In 2008, the 50th Anniversary Edition of the essay included an introduction written by famed economist Lawrence W.Reed and a foreword written by Nobel Prize-winning economist Milton Friedman.
The pencil considers all of these factors to be among its own antecedents, including all of the pencil factories that cost upward of $4 million in machinery and building practices.
A complex process of carving eight grooves, laying lead, and applying glue is also described.
It humbles even the high and mighty as it reveals the wondrous achievements of individuals whose contributions are coordinated by nothing more than incentives and market prices.
This film guarantees that the insights of Read’s humble pencil will continue to work their magic for many years to come!
The pencil reasserts that no one knows of the laborious process by which pencils make their way into households around the world every day. To this end, the pencil notes the absence of a mastermind by stating “there is a fact still more astounding: The absence of a master mind, of anyone dictating or forcibly directing these countless actions which bring me into being. Instead, we find the invisible hand at work.” The pencil lauds the capitol of human creativity for being just as miraculous as the raw materials that comprise a pencil, which are found in nature. Man can no more direct these millions of know-hows to bring me into being than he can put molecules together to create a tree,” asserts the pencil.
By accepting this lack of masterminding agency (i.e., government), humanity will ensure its own freedom of will and prevent economic monopolies.This faith will be confirmed.” Read emphasizes the phenomenon of physical delivery as an example of the kind of freedom needed for the market to flourish.Mail delivery, a government proposal, is far costlier than the free market transport of oil or gas, for example.“I, Pencil” was used in Milton Friedman’s 1980 telecast of , and the corresponding book of the same name, in order to demonstrate the “power of the market” (“Power of the Market” being the title of the first segment of the TV show and the first chapter of the book).Writing is both my vocation and my avocation; that’s all I do. But, sadly, I am taken for granted by those who use me, as if I were a mere incident and without background. Especially when it is realized that there are about one and one-half billion of my kind produced in the U. Now contemplate all the saws and trucks and rope and the countless other gear used in harvesting and carting the cedar logs to the railroad siding.I’m proud of CEI’s film adaptation of Read’s work, and I’m very hopeful it will successfully bring classical liberal ideas to new and diverse audiences.” featuring University of Illinois Professor Deirdre Mc Closkey, George Mason University Professor Walter E. In particular, CEI is grateful to FEE for its help and support.Williams, Samford University Assistant Professor Art Carden, and Foundation for Economic Education (FEE) President Lawrence W. Leonard Read founded FEE in 1946; now, today’s president Lawrence Reed gives his endorsement to CEI’s film: “For more than half a century, Leonard Read’s classic story has opened eyes and changed minds by the hundreds of thousands.Arguing on behalf of Adam Smith’s economic theory of the “invisible hand,” the essay is written from the first-person perspective of a pencil, which describes the intricacy of its own creation.In describing the pencil’s physical contents, as well as the countless people and various agencies involved in circulating pencils into everyday life, the essay reinforces the unseen interconnectivity of the global marketplace.“I, Pencil” starts with the narrator stating that writing is both its vocation and avocation.The pencil laments being overlooked and taken for granted on a daily basis, and remarks that despite appearing so simple, there really is “not a single person on the face of this Earth knows how to make me.” The pencil makes the case for the invisible hand of free market activity, as evidenced by the large number of interconnected people and processes that occur every day to ensure pencils remain a universally accessible commodity.