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 always has and always will, except when bureaucratic forces prevent it from doing so.
[Don’ t miss Dr. Thomas Sowell’s tribute here. “I was still a Marxist after taking Professor Friedman’s class. Working as an economist in the government converted me.”]
Update: We’ve posted about Milton Friedman previously. Here’s a link to the archive.
