Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“Economic power is exercised by means of a positive, by offering men a reward, an incentive, a payment, a value; political power is exercised by means of a negative, by the threat of punishment, injury, imprisonment, destruction. The businessman's tool is values; the bureaucrat's tool is fear.”     Ayn Rand

October 20, 2007

I, Pencil

by Doug Mataconis

Milton Friedman with one of the best explanations of the benefits of free markets and free trade ever:

H/T: Cafe Hayek

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  1. But what about the job of the man who actually spends a week crafting a crappy $200 pencil?

    Comment by somebody — October 20, 2007 @ 12:50 pm
  2. Actually, that was Leonard Read’s explanation. He was the one who wrote “I, Pencil”.

    Comment by UCrawford — October 21, 2007 @ 10:07 am
  3. Thanks for the added information Crawford; good to know. Here’s a link to the full text.

    Whether he was the original author of this homily or not, I always love hearing Uncle Milty talk. I fondly remember watching his Free to Choose series.

    Comment by Akston — October 23, 2007 @ 12:39 am

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