illustrate the power of the market (the title of both the first segment of the TV show and of chapter one of the book). We summarized the story and then went on to say: None of the thousands of persons involved in producing the pencil performed his task because he wanted a pencil. No military police enforced the orders that were not given. Professor Friedman, the 1976 Nobelist in Economic Science, is Senior Research Fellow at the Hoover Institution, Stanford, California. Working in partnership with parish, staff, students, parents and a wider community, St Josephs aims to foster the development of spiritual, physical, intellectual and emotional growth so that each member, using their God-given talents, reaches their potential. How did it happen? I know of no other piece of literature that so succinctly, persuasively, and effectively illustrates the meaning of both Adam Smiths invisible handthe possibility of cooperation without coercionand Friedrich Hayeks emphasis on the importance of dispersed knowledge and the role of the price system. Every time we go to the store and buy a pencil, we are exchanging a little bit of our services for the infinitesimal amount of services that each of the thousands contributed toward producing the pencil. No one sitting in a central office gave orders to these thousands of people. I, Pencil is a typical Leonard Read product: imaginative, simple yet subtle, breathing the love of freedom that imbued everything Leonard wrote or did.
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He was simply trying to enhance individuals understanding of themselves and of the system they live. These people live in many lands, speak different languages, practice different religions, may even hate one anotheryet none of these differences prevented them from cooperating to produce a pencil. Each saw his work as a way to get the goods and services he wantedgoods and services we produced in order to get the pencil we wanted. It is even more astounding that the pencil was ever produced. Adam Smith gave us the answer two hundred years ago. As in the rest of his work, he was not trying to tell people what to do or how to conduct themselves.
Creative Tension: Essays On Science & Religion: Michael Loren Eiseley: Collected Essays on Evolution, Nature, and Research & Learning Online - Research & Learning Online
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