Nobel Prize Winner Milton Friendman on Free Markets


The Price System

In this video Nobel Prize winner Milton Friedman talks about how no one person can make a pencil, how it takes the cooperation of labor and capital from all over the world.  Each seek their own interest and the result is a pencil.  

Thousands of people cooperate to make a single pencil.  When you buy the pencil you trade your few cents for the time off all of the workers across the world.

What brings them together?  The price system!!

From Free to Choose 1980.  To see the entire series go to  http://www.ideachannel.tv/ and listen to Arnold Schwarzenegger introduce the 1990 series.  I highly recommend that you listen to the 20 minutes.  Let me know what you think if you do.