Tuesday, February 17, 2009

"I, Pencil," The Free Market Just Works

In 1958, Leonard E. Read (1898–1983), the founder of the Foundation for Economic Education, wrote a famous essay, "I, Pencil." I cannot believe it has taken me this long to find this are read it, despite BS and MBA degrees.

It very simply discusses the genealogy of a common #2 lead pencil. The premise is that no single person on the face of the earth knows how to make it, even those at the pencil factory. But that's okay.

I stand at awe at how the free market system works. I know more than some and much less than others. But that's okay. The free market work; it just does.

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