The “Pencil Video”
This is one of my very favorite clips of Milton Friedman, taken from his 1980 PBS documentary series ‘Free to Choose.’ (Watch it all for free on IdeaChannel.tv.) It discusses how trade can bring various peoples together–sometimes unwittingly–due to the forces of the market and the “magic” of the price system.
(And yes, I do believe that the price system is somewhat magical. Read more about the free price system here.)
“That is why the operation of the free market is so essential, not only to protect productive efficiency, but even more to foster harmony and peace among the peoples of the world.” -Milton Friedman
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