One of Milton Friedman‘s best known examples of Free Market Economics came from Leonard E. Read who wrote a famous article published in 1958 entitled, “I, Pencil.” (Download the .pdf here.)
The basic concept is so full of common sense that it amazes me that it’s not required reading for every student, every civilian and every government politico of every country on the face of the earth. Get government out of the way of the free market, and the free market will take care of everything else.
It’s that simple.
Friedman’s timeless presentation of “I, Pencil” is well worth the 10 minutes it takes to view.
Proven throughout history, practical common sense transcends politics, and it is presented here for purposes of forwarding and linking and rocking and rolling on
The Overnight Open Thread.
Tags: birthday, economics, Leonard Read, Milton Friedman, Overnight Open Thread, Simple, Song At The Sea
Who uses pencils anymore? They don’t work. John Maynard Obungle has a Blackberry. His way is working. Can’t you see?
One of my favorite Friedman anecdotes: He was apparently in China and being shown one of their public works projects. Observing that the workers were using shovels and other hand tools for the excavation, he questioned why they weren’t using bulldozers and other machinery. The Chinese officials told him, “Because this way we are able to employ many more workers”. To which Friedman replied, “Then why don’t you have them using spoons?”
Brilliant man, along with Adam Smith, true advocates for capitalism, a system that works.
One of Friedman’s most successful students has written a tribute to his former boss which will appear in tomorrow’s Investor’s Business Daily. Thomas Sowell writes about his mentor.
http://news.investors.com/article/620269/201207301744/milton-friedman-genius-with-common-sense.htm
Common sense along with Truth has no value in today’s America.
@ Flyovercountry:
“I was still a Marxist after taking Professor Friedman’s class. Working as an economist in the government converted me.”
Lol. I’d never heard that from Sowell.
Bunk X wrote:
Had no idea he was ever a Marxist. Having heard him, he is one of the most solid conservative people out there. I’d vote for him in a heartbeat.
@ Bunk X:
It’s one of the things that has really drawn me to his writings. In my youth, I was also a libtard. Conversions are possible.
Happy Birthday Milton. And thanks!
“And our flag was still there……”
Apollo Moon flags still standing, images show