Milton Friedman - I, Pencil4 insights · See all
- No single person can make an ordinary pencil because its wood, graphite, ferrule, eraser, paint and the specialized tools and processes that shape them all come from different people and places around the world, each contributing expertise and inputs.
No single person can make an ordinary pencil because its wood, graphite, ferrule, eraser, paint and the specialized tools and processes that shape them all come from different people and places around the world, each contributing expertise and inputs.
- Free markets promote productive efficiency and reduce friction between different peoples because impersonal price incentives align self-interest across linguistic, cultural, and religious divides, making cooperation for trade more beneficial than conflict.
Free markets promote productive efficiency and reduce friction between different peoples because impersonal price incentives align self-interest across linguistic, cultural, and religious divides, making cooperation for trade more beneficial than conflict.
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