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Friedman Explains The Point

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Here’s a two-and-a-quarter-minute clip of Milton Friedman explaining why no one in the world knows, no one in the world has ever known, and no one in the world can ever possibly know, how to make an ordinary commercial-grade pencil [2].

Grasping the point of this explanation is as fundamental as anything you can ever learn about the nature of the economy and modern society.