The lesson from I, Pencil and from Mises is the same: the more complex the system, the less sense it makes for someone to try to run it from the top. | FEE - Foundation for Economic Education
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No one knows how to make a pencil. Yet pencils exist. That’s the miracle of the market. | FEE - Foundation for Economic Education
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✏️ Economist Milton Friedman explains how a simple pencil is actually the result of a complex and spontaneous process that involves the cooperation of thousands of people across different countries and cultures. There is no single person or entity in charge of coordinating this process. This spontaneous order is beautifully illustrated in the article "I, Pencil" by Leonard Read. The article tells the story of a pencil's production process from the perspective of the pencil itself, highlighting t
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