Milton Friedman on Leonard Read’s “I, Pencil”

Cafe Hayek has posted a 10 minute video of Milton Friedman discussing Leonard Read’s wonderful essay “I, Pencil” – one of the best introductions to the price system and the way the market works. No one knows how to make a pencil, and Friedman/Read explain why not and why that matters. God has given each one of us unique gifts and comparative advantages, and as we are free to exchange those gifts/advantages without coercion, we’re all made better off.

The Farmer

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