Audio/Visuals: Pencils and the power of the market

In this 1980 clip from the PBS series Free to Choose, U of C economist Milton Friedman, AM’33, tells the story of a how many people it takes to make a pencil in order to explain “why the operation of the free market is so essential. Not only to promote productive efficiency, but even more, to foster harmony and peace among the peoples of the world.”

April 13, 2009