Celebrate Leonard Read's birthday: Read 'I, Pencil'
And who is Leonard Read?
A free-market economist born on this day in 1898, who wrote "I, Pencil
" - one of the best, yet shortest, explanations of the power of the marketplace's "invisible hand."
While "I, Pencil
" is only eight pages long, this simple story shows the lunacy of believing that government planners can coordinate the production of a pencil - let alone health care or an entire economy - as well and efficiently as thousands of individuals working in pursuit of their own self-interest. And most of these people don't care about the pencil at all!
" is available for free here. There's even a free audio book version
If you are a parent or a teacher, read "I, Pencil
" and then make sure your kids read it. It's that good.
(h/t Foundation for Economic Education