonte]

Superglue was invented because people break stuff.
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.

no idea why you think its profound to tell us people want to fix and fasten stuff? Did someone disagree? Or, is this like a kindergartener who just learned that 1+1=2
and is sure he is the only one who knows it.

 

[Econ4Every1]

Superglue was invented because people break stuff.
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.

no idea why you think its profound to tell us people want to fix and fasten stuff? Did someone disagree? Or, is this like a kindergartener who just learned that 1+1=2
and is sure he is the only one who knows it.

Nope, just pointing out the demand for these things existed before the products, which is, of course, why their inventors created them.

 

[EdwardBaiamonte]

Superglue was invented because people break stuff.
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.

no idea why you think its profound to tell us people want to fix and fasten stuff? Did someone disagree? Or, is this like a kindergartener who just learned that 1+1=2
and is sure he is the only one who knows it.

Nope, just pointing out the demand for these things existed before the products, which is, of course, why their inventors created them.

there was no demand for even the internet before it was invented. Krugman famously said " in 6 months it will be clear that the internet will be about as important as the fax machine" Sorry to rock your world.

 

[OnePercenter]

Superglue was invented because people break stuff.
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.

no idea why you think its profound to tell us people want to fix and fasten stuff? Did someone disagree? Or, is this like a kindergartener who just learned that 1+1=2
and is sure he is the only one who knows it.

Nope, just pointing out the demand for these things existed before the products, which is, of course, why their inventors created them.

there was no demand for even the internet before it was invented. Krugman famously said " in 6 months it will be clear that the internet will be about as important as the fax machine" Sorry to rock your world.

Wasn't the internet invented so scientists could exchange information easier? ie; government money invention.

 

[Jomama]

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."

I know, that's what I'm saying, I agree with you. Jobs and Watson were not outliers they simply invented something no one was demanding and became Billionaires. Ed, you can do this. Come up with an invention that has no demand whatsoever and you too can be a Billionaire. It really is as easy as you say it is on internet forums.

.

 

[Econ4Every1]

Superglue was invented because people break stuff.
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.

no idea why you think its profound to tell us people want to fix and fasten stuff? Did someone disagree? Or, is this like a kindergartener who just learned that 1+1=2
and is sure he is the only one who knows it.

Nope, just pointing out the demand for these things existed before the products, which is, of course, why their inventors created them.

there was no demand for even the internet before it was invented. Krugman famously said " in 6 months it will be clear that the internet will be about as important as the fax machine" Sorry to rock your world.

You're confusing methods with desires.

It's not the "internet" people wanted, it's what it could do. Interconnected computer networks are just the form it took.

The internet was the response to the demand for a decentralized system of information sharing.

 

[EdwardBaiamonte]

The internet was the response to the demand for a decentralized system of information sharing.

there was no demand for decentralized system of information sharing. there were people supplying products based in personal feelings some of which proved popular in the end.

This is why Krugman predicted the internet would be no more popular than the fax machine after the internet was broadly in use and why initial projection for computers and copy machine and cars were very tiny.

 

[EdwardBaiamonte]

It really is as easy as you say it is on internet forums.
.

if I said it was easy I will pay you $10,000. Bet or run away once again with your tail between your legs.

 

[EdwardBaiamonte]

Wasn't the internet invented so scientists could exchange information easier? ie; government money invention.

WRONG!!!
telling moment in the presidential race came recently when Barack Obama said: "If you've got a business, you didn't build that. Somebody else made that happen." He justified elevating bureaucrats over entrepreneurs by referring to bridges and roads, adding: "The Internet didn't get invented on its own. Government research created the Internet so that all companies could make money off the Internet."

It's an urban legend that the government launched the Internet. The myth is that the Pentagon created the Internet to keep its communications lines up even in a nuclear strike. The truth is a more interesting story about how innovation happens—and about how hard it is to build successful technology companies even once the government gets out of the way.

For many technologists, the idea of the Internet traces to Vannevar Bush, the presidential science adviser during World War II who oversaw the development of radar and the Manhattan Project. In a 1946 article in The Atlantic titled "As We May Think," Bush defined an ambitious peacetime goal for technologists: Build what he called a "memex" through which "wholly new forms of encyclopedias will appear, ready made with a mesh of associative trails running through them, ready to be dropped into the memex and there amplified."

That fired imaginations, and by the 1960s technologists were trying to connect separate physical communications networks into one global network—a "world-wide web." The federal government was involved, modestly, via the Pentagon's Advanced Research Projects Agency Network. Its goal was not maintaining communications during a nuclear attack, and it didn't build the Internet. Robert Taylor, who ran the ARPA program in the 1960s, sent an email to fellow technologists in 2004 setting the record straight: "The creation of the Arpanet was not motivated by considerations of war. The Arpanet was not an Internet. An Internet is a connection between two or more computer networks."

If the government didn't invent the Internet, who did? Vinton Cerf developed the TCP/IP protocol, the Internet's backbone, and Tim Berners-Lee gets credit for hyperlinks.

Enlarge Image

Close

Xerox PARC
Xerox PARC headquarters.

But full credit goes to the company where Mr. Taylor worked after leaving ARPA: Xerox. It was at the Xerox PARC labs in Silicon Valley in the 1970s that the Ethernet was developed to link different computer networks. Researchers there also developed the first personal computer (the Xerox Alto) and the graphical user interface that still drives computer usage today.

According to a book about Xerox PARC, "Dealers of Lightning" (by Michael Hiltzik), its top researchers realized they couldn't wait for the government to connect different networks, so would have to do it themselves. "We have a more immediate problem than they do," Robert Metcalfe told his colleague John Shoch in 1973. "We have more networks than they do." Mr. Shoch later recalled that ARPA staffers "were working under government funding and university contracts. They had contract administrators . . . and all that slow, lugubrious behavior to contend with."

So having created the Internet, why didn't Xerox become the biggest company in the world? The answer explains the disconnect between a government-led view of business and how innovation actually happens.

Executives at Xerox headquarters in Rochester, N.Y., were focused on selling copiers. From their standpoint, the Ethernet was important only so that people in an office could link computers to share a copier. Then, in 1979, Steve Jobs negotiated an agreement whereby Xerox's venture-capital division invested $1 million in Apple, with the requirement that Jobs get a full briefing on all the Xerox PARC innovations. "They just had no idea what they had," Jobs later said, after launching hugely profitable Apple computers using concepts developed by Xerox.

Xerox's copier business was lucrative for decades, but the company eventually had years of losses during the digital revolution. Xerox managers can console themselves that it's rare for a company to make the transition from one technology era to another.

As for the government's role, the Internet was fully privatized in 1995, when a remaining piece of the network run by the National Science Foundation was closed—just as the commercial Web began to boom. Blogger Brian Carnell wrote in 1999: "The Internet, in fact, reaffirms the basic free market critique of large government. Here for 30 years the government had an immensely useful protocol for transferring information, TCP/IP, but it languished. . . . In less than a decade, private concerns have taken that protocol and created one of the most important technological revolutions of the millennia."

It's important to understand the history of the Internet because it's too often wrongly cited to justify big government. It's also important to recognize that building great technology businesses requires both innovation and the skills to bring innovations to market. As the contrast between Xerox and Apple shows, few business leaders succeed in this challenge. Those who do—not the government—deserve the credit for making it happen.

(Note: This column has been altered to correct the misattribution of Brian Carnell's quote.)

 

[Econ4Every1]

The internet was the response to the demand for a decentralized system of information sharing.

there was no demand for decentralized system of information sharing. there were people supplying products based in personal feelings some of which proved popular in the end.

This is why Krugman predicted the internet would be no more popular than the fax machine after the internet was broadly in use and why initial projection for computers and copy machine and cars were very tiny.

Maybe "decentralized" wasn't the best word.

The government wanted a system of information sharing that had no central hub. Where parts could be destroyed and the system could find other paths, just like the highway system.

 

[EdwardBaiamonte]

The internet was the response to the demand for a decentralized system of information sharing.

there was no demand for decentralized system of information sharing. there were people supplying products based in personal feelings some of which proved popular in the end.

This is why Krugman predicted the internet would be no more popular than the fax machine after the internet was broadly in use and why initial projection for computers and copy machine and cars were very tiny.

Maybe "decentralized" wasn't the best word.

The government wanted a system of information sharing that had no central hub. Where parts could be destroyed and the system could find other paths, just like the highway system.

oh great so now the libgovt bureaucrats know what to demand? and we can count on them to direct new product inventions. Did you know that the USSR didnt produce one consumer innovation ever?

 

[Oldstyle]

Supply and demand are only parts of the equation. What economic "noobs" like R-Derp always fail to take into account is that without an anticipation of profit...no product is going to be produced no matter the demand.

 

[Econ4Every1]

The internet was the response to the demand for a decentralized system of information sharing.

there was no demand for decentralized system of information sharing. there were people supplying products based in personal feelings some of which proved popular in the end.

This is why Krugman predicted the internet would be no more popular than the fax machine after the internet was broadly in use and why initial projection for computers and copy machine and cars were very tiny.

Maybe "decentralized" wasn't the best word.

The government wanted a system of information sharing that had no central hub. Where parts could be destroyed and the system could find other paths, just like the highway system.

oh great so now the libgovt bureaucrats know what to demand? and we can count on them to direct new product inventions. Did you know that the USSR didnt produce one consumer innovation ever?

How did you get that from what I said?

The government has a need, and entrepreneurs, inventors, and innovators found solutions to meet the demand so they can sell goods and services and earn money.

Why were LCD TV's invented?

Because people want bigger TV's.

No one said "I want LCD", they said, I wish I had a bigger TV and someone met that desire with the LCD technology. It was the desire for larger (and lighter) TV's that drove the demand for LCD TV's.

 

[EdwardBaiamonte]

The internet was the response to the demand for a decentralized system of information sharing.

there was no demand for decentralized system of information sharing. there were people supplying products based in personal feelings some of which proved popular in the end.

This is why Krugman predicted the internet would be no more popular than the fax machine after the internet was broadly in use and why initial projection for computers and copy machine and cars were very tiny.

Maybe "decentralized" wasn't the best word.

The government wanted a system of information sharing that had no central hub. Where parts could be destroyed and the system could find other paths, just like the highway system.

oh great so now the libgovt bureaucrats know what to demand? and we can count on them to direct new product inventions. Did you know that the USSR didnt produce one consumer innovation ever?

How did you get that from what I said?

The government has a need, and entrepreneurs, inventors, and innovators found solutions to meet the demand so they can sell goods and services and earn money.

Why were LCD TV's invented?

Because people want bigger TV's.

No one said "I want LCD", they said, I wish I had a bigger TV and someone met that desire with the LCD technology. It was the desire for larger (and lighter) TV's that drove the demand for LCD TV's.

there was no demand for computers or copy machines until people supplied them, and even after they did there was no demand, making sales estimates 1% of what they turned out to be.. This is why 99.9% of new products go bust. We don't have any idea in advance what people will eventually buy. Do you understand now?

Stupid stupid stupid liberals like to pretend that demand is known, they can hand out more welfare to be spent demanding things that will stimulate and grow the economy. This merely churns the existing economy stealing from real growth. Now do you understand?

 

[Econ4Every1]

The internet was the response to the demand for a decentralized system of information sharing.

there was no demand for decentralized system of information sharing. there were people supplying products based in personal feelings some of which proved popular in the end.

This is why Krugman predicted the internet would be no more popular than the fax machine after the internet was broadly in use and why initial projection for computers and copy machine and cars were very tiny.

Maybe "decentralized" wasn't the best word.

The government wanted a system of information sharing that had no central hub. Where parts could be destroyed and the system could find other paths, just like the highway system.

oh great so now the libgovt bureaucrats know what to demand? and we can count on them to direct new product inventions. Did you know that the USSR didnt produce one consumer innovation ever?

How did you get that from what I said?

The government has a need, and entrepreneurs, inventors, and innovators found solutions to meet the demand so they can sell goods and services and earn money.

Why were LCD TV's invented?

Because people want bigger TV's.

No one said "I want LCD", they said, I wish I had a bigger TV and someone met that desire with the LCD technology. It was the desire for larger (and lighter) TV's that drove the demand for LCD TV's.

there was no demand for computers or copy machines until people supplied them, and even after they did there was no demand, making sales estimates 1% of what they turned out to be.. This is why 99.9% of new products go bust. We don't have any idea in advance what people will eventually buy. Do you understand now?

Stupid stupid stupid liberals like to pretend that demand is known, they can hand out more welfare to be spent demanding things that will stimulate and grow the economy. This merely churns the existing economy stealing from real growth. Now do you understand?

If people want to move dirt from one place to another, and someone works on that problem and invents the wheelbarrow, it was the desire to do work more efficiently that drove the demand for an inventor to create it.

Period, full stop.

 

[Econ4Every1]

The wheelbarrow didn't get invented and people said, "Hey, we found a use for this thing!". The inventor invented it to solve a specific problem. To meet a specific demand.

Now, people can find additional uses that were never considered, but that's just adapting the invention to meet other wants/ desires.

 

[EdwardBaiamonte]

The inventor invented it to solve a specific problem. To meet a specific demand.

wrong, nobody knew what the computer, copy machine, or Internet were invented for which is proved by what their inventors said about demand for them when they invented them. Specific demand is the absolute last thing they knew.

Jeff Bezos invented Amazon to sell books, now that is a tiny tiny part of his business because he had no idea what people demanded or even what else his invention might be used for. Entrepreneurship is trial and error based on the passions and guesses of inventors. This understanding is at the heart of supply side economics and Republican capitalism. Do you understand this now?

 

[ScienceRocks]

Perry is a fucking joke and I wouldn't take a thing he says as true.

Fuck sticking your head up your ass and doing nothing economics.

 

[Econ4Every1]

wrong, nobody knew what the computer, copy machine, or Internet were invented for which is proved by what their inventors said about demand for them when they invented them. Specific demand is the absolute last thing they knew.

What bizarre statement.

No one knew what the COPY machine was for. Ok, moving on, nothing to see here. LOL

 

[EdwardBaiamonte]

wrong, nobody knew what the computer, copy machine, or Internet were invented for which is proved by what their inventors said about demand for them when they invented them. Specific demand is the absolute last thing they knew.

What bizarre statement.

No one knew what the COPY machine was for. Ok, moving on, nothing to see here. LOL

translation: I have been defeated as a typical liberal and will move on rather than be further embarrassed