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What does Milton Friedman mean when he claims that nobody can make a pencil?
Wiki User
∙ 11y ago
Friedman is using a very simple example, in this case a #2 pencil, to demonstrate how amazing the working of the "invisible hand" of the free market is. Friedman asserts that even a basic, everyday object like a #2 pencil could never be made by a single individual; rather, incredible cooperation on a global scale is required for its production. The pencil's graphite may come from a mine in China; the wood may come from a tree that grows in South America; the eraser perhaps comes from rubber grown on an island in the West Indies. The ingredients that make this pencil literally come from all over the world, and literally thousands of people put in some degree of effort to assemble the materials that ultimately are shipped to the factory where still other workers put them together to make the final product. What is so amazing about this process is that these people speak different languages, hold drastically different beliefs, and, for the most part, never know one another or even speak to one another. No government orders them to do what they do; no central office organizes their work. They are simply responding to the demands of the free market, and through the market's forces, a pencil is made.
Answer:
It shows the contradictions of Libertarian and Neo-Liberalist ideas; that it requires so many supply chains to make any product such as a pencil, that requires wood, graphite, paint e.c.t to make that no one person can make a single pencil. Problem is no individual can make one thing such as a pencil which contradicts the whole of the Right's ideology suggesting it requires a community or many people to make such items which undermines the ideas of individualism
Wiki User
∙ 11y ago
Milton Friedman's statement implies that the complex supply chain involved in making a simple pencil, involving numerous individuals and resources distributed globally, is beyond the control or understanding of any single person or entity. It highlights the beauty of the invisible hand of the market and the power of voluntary cooperation in a free market economy.
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What is the thesis statement in Bonnie Laing's An ode to the user-friendly pencil?
The thesis statement in Bonnie Laing's "An Ode to the User-Friendly Pencil" is that despite the advancements in technology, the simplicity and versatility of a pencil make it an indispensable tool for expressing creativity and ideas. Laing celebrates the pencil's accessibility and effectiveness in capturing thoughts and emotions, emphasizing its enduring relevance in a digital age.
Where is the pencil on franktown rocks school quest?
In the Franktown Rocks School Quest, the pencil can be found in different locations depending on the version you are playing. It is typically located near the lockers or on a desk in one of the classrooms. Try exploring these areas to find the pencil.
What is the lesson of the parable of the pencil?
The lesson of the parable of the pencil is that we all have flaws and imperfections, but it is through the challenges and experiences we face that we are sharpened and become better versions of ourselves. Just like a pencil needs to be sharpened to fulfill its purpose, we too need to embrace growth and learn from our mistakes to reach our full potential.
Why did the man take his pencil to bed?
The man took his pencil to bed because he wanted to draw or write in his journal before bedtime. It could also have been a habit or simply because he wanted to have it close by in case he got inspired during the night.
What is the God of Contradictions?
There is no specific deity known as the "God of Contradictions" in traditional mythologies or religions. The concept of contradictions can be explored through philosophical discussions on logic and paradoxes.
How do you draw harp seals?
With a pencil Nobody cares about harps. Deal with it.
What is a VPN client software?
V=viper P=pencil N=nobody
Is a check legal tender if written in pencil?
No. If it is written with pencil it can be erased and re-written without any smudge and nobody can detect it. hence it is not legal
What does Milton friedman mean by the saying there is nobabdy in the world who knows how to make a pencil?
He didn't say nobody knows how. He said (holding up a pencil), "there is no one in the world who could make this pencil." Meaning that no one person could make the pencil. Here's why.The wood came from Thailand and required foresters to plant and harvest cedar trees, mills to cut and shape the wood, and ships to send the wood to pencil factories. The lead -- or in today's pencils, graphite -- comes from ore mined in Europe, China, the USA or Mexico. The graphite needs to be mined by miners and heavy equipment operators, combined with clay by workers using formulae devised by engineers, and baked into rods in machines invented by inventors and operated by skilled workers. The graphite rods are then packaged and transported to the pencil factory by suppliers, employing people in sales, accounting, administration, and marketing, as well as ship's crews and dock crews, or by truckers. The paint is made ... somewhere, with all the chemical engineering, product mixing, and ingredients that create jobs for that industry as well. Then there is the brass for the piece that crimps the eraser onto the pencil, along with the process for making it into individual crimps, the machines needed, and the people needed to run those machines. There's the rubber and the processing that shapes it into an eraser, which is packaged and shipped. There's the equipment that inscribes the writing on the pencil and the paint for that part of the manufacturing process. There's the people who bought the land and built the factories to produce each part of the pencil. This doesn't even take into account the cars these workers need to get to their jobs, the housing and food they need, the power companies needed to power the machines and factories.All of these resources, innovation, time, money and capital go into the production of every pencil. The making of a pencil is a snapshot of the voluntary exchange of money for services and goods -- along with the competition which keeps prices low and innovation high -- which is free-market capitalism.
What am i i am usually as long as a new pencil To write my name you meed three words?
"A new pencil"."A new pencil"."A new pencil"."A new pencil".
What is an object that is exactly 5 inches long?
is it a pencil.
What you call pencil in Telugu?
Pencil is called "పెంసిల్" (pencil) in Telugu.
Whose pencil is this or whose is this pencil of?
What pencil... be more specififc.
How do you say pencil in bengali?
pencil is said as pencil in bengali
Cone shaped science item?
The tip of a sharpened pencil; the pencil-sharpener; some lamps.The tip of a sharpened pencil; the pencil-sharpener; some lamps.The tip of a sharpened pencil; the pencil-sharpener; some lamps.The tip of a sharpened pencil; the pencil-sharpener; some lamps.
What is the name of the pencil?
pencil
What word is right pencil eraser or eraser pencil?
pencil earser
