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Leonard Read’s classic economics essay “I, Pencil“ tells the story of a simple pencil. By tracing the far flung and complex origins of this seemingly trivial device, Read’s parable teaches a powerful lesson: that the unfettered, distributed wisdom of the market trumps the abilities of any centralized controller or regulator. […]
Not exactly… A friend of mine working in China reports his company bought ten pounds of bananas for each worker from nearby farmers. That not only helped out the farmers (who are also the company’s customers), but also provided a nice bonus for the company’s workers. The bananas appear to […]