Thanks to a long time subscriber who specializes in philanthropy & higher education in America for sending the link for the modern adaptation of Leonard E. Read's 1958 classic essay I, Pencil. The video provides a tremendous example of the cooperative effort that goes into making something as seemingly simple as a lead (actually graphite) pencil.
Many have seen the cover of his book Free To Choose in which Professor Friedman holds a pencil in such a way that begs the obvious question "what's with the pencil?" – the above video provides the answer.
In the book Professor Friedman writes "It is even more astounding that the pencil was ever produced. No one sitting in a central office gave orders to these thousands of people. No military police enforced the orders that were not given. These people live in many lands, speak different languages, practice different religions, may even hate one another -- yet none of these differences prevented them from cooperating to produce a pencil."
Click here to hear Professor Friedman explain the cooperation that is the free enterprise market.
Oh my gosh! Fascinating video, and explanation of the free market....a simple pencil....this is thought provoking, and even inspirational. Thanks for sharing!
ReplyDeleteExcellent lesson. Used the video.
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