I, Pencil and the Free Market

Inspiring content from Hillsdale College.

In this short video Dr. Wolfram talks about the extraordinary power of the free market to supply precise amounts of goods – to different places – all over the world – without oversight (read guv’ment control). (For some, I also realize the concept of pencil may be something historical 😉 rather than a practical writing too 😉 )

Leonard Read, in 1950, wrote an article called, “I, Pencil,” which became rather famous. In it, he points out all the coordination that’s required for a pencil to be made, and how markets solve the problems of getting lumber from the Pacific Northwest, and rubber from Malaysia, and all the parts of a pencil assembled.

Milton Friedman also spoke of this in his book and his television series, “Free to Choose.” It’s interesting to know that Adam Smith wrote much the same thing about a woolen coat in Wealth of Nations in 1776.

For further study please read I Pencil > https://fee.org/resources/i-pencil/ in its entirety.