The Power of the Market
January 11, 1980
48m
Overview
Dr. Friedman states, "There is not a single person in the world who can make this pencil." He explains that the creation of even a simple object - like the "lead" pencil - requires the knowledge of many people, lumberjacks, steel manufacturers, miners, etc. These people may not speak the same language, they may not know or like one another, yet the market enables them to combine knowledge and effort to produce wealth.
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