Ep. 120
Leonard Read’s essay, “I, Pencil,” uses the seemingly simple object of a pencil to illustrate the complexities of free market production. It argues that no single person possesses the complete knowledge to create a pencil, but rather, the pencil’s creation arises from the spontaneous cooperation of countless individuals across the globe, each contributing specialized skills. This decentralized, collaborative process, guided by the “Invisible Hand” of the market, is presented as evidence of the power of free markets and individual liberty. Read contrasts this with government control, suggesting that centralized planning cannot replicate the efficiency and innovation of free enterprise. The essay concludes by advocating for uninhibited creative energies and faith in the capacity of free people to solve complex problems.