Power of the Market - The Pencil
LibertyPen
Why leaders watch it
Friedman's pencil example shows how no one knows the whole system, a view on decentralized coordination.
A three-minute excerpt from Milton Friedman's Free to Choose in which he uses a pencil to show that no single person knows how to make it. He argues that the free market coordinates countless strangers peacefully.
Topics: Systems thinking & complexity
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