Milton Friedman’s illustration of a pencil makes the point in a clear way.
Milton Friedman – Lesson of the Pencil
Uploaded by LibertyPen on Nov 13, 2009
Milton Friedman uses a pencil to illustrate how the free market price system promotes cooperation and harmony among those with no common interest.
Milton Friedman 1912-2006
Milton Friedman’s book “Free to Choose”, co-authored with his wife Rose, was among the first tracts I’ve read on the topic. I don’t remember exactly when I read it, probably in college. I would not be able to explain well the intracacies of monetarist policies and its alternatives, but Friedman’s simple message about free markets has always stuck with me.
He summed up the workings and the benefits of free markets with a simple idea: a pencil. Here is Friedman in his own words, taken from a transcript of a TV version of…
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