With all the talk of tariffs and trade wars, it’s a good time to remind ourselves of the humble pencil, specifically “I, Pencil”.
As Milton Friedman explains:
Or if you prefer it in animated form:
Yesterday, @elonmusk shared the video of Milton Friedman talking about Leonard Read's "I, Pencil." Here's an animated film we at @ceidotorg made to update the argument a few years ago. What do you think? pic.twitter.com/jjteol7i8U
— Iain Murray (@ismurray) April 7, 2025
Economies are easy to wreck, and impossible to intelligently design.
