You Can Build That—with the Help of the Market

As Milton Friedman . . . pointed out: “not a single person in the world can make [a] pencil.” This may sound strange at first, but the reality is that it takes many people, each with different skills, coordinating with each other from around the world to produce a single pencil. The graphite may have come from Italy, the wood from Oregon, and the rubber in the eraser from Malaysia.

Yet no government direction was needed to bring these people together.

via You Can Build That—with the Help of the Market.

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