Milton Friedman : “The Power of the Market – The Pencil”

No one is able to make a pencil on his own.

This is Milton Friedman’s basic premise (he was inspired by the story developed by economist Leonard E. Read, “I, Pencil”) : as he analyzes the different components of a simple object like a pencil, the 1976 Nobel laureate underlines the constant interaction and the interdependence between people, as far as production is concerned. He concludes on the importance of the free market which is, according to him, the best way to guarantee the efficiency of production.

Source : Television program “Free to Choose”, USA (1980)

Objective : Understand the constant interaction and interdependence between people regarding production

Public : 14+

Language : English

Length : 4’25’’


Published on 2 December 2011.